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Nonprofiteer
← MAGIC VALLEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by MAGIC VALLEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$310,898,025
Total expenses
$310,709,025
Contributions and grants received
$0
Grants paid
$106,768
Program service revenue
$308,747,788
Investment income
$774,694
Other revenue
$1,375,543
Total assets, end of year
$685,887,460
Total liabilities, end of year
$337,226,922
Net assets or fund balances, end of year
$348,660,538
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 $282,549,468 · related or exempt $282,549,468

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $19,827,856 · related or exempt $19,827,856

  • 2c · Program service revenue: SERVICE FEES

    total $6,317,058 · related or exempt $6,317,058

  • 2d · Program service revenue: OTHER PROGRAM REVENUE

    total $53,406 · related or exempt $53,406

  • 3 · Investment income

    total $727,486 · excluded $727,486

  • 6a · Gross rents

    real property $6,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $6,000

  • 6d · Net rental income or loss

    total $6,000 · excluded $6,000

  • 7a · Gross sales of assets other than inventory

    other assets $47,208

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

    other assets $0

  • 7c · Gain or loss

    other assets $47,208

  • 7d · Net gain or loss

    total $47,208 · related or exempt $47,208

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $1,369,543 · excluded $1,369,543

  • 11e · Other revenue, total

    $1,369,543

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $106,768

  • 4 · Benefits paid to or for members

    total $20,634,195

  • 5 · Compensation of officers, directors and key employees

    total $870,102

  • 7 · Other salaries and wages

    total $15,272,102

  • 8 · Pension plan contributions

    total $2,574,218

  • 9 · Other employee benefits

    total $1,943,682

  • 10 · Payroll taxes

    total $1,024,751

  • 20 · Interest

    total $11,401,001

  • 22 · Depreciation, depletion and amortization

    total $17,194,923

  • 24a · Other expenses: PURCHASED POWER

    total $218,124,993

  • 24b · Other expenses: ADMIN & GENERAL EXPENSE

    total $8,482,342

  • 24c · Other expenses: DISTRIBUTION EXPENSE

    total $8,155,830

  • 24d · Other expenses: CONSUMER EXPENSE

    total $4,687,237

  • 24e · All other expenses

    total $236,881

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,742,284 · end of year $4,737,113

  • 2 · Savings and temporary cash investments

    beginning of year $838,506 · end of year $23,030

  • 4 · Accounts receivable

    beginning of year $11,232,838 · end of year $11,739,781

  • 8 · Inventories for sale or use

    beginning of year $10,571,767 · end of year $9,895,271

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,439,641 · end of year $2,529,819

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

    $559,993,376

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

    $119,311,335

  • 10c · Land, buildings and equipment, net

    beginning of year $410,866,121 · end of year $440,682,041

  • 12 · Investments: other securities

    end of year $157,192

  • 13 · Investments: program-related

    beginning of year $193,695,782 · end of year $213,335,729

  • 15 · Other assets

    beginning of year $2,561,862 · end of year $2,787,484

  • 17 · Accounts payable and accrued expenses

    beginning of year $30,431,152 · end of year $33,058,911

  • 21 · Escrow or custodial account liability

    beginning of year $1,018,287 · end of year $1,626,388

  • 23 · Secured mortgages and notes payable

    beginning of year $244,689,759 · end of year $268,969,941

  • 25 · Other liabilities

    beginning of year $27,894,845 · end of year $33,571,682

  • 29 · Capital stock, trust principal or current funds

    beginning of year $615,705 · end of year $636,920

  • 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 $332,299,053 · end of year $348,023,618

Mission and programs · 2024

Mission

TO ENHANCE PEOPLE'S LIVES BY SAFELY PROVIDING THE MOST RELIABLE AND AFFORDABLE ELECTRIC SERVICE BY KEEPING OUR MEMBERS' BEST INTEREST IN MIND.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 158,435 ACTIVE SERVICES AT YEAR END.

As filed on the 2024 return.

Listed in Part VII

  • Barbara S Miller

    PRESIDENT

    Total calculated
    $37,000
    From this org
    $37,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.6

  • Rolando Alaniz

    VICE PRESIDENT

    Total calculated
    $32,000
    From this org
    $32,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Douglas Martin

    SECRETARY/TREASURER

    Total calculated
    $26,250
    From this org
    $26,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Frank Ferris

    ASST SECRETARY/TREASURER

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.8

  • Adrienne Pena-Garza

    DIRECTOR

    Total calculated
    $33,250
    From this org
    $33,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.8

  • David Morales

    DIRECTOR

    Total calculated
    $42,500
    From this org
    $42,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.6

  • Joshua Klostermann

    DIRECTOR

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.7

  • Brian Acosta

    GENERAL MANAGER

    Total calculated
    $452,592
    From this org
    $298,272
    From related orgs
    $0
    Other
    $154,320
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $273,005
    Bonus
    $9,515
    Other
    $15,752
    Deferred
    $144,578
    Nontaxable benefits
    $9,742
    Filer's total
    $452,592

  • Sonia Salazar-Rangel

    FINANCIAL SERVICES OFFICER

    Total calculated
    $195,510
    From this org
    $157,062
    From related orgs
    $0
    Other
    $38,448
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,263
    Bonus
    $6,133
    Other
    $14,666
    Deferred
    $28,505
    Nontaxable benefits
    $9,943
    Filer's total
    $195,510

  • Abraham Quiroga

    CENTRAL OPERATIONS OFFICER

    Total calculated
    $210,658
    From this org
    $174,370
    From related orgs
    $0
    Other
    $36,288
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,282
    Bonus
    $6,390
    Other
    $14,698
    Deferred
    $29,365
    Nontaxable benefits
    $6,923
    Filer's total
    $210,658

  • Domitilo Cantu

    TECHNICAL SERVICES OFFICER

    Total calculated
    $199,459
    From this org
    $168,606
    From related orgs
    $0
    Other
    $30,853
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,403
    Bonus
    $5,519
    Other
    $14,684
    Deferred
    $24,840
    Nontaxable benefits
    $6,013
    Filer's total
    $199,459

  • Eleno Torres Jr

    LINEMAN A

    Total calculated
    $194,284
    From this org
    $166,833
    From related orgs
    $0
    Other
    $27,451
    Hours/week
    59

    Schedule J breakdown matched by us

    Base
    $160,408
    Bonus
    $6,179
    Other
    $246
    Deferred
    $19,082
    Nontaxable benefits
    $8,369
    Filer's total
    $194,284

  • Horacio Pequeno

    EASTERN OPERATIONS OFFICER

    Total calculated
    $182,432
    From this org
    $151,302
    From related orgs
    $0
    Other
    $31,130
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,893
    Bonus
    $3,950
    Other
    $15,459
    Deferred
    $24,645
    Nontaxable benefits
    $6,485
    Filer's total
    $182,432

  • Rolando Ramon

    WESTERN OPERATIONS OFFICER

    Total calculated
    $211,911
    From this org
    $149,337
    From related orgs
    $0
    Other
    $62,574
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,839
    Bonus
    $5,729
    Other
    $14,769
    Deferred
    $53,034
    Nontaxable benefits
    $9,540
    Filer's total
    $211,911

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

The filer's explanations (Part III)

PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. BRIAN ACOSTA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 132,013 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,565 TOTAL REPORTED IN COLUMN C $ 144,578 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (132,013) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 64,584 EXPENSE TO THE COOPERATIVE $ 77,149 ROLANDO RAMON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 46,965 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,069 TOTAL REPORTED IN COLUMN C $ 53,034 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (46,965) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,518 EXPENSE TO THE COOPERATIVE $ 36,587 ABRAHAM QUIROGA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 22,314 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,051 TOTAL REPORTED IN COLUMN C $ 29,365 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (22,314) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,694 EXPENSE TO THE COOPERATIVE $ 42,745 DOMITILO CANTU: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 18,048 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,792 TOTAL REPORTED IN COLUMN C $ 24,840 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (18,048) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,283 EXPENSE TO THE COOPERATIVE $ 41,075 SONIA SALAZAR-RANGEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 22,084 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,421 TOTAL REPORTED IN COLUMN C $ 28,505 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (22,084) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,474 EXPENSE TO THE COOPERATIVE $ 38,895 ELENO TORRES JR: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 14,690 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,392 TOTAL REPORTED IN COLUMN C $ 19,082 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (14,690) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,320 EXPENSE TO THE COOPERATIVE $ 26,712 HORACIO PEQUENO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 20,653 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,992 TOTAL REPORTED IN COLUMN C $ 24,645 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (20,653) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,518 EXPENSE TO THE COOPERATIVE $ 34,510

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

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.

  • MVEC CARES CHARITABLE FOUNDATION

    501(C)(3) · GIVING BACK TO THE COMMUNITIES WE LOVE AND CALL HOME · TX · controlled entity

    Directly controlled by MAGIC VALLEY ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2024
Filed
11 November 2025
IRS schema version
2024v5.2
Source object
202523219349303247

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