Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC ENERGY SALES

  total $61,427,805 · related or exempt $61,427,805

• 2b · Program service revenue: POLE RENTAL INCOME

  total $271,049 · excluded $271,049

• 3 · Investment income

  total $77,580 · excluded $77,580

• 6a · Gross rents

  real property $27,953

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $27,953

• 6d · Net rental income or loss

  total $27,953 · excluded $27,953

• 7a · Gross sales of assets other than inventory

  other assets $52,289

• 7b · Less cost or other basis and sales expenses

  other assets $21,449

• 7c · Gain or loss

  other assets $30,840

• 7d · Net gain or loss

  total $30,840 · excluded $30,840

• 8a · Fundraising events: gross income

  $29,282

• 8b · Fundraising events: direct expenses

  $6,666

• 8c · Net income from fundraising events

  total $22,616 · excluded $22,616

• 10a · Gross sales of inventory

  $21,961

• 10b · Cost of goods sold

  $22,786

• 10c · Net income from sales of inventory

  total -$825 · related or exempt -$825

• 11a · Other revenue: PRIEST RAPIDS EXCHANGE

  total $2,034,081 · related or exempt $2,034,081

• 11b · Other revenue: PATRONAGE CAPITAL CREDITS

  total $673,640 · related or exempt $673,640

• 11d · All other revenue

  total $118,550 · related or exempt $118,550

• 11e · Other revenue, total

  $2,826,271

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $6,010

• 4 · Benefits paid to or for members

  total $8,526,810

• 5 · Compensation of officers, directors and key employees

  total $948,545

• 7 · Other salaries and wages

  total $12,286,528

• 8 · Pension plan contributions

  total $3,131,422

• 10 · Payroll taxes

  total $955,732

• 20 · Interest

  total $5,129,470

• 22 · Depreciation, depletion and amortization

  total $8,063,463

• 24a · Other expenses: COST OF POWER

  total $25,661,465

• 24b · Other expenses: DISTRIBUTION MAINTENANC

  total $7,616,134

• 24c · Other expenses: DISTRIBUTION OPERATIONS

  total $2,613,915

• 24d · Other expenses: CUSTOMER ACCOUNTS

  total $1,872,510

• 24e · All other expenses

  total -$9,326,815

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,059,586 · end of year $1,005,466

• 4 · Accounts receivable

  beginning of year $8,029,204 · end of year $9,294,339

• 7 · Other notes and loans receivable

  beginning of year $1,249,991 · end of year $1,572,990

• 8 · Inventories for sale or use

  beginning of year $10,577,602 · end of year $15,205,206

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,547,531 · end of year $4,817,465

• 10a · Land, buildings and equipment: cost or other basis

  $312,885,782

• 10b · Land, buildings and equipment: accumulated depreciation

  $63,879,781

• 10c · Land, buildings and equipment, net

  beginning of year $210,659,309 · end of year $249,006,001

• 13 · Investments: program-related

  beginning of year $3,721,340 · end of year $4,232,507

• 14 · Intangible assets

  beginning of year $72,419 · end of year $55,379

• 15 · Other assets

  beginning of year $1,142,506 · end of year $509,137

• 17 · Accounts payable and accrued expenses

  beginning of year $16,317,505 · end of year $15,066,384

• 19 · Deferred revenue

  beginning of year $4,000,000 · end of year $9,700,000

• 21 · Escrow or custodial account liability

  beginning of year $5,869 · end of year $5,825

• 23 · Secured mortgages and notes payable

  beginning of year $117,856,205 · end of year $159,073,491

• 24 · Unsecured notes and loans payable

  beginning of year $12,700,000 · end of year $6,500,000

• 25 · Other liabilities

  beginning of year $5,281,545 · end of year $4,651,858

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $53,667,626 · end of year $53,521,223

• 31 · Retained earnings, endowment or other funds

  beginning of year $32,230,738 · end of year $37,179,709

The filer's explanations (Part III)

PART I, LINE 1A

KEC OFFERS GYM MEMBERSHIP REIMBURSEMENTS THROUGH PAYROLL. EMPLOYEES MAY ENROLL IN A MONTHLY INDIVIDUAL REIMBURSEMENT OR A FAMILY REIMBURSEMENT. THE INDIVIDUAL RATE IS UP TO $30/MONTH AND THE FAMILY RATE IS UP TO $50/MONTH.

PART I, LINE 1B

THERE IS NO FORMAL POLICY ON THE GYM MEMBERSHIP REIMBURSEMENTS. THE HUMAN RESOURCE DEPARTMENT AND GENERAL MANAGER ARE RESPONSIBLE FOR OFFERING THE BENEFIT AS A PART OF WELLNESS INCENTIVES OFFERED TO EMPLOYEES. THE HR DEPARTMENT REQUIRES PROOF OF THE EMPLOYEE'S MONTHLY GYM MEMBERSHIP COST, WHICH CAN BE SUBSTANTIATED WITH A RECEIPT OR A BANK STATEMENT. THIS DOCUMENTATION IS RETAINED WITH THE FORM THE EMPLOYEE FILLS OUT REQUESTING THE REIMBURSEMENT. SUBSTANTIATION IS ONLY REQUIRED WHEN FIRST SIGNING UP FOR THE REIMBURSEMENT AND THE EMPLOYEE IS REQUIRED TO INFORM KEC WHEN THEY TERMINATE THEIR GYM MEMBERSHIP. KEC CAN (AND HAS) AUDIT THE EMPLOYEE'S CLAIM FOR GYM MEMBERSHIP REIMBURSEMENT AT ANY TIME.

PART II, COLUMN C:

INCLUDED IN COLUMN "C" , DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN.