Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALE OF POWER

  total $24,612,385 · related or exempt $24,612,385

• 2b · Program service revenue: CAPITAL CREDITS

  total $1,205,668 · related or exempt $1,205,668

• 2c · Program service revenue: EQUITY EARNINGS

  total $425,218 · related or exempt $425,218

• 3 · Investment income

  total $36,866 · excluded $36,866

• 10a · Gross sales of inventory

  $232,267

• 10b · Cost of goods sold

  $215,611

• 10c · Net income from sales of inventory

  total $16,656 · related or exempt $16,656

• 11a · Other revenue: NONOPERATING REVENUE

  total $11,000 · related or exempt $11,000

• 11e · Other revenue, total

  $11,000

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $4,650

• 4 · Benefits paid to or for members

  total $1,542,373

• 5 · Compensation of officers, directors and key employees

  total $519,503

• 7 · Other salaries and wages

  total $2,094,395

• 8 · Pension plan contributions

  total $540,244

• 10 · Payroll taxes

  total $170,837

• 20 · Interest

  total $1,353,465

• 22 · Depreciation, depletion and amortization

  total $2,888,238

• 24a · Other expenses: COST OF POWER

  total $15,096,778

• 24b · Other expenses: DISTRIBUTION-OPERATIONS

  total $1,570,105

• 24c · Other expenses: ADMIN & GENERAL

  total $1,344,116

• 24d · Other expenses: DISTRIBUTION-MAINTENANC

  total $1,003,903

• 24e · All other expenses

  total -$2,310,555

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $4,491,619 · end of year $452,731

• 4 · Accounts receivable

  beginning of year $3,613,344 · end of year $3,434,720

• 7 · Other notes and loans receivable

  end of year $949,996

• 8 · Inventories for sale or use

  beginning of year $2,084,214 · end of year $1,468,103

• 9 · Prepaid expenses and deferred charges

  beginning of year $298,833 · end of year $188,258

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

  $89,510,489

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

  $29,189,637

• 10c · Land, buildings and equipment, net

  beginning of year $58,059,668 · end of year $60,320,852

• 12 · Investments: other securities

  beginning of year $27,409 · end of year $28,474

• 13 · Investments: program-related

  beginning of year $11,843,674 · end of year $12,953,201

• 15 · Other assets

  beginning of year $5,164 · end of year $5,164

• 17 · Accounts payable and accrued expenses

  beginning of year $3,912,668 · end of year $2,857,861

• 21 · Escrow or custodial account liability

  beginning of year $3,982 · end of year $3,869

• 23 · Secured mortgages and notes payable

  beginning of year $49,274,242 · end of year $48,232,985

• 25 · Other liabilities

  beginning of year $1,405,807 · end of year $1,687,735

• 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 $25,827,226 · end of year $27,019,049

The filer's explanations (Part III)

PART I, LINE 1A

THE CO-OP PAYS FOR THE MANAGER'S SPOUSE'S AIR FARE TO ALL MEETINGS. IF TYLER FLOHRS, LUCAS MALMGREN, JEFF BENSON, OR JIM HALER GO TO THE NRECA ANNUAL MEETING, THEIR SPOUSE'S AIR FARE IS PAID FOR BY THE CO-OP. THE SPOUSE'S AIR FARE IS ADDED TO THE EMPLOYEE'S TAXABLE INCOME. THE DIRECTORS' SPOUSE'S AIR FARE IS NOT COVERED BY THE CO-OP.

SCHEDULE J, PART II, COLUMN C

COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR EACH PARTICIPANT RATHER THAN THE ACTUAL CONTRIBUTION PAID TO THE PLAN. RONALD HORMAN CHANGE IN ACTUARIAL VALUE: $49,155 CONTRIBUTION TO THE PLAN BY COOPERATIVE: $33,910 JEFFREY BENSON CHANGE IN ACTUARIAL VALUE: $61,135 CONTRIBUTION TO THE PLAN BY COOPERATIVE: $29,511 TYLER FLOHRS CHANGE IN ACTUARIAL VALUE: $46,992 CONTRIBUTION TO THE PLAN BY COOPERATIVE: $32,307 JIM HALER CHANGE IN ACTUARIAL VALUE: $50,442 CONTRIBUTION TO THE PLAN BY COOPERATIVE: $26,866 TROY DETERMAN CHANGE IN ACTUARIAL VALUE: $50,478 CONTRIBUTION TO THE PLAN BY COOPERATIVE: $24,817 GREG GIESE CHANGE IN ACTUARIAL VALUE: $42,773 CONTRIBUTION TO THE PLAN BY COOPERATIVE: $24,817 RONALD HORMAN IS A SHARED EMPLOYEE WITH ANOTHER ELECTRIC COOPERATIVE. SOUTH CENTRAL ELECTRIC ASSOCIATION'S SHARE OF RONALD'S COMPENSATION IS REPORTED IN SCHEDULE J AND FORM 990 PART VII.