Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $84,087,071 · related or exempt $84,087,071

• 2b · Program service revenue: SALES OF FIBER INTERNET

  total $12,530,900 · related or exempt $11,324,066 · unrelated business $1,206,834

• 2c · Program service revenue: TRANSMISSION LEASE

  total $6,096,656 · related or exempt $6,096,656

• 2d · Program service revenue: ENERGY SERVICES

  total $4,134,789 · related or exempt $4,124,072 · unrelated business $10,717

• 2e · Program service revenue: PATRONAGE DIVIDENDS

  total $1,822,630 · related or exempt $1,822,630

• 2f · All other program service revenue

  total $1,038,058 · related or exempt $1,038,058

• 3 · Investment income

  total $126,293 · excluded $126,293

• 6a · Gross rents

  personal property $24,000

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $24,000

• 6d · Net rental income or loss

  total $24,000 · related or exempt $24,000

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

  other assets $23,318

• 7c · Gain or loss

  other assets -$23,318

• 7d · Net gain or loss

  total -$23,318 · related or exempt -$23,318

• 10a · Gross sales of inventory

  $351,298

• 10b · Cost of goods sold

  $200,035

• 10c · Net income from sales of inventory

  total $151,263 · related or exempt $151,263

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $440,383 · excluded $440,383

• 11e · Other revenue, total

  $440,383

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $93,030

• 4 · Benefits paid to or for members

  total $7,700,934

• 5 · Compensation of officers, directors and key employees

  total $3,716,106

• 7 · Other salaries and wages

  total $7,849,448

• 8 · Pension plan contributions

  total $1,118,214

• 9 · Other employee benefits

  total $1,398,980

• 10 · Payroll taxes

  total $645,177

• 20 · Interest

  total $7,801,396

• 22 · Depreciation, depletion and amortization

  total $11,113,931

• 24a · Other expenses: PURCHASED POWER

  total $49,583,473

• 24b · Other expenses: ADMIN & GENERAL EXPENSE

  total $6,937,461

• 24c · Other expenses: DISTRIBUTION EXPENSE

  total $5,406,352

• 24d · Other expenses: ENERGY SERVICES

  total $4,178,821

• 24e · All other expenses

  total $2,590,923

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $206,100 · end of year $642,834

• 4 · Accounts receivable

  beginning of year $3,394,565 · end of year $5,925,283

• 7 · Other notes and loans receivable

  beginning of year $5,803,592 · end of year $8,832,150

• 8 · Inventories for sale or use

  beginning of year $5,498,470 · end of year $6,152,992

• 9 · Prepaid expenses and deferred charges

  beginning of year $994,281 · end of year $8,698,256

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

  $396,005,942

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

  $101,263,753

• 10c · Land, buildings and equipment, net

  beginning of year $286,734,906 · end of year $294,742,189

• 13 · Investments: program-related

  beginning of year $6,717,954 · end of year $7,822,537

• 15 · Other assets

  beginning of year $4,572,452 · end of year $3,759,540

• 17 · Accounts payable and accrued expenses

  beginning of year $9,417,101 · end of year $8,379,387

• 19 · Deferred revenue

  beginning of year $180,848

• 21 · Escrow or custodial account liability

  beginning of year $50,680 · end of year $32,046

• 23 · Secured mortgages and notes payable

  beginning of year $201,399,745 · end of year $203,935,700

• 25 · Other liabilities

  beginning of year $4,070,072 · end of year $18,653,561

• 29 · Capital stock, trust principal or current funds

  beginning of year $706,365 · end of year $718,965

• 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 $98,097,509 · end of year $104,856,122

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE - TWO INDIVIDUALS REPORTED ON FORM 990 PART VII, JOHN PADALINO AND JOHNNY OLIBAS, RECEIVED THIS BENEFIT DURING THE YEAR. ADDITIONALLY, THE VALUE OF THE BENEFIT WAS INCLUDED IN THE RESPECTIVE REPORTABLE COMPENSATION. THE CEO PROVIDED AN OFFER LETTER OF EMPLOYMENT AND APPROVED THE HOUSING ALLOWANCE AS A PART OF THE COMPENSATION PACKAGE. GYM/FITNESS REIMBURSEMENT - THREE INDIVIDUALS REPORTED ON FORM 990 PART VII, JOHNNY OLIBAS, THILO JANSSEN, AND JESSE SALAZAR, RECEIVED THIS BENEFIT DURING THE YEAR.

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. WILLIAM HETHERINGTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 93,973 EMPLOYER CONTRIBUTION TO 401(K) PLAN 19,800 TOTAL REPORTED IN COLUMN C $ 113,773 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (93,973) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 55,341 EXPENSE TO THE COOPERATIVE $ 75,141 JOHN PADALINO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,395 EMPLOYER CONTRIBUTION TO 401(K) PLAN 16,703 TOTAL REPORTED IN COLUMN C $ 43,098 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,395) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 43,592 EXPENSE TO THE COOPERATIVE $ 60,295 SHANE SCHMIDT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,727 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,101 TOTAL REPORTED IN COLUMN C $ 41,828 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,727) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 41,928 EXPENSE TO THE COOPERATIVE $ 51,029 BECKY BRADBURN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 43,459 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,888 TOTAL REPORTED IN COLUMN C $ 56,347 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (43,459) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 36,894 EXPENSE TO THE COOPERATIVE $ 49,782 JOHNNY OLIBAS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,530 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,600 TOTAL REPORTED IN COLUMN C $ 52,130 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (42,530) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,863 EXPENSE TO THE COOPERATIVE $ 41,463 JOHN RUSH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,886 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,884 TOTAL REPORTED IN COLUMN C $ 45,770 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,886) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 26,564 EXPENSE TO THE COOPERATIVE $ 36,448 MARK BUSBY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 76,094 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,563 TOTAL REPORTED IN COLUMN C $ 83,657 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (76,094) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,382 EXPENSE TO THE COOPERATIVE $ 27,945 THILO JANSSEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 25,194 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,409 TOTAL REPORTED IN COLUMN C $ 34,603 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (25,194) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,158 EXPENSE TO THE COOPERATIVE $ 34,567 JOHN HERNANDEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,266 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,735 TOTAL REPORTED IN COLUMN C $ 37,001 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,266) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 15,543 EXPENSE TO THE COOPERATIVE $ 25,278 ALLEN MARSHALL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 16,478 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,048 TOTAL REPORTED IN COLUMN C $ 25,526 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (16,478) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,316 EXPENSE TO THE COOPERATIVE $ 33,364 MICHAEL SHULTS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,347 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,048 TOTAL REPORTED IN COLUMN C $ 19,395 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,347) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,317 EXPENSE TO THE COOPERATIVE $ 33,365 BILLY SIMPSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 15,710 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,290 TOTAL REPORTED IN COLUMN C $ 20,000 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (15,710) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,059 EXPENSE TO THE COOPERATIVE $ 27,349 JESSE SALAZAR: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 7,727 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,377 TOTAL REPORTED IN COLUMN C $ 16,104 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (7,727) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 15,435 EXPENSE TO THE COOPERATIVE $ 23,812 JUSTIN MCKENZIE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 5,614 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,651 TOTAL REPORTED IN COLUMN C $ 11,265 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (5,614) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 15,093 EXPENSE TO THE COOPERATIVE $ 20,744 GARRETT CLARK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 7,871 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,884 TOTAL REPORTED IN COLUMN C $ 15,755 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (7,871) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 15,435 EXPENSE TO THE COOPERATIVE $ 23,319