Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: POWER SALES

  total $19,828,035 · related or exempt $19,828,035

• 2b · Program service revenue: OTHER SERVICE REVENUE

  total $304,252 · related or exempt $304,252

• 3 · Investment income

  total $54,467 · excluded $54,467

• 11a · Other revenue: OTHER INCOME

  total $6,021 · excluded $6,021

• 11e · Other revenue, total

  $6,021

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $543,258

• 7 · Other salaries and wages

  total $2,049,428

• 8 · Pension plan contributions

  total $577,516

• 9 · Other employee benefits

  total $267,627

• 10 · Payroll taxes

  total $1,050

• 11g · Fees: other

  total $199,845

• 13 · Office expenses

  total $284,648

• 19 · Conferences, conventions and meetings

  total $87,181

• 20 · Interest

  total $100,633

• 22 · Depreciation, depletion and amortization

  total $1,851,309

• 23 · Insurance

  total $30,664

• 24a · Other expenses: PURCHASED POWER

  total $12,220,511

• 24b · Other expenses: OTHER EXPENSES

  total $1,353,029

• 24c · Other expenses: CUSTOMER RECORDS AND CO

  total $1,044,633

• 24d · Other expenses: TAXES

  total $201,183

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,908,495 · end of year $4,439,231

• 2 · Savings and temporary cash investments

  beginning of year $3,205,871 · end of year $3,217,675

• 4 · Accounts receivable

  beginning of year $2,988,664 · end of year $2,846,331

• 8 · Inventories for sale or use

  beginning of year $1,219,969 · end of year $1,671,227

• 9 · Prepaid expenses and deferred charges

  beginning of year $143,827 · end of year $156,485

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

  $45,760,357

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

  $28,119,633

• 10c · Land, buildings and equipment, net

  beginning of year $19,528,752 · end of year $17,640,724

• 11 · Investments: publicly traded securities

  beginning of year $299,385 · end of year $316,968

• 17 · Accounts payable and accrued expenses

  beginning of year $3,199,459 · end of year $1,919,461

• 23 · Secured mortgages and notes payable

  beginning of year $2,408,313 · end of year $2,295,444

• 29 · Capital stock, trust principal or current funds

  beginning of year $500,125 · end of year $506,410

• 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 $26,187,066 · end of year $25,567,326

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART II (C)

THE COMPANY PARTICIPATES IN THE NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION (NRECA) RETIREMENT SECURITY PLAN (RS PLAN), A DEFINED BENEFIT PENSION PLAN QUALIFIED UNDER SECTION 401 AND TAX-EXEMPT UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE. THE PLAN IS FULLY FUNDED AND VESTING IS 10% PER YEAR FOR FIRST 4 YEARS, WITH 100% VESTING AT BEGINNING OF 5TH YEAR OR AGE 55, WHICHEVER COMES FIRST. BENEFITS FROM EMPLOYEE CONTRIBUTIONS ARE FULLY VESTED. THE AMOUNTS REPORTED ARE DEFERRED COMPENSATION BENEFITS EARNED, BUT NOT PAID.