Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $88,863,888 · related or exempt $88,863,888

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $873,558 · related or exempt $873,558

• 2c · Program service revenue: SERVICE FEES

  total $735,945 · related or exempt $735,945

• 3 · Investment income

  total $92,151 · excluded $92,151

• 6a · Gross rents

  real property $187,000

• 6b · Less rental expenses

  real property $122,633

• 6c · Rental income or loss

  real property $64,367

• 6d · Net rental income or loss

  total $64,367 · related or exempt $64,367

• 7a · Gross sales of assets other than inventory

  other assets $36,476

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

  other assets $84,457

• 7c · Gain or loss

  other assets -$47,981

• 7d · Net gain or loss

  total -$47,981 · excluded -$47,981

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $120,521 · excluded $120,521

• 11e · Other revenue, total

  $120,521

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $17,621

• 4 · Benefits paid to or for members

  total $578,536

• 5 · Compensation of officers, directors and key employees

  total $1,416,626

• 7 · Other salaries and wages

  total $2,737,652

• 8 · Pension plan contributions

  total $667,509

• 9 · Other employee benefits

  total $653,140

• 10 · Payroll taxes

  total $302,585

• 20 · Interest

  total $2,967,357

• 22 · Depreciation, depletion and amortization

  total $5,034,139

• 24a · Other expenses: PURCHASED POWER

  total $69,750,305

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $3,303,761

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $2,070,468

• 24d · Other expenses: CUSTOMER ACCOUNTS

  total $1,000,923

• 24e · All other expenses

  total $93,290

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $334,441 · end of year $550,541

• 2 · Savings and temporary cash investments

  end of year $1,536,595

• 4 · Accounts receivable

  beginning of year $2,018,071 · end of year $4,545,575

• 8 · Inventories for sale or use

  beginning of year $109,788 · end of year $104,412

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,188,157 · end of year $735,267

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

  $154,863,471

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

  $32,307,085

• 10c · Land, buildings and equipment, net

  beginning of year $116,457,809 · end of year $122,556,386

• 13 · Investments: program-related

  beginning of year $38,435,128 · end of year $39,299,341

• 15 · Other assets

  beginning of year $4,702,994 · end of year $7,793,455

• 17 · Accounts payable and accrued expenses

  beginning of year $7,225,938 · end of year $13,220,462

• 21 · Escrow or custodial account liability

  beginning of year $184,646 · end of year $1,452,829

• 23 · Secured mortgages and notes payable

  beginning of year $65,174,316 · end of year $70,681,773

• 25 · Other liabilities

  beginning of year $9,542,496 · end of year $10,001,001

• 29 · Capital stock, trust principal or current funds

  beginning of year $360,023 · end of year $375,733

• 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 $80,758,969 · end of year $81,389,774

The filer's explanations (Part III)

PART II, COLUMN C:

INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. RAYCE CANTWELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $103,941 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,427 TOTAL REPORTED IN COLUMN C $110,368 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (103,941) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 54,140 EXPENSE TO THE COOPERATIVE $ 60,567 KELLY MYERS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 83,683 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,328 TOTAL REPORTED IN COLUMN C $ 89,011 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (83,683) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,261 EXPENSE TO THE COOPERATIVE $ 50,589 CHRIS WALSH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 88,527 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,081 TOTAL REPORTED IN COLUMN C $ 92,608 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (88,527) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,195 EXPENSE TO THE COOPERATIVE $ 38,276 RUSSELL KING: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 58,254 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,981 TOTAL REPORTED IN COLUMN C $ 62,235 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (58,254) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,939 EXPENSE TO THE COOPERATIVE $ 37,920 ANNA WALLACE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 55,557 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,091 TOTAL REPORTED IN COLUMN C $ 59,648 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (55,557) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,223 EXPENSE TO THE COOPERATIVE $ 38,314 BILL HOOD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,600 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,961 TOTAL REPORTED IN COLUMN C $ 34,561 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,600) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,999 EXPENSE TO THE COOPERATIVE $ 37,960 BRYAN SHRIVER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 51,265 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,360 TOTAL REPORTED IN COLUMN C $ 54,625 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (51,265) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,401 EXPENSE TO THE COOPERATIVE $ 31,761 CHUCK PEACE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,786 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,830 TOTAL REPORTED IN COLUMN C $ 39,616 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,786) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,395 EXPENSE TO THE COOPERATIVE $ 27,225 CHRISTOPHER MARTINEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 33,916 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,193 TOTAL REPORTED IN COLUMN C $ 37,109 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (33,916) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,001 EXPENSE TO THE COOPERATIVE $ 30,194

Related corporations and trusts

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

• WISE POLE LINE INC

  C · POLE LINE CONSTRUCTION · TX · 100% owned · controlled entity

  Directly controlled by WISE ELECTRIC COOPERATIVE INC