Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Sale of Electricity

  total $45,136,337 · related or exempt $45,136,337 · unrelated business $0 · excluded $0

• 2b · Program service revenue: Pole Rental

  total $187,985 · related or exempt $0 · unrelated business $0 · excluded $187,985

• 2f · All other program service revenue

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

• 3 · Investment income

  total $159,658 · related or exempt $0 · unrelated business $0 · excluded $159,658

• 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

• 7a · Gross sales of assets other than inventory

  securities $0 · other assets $1,200

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

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $0 · other assets $1,200

• 7d · Net gain or loss

  total $1,200 · related or exempt $1,200 · unrelated business $0 · excluded $0

• 11a · Other revenue: Internet Service Provider

  total $1,095,276 · related or exempt $0 · unrelated business $1,095,276 · excluded $0

• 11d · All other revenue

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

• 11e · Other revenue, total

  $1,095,276

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $4,147,348

• 5 · Compensation of officers, directors and key employees

  total $1,355,908

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $7,865,028

• 8 · Pension plan contributions

  total $757,711

• 9 · Other employee benefits

  total $1,527,818

• 10 · Payroll taxes

  total $670,878

• 20 · Interest

  total $48,346

• 22 · Depreciation, depletion and amortization

  total $3,291,787

• 24a · Other expenses: Purchased Power

  total $23,434,319

• 24b · Other expenses: Operations/Maintenance

  total $6,161,900

• 24c · Other expenses: Administrative & Customer Accounts/Service

  total $6,068,884

• 24d · Other expenses: Payroll Expense included line 6-10

  total -$10,821,435

• 24e · All other expenses

  total $2,071,964

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,957,111 · end of year $2,509,148

• 2 · Savings and temporary cash investments

  beginning of year $1,240,000 · end of year $1,880,000

• 4 · Accounts receivable

  beginning of year $4,908,448 · end of year $4,270,790

• 8 · Inventories for sale or use

  beginning of year $3,695,526 · end of year $3,843,340

• 9 · Prepaid expenses and deferred charges

  beginning of year $218,115 · end of year $287,690

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

  $143,911,186

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

  $51,513,696

• 10c · Land, buildings and equipment, net

  beginning of year $85,515,349 · end of year $92,397,490

• 13 · Investments: program-related

  beginning of year $2,425,130 · end of year $2,177,230

• 17 · Accounts payable and accrued expenses

  beginning of year $7,885,486 · end of year $9,611,603

• 23 · Secured mortgages and notes payable

  beginning of year $631,945 · end of year $1,094,908

• 25 · Other liabilities

  beginning of year $4,309,601 · end of year $5,412,727

• 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 $3,760,080 · end of year $4,866,447

• 31 · Retained earnings, endowment or other funds

  beginning of year $83,372,567 · end of year $86,380,003

The filer's explanations (Part III)

Schedule J, Part I

Most Rural Electric Cooperatives in the nation offer a defined benefit pension plan program which guarantees that an employee will receive, upon reaching their normal retirement date, a defined pension benefit based on years of service and a percentage of salary. The Benton Rural Electric Association (Benton REA) chose not to implement the defined benefit retirement program for their employees due to the typical high cost. However, to remain competitive in the job market and to retain and recruit for professional positions, Benton REA identified key positions and developed a program to supplement the company's 401k program for these positions. The individuals listed on the Form J as officers and highly compensated employees represent employees within these key positions. As such they receive as part of their compensation; taxable bonuses paid every year that are paid out through a managers compensation program in lieu of company contributions to the otherwise expensive defined benefit programs. The managers compensation program ends for the individual employees if they leave the company for any reason including retirement.