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Nonprofiteer
← MEADE COUNTY RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2024

Filed by MEADE COUNTY RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$86,638,949
Total expenses
$86,638,949
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$85,829,188
Investment income
$241,943
Other revenue
$567,818
Total assets, end of year
$114,152,123
Total liabilities, end of year
$72,842,613
Net assets or fund balances, end of year
$41,309,510
Program services expenses (Part IX)
$86,638,949
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$86,638,949

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: ELECTRIC SERVICE

    total $85,829,188 · related or exempt $85,829,188

  • 3 · Investment income

    total $241,943 · excluded $241,943

  • 11a · Other revenue: JOINT USE POLE ATTACHMENT

    total $310,797 · excluded $310,797

  • 11b · Other revenue: PATRONAGE CAPITAL ALLOCAT

    total $243,603 · related or exempt $243,603

  • 11c · Other revenue: SALE OF GENERAL PLANT

    total $13,418 · excluded $13,418

  • 11e · Other revenue, total

    $567,818

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $640,801 · program services $640,801

  • 5 · Compensation of officers, directors and key employees

    total $624,611 · program services $624,611

  • 7 · Other salaries and wages

    total $5,692,802 · program services $5,692,802

  • 8 · Pension plan contributions

    total $791,145 · program services $791,145

  • 9 · Other employee benefits

    total $763,182 · program services $763,182

  • 10 · Payroll taxes

    total $478,363 · program services $478,363

  • 11b · Fees: legal

    total $36,903 · program services $36,903

  • 11c · Fees: accounting

    total $25,000 · program services $25,000

  • 13 · Office expenses

    total $2,964 · program services $2,964

  • 20 · Interest

    total $1,990,860 · program services $1,990,860

  • 22 · Depreciation, depletion and amortization

    total $5,204,787 · program services $5,204,787

  • 23 · Insurance

    total $206,268 · program services $206,268

  • 24a · Other expenses: PURCHASE POWER

    total $66,430,864 · program services $66,430,864

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $4,565,315 · program services $4,565,315

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $3,926,714 · program services $3,926,714

  • 24d · Other expenses: ADMINISTRATIVE AND GENE

    total $2,127,933 · program services $2,127,933

  • 24e · All other expenses

    total -$6,869,563 · program services -$6,869,563

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,540,749 · end of year $1,998,148

  • 2 · Savings and temporary cash investments

    beginning of year $3,966,895 · end of year $676,976

  • 4 · Accounts receivable

    beginning of year $9,290,590 · end of year $9,664,273

  • 8 · Inventories for sale or use

    beginning of year $1,192,858 · end of year $1,619,647

  • 9 · Prepaid expenses and deferred charges

    beginning of year $905,934 · end of year $967,041

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

    $150,993,776

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

    $57,287,245

  • 10c · Land, buildings and equipment, net

    beginning of year $94,390,466 · end of year $93,706,531

  • 13 · Investments: program-related

    beginning of year $2,564,163 · end of year $2,726,879

  • 15 · Other assets

    beginning of year $885,140 · end of year $2,792,628

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,583,188 · end of year $8,179,137

  • 23 · Secured mortgages and notes payable

    beginning of year $61,599,931 · end of year $59,710,863

  • 25 · Other liabilities

    beginning of year $4,537,909 · end of year $4,952,613

  • 29 · Capital stock, trust principal or current funds

    beginning of year $56,085 · end of year $53,970

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

    beginning of year -$365,695 · end of year $861,328

  • 31 · Retained earnings, endowment or other funds

    beginning of year $41,325,377 · end of year $40,394,212

Mission and programs · 2024

Mission

PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 31,485 CONSUMERS MONTHLY.

  • PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 31,485 CONSUMERS MONTHLY.

    Expenses $86,638,949 · Revenue $86,072,791

As filed on the 2024 return.

Listed in Part VII

  • Greg Hardesty

    DIRECTOR

    Total calculated
    $11,632
    From this org
    $11,632
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Dr James G Sills

    VICE CHAIRMAN

    Total calculated
    $10,610
    From this org
    $10,610
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Darla Sipes

    SECRETARY/TREASURER

    Total calculated
    $19,965
    From this org
    $19,965
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • David T Wilson II

    DIRECTOR

    Total calculated
    $11,132
    From this org
    $11,132
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Paul EdD Butler

    DIRECTOR

    Total calculated
    $9,115
    From this org
    $9,115
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Christopher Creech

    DIRECTOR

    Total calculated
    $11,632
    From this org
    $11,632
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Stephen Barr

    CHAIRMAN

    Total calculated
    $9,382
    From this org
    $9,382
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Martin Littrel

    PRESIDENT/CEO

    Total calculated
    $421,311
    From this org
    $360,326
    From related orgs
    $0
    Other
    $60,985
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $360,326
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $60,985
    Filer's total
    $421,311

  • Anna Swanson

    CFO

    Total calculated
    $215,523
    From this org
    $180,817
    From related orgs
    $0
    Other
    $34,706
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $180,817
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,706
    Filer's total
    $215,523

  • Charles Mattingly

    JOURNEYMAN LINEMAN

    Total calculated
    $152,872
    From this org
    $132,600
    From related orgs
    $0
    Other
    $20,272
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $132,600
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $20,272
    Filer's total
    $152,872

  • Michael French

    VP OF ENGINEERING

    Total calculated
    $210,128
    From this org
    $146,733
    From related orgs
    $0
    Other
    $63,395
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $146,733
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $63,395
    Filer's total
    $210,128

  • Todd Blackburn

    VP CORPORATE COMPLIANCE

    Total calculated
    $169,959
    From this org
    $144,930
    From related orgs
    $0
    Other
    $25,029
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $144,930
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $25,029
    Filer's total
    $169,959

  • Kelly Nichols

    FOREMAN LINEMAN

    Total calculated
    $147,431
    From this org
    $127,384
    From related orgs
    $0
    Other
    $20,047
    Hours/week
    49

  • John Crosier

    DIRECTOR OF OPERATIONS

    Total calculated
    $144,394
    From this org
    $123,100
    From related orgs
    $0
    Other
    $21,294
    Hours/week
    50

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
5 May 2025
IRS schema version
2024v5.1
Source object
202511269349303556

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