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Nonprofiteer
← VALLEY RURAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by VALLEY RURAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$22,611,331
Total expenses
$20,255,070
Contributions and grants received
$0
Grants paid
$48,000
Program service revenue
$0
Investment income
$51,863
Other revenue
$22,559,468
Total assets, end of year
$103,320,368
Total liabilities, end of year
$49,541,255
Net assets or fund balances, end of year
$53,779,113
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$20,255,070

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.

  • 3 · Investment income

    total $51,863 · excluded $51,863

  • 6a · Gross rents

    personal property $966,400

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $966,400

  • 6d · Net rental income or loss

    total $966,400 · excluded $966,400

  • 10a · Gross sales of inventory

    $42,628,182

  • 10b · Cost of goods sold

    $22,373,112

  • 10c · Net income from sales of inventory

    total $20,255,070 · related or exempt $20,255,070

  • 11a · Other revenue: PAT CAP FROM ASSOC ORGS

    total $1,335,496 · excluded $1,335,496

  • 11b · Other revenue: OTHER INCOME

    total $2,502 · excluded $2,502

  • 11e · Other revenue, total

    $1,337,998

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $48,000

  • 4 · Benefits paid to or for members

    total $1,769,178

  • 5 · Compensation of officers, directors and key employees

    total $893,870

  • 20 · Interest

    total $1,728,086

  • 22 · Depreciation, depletion and amortization

    total $4,453,114

  • 24a · Other expenses: DISTRIBUTION MAINTENANC

    total $4,758,425

  • 24b · Other expenses: ADMINISTRATION AND GEN

    total $3,335,511

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $1,853,158

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $935,937

  • 24e · All other expenses

    total $479,791

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,528,754 · end of year $697,606

  • 4 · Accounts receivable

    beginning of year $3,552,513 · end of year $3,933,279

  • 8 · Inventories for sale or use

    beginning of year $766,573 · end of year $807,871

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,442,965 · end of year $2,207,571

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

    $130,913,403

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

    $51,853,702

  • 10c · Land, buildings and equipment, net

    beginning of year $77,973,265 · end of year $79,059,701

  • 13 · Investments: program-related

    beginning of year $15,864,156 · end of year $16,614,340

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,105,237 · end of year $5,269,124

  • 19 · Deferred revenue

    beginning of year $4,089,267 · end of year $3,565,085

  • 23 · Secured mortgages and notes payable

    beginning of year $38,817,201 · end of year $38,172,319

  • 25 · Other liabilities

    beginning of year $2,454,867 · end of year $2,534,727

  • 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 $26,183,914 · end of year $29,057,807

  • 31 · Retained earnings, endowment or other funds

    beginning of year $25,477,740 · end of year $24,721,306

Mission and programs · 2023

Mission

DISTRIBUTION OF ELECTRICITY TO MEMBERS/OWNERS IN RURAL AREAS OF PA ON A COOPERATIVE BASIS.

  • DISTRIBUTION OF ELECTRICITY TO MEMBERS/OWNERS IN RURAL AREAS OF PA ON A COOPERATIVE BASIS.

    Expenses $20,255,070

As filed on the 2023 return.

Listed in Part VII

  • Leroy Barnes

    VICE CHAIRMAN

    Total calculated
    $11,782
    From this org
    $11,782
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Randall Huntsman

    TREASURER

    Total calculated
    $15,032
    From this org
    $15,032
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Greg Henry

    DIRECTOR

    Total calculated
    $13,782
    From this org
    $13,782
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Linda McMath

    DIRECTOR

    Total calculated
    $15,282
    From this org
    $15,282
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.4

  • Joanne Whitsel

    DIRECTOR

    Total calculated
    $14,032
    From this org
    $14,032
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.8

  • James Stauffer

    CHAIRMAN

    Total calculated
    $12,982
    From this org
    $12,982
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.6

  • Kevin States

    DIRECTOR

    Total calculated
    $12,282
    From this org
    $12,282
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.9

  • Cindy Bigelow

    SECRETARY

    Total calculated
    $15,282
    From this org
    $15,282
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Kenneth Soder Jr

    DIRECTOR

    Total calculated
    $13,532
    From this org
    $13,532
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.2

  • Rich Bauer

    CEO/PRESIDENT

    Total calculated
    $454,445
    From this org
    $341,578
    From related orgs
    $0
    Other
    $112,867
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $311,695
    Bonus
    $21,025
    Other
    $8,858
    Deferred
    $83,747
    Nontaxable benefits
    $29,120
    Filer's total
    $454,445

  • Ethan Devore

    VICE PRESIDENT OF FINANCE

    Total calculated
    $150,739
    From this org
    $107,028
    From related orgs
    $0
    Other
    $43,711
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $101,003
    Bonus
    $6,025
    Other
    $0
    Deferred
    $25,083
    Nontaxable benefits
    $18,628
    Filer's total
    $150,739

  • Danielle Estep

    MANAGER OF HR AND ACCOUNTING

    Total calculated
    $164,698
    From this org
    $116,125
    From related orgs
    $0
    Other
    $48,573
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,100
    Bonus
    $6,025
    Other
    $0
    Deferred
    $26,325
    Nontaxable benefits
    $22,248
    Filer's total
    $164,698

  • Todd Ross

    MANAGER OF OPERATIONS

    Total calculated
    $226,536
    From this org
    $159,295
    From related orgs
    $0
    Other
    $67,241
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,378
    Bonus
    $6,025
    Other
    $2,892
    Deferred
    $39,270
    Nontaxable benefits
    $27,971
    Filer's total
    $226,536

  • Benjamin Gorman

    MANAGER OF BUSINESS ADMIN

    Total calculated
    $220,872
    From this org
    $154,957
    From related orgs
    $0
    Other
    $65,915
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,932
    Bonus
    $6,025
    Other
    $0
    Deferred
    $39,038
    Nontaxable benefits
    $26,877
    Filer's total
    $220,872

  • Stephen Gutshall

    LINEMAN

    Total calculated
    $192,968
    From this org
    $138,207
    From related orgs
    $0
    Other
    $54,761
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,382
    Bonus
    $825
    Other
    $0
    Deferred
    $27,217
    Nontaxable benefits
    $27,544
    Filer's total
    $192,968

  • John C Fogelsonger II

    LINEMAN

    Total calculated
    $190,235
    From this org
    $135,889
    From related orgs
    $0
    Other
    $54,346
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,864
    Bonus
    $1,025
    Other
    $0
    Deferred
    $26,339
    Nontaxable benefits
    $28,007
    Filer's total
    $190,235

  • Michael Lansberry Jr

    DISTRICT MANAGER

    Total calculated
    $193,815
    From this org
    $132,058
    From related orgs
    $0
    Other
    $61,757
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,180
    Bonus
    $1,025
    Other
    $4,853
    Deferred
    $32,974
    Nontaxable benefits
    $28,783
    Filer's total
    $193,815

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 · Independent compensation consultant
  • 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

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
3 April 2024
IRS schema version
2023v5.0
Source object
202430949349301233

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