Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $300,221,819 · related or exempt $300,221,819

• 2b · Program service revenue: SERVICE FEES

  total $3,889,033 · related or exempt $3,889,033

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $2,115,755 · related or exempt $2,115,755

• 2d · Program service revenue: TRANSMISSION ACCESS

  total $2,012,007 · related or exempt $2,012,007

• 2e · Program service revenue: TRANSMISSION LINE LEASE

  total $823,858 · related or exempt $823,858

• 3 · Investment income

  total $769,775 · excluded $769,775

• 5 · Royalties

  total $19,123 · excluded $19,123

• 6a · Gross rents

  real property $3,000

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $3,000

• 6d · Net rental income or loss

  total $3,000 · excluded $3,000

• 7a · Gross sales of assets other than inventory

  other assets $19,250

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

  other assets $38,285

• 7c · Gain or loss

  other assets -$19,035

• 7d · Net gain or loss

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

• 10a · Gross sales of inventory

  $1,850,976

• 10b · Cost of goods sold

  $1,827,059

• 10c · Net income from sales of inventory

  total $23,917 · related or exempt $23,917

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $818,248 · excluded $818,248

• 11b · Other revenue: MISCELLANEOUS REVENUE

  total $175,278 · related or exempt $175,278

• 11c · Other revenue: MUTUAL AID

  total $101,072 · excluded $101,072

• 11e · Other revenue, total

  $1,094,598

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $445,279

• 4 · Benefits paid to or for members

  total $36,077,260

• 5 · Compensation of officers, directors and key employees

  total $3,881,162

• 7 · Other salaries and wages

  total $15,971,123

• 8 · Pension plan contributions

  total $2,024,492

• 9 · Other employee benefits

  total $2,848,120

• 10 · Payroll taxes

  total $1,317,321

• 20 · Interest

  total $15,171,375

• 22 · Depreciation, depletion and amortization

  total $24,972,090

• 24a · Other expenses: PURCHASED POWER

  total $178,744,012

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $20,031,191

• 24c · Other expenses: CONSUMER EXPENSE

  total $4,395,344

• 24d · Other expenses: ADMIN & GENERAL EXPENSE

  total $3,711,213

• 24e · All other expenses

  total $484,951

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,017,712 · end of year $1,982,668

• 2 · Savings and temporary cash investments

  beginning of year $13,996,265 · end of year $16,314,453

• 4 · Accounts receivable

  beginning of year $20,629,295 · end of year $25,358,473

• 8 · Inventories for sale or use

  beginning of year $6,294,749 · end of year $9,124,129

• 9 · Prepaid expenses and deferred charges

  beginning of year $37,566,498 · end of year $43,055,460

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

  $807,175,480

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

  $116,038,801

• 10c · Land, buildings and equipment, net

  beginning of year $630,190,868 · end of year $691,136,679

• 13 · Investments: program-related

  beginning of year $16,179,406 · end of year $16,469,574

• 15 · Other assets

  beginning of year $3,293,293 · end of year $244,799

• 17 · Accounts payable and accrued expenses

  beginning of year $36,160,655 · end of year $42,387,306

• 19 · Deferred revenue

  beginning of year $516,189 · end of year $468,223

• 21 · Escrow or custodial account liability

  beginning of year $606,548 · end of year $663,609

• 23 · Secured mortgages and notes payable

  beginning of year $347,854,945 · end of year $364,143,401

• 25 · Other liabilities

  beginning of year $38,484,693 · end of year $59,893,428

• 29 · Capital stock, trust principal or current funds

  beginning of year $644,780 · end of year $623,300

• 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 $306,900,276 · end of year $335,506,968

The filer's explanations (Part III)

PART I, LINE 4B

MATT BENTKE PARTICIPATES IN A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLAN. THE ACTUARIAL INCREASE ASSOCIATED WITH PARTICIPATION IN THE PLAN WAS $146,815 FOR 2023.

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 AND YEARS OF SERVICE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS AND THE LONGER THEY HAVE BEEN EMPLOYED, 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. MATT BENTKE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 114,677 ACTUARIAL INCREASE IN NQDC PLAN 146,815 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,200 TOTAL REPORTED IN COLUMN C $ 274,692 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT & NQDC PLANS (261,492) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT & NQDC PLANS 172,754 EXPENSE TO THE COOPERATIVE $ 185,954 ERIC KOCIAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 101,965 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,200 TOTAL REPORTED IN COLUMN C $ 115,165 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (101,965) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 97,451 EXPENSE TO THE COOPERATIVE $ 110,651 GRANT GUTIERREZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 92,792 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,200 TOTAL REPORTED IN COLUMN C $ 105,992 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (92,792) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 97,451 EXPENSE TO THE COOPERATIVE $ 110,651 SARAH NEWMAN-ALTAMIRANO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 29,700 TOTAL COLUMN C AND EXPENSE TO COOPERATIVE $ 29,700 RACHEL ELLIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 133,827 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,200 TOTAL REPORTED IN COLUMN C $ 147,027 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (133,827) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 81,209 EXPENSE TO THE COOPERATIVE $ 94,409 THOMAS ELLIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 79,478 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,691 TOTAL REPORTED IN COLUMN C $ 90,169 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (79,478) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 59,061 EXPENSE TO THE COOPERATIVE $ 69,752 PHILLIP ELLIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 68,595 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,290 TOTAL COLUMN C AND EXPENSE TO COOPERATIVE $ 78,885 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (68,595) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 59,061 EXPENSE TO THE COOPERATIVE $ 69,351 WILLIAM HOLFORD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 27,531 TOTAL COLUMN C AND EXPENSE TO COOPERATIVE $ 27,531 WESLEY BRINKMEYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 25,449 TOTAL REPORTED IN COLUMN C $ 25,449 DANIEL FOWLER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 24,110 TOTAL REPORTED IN COLUMN C $ 24,110

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• BLUEBONNET RURAL DEVELOPMENT CORPORATION

  C · RURAL DEVELOPMENT · TX · 100% owned · share of income $7,692 · share of assets $33,797 · controlled entity

  Directly controlled by BLUEBONNET ELECTRIC COOPERATIVE INC