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Nonprofiteer
← SOMERSET RURAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by SOMERSET RURAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$28,151,743
Total expenses
$25,290,122
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$28,112,582
Investment income
$39,161
Other revenue
$0
Total assets, end of year
$51,965,398
Total liabilities, end of year
$10,728,885
Net assets or fund balances, end of year
$41,236,513
Program services expenses (Part IX)
$23,970,635
Management and general expenses
$1,319,487
Fundraising expenses
$0
Program service expenses (Part III)
$23,970,635

Program services were 94.8% 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 ENERGY SALES

    total $25,788,550 · related or exempt $25,788,550

  • 2b · Program service revenue: OTHER INCOME

    total $1,326,357 · related or exempt $1,326,357

  • 2c · Program service revenue: GEOTHERMAL AND HVAC

    total $508,717 · related or exempt $508,717

  • 2d · Program service revenue: MISC RENTAL

    total $488,958 · related or exempt $488,958

  • 3 · Investment income

    total $39,161 · related or exempt $39,161

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $361,762 · management and general $361,762

  • 20 · Interest

    total $319,633 · program services $319,633

  • 22 · Depreciation, depletion and amortization

    total $2,091,663 · program services $2,091,663

  • 24a · Other expenses: PURCHASED POWER

    total $14,522,706 · program services $14,522,706

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $5,715,690 · program services $5,715,690

  • 24c · Other expenses: CONSUMER ACCOUNTS EXPENSE

    total $1,007,311 · program services $1,007,311

  • 24d · Other expenses: GENERAL & ADMINISTRATIVE

    total $957,725 · management and general $957,725

  • 24e · All other expenses

    total $313,632 · program services $313,632

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $105,046 · end of year $29,047

  • 4 · Accounts receivable

    beginning of year $3,602,686 · end of year $3,108,081

  • 8 · Inventories for sale or use

    beginning of year $1,023,007 · end of year $908,920

  • 9 · Prepaid expenses and deferred charges

    beginning of year $34,186 · end of year $93,588

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

    $66,239,711

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

    $30,073,843

  • 10c · Land, buildings and equipment, net

    beginning of year $35,440,751 · end of year $36,165,868

  • 15 · Other assets

    beginning of year $10,627,737 · end of year $11,659,894

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,609,861 · end of year $1,462,663

  • 23 · Secured mortgages and notes payable

    beginning of year $6,202,535 · end of year $5,649,228

  • 25 · Other liabilities

    beginning of year $3,958,952 · end of year $3,616,994

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

    beginning of year $1,797,198 · end of year $1,914,987

  • 31 · Retained earnings, endowment or other funds

    beginning of year $37,264,867 · end of year $39,321,526

Mission and programs · 2024

Mission

PROVIDE ELECTRIC SERVICE TO MEMBERS

  • THE COOPERATIVE PROVIDES ELECTRICAL SERVICES TO APPROXIMATELY 13,000 MEMBERS.

    Expenses $23,970,635

As filed on the 2024 return.

Listed in Part VII

  • Ruston Ogburn

    GENERAL MANA

    Total calculated
    $361,762
    From this org
    $254,615
    From related orgs
    $0
    Other
    $107,147
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,615
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $107,147
    Filer's total
    $361,762

  • Roy Bittner

    EMPLOYEE

    Total calculated
    $185,638
    From this org
    $129,005
    From related orgs
    $0
    Other
    $56,633
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $129,005
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $56,633
    Filer's total
    $185,638

  • Phil Martz

    EMPLOYEE

    Total calculated
    $179,022
    From this org
    $119,232
    From related orgs
    $0
    Other
    $59,790
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $119,232
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $59,790
    Filer's total
    $179,022

  • Bryan Schrock

    EMPLOYEE

    Total calculated
    $177,136
    From this org
    $126,738
    From related orgs
    $0
    Other
    $50,398
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $126,738
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $50,398
    Filer's total
    $177,136

  • Brian Marker

    EMPLOYEE

    Total calculated
    $166,594
    From this org
    $118,689
    From related orgs
    $0
    Other
    $47,905
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $118,689
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $47,905
    Filer's total
    $166,594

  • Jason Huston

    DIRECTOR

    Total calculated
    $6,700
    From this org
    $6,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Paul Vought

    DIRECTOR

    Total calculated
    $6,500
    From this org
    $6,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Russ Hillegas

    DIRECTOR

    Total calculated
    $6,250
    From this org
    $6,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jerry L Engle

    PRESIDENT

    Total calculated
    $5,650
    From this org
    $5,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Harvey Reckner

    DIRECTOR

    Total calculated
    $5,050
    From this org
    $5,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Josh Sechler

    DIRECTOR

    Total calculated
    $4,700
    From this org
    $4,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lowell L Friedline

    SECRETARY/TR

    Total calculated
    $4,650
    From this org
    $4,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Floyd Lehman

    DIRECTOR

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

  • James Harrold

    DIRECTOR

    Total calculated
    $3,300
    From this org
    $3,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 · 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
11 April 2025
IRS schema version
2024v5.0
Source object
202531269349301223

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