Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC REVENUE

  total $105,731,435 · related or exempt $105,731,435

• 2b · Program service revenue: PAT CAP CREDITS

  total $2,829,807 · related or exempt $2,829,807

• 2c · Program service revenue: OTHER REVENUES

  total $984,395 · related or exempt $984,395

• 2d · Program service revenue: POLE RENTAL

  total $75,039 · related or exempt $75,039

• 3 · Investment income

  total $50,590 · excluded $50,590

• 6a · Gross rents

  real property $960

• 6c · Rental income or loss

  real property $960

• 6d · Net rental income or loss

  total $960 · excluded $960

• 10a · Gross sales of inventory

  $15,187

• 10b · Cost of goods sold

  $970

• 10c · Net income from sales of inventory

  total $14,217 · related or exempt $14,217

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $4,010,821

• 5 · Compensation of officers, directors and key employees

  total $670,073

• 20 · Interest

  total $5,135,891

• 22 · Depreciation, depletion and amortization

  total $9,508,368

• 24a · Other expenses: PURCHASED POWER

  total $67,941,733

• 24b · Other expenses: DISTRIBUTION MAINTENANCE

  total $6,384,918

• 24c · Other expenses: ADMIN. & GENERAL EXP.

  total $4,908,108

• 24d · Other expenses: DISTRIBUTION OPERATIONS

  total $2,353,929

• 24e · All other expenses

  total $6,581,370

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,511,574 · end of year $2,441,799

• 2 · Savings and temporary cash investments

  beginning of year $647,311 · end of year $682,774

• 4 · Accounts receivable

  beginning of year $10,964,636 · end of year $11,382,657

• 7 · Other notes and loans receivable

  beginning of year $1,819,444 · end of year $1,638,889

• 8 · Inventories for sale or use

  beginning of year $4,118,595 · end of year $4,635,334

• 9 · Prepaid expenses and deferred charges

  beginning of year $365,234 · end of year $431,028

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

  $329,364,278

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

  $84,471,630

• 10c · Land, buildings and equipment, net

  beginning of year $228,582,713 · end of year $244,892,648

• 12 · Investments: other securities

  beginning of year $5,214,200 · end of year $5,534,053

• 13 · Investments: program-related

  beginning of year $28,632,417 · end of year $31,059,679

• 15 · Other assets

  beginning of year $360,785 · end of year $348,412

• 17 · Accounts payable and accrued expenses

  beginning of year $13,263,884 · end of year $16,260,846

• 23 · Secured mortgages and notes payable

  beginning of year $118,080,566 · end of year $132,593,202

• 24 · Unsecured notes and loans payable

  end of year $5,000,000

• 25 · Other liabilities

  beginning of year $33,227,682 · end of year $26,490,431

• 31 · Retained earnings, endowment or other funds

  beginning of year $117,644,777 · end of year $122,702,794

The filer's explanations (Part III)

SCHEDULE J, PART III

THE IRS HAS PLACED LIMITS, BASED ON INCOME, FOR STANDARD PENSION PLANS, WHICH CAN PREVENT AN INDIVIDUAL FROM RECEIVING THE SAME PENSION BENEFIT NORMALLY PROVIDED BY THE CORPORATION. IN AN EFFORT TO ENSURE THAT CERTAIN MEMBERS OF SENIOR MANAGEMENT ARE PROVIDED THE SAME PENSION BENEFIT AS ALL OTHER EMPLOYEES, THE CORPORATION HAS ESTABLISHED AN IRS APPROVED EXECUTIVE BENEFIT RESTORATION (EBR) PLAN. THE EBR PLAN IS A NONCONTRIBUTORY DEFINED BENEFIT PENSION PLAN SPONSORED BY SOUTH RIVER EMC. BENEFITS UNDER THE EBR PLAN ARE BASED ON THE DIFFERENCE BETWEEN AMOUNTS WITHOUT IRS QUALIFIED PENSION PLAN LIMITS ON COMPENSATION AND BENEFITS AND THOSE WITH SUCH LIMITS AS DETERMINED UNDER THE PROVISIONS OF THE NRECA RS PLAN. THE EBR PLAN IS DESIGNED TO PROVIDE THE PARTICIPANT BENEFITS THAT WOULD HAVE BEEN PAID TO A PARTICIPANT IF THERE WERE NO LIMITATIONS ON BENEFITS FROM THE RS PLAN DUE TO IRC 401(A)(17) OR 415. THE PLAN IS UNFUNDED AS OF DECEMBER 31, 2023. IN 2023 THE CURRENT CEO RECEIVED A DISTRIBUTION FROM THE EBR PLAN OF 8,602. THIS AMOUNT IS INCLUDED AS A COMPONENT OF SCHEDULE J, COLUMN B (III). THIS AMOUNT IS CONSIDERED COMPENSATION BUT IS NOT REGARDED AS BASE COMPENSATION OR SALARY FOR THE CEO. FUTURE DISTRIBUTIONS WILL CONTINUE TO BE LIMITED TO ONE YEAR. ONCE THE CEO IS SEPARATED FROM THE COOPERATIVE, EBR DISTRIBUTIONS WILL CEASE. ADDITIONALLY IT SHOULD BE NOTED THAT NONE OF THE CURRENT CEO'S SALARY IS BEING DEFERRED.