Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC SALES

  total $14,371,780 · related or exempt $14,371,780

• 3 · Investment income

  total $40,890 · excluded $40,890

• 6a · Gross rents

  real property $6,539

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $6,539

• 6d · Net rental income or loss

  total $6,539 · excluded $6,539

• 10a · Gross sales of inventory

  $893,263

• 10b · Cost of goods sold

  $902,044

• 10c · Net income from sales of inventory

  total -$8,781 · related or exempt -$8,781

• 11a · Other revenue: CAPITAL CREDITS

  total $441,033 · related or exempt $441,033

• 11b · Other revenue: OTHER NONOPERATING

  total $32,108 · related or exempt $32,108

• 11c · Other revenue: PASSTHROUGH INCOME(LOSS)

  total -$143 · unrelated business -$143

• 11e · Other revenue, total

  $472,998

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $8,148

• 4 · Benefits paid to or for members

  total $900,000

• 5 · Compensation of officers, directors and key employees

  total $345,566

• 20 · Interest

  total $754,321

• 22 · Depreciation, depletion and amortization

  total $1,586,236

• 24a · Other expenses: COST OF POWER

  total $7,088,968

• 24b · Other expenses: ADMINISTRATIVE & GENERA

  total $1,030,143

• 24c · Other expenses: DISTRIBUTION - MAINTENA

  total $909,264

• 24d · Other expenses: DISTRIBUTION - OPERATIO

  total $835,095

• 24e · All other expenses

  total $574,816

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $31,540 · end of year $209,201

• 4 · Accounts receivable

  beginning of year $705,089 · end of year $1,018,352

• 7 · Other notes and loans receivable

  beginning of year $85,059 · end of year $72,865

• 8 · Inventories for sale or use

  beginning of year $1,112,547 · end of year $2,357,736

• 9 · Prepaid expenses and deferred charges

  beginning of year $209,573 · end of year $206,977

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

  $59,255,511

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

  $14,550,792

• 10c · Land, buildings and equipment, net

  beginning of year $42,543,364 · end of year $44,704,719

• 13 · Investments: program-related

  beginning of year $7,269,997 · end of year $7,378,464

• 14 · Intangible assets

  beginning of year $40,766 · end of year $40,766

• 15 · Other assets

  beginning of year $7,117 · end of year $7,092

• 17 · Accounts payable and accrued expenses

  beginning of year $787,551 · end of year $1,392,647

• 19 · Deferred revenue

  beginning of year $761,985 · end of year $813,649

• 23 · Secured mortgages and notes payable

  beginning of year $23,224,032 · end of year $24,825,222

• 24 · Unsecured notes and loans payable

  end of year $500,000

• 25 · Other liabilities

  beginning of year $289,603 · end of year $158,595

• 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 $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $26,941,881 · end of year $28,306,059

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART II

AS REQUIRED PER THE INSTRUCTIONS OF FORM 990 AND SCHEDULE J, THE AMOUNT REPORTED IN SCHEDULE J COLUMN C IS THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN RATHER THAN THE EXPENSE ON THE BOOKS OF THE COOPERATIVE. THE CHANGES IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: MARCUS RINHER $11,168 JOHN AKERS $23,108 STEPHANIE WIESE $23,226 THE ACTUAL EXPENSES FOR THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: MARCUS RINHER $15,026 JOHN AKERS $14,518 STEPHANIE WIESE $15,082

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• MIDLAND DEVELOPMENT CORP

  C · ECONOMIC DEVELOPMENT · IA · 100% owned · share of income $304,159 · share of assets $355,870 · controlled entity

  Directly controlled by WESTERN IOWA POWER COOPERATIVE

• MONREC

  C · ECONOMIC DEVELOPMENT · IA · 100% owned · controlled entity

  Directly controlled by WESTERN IOWA POWER COOPERATIVE