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← BAYFIELD ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by BAYFIELD ELECTRIC COOPERATIVE.

Totals

Total revenue
$15,614,627
Total expenses
$15,617,494
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$15,225,740
Investment income
$17,720
Other revenue
$371,167
Total assets, end of year
$40,635,209
Total liabilities, end of year
$26,793,624
Net assets or fund balances, end of year
$13,841,585
Program services expenses (Part IX)
$15,617,494
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$15,617,494

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: Operating Revenue

    total $15,225,740 · related or exempt $15,225,740 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $17,720 · related or exempt $17,720 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: Non-operating Revenue

    total $18,160 · related or exempt $18,160 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Capital Credit Patronage

    total $353,007 · related or exempt $353,007 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $371,167

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $456,051 · program services $456,051

  • 5 · Compensation of officers, directors and key employees

    total $532,049 · program services $532,049

  • 6 · Compensation of disqualified persons

    total $1,672,226 · program services $1,672,226

  • 7 · Other salaries and wages

    total $386,670 · program services $386,670

  • 8 · Pension plan contributions

    total $70,054 · program services $70,054

  • 9 · Other employee benefits

    total $86,154 · program services $86,154

  • 10 · Payroll taxes

    total $143,158 · program services $143,158

  • 11b · Fees: legal

    total $15,916 · program services $15,916 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $31,187 · program services $31,187 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $41,040 · program services $41,040 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $133,807 · program services $133,807 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $123,042 · program services $123,042

  • 17 · Travel

    total $45,923 · program services $45,923

  • 19 · Conferences, conventions and meetings

    total $4,326 · program services $4,326

  • 20 · Interest

    total $732,795 · program services $732,795 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $2,662,134 · program services $2,662,134

  • 24a · Other expenses: Gross Revenue Taxes

    total $275,080 · program services $275,080 · management and general $0 · fundraising $0

  • 24b · Other expenses: Cost of Power

    total $6,750,021 · program services $6,750,021 · management and general $0 · fundraising $0

  • 24c · Other expenses: Dues to Member Organization

    total $52,597 · program services $52,597 · management and general $0 · fundraising $0

  • 24d · Other expenses: Uncollectible Accounts

    total $1,984 · program services $1,984 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $1,401,280 · program services $1,401,280

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,996,881 · end of year $2,544,737

  • 2 · Savings and temporary cash investments

    beginning of year $1,442 · end of year $443

  • 4 · Accounts receivable

    beginning of year $1,517,249 · end of year $1,725,432

  • 8 · Inventories for sale or use

    beginning of year $413,023 · end of year $693,977

  • 9 · Prepaid expenses and deferred charges

    beginning of year $247,213 · end of year $155,909

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

    $61,697,789

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

    $32,736,349

  • 10c · Land, buildings and equipment, net

    beginning of year $29,892,766 · end of year $28,961,440

  • 15 · Other assets

    beginning of year $6,399,660 · end of year $6,553,271

  • 17 · Accounts payable and accrued expenses

    beginning of year $728,066 · end of year $1,007,722

  • 23 · Secured mortgages and notes payable

    beginning of year $23,775,495 · end of year $23,779,232

  • 25 · Other liabilities

    beginning of year $2,053,974 · end of year $2,006,670

  • 29 · Capital stock, trust principal or current funds

    beginning of year $41,850 · end of year $42,265

  • 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 $13,868,849 · end of year $13,799,320

Mission and programs · 2022

Mission

Committed to provide safe, reliable and affordable electricity to rural areas through superior customer service, along with values of integrity-innovation-accountability-commitment to community.

Activities or mission (Part I)

Electric Energy Distribution

  • To provide electrical energy to its members

    Expenses $15,617,494

As filed on the 2022 return.

Listed in Part VII

  • Christopher Kopel

    CEO

    Total calculated
    $273,012
    From this org
    $195,872
    From related orgs
    $0
    Other
    $77,140
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,872
    Bonus
    $0
    Other
    $57,820
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $253,692

  • Sara Anderson

    CFO

    Total calculated
    $174,687
    From this org
    $116,867
    From related orgs
    $0
    Other
    $57,820
    Hours/week
    40

  • Robert Lahti

    Operations Manager

    Total calculated
    $170,392
    From this org
    $114,500
    From related orgs
    $0
    Other
    $55,892
    Hours/week
    40

  • Dustin McKay

    Lineman

    Total calculated
    $159,154
    From this org
    $119,337
    From related orgs
    $0
    Other
    $39,817
    Hours/week
    48.95

  • Keith Klobucher

    Lineman

    Total calculated
    $155,964
    From this org
    $116,136
    From related orgs
    $0
    Other
    $39,828
    Hours/week
    46.63

  • Matthew Tarasewicz

    Lineman

    Total calculated
    $155,668
    From this org
    $127,145
    From related orgs
    $0
    Other
    $28,523
    Hours/week
    49.04

  • Jacob Hipsher

    Member Service Director

    Total calculated
    $154,825
    From this org
    $102,338
    From related orgs
    $0
    Other
    $52,487
    Hours/week
    40

  • Adam Waddle

    Lineman

    Total calculated
    $153,429
    From this org
    $113,623
    From related orgs
    $0
    Other
    $39,806
    Hours/week
    47.08

  • Kenneth Koosman

    Lineman

    Total calculated
    $152,294
    From this org
    $112,465
    From related orgs
    $0
    Other
    $39,829
    Hours/week
    46.86

  • Keith Kavajecz

    Lineman

    Total calculated
    $150,809
    From this org
    $111,013
    From related orgs
    $0
    Other
    $39,796
    Hours/week
    45.86

  • Elliot Powers

    Lineman

    Total calculated
    $148,749
    From this org
    $108,966
    From related orgs
    $0
    Other
    $39,783
    Hours/week
    45.03

  • Troy Seeger

    Line Foreman

    Total calculated
    $138,584
    From this org
    $120,158
    From related orgs
    $0
    Other
    $18,426
    Hours/week
    45.88

  • Blake Reijo

    Lineman

    Total calculated
    $132,358
    From this org
    $114,887
    From related orgs
    $0
    Other
    $17,471
    Hours/week
    44.98

  • Barry Radloff

    Director

    Total calculated
    $28,443
    From this org
    $8,050
    From related orgs
    $20,393
    Other
    $0
    Hours/week
    4.19

  • Mark Santikko

    President

    Total calculated
    $11,450
    From this org
    $11,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.46

  • Michael Neslon

    Director

    Total calculated
    $11,300
    From this org
    $11,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.54

  • Roy Settgas

    Director

    Total calculated
    $10,550
    From this org
    $10,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.37

  • Russell Bailey

    Vice President

    Total calculated
    $9,300
    From this org
    $9,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.7

  • James Kinzie

    Director

    Total calculated
    $9,050
    From this org
    $9,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9

  • Curtis Berweger

    Secretary/Treasurer

    Total calculated
    $8,800
    From this org
    $8,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.22

  • Carl Schutte

    Director

    Total calculated
    $8,550
    From this org
    $8,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.85

  • Robert Kretzschmar

    Director

    Total calculated
    $7,300
    From this org
    $7,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

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

None.

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
2022
Filed
10 May 2023
IRS schema version
2022v5.0
Source object
202311309349303136

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