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Nonprofiteer
← RAYBURN COUNTRY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by RAYBURN COUNTRY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$682,998,996
Total expenses
$682,961,891
Contributions and grants received
$0
Grants paid
$65,679
Program service revenue
$679,419,606
Investment income
$3,589,120
Other revenue
-$9,730
Total assets, end of year
$1,099,492,327
Total liabilities, end of year
$931,025,660
Net assets or fund balances, end of year
$168,466,667
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.

  • 2a · Program service revenue: SALES OF ELECTRICITY

    total $677,918,468 · related or exempt $677,918,468

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $888,619 · related or exempt $888,619

  • 2c · Program service revenue: OTHER PROGRAM REVENUE

    total $612,519 · related or exempt $612,519

  • 3 · Investment income

    total $3,585,067 · excluded $3,585,067

  • 6a · Gross rents

    personal property $9,600

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $9,600

  • 6d · Net rental income or loss

    total $9,600 · unrelated business $9,600

  • 7a · Gross sales of assets other than inventory

    other assets $339,121

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

    other assets $335,068

  • 7c · Gain or loss

    other assets $4,053

  • 7d · Net gain or loss

    total $4,053 · related or exempt $4,053

  • 11a · Other revenue: OTHER PASS-THROUGH INVESTMENT

    total -$19,330 · related or exempt -$19,330

  • 11e · Other revenue, total

    -$19,330

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $65,679

  • 4 · Benefits paid to or for members

    total $17,949,261

  • 5 · Compensation of officers, directors and key employees

    total $2,940,265

  • 7 · Other salaries and wages

    total $6,912,449

  • 8 · Pension plan contributions

    total $804,188

  • 9 · Other employee benefits

    total $2,017,717

  • 10 · Payroll taxes

    total $648,183

  • 20 · Interest

    total $44,719,392

  • 22 · Depreciation, depletion and amortization

    total $30,667,838

  • 24a · Other expenses: PURCHASED POWER

    total $423,344,583

  • 24b · Other expenses: POWER GENERATION

    total $97,867,536

  • 24c · Other expenses: TRANSMISSION EXPENSE

    total $28,060,703

  • 24d · Other expenses: UNRELATED BUS. INC. TAX

    total $1,785

  • 24e · All other expenses

    total $26,962,312

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $42,198,122 · end of year $79,038,071

  • 4 · Accounts receivable

    beginning of year $72,148,353 · end of year $35,288,047

  • 8 · Inventories for sale or use

    beginning of year $2,675,965 · end of year $3,413,758

  • 9 · Prepaid expenses and deferred charges

    beginning of year $48,221,449 · end of year $63,612,766

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

    $1,127,016,465

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

    $224,191,355

  • 10c · Land, buildings and equipment, net

    beginning of year $425,533,116 · end of year $902,825,110

  • 13 · Investments: program-related

    beginning of year $16,136,340 · end of year $15,220,813

  • 15 · Other assets

    beginning of year $105,370 · end of year $93,762

  • 17 · Accounts payable and accrued expenses

    beginning of year $57,003,715 · end of year $42,418,456

  • 23 · Secured mortgages and notes payable

    beginning of year $396,998,817 · end of year $877,297,050

  • 25 · Other liabilities

    beginning of year $2,409,824 · end of year $11,310,154

  • 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 $5,929,429 · end of year $5,929,429

  • 31 · Retained earnings, endowment or other funds

    beginning of year $144,676,930 · end of year $162,537,238

Mission and programs · 2023

Mission

TO MAXIMIZE THE VALUE OF OUR MEMBERS' INVESTMENT WHILE MAINTAINING COMPETITIVE WHOLESALE POWER COSTS AS WE EXEMPLIFY INTEGRITY AND EXCELLENCE.

Activities or mission (Part I)

TO PROVIDE WHOLESALE POWER SUPPLY AND REGULATORY REPRESENTATION ON BEHALF OF ITS MEMBERS.

  • PROVIDING WHOLESALE ELECTRIC ENERGY TO 4 DISTRIBUTION COOPERATIVE MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL.

As filed on the 2023 return.

Listed in Part VII

  • David McGinnis

    CHAIRMAN

    Total calculated
    $10,004
    From this org
    $10,004
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 1 related

  • Jeff Lane

    SECRETARY/TREASURER

    Total calculated
    $7,850
    From this org
    $7,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 1 related

  • Mark Stubbs

    ALTERNATE DIRECTOR

    Total calculated
    $7,050
    From this org
    $7,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • John Ed Shinpaugh

    VICE CHAIRMAN

    Total calculated
    $6,472
    From this org
    $6,472
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 1 related

  • Howard Tillison

    ALTERNATE DIRECTOR

    Total calculated
    $5,436
    From this org
    $5,436
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Steve Collida

    ALTERNATE DIRECTOR

    Total calculated
    $3,992
    From this org
    $3,992
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Bill Samuels

    ALTERNATE DIRECTOR

    Total calculated
    $3,929
    From this org
    $3,929
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Paul Kirkland

    ALTERNATE DIRECTOR

    Total calculated
    $3,028
    From this org
    $3,028
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • David Naylor

    PRESIDENT/CHIEF EXECUTIVE

    Total calculated
    $896,766
    From this org
    $812,748
    From related orgs
    $0
    Other
    $84,018
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $745,213
    Bonus
    $15,673
    Other
    $51,862
    Deferred
    $42,900
    Nontaxable benefits
    $41,118
    Filer's total
    $896,766

  • David Braun

    CHIEF FINANCIAL OFFICER

    Total calculated
    $522,115
    From this org
    $439,963
    From related orgs
    $0
    Other
    $82,152
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $391,027
    Bonus
    $10,096
    Other
    $38,840
    Deferred
    $42,900
    Nontaxable benefits
    $39,252
    Filer's total
    $522,115

  • Stephen Geiger

    CHIEF OPERATING OFFICER

    Total calculated
    $499,929
    From this org
    $417,887
    From related orgs
    $0
    Other
    $82,042
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $380,885
    Bonus
    $9,904
    Other
    $27,098
    Deferred
    $42,900
    Nontaxable benefits
    $39,142
    Filer's total
    $499,929

  • Chase Snuffer

    CHIEF INFORMATION OFFICER

    Total calculated
    $498,259
    From this org
    $416,217
    From related orgs
    $0
    Other
    $82,042
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $378,691
    Bonus
    $9,615
    Other
    $27,911
    Deferred
    $42,900
    Nontaxable benefits
    $39,142
    Filer's total
    $498,259

  • Christopher Anderson

    GENERAL COUNSEL

    Total calculated
    $475,435
    From this org
    $393,393
    From related orgs
    $0
    Other
    $82,042
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $378,691
    Bonus
    $9,615
    Other
    $5,087
    Deferred
    $42,900
    Nontaxable benefits
    $39,142
    Filer's total
    $475,435

  • Johnny Alrid

    DIRECTOR OF INFO SECURITY

    Total calculated
    $349,840
    From this org
    $276,344
    From related orgs
    $0
    Other
    $73,496
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,999
    Bonus
    $5,481
    Other
    $15,864
    Deferred
    $35,449
    Nontaxable benefits
    $38,047
    Filer's total
    $349,840

  • Jennifer Pulliam

    ASST. GENERAL COUNSEL

    Total calculated
    $349,513
    From this org
    $275,373
    From related orgs
    $0
    Other
    $74,140
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $267,366
    Bonus
    $5,606
    Other
    $2,401
    Deferred
    $35,625
    Nontaxable benefits
    $38,515
    Filer's total
    $349,513

  • Christian Nagle

    DIRECTOR OF POWER SUPPLY

    Total calculated
    $345,304
    From this org
    $271,997
    From related orgs
    $0
    Other
    $73,307
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $264,500
    Bonus
    $6,731
    Other
    $766
    Deferred
    $35,260
    Nontaxable benefits
    $38,047
    Filer's total
    $345,304

  • Stephanie Weeks

    CONTROLLER

    Total calculated
    $291,008
    From this org
    $224,816
    From related orgs
    $0
    Other
    $66,192
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,146
    Bonus
    $5,769
    Other
    $2,901
    Deferred
    $28,849
    Nontaxable benefits
    $37,343
    Filer's total
    $291,008

  • Frank Owens

    DIRECTOR OF COMPLIANCE

    Total calculated
    $285,899
    From this org
    $220,057
    From related orgs
    $0
    Other
    $65,842
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,453
    Bonus
    $4,362
    Other
    $3,242
    Deferred
    $28,186
    Nontaxable benefits
    $37,656
    Filer's total
    $285,899

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 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

  • TEXAS ELECTRIC COOPERATIVES

    $18,900

    YOUTH TOUR SPONSORSHIP - 5 STUDENTS

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.

  • REC CARES

    501(C)(3) · CHARITABLE ORGANIZATION · TX · controlled entity

    Directly controlled by RAYBURN COUNTRY ELECTRIC COOPERATIVE INC

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • RAYBURN ENERGY STATION LLC

    POWER GENERATION · TX · income $208,796,786 · assets $461,800,008

    Directly controlled by RAYBURN COUNTRY ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202423219349300922

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