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Nonprofiteer
← KIT CARSON ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by KIT CARSON ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$57,387,729
Total expenses
$56,958,123
Contributions and grants received
$1,206,805
Grants paid
$0
Program service revenue
$55,739,820
Investment income
$146,624
Other revenue
$294,480
Total assets, end of year
$154,898,345
Total liabilities, end of year
$112,495,101
Net assets or fund balances, end of year
$42,403,244
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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.

  • 1e · Government grants (contributions)

    $1,206,805

  • 2a · Program service revenue: SALE OF POWER

    total $45,226,758 · related or exempt $45,226,758

  • 2b · Program service revenue: TELECOM AND INTERNET REVENUE

    total $9,861,055 · related or exempt $9,746,272 · unrelated business $114,783

  • 2c · Program service revenue: CAPITAL CREDITS

    total $390,087 · related or exempt $390,087

  • 2d · Program service revenue: OTHER OPERATING REVENUE

    total $261,920 · related or exempt $261,920

  • 3 · Investment income

    total $83,265 · unrelated business $82,779 · excluded $486

  • 6a · Gross rents

    real property $114,480

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $114,480

  • 6d · Net rental income or loss

    total $114,480 · excluded $114,480

  • 7a · Gross sales of assets other than inventory

    other assets $63,359

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

    other assets $0

  • 7c · Gain or loss

    other assets $63,359

  • 7d · Net gain or loss

    total $63,359 · excluded $63,359

  • 11a · Other revenue: MANAGEMENT FEE

    total $180,000 · unrelated business $180,000

  • 11e · Other revenue, total

    $180,000

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $5,474,949

  • 5 · Compensation of officers, directors and key employees

    total $925,475

  • 7 · Other salaries and wages

    total $5,163,667

  • 8 · Pension plan contributions

    total $536,410

  • 10 · Payroll taxes

    total $434,397

  • 20 · Interest

    total $2,913,132

  • 22 · Depreciation, depletion and amortization

    total $8,322,615

  • 24a · Other expenses: COST OF POWER

    total $22,224,263

  • 24b · Other expenses: ADMIN & GENERAL

    total $3,843,685

  • 24c · Other expenses: DISTRIBUTION-OPERATIONS

    total $2,593,242

  • 24d · Other expenses: ALLOCATED & OTHER

    total $2,569,716

  • 24e · All other expenses

    total $1,956,572

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,133,281 · end of year $704,751

  • 4 · Accounts receivable

    beginning of year $10,629,306 · end of year $14,448,865

  • 7 · Other notes and loans receivable

    beginning of year $4,077 · end of year $4,077

  • 8 · Inventories for sale or use

    beginning of year $2,122,956 · end of year $3,319,060

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,507,833 · end of year $5,865,799

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

    $162,927,117

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

    $73,756,096

  • 10c · Land, buildings and equipment, net

    beginning of year $90,008,643 · end of year $89,171,021

  • 12 · Investments: other securities

    beginning of year $896,342 · end of year $751,379

  • 13 · Investments: program-related

    beginning of year $2,992,500 · end of year $3,141,847

  • 15 · Other assets

    beginning of year $35,345,707 · end of year $37,491,546

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,010,324 · end of year $9,703,770

  • 19 · Deferred revenue

    beginning of year $41,269 · end of year $44,854

  • 21 · Escrow or custodial account liability

    beginning of year $10,913 · end of year $10,114

  • 23 · Secured mortgages and notes payable

    beginning of year $102,201,248 · end of year $99,921,302

  • 24 · Unsecured notes and loans payable

    end of year $2,067,558

  • 25 · Other liabilities

    beginning of year $3,770,038 · end of year $747,503

  • 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 $36,606,853 · end of year $42,403,244

Mission and programs · 2022

Mission

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS - 30,284 ACTIVE SERVICES AT YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL.

  • PROVIDING INTERNET SERVICES TO OUR MEMBERS - 11,823 ACTIVE SERVICES AT YEAR END WERE PROVIDED INTERNET SERVICE ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL.

As filed on the 2022 return.

Listed in Part VII

  • Bruce Jassman

    TREASURER

    Total calculated
    $9,750
    From this org
    $9,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Bobby Ortega

    PRESIDENT

    Total calculated
    $16,350
    From this org
    $16,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • David Torres

    TRUSTEE

    Total calculated
    $14,100
    From this org
    $14,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Arthur Rodarte

    TRUSTEE

    Total calculated
    $13,800
    From this org
    $13,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Russ A Coyle

    TRUSTEE

    Total calculated
    $11,700
    From this org
    $11,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Michael H Romero

    TRUSTEE (UNTIL JUNE)

    Total calculated
    $4,500
    From this org
    $4,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Manuel Medina

    SECRETARY

    Total calculated
    $8,850
    From this org
    $8,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Robert Bresnahan

    TRUSTEE (UNTIL JUNE)

    Total calculated
    $2,250
    From this org
    $2,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Luisa Valerio Mylet

    TRUSTEE

    Total calculated
    $7,950
    From this org
    $7,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Bernie Torres

    TRUSTEE

    Total calculated
    $4,050
    From this org
    $4,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Christobal Duran

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    7

  • Luis A Reyes Jr

    CEO

    Total calculated
    $366,652
    From this org
    $314,940
    From related orgs
    $0
    Other
    $51,712
    Hours/week
    70

    Schedule J breakdown matched by us

    Base
    $314,940
    Bonus
    $0
    Other
    $0
    Deferred
    $32,122
    Nontaxable benefits
    $19,590
    Filer's total
    $366,652

  • John Shafto

    CFO

    Total calculated
    $226,307
    From this org
    $181,048
    From related orgs
    $0
    Other
    $45,259
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $181,048
    Bonus
    $0
    Other
    $0
    Deferred
    $25,669
    Nontaxable benefits
    $19,590
    Filer's total
    $226,307

  • Martin Dimas

    TRUSTEE (BEG JUNE)

    Total calculated
    $4,500
    From this org
    $4,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Sylvia Vigil

    TRUSTEE (BEG JUNE)

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Richard Martinez

    COO

    Total calculated
    $229,716
    From this org
    $181,354
    From related orgs
    $0
    Other
    $48,362
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $181,354
    Bonus
    $0
    Other
    $0
    Deferred
    $23,800
    Nontaxable benefits
    $24,562
    Filer's total
    $229,716

  • Carmella Suazo

    ASSISTANT MANAGER

    Total calculated
    $178,803
    From this org
    $143,120
    From related orgs
    $0
    Other
    $35,683
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $143,120
    Bonus
    $0
    Other
    $0
    Deferred
    $18,760
    Nontaxable benefits
    $16,923
    Filer's total
    $178,803

  • Matthew Suazo

    LINEMAN

    Total calculated
    $155,232
    From this org
    $118,707
    From related orgs
    $0
    Other
    $36,525
    Hours/week
    51

    Schedule J breakdown matched by us

    Base
    $118,707
    Bonus
    $0
    Other
    $0
    Deferred
    $11,963
    Nontaxable benefits
    $24,562
    Filer's total
    $155,232

  • Fidel Lopez

    LINEMAN

    Total calculated
    $142,552
    From this org
    $121,589
    From related orgs
    $0
    Other
    $20,963
    Hours/week
    52

  • Carlos Rivera

    LINEMAN

    Total calculated
    $137,266
    From this org
    $118,960
    From related orgs
    $0
    Other
    $18,306
    Hours/week
    51

  • Justin Varela

    LINEMAN

    Total calculated
    $131,496
    From this org
    $114,009
    From related orgs
    $0
    Other
    $17,487
    Hours/week
    53

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 · Compensation committee
  • 3 · Form 990 of other organizations
  • 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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • KIT CARSON PROPANE INC

    C · PROPANE SALES · NM · 100% owned · share of income $1,807,866 · share of assets $2,091,052 · controlled entity

    Directly controlled by KIT CARSON ELECTRIC COOPERATIVE INC

  • TAOS MESA ENERGY FACILITY LLC

    C · SOLAR ARRAY · NM · 100% owned · share of income $1,197,635 · share of assets $44,592,050 · controlled entity

    Directly controlled by KIT CARSON ELECTRIC COOPERATIVE INC

  • ANGEL FIRE ENERGY FACILITY LLC

    C · SOLAR ARRAY · NM · 100% owned · share of assets $13,947,846 · controlled entity

    Directly controlled by KIT CARSON ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2022
Filed
9 November 2023
IRS schema version
2022v5.0
Source object
202303179349302080

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