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Nonprofiteer
← DEAF SMITH ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by DEAF SMITH ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$75,169,966
Total expenses
$75,169,966
Contributions and grants received
$0
Grants paid
$9,150
Program service revenue
$74,761,041
Investment income
$408,925
Other revenue
$0
Total assets, end of year
$136,454,276
Total liabilities, end of year
$18,034,960
Net assets or fund balances, end of year
$118,419,316
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 $64,796,045 · related or exempt $64,796,045

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $9,964,996 · related or exempt $9,964,996

  • 3 · Investment income

    total $250,840 · excluded $250,840

  • 7a · Gross sales of assets other than inventory

    other assets $158,085

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

    other assets $0

  • 7c · Gain or loss

    other assets $158,085

  • 7d · Net gain or loss

    total $158,085 · related or exempt $158,085

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $9,150

  • 4 · Benefits paid to or for members

    total $15,054,801

  • 5 · Compensation of officers, directors and key employees

    total $687,640

  • 7 · Other salaries and wages

    total $2,874,957

  • 8 · Pension plan contributions

    total $415,796

  • 9 · Other employee benefits

    total $570,692

  • 10 · Payroll taxes

    total $243,554

  • 20 · Interest

    total $259,040

  • 22 · Depreciation, depletion and amortization

    total $4,252,516

  • 24a · Other expenses: PURCHASED POWER

    total $47,078,713

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $1,969,987

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,040,493

  • 24d · Other expenses: OPERATING TAXES

    total $490,232

  • 24e · All other expenses

    total $222,395

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $706,624 · end of year $398,232

  • 2 · Savings and temporary cash investments

    beginning of year $5,550,000 · end of year $4,000,000

  • 4 · Accounts receivable

    beginning of year $3,041,286 · end of year $2,914,862

  • 8 · Inventories for sale or use

    beginning of year $1,717,269 · end of year $1,541,956

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,124,874 · end of year $7,689,579

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

    $110,804,017

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

    $64,990,948

  • 10c · Land, buildings and equipment, net

    beginning of year $44,939,801 · end of year $45,813,069

  • 12 · Investments: other securities

    beginning of year $1,126 · end of year $1,128

  • 13 · Investments: program-related

    beginning of year $65,518,076 · end of year $73,741,818

  • 15 · Other assets

    beginning of year $271,244 · end of year $353,632

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,830,960 · end of year $3,322,787

  • 21 · Escrow or custodial account liability

    beginning of year $63,599 · end of year $48,889

  • 23 · Secured mortgages and notes payable

    beginning of year $10,069,242 · end of year $7,575,308

  • 25 · Other liabilities

    beginning of year $6,953,037 · end of year $7,087,976

  • 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 $109,953,462 · end of year $118,419,316

Mission and programs · 2023

Mission

TO PROVIDE RELIABLE ELECTRIC ENERGY AND SUPPORTING SERVICES TO OUR MEMBER/OWNERS AND TO ENHANCE SAFETY AND QUALITY OF LIFE FOR MEMBERS AND EMPLOYEES.

Activities or mission (Part I)

TO PROVIDE ELECTRICITY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.

  • SALE OF ELECTRIC ENERGY TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 15,262 CONNECTED METERS AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Steve Olson

    VICE CHAIRMAN

    Total calculated
    $27,132
    From this org
    $27,132
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.8

  • Vick Christian

    DIRECTOR

    Total calculated
    $28,012
    From this org
    $28,012
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Jim Hoelting

    CHAIRMAN

    Total calculated
    $27,224
    From this org
    $27,224
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.8

  • Danny Hand

    SECRETARY/TREASURER

    Total calculated
    $29,839
    From this org
    $29,839
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Melvin Betzen

    DIRECTOR

    Total calculated
    $28,589
    From this org
    $28,589
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Michael Carlson

    DIRECTOR

    Total calculated
    $30,269
    From this org
    $30,269
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.8

  • Robert Boozer

    DIRECTOR

    Total calculated
    $24,979
    From this org
    $24,979
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Timothy Burkhalter

    PRESIDENT/GENERAL MANAGER

    Total calculated
    $275,587
    From this org
    $203,839
    From related orgs
    $0
    Other
    $71,748
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $199,711
    Bonus
    $2,406
    Other
    $1,722
    Deferred
    $46,065
    Nontaxable benefits
    $25,683
    Filer's total
    $275,587

  • Juanita Alejandre

    ACCOUNTING MANAGER

    Total calculated
    $216,009
    From this org
    $156,448
    From related orgs
    $0
    Other
    $59,561
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,516
    Bonus
    $1,845
    Other
    $3,087
    Deferred
    $48,162
    Nontaxable benefits
    $11,399
    Filer's total
    $216,009

  • William Steffens

    JOURNEYMAN LINEMAN

    Total calculated
    $180,254
    From this org
    $132,574
    From related orgs
    $0
    Other
    $47,680
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $130,031
    Bonus
    $1,312
    Other
    $1,231
    Deferred
    $20,930
    Nontaxable benefits
    $26,750
    Filer's total
    $180,254

  • Brandon McCamish

    JOURNEYMAN LINEMAN

    Total calculated
    $164,975
    From this org
    $130,813
    From related orgs
    $0
    Other
    $34,162
    Hours/week
    65

    Schedule J breakdown matched by us

    Base
    $113,596
    Bonus
    $1,306
    Other
    $15,911
    Deferred
    $8,712
    Nontaxable benefits
    $25,450
    Filer's total
    $164,975

  • Beau Harmon

    FOREMAN JOURNEYMAN LINEMAN

    Total calculated
    $171,266
    From this org
    $130,655
    From related orgs
    $0
    Other
    $40,611
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $129,050
    Bonus
    $1,315
    Other
    $290
    Deferred
    $15,161
    Nontaxable benefits
    $25,450
    Filer's total
    $171,266

  • Elio Hernandez

    ENGINEER

    Total calculated
    $158,408
    From this org
    $130,430
    From related orgs
    $0
    Other
    $27,978
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,790
    Bonus
    $1,583
    Other
    $6,057
    Deferred
    $15,331
    Nontaxable benefits
    $12,647
    Filer's total
    $158,408

  • Joseph Murray

    JOURNEYMAN LINEMAN

    Total calculated
    $167,779
    From this org
    $128,553
    From related orgs
    $0
    Other
    $39,226
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $127,180
    Bonus
    $1,115
    Other
    $258
    Deferred
    $13,776
    Nontaxable benefits
    $25,450
    Filer's total
    $167,779

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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 I, LINE 1A
TRAVEL FOR COMPANIONS - THE COOPERATIVE WILL PAY FOR THE TRAVEL EXPENSES OF EACH DIRECTOR'S SPOUSE TO ACCOMPANY THEM DURING A BUSINESS TRIP FOR THE BENEFIT OF THE COOPERATIVE. TWO INDIVIDUALS REPORTED ON FORM 990, PART VII (CHRISTIAN AND HOELTING) RECEIVED THIS BENEFIT DURING THE YEAR.
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 CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. TIMOTHY BURKHALTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 28,290 EMPLOYER CONTRIBUTION TO 401(K) PLAN 17,775 TOTAL REPORTED IN COLUMN C $ 46,065 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (28,290) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,176 EXPENSE TO THE COOPERATIVE $ 36,951 JANIE ALEJANDRE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 34,868 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,294 TOTAL REPORTED IN COLUMN C $ 48,162 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (34,868) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 14,418 EXPENSE TO THE COOPERATIVE $ 27,712 WILLIAM STEFFENS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 12,154 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,776 TOTAL REPORTED IN COLUMN C $ 20,930 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (12,154) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 9,457 EXPENSE TO THE COOPERATIVE $ 18,233 BEAU HARMON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 5,451 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,710 TOTAL REPORTED IN COLUMN C $ 15,161 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (5,451) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 10,448 EXPENSE TO THE COOPERATIVE $ 20,158 JOSEPH MURRAY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 5,047 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,729 TOTAL REPORTED IN COLUMN C $ 13,776 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (5,047) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 9,457 EXPENSE TO THE COOPERATIVE $ 18,186 BRANDON MCCAMISH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ (0) EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,712 TOTAL REPORTED IN COLUMN C $ 8,712 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 9,457 EXPENSE TO THE COOPERATIVE $ 18,169 ELIO HERNANDEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 4,619 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,712 TOTAL REPORTED IN COLUMN C $ 15,331 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (4,619) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 10,817 EXPENSE TO THE COOPERATIVE $ 21,529

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
2023
Filed
23 October 2024
IRS schema version
2023v5.1
Source object
202433139349303428

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