Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $35,217,326 · related or exempt $35,217,326

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $505,900 · related or exempt $505,900

• 2c · Program service revenue: SERVICE & OTHER FEES

  total $189,794 · related or exempt $189,794

• 3 · Investment income

  total $321,507 · excluded $321,507

• 6a · Gross rents

  real property $70,584 · personal property $1,560

• 6b · Less rental expenses

  real property $0 · personal property $1,000

• 6c · Rental income or loss

  real property $70,584 · personal property $560

• 6d · Net rental income or loss

  total $71,144 · related or exempt $70,584 · unrelated business $560

• 7a · Gross sales of assets other than inventory

  other assets $34,243

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

  other assets $0

• 7c · Gain or loss

  other assets $34,243

• 7d · Net gain or loss

  total $34,243 · related or exempt $34,243

• 10a · Gross sales of inventory

  $25

• 10b · Cost of goods sold

  $42

• 10c · Net income from sales of inventory

  total -$17 · related or exempt -$17

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $250,096 · excluded $250,096

• 11e · Other revenue, total

  $250,096

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $24,429

• 4 · Benefits paid to or for members

  total $2,800,721

• 5 · Compensation of officers, directors and key employees

  total $662,740

• 7 · Other salaries and wages

  total $2,797,149

• 8 · Pension plan contributions

  total $468,606

• 9 · Other employee benefits

  total $638,887

• 10 · Payroll taxes

  total $200,112

• 20 · Interest

  total $2,630,168

• 22 · Depreciation, depletion and amortization

  total $4,434,408

• 24a · Other expenses: PURCHASED POWER

  total $16,683,534

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $2,890,025

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $1,524,373

• 24d · Other expenses: CONSUMER EXPENSES

  total $736,417

• 24e · All other expenses

  total $98,424

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $626,384 · end of year $317,422

• 2 · Savings and temporary cash investments

  beginning of year $8,121,336 · end of year $4,065,203

• 4 · Accounts receivable

  beginning of year $1,225,335 · end of year $1,539,537

• 8 · Inventories for sale or use

  beginning of year $1,847,705 · end of year $1,964,831

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,724,842 · end of year $1,665,013

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

  $149,114,048

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

  $50,807,884

• 10c · Land, buildings and equipment, net

  beginning of year $96,377,826 · end of year $98,306,164

• 13 · Investments: program-related

  beginning of year $14,745,058 · end of year $15,126,390

• 15 · Other assets

  beginning of year $3,509,572 · end of year $3,289,130

• 17 · Accounts payable and accrued expenses

  beginning of year $3,576,451 · end of year $3,828,017

• 23 · Secured mortgages and notes payable

  beginning of year $78,778,515 · end of year $74,324,609

• 25 · Other liabilities

  beginning of year $4,930,458 · end of year $6,589,394

• 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 $40,892,634 · end of year $41,531,670

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - THE COOPERATIVE MAY, LIMITED TO ONCE ANNUALLY, REIMBURSE TRUSTEES AND THE GENERAL MANAGER THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL, APPROVED, BUSINESS OF THE COOPERATIVE. REIMBURSABLE COSTS INCLUDE TRAVEL AND MEAL ALLOWANCES. SINCE THE COOPERATIVE CONSIDERS THE REIMBURSEMENT TO BE CONSISTENT TO A BONA FIDE BUSINESS PURPOSE, SUCH REIMBURSEMENTS ARE TREATED AS EXPENSES EXCLUDED FROM REPORTABLE COMPENSATION. DURING THE YEAR, NO INDIVIDUALS REPORTED ON FORM 990, PART VII RECEIVED THIS BENEFIT. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES - THE COOPERATIVE PAYS A PORTION OF GYM MEMBERSHIPS FOR EMPLOYEES AND THEIR SPOUSES.

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. 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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. MARIO ROMERO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 43,590 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,059 TOTAL REPORTED IN COLUMN C $ 52,649 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (43,590) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 50,869 EXPENSE TO THE COOPERATIVE $ 59,928 DAMON MAREZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 73,809 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,620 TOTAL REPORTED IN COLUMN C $ 77,429 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (73,809) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,870 EXPENSE TO THE COOPERATIVE $ 23,490 MARK MARTIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 49,080 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,797 TOTAL REPORTED IN COLUMN C $ 53,877 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (49,080) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 26,806 EXPENSE TO THE COOPERATIVE $ 31,603 SABEN LESSENTINE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,812 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,932 TOTAL REPORTED IN COLUMN C $ 37,744 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,812) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,572 EXPENSE TO THE COOPERATIVE $ 32,504 JULIA WALKER-GRINDER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 16,575 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,713 TOTAL REPORTED IN COLUMN C $ 22,288 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (16,575) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,068 EXPENSE TO THE COOPERATIVE $ 37,781 DELBERT LUCERO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 11,033 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,266 TOTAL REPORTED IN COLUMN C $ 16,299 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (11,033) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,444 EXPENSE TO THE COOPERATIVE $ 34,710 CHRISTOFER HUGHES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,317 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,680 TOTAL REPORTED IN COLUMN C $ 11,997 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,317) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,640 EXPENSE TO THE COOPERATIVE $ 24,320