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Nonprofiteer
← BOONE ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by BOONE ELECTRIC COOPERATIVE.

Totals

Total revenue
$67,889,675
Total expenses
$62,821,254
Contributions and grants received
$0
Grants paid
$263,059
Program service revenue
$68,016,228
Investment income
-$126,553
Other revenue
$0
Total assets, end of year
$214,466,398
Total liabilities, end of year
$126,997,643
Net assets or fund balances, end of year
$87,468,755
Program services expenses (Part IX)
$62,821,254
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$62,821,254

Program services were 100.0% 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: Sales of Energy

    total $66,088,603 · related or exempt $66,088,603

  • 2b · Program service revenue: Capital Credits

    total $1,183,045 · related or exempt $1,183,045

  • 2c · Program service revenue: Other Electric Revenues

    total $661,058 · related or exempt $661,058

  • 2d · Program service revenue: Merchandising

    total $70,744 · related or exempt $70,744

  • 2e · Program service revenue: Non-Operating Margins

    total $12,778 · related or exempt $12,778

  • 3 · Investment income

    total $210,099 · related or exempt $210,099

  • 7a · Gross sales of assets other than inventory

    other assets $10,900

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

    other assets $347,552

  • 7c · Gain or loss

    other assets -$336,652

  • 7d · Net gain or loss

    total -$336,652 · related or exempt -$336,652

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $263,059 · program services $263,059

  • 4 · Benefits paid to or for members

    total $1,441,919 · program services $1,441,919

  • 5 · Compensation of officers, directors and key employees

    total $851,357 · program services $851,357

  • 20 · Interest

    total $3,684,016 · program services $3,684,016

  • 22 · Depreciation, depletion and amortization

    total $5,592,874 · program services $5,592,874

  • 24a · Other expenses: Cost of Purchased Power

    total $34,807,163 · program services $34,807,163

  • 24b · Other expenses: Distribution Exp-Mainte

    total $4,765,810 · program services $4,765,810

  • 24c · Other expenses: Distribution Exp-Operat

    total $4,608,204 · program services $4,608,204

  • 24d · Other expenses: Administrative and Gene

    total $3,904,224 · program services $3,904,224

  • 24e · All other expenses

    total $2,902,628 · program services $2,902,628

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,809,885 · end of year $6,118,593

  • 4 · Accounts receivable

    beginning of year $6,331,656 · end of year $7,151,692

  • 7 · Other notes and loans receivable

    beginning of year $36,000 · end of year $36,000

  • 8 · Inventories for sale or use

    beginning of year $1,987,424 · end of year $2,776,817

  • 9 · Prepaid expenses and deferred charges

    beginning of year $105,510 · end of year $1,092,658

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

    $210,443,947

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

    $50,637,698

  • 10c · Land, buildings and equipment, net

    beginning of year $139,776,366 · end of year $159,806,249

  • 13 · Investments: program-related

    beginning of year $37,356,059 · end of year $37,451,863

  • 15 · Other assets

    beginning of year $422,836 · end of year $32,526

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,312,414 · end of year $11,139,016

  • 23 · Secured mortgages and notes payable

    beginning of year $106,865,711 · end of year $114,625,590

  • 25 · Other liabilities

    beginning of year $1,247,277 · end of year $1,233,037

  • 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 $82,400,334 · end of year $87,468,755

Mission and programs · 2022

Mission

The mission of Boone Electric Cooperative is to be responsive to our members' needs by providing a dependable supply of electric energy and other services at the lowest possible cost consistent with sound business practices and cooperative principles.

Activities or mission (Part I)

To provide electricity to our cooperative members

  • Retail sale of electricity to members, owners and consumers

    Expenses $62,821,254 · Grants $263,059 · Revenue $67,889,675

As filed on the 2022 return.

Listed in Part VII

  • Todd Culley

    CEO

    Total calculated
    $424,717
    From this org
    $288,531
    From related orgs
    $0
    Other
    $136,186
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $260,625
    Bonus
    $5,000
    Other
    $22,906
    Deferred
    $115,406
    Nontaxable benefits
    $20,780
    Filer's total
    $424,717

  • Vicki Kemna

    Assistant Manager

    Total calculated
    $367,277
    From this org
    $200,010
    From related orgs
    $0
    Other
    $167,267
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $179,655
    Bonus
    $4,500
    Other
    $15,855
    Deferred
    $146,603
    Nontaxable benefits
    $20,664
    Filer's total
    $367,277

  • Ryan Euliss

    CFO/Manager of Finance

    Total calculated
    $296,693
    From this org
    $183,443
    From related orgs
    $0
    Other
    $113,250
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,837
    Bonus
    $4,250
    Other
    $13,356
    Deferred
    $93,020
    Nontaxable benefits
    $20,230
    Filer's total
    $296,693

  • James Goodnight

    Operations Manager

    Total calculated
    $262,601
    From this org
    $151,444
    From related orgs
    $0
    Other
    $111,157
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $134,933
    Bonus
    $4,250
    Other
    $12,261
    Deferred
    $84,056
    Nontaxable benefits
    $27,101
    Filer's total
    $262,601

  • Andrew Petri

    Manager of Engineering and

    Total calculated
    $249,315
    From this org
    $150,850
    From related orgs
    $0
    Other
    $98,465
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $135,818
    Bonus
    $4,250
    Other
    $10,782
    Deferred
    $71,357
    Nontaxable benefits
    $27,108
    Filer's total
    $249,315

  • Laura Baker

    Mgr Member Svcs

    Total calculated
    $248,411
    From this org
    $128,070
    From related orgs
    $0
    Other
    $120,341
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,223
    Bonus
    $4,250
    Other
    $11,597
    Deferred
    $93,028
    Nontaxable benefits
    $27,313
    Filer's total
    $248,411

  • Jeremy Drechsel

    Lead Lineman

    Total calculated
    $169,840
    From this org
    $119,616
    From related orgs
    $0
    Other
    $50,224
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $93,251
    Bonus
    $22,763
    Other
    $3,602
    Deferred
    $39,241
    Nontaxable benefits
    $10,983
    Filer's total
    $169,840

  • Robert Hawkins

    Line Foreman

    Total calculated
    $206,061
    From this org
    $118,884
    From related orgs
    $0
    Other
    $87,177
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $101,457
    Bonus
    $13,509
    Other
    $3,918
    Deferred
    $67,166
    Nontaxable benefits
    $20,011
    Filer's total
    $206,061

  • Scott Douglas

    System Engineer

    Total calculated
    $150,407
    From this org
    $118,476
    From related orgs
    $0
    Other
    $31,931
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,417
    Bonus
    $800
    Other
    $4,259
    Deferred
    $19,681
    Nontaxable benefits
    $12,250
    Filer's total
    $150,407

  • Anthony Atkins

    Field Supervisor

    Total calculated
    $166,204
    From this org
    $117,152
    From related orgs
    $0
    Other
    $49,052
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,613
    Bonus
    $2,250
    Other
    $4,289
    Deferred
    $22,164
    Nontaxable benefits
    $26,888
    Filer's total
    $166,204

  • Joel Bullard

    President

    Total calculated
    $36,930
    From this org
    $36,930
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • John Bullard

    Director

    Total calculated
    $33,904
    From this org
    $33,904
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Andrew Stanton

    Director

    Total calculated
    $33,193
    From this org
    $33,193
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Darin Schnarre

    Director

    Total calculated
    $32,988
    From this org
    $32,988
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jay Turner

    Director

    Total calculated
    $18,687
    From this org
    $18,687
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Kimberly Ponder

    Treasurer

    Total calculated
    $17,452
    From this org
    $17,452
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Wayne Wilcox

    Vice President

    Total calculated
    $15,171
    From this org
    $15,171
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Michelle Motley

    Secretary

    Total calculated
    $12,621
    From this org
    $12,621
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Timothy Hudspeth

    Director

    Total calculated
    $11,941
    From this org
    $11,941
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

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

  • 2 · Substantiation required before reimbursing expenses
  • 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

The filer's explanations (Part III)

Part I, Line 3
The Board of directors approves the salary of the CEO annually, based on market conditions and information about other electric cooperatives of similar size.

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

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.

  • Boone Electric Satellite Systems Inc

    C · Satellite Sales · MO · 100% owned · share of income $131,711 · share of assets $2,357,959

  • Boone Electric Service Company

    C · Service Company · MO · 100% owned · share of assets $405

Provenance

Return type
form_990
Tax year
2022
Filed
29 July 2023
IRS schema version
2022v5.0
Source object
202302229349300315

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