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Nonprofiteer
← CHOPTANK ELECTRIC CORP

Form 990 for tax year 2022

Filed by CHOPTANK ELECTRIC CORP.

Totals

Total revenue
$164,513,922
Total expenses
$161,680,269
Contributions and grants received
$9,227
Grants paid
$0
Program service revenue
$164,415,602
Investment income
$279,373
Other revenue
-$190,280
Total assets, end of year
$487,333,208
Total liabilities, end of year
$295,325,452
Net assets or fund balances, end of year
$192,007,756
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 1e · Government grants (contributions)

    $9,227

  • 2a · Program service revenue: SALE AND DIST. OF ELECTR

    total $159,583,311 · related or exempt $159,583,311

  • 2b · Program service revenue: CONTRIB IN AID OF CONST

    total $3,148,181 · related or exempt $3,148,181

  • 2c · Program service revenue: PATRONAGE ALLOC RECEIVED

    total $1,684,110 · related or exempt $1,684,110

  • 3 · Investment income

    total $169,903 · excluded $169,903

  • 6a · Gross rents

    real property $20,056 · personal property $60,630

  • 6b · Less rental expenses

    real property $4,805

  • 6c · Rental income or loss

    real property $15,251 · personal property $60,630

  • 6d · Net rental income or loss

    total $75,881 · related or exempt $15,251 · excluded $60,630

  • 7a · Gross sales of assets other than inventory

    other assets $119,076

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

    other assets $9,606

  • 7c · Gain or loss

    other assets $109,470

  • 7d · Net gain or loss

    total $109,470 · excluded $109,470

  • 10a · Gross sales of inventory

    $158,684

  • 10b · Cost of goods sold

    $101,690

  • 10c · Net income from sales of inventory

    total $56,994 · unrelated business $56,994

  • 11a · Other revenue: FIBER LEASE

    total $12,000 · unrelated business $12,000

  • 11b · Other revenue: NET REC SALES PROF (LOSS)

    total $2,886 · related or exempt $2,886

  • 11c · Other revenue: EQUITY EARNINGS FROM SUB

    total -$338,041 · related or exempt -$338,041

  • 11e · Other revenue, total

    -$323,155

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $13,312,284

  • 5 · Compensation of officers, directors and key employees

    total $2,907,038

  • 7 · Other salaries and wages

    total $14,169,220

  • 8 · Pension plan contributions

    total $2,541,428

  • 9 · Other employee benefits

    total -$1,564,501

  • 10 · Payroll taxes

    total $1,306,274

  • 11b · Fees: legal

    total $17,886

  • 11d · Fees: lobbying

    total $123,417

  • 17 · Travel

    total $3,131,988

  • 19 · Conferences, conventions and meetings

    total $267,484

  • 20 · Interest

    total $9,546,214

  • 22 · Depreciation, depletion and amortization

    total $16,286,822

  • 24a · Other expenses: COST OF POWER

    total $93,649,108

  • 24b · Other expenses: DIST. MAINTENANCE

    total $4,943,862

  • 24c · Other expenses: GENERAL AND ADMIN

    total $3,548,943

  • 24d · Other expenses: TAXES

    total $2,906,571

  • 24e · All other expenses

    total -$5,413,769

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,737,846 · end of year $884,010

  • 2 · Savings and temporary cash investments

    beginning of year $1,302,299 · end of year $1,462,646

  • 4 · Accounts receivable

    beginning of year $25,903,185 · end of year $56,636,473

  • 8 · Inventories for sale or use

    beginning of year $9,306,344 · end of year $12,237,333

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,708,495 · end of year $35,053,749

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

    $476,806,929

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

    $171,235,263

  • 10c · Land, buildings and equipment, net

    beginning of year $296,949,739 · end of year $305,571,666

  • 12 · Investments: other securities

    beginning of year $5,872,436 · end of year $6,534,395

  • 13 · Investments: program-related

    beginning of year $68,546,688 · end of year $68,769,907

  • 15 · Other assets

    beginning of year $123,831 · end of year $183,029

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,337,039 · end of year $21,821,648

  • 23 · Secured mortgages and notes payable

    beginning of year $231,355,184 · end of year $230,853,276

  • 25 · Other liabilities

    beginning of year $26,305,485 · end of year $42,650,528

  • 31 · Retained earnings, endowment or other funds

    beginning of year $166,453,155 · end of year $192,007,756

Mission and programs · 2022

Mission

CEC EXISTS TO PROVIDE RELIABLE AND COST EFFECTIVE ELECTRICITY THAT IMPROVES THE QUALITY OF LIFE FOR OUR MEMBER-OWNERS. CEC IS COMMITTED TO SERVICE EXCELLENCE GUIDED BY THE SEVEN COOPERATIVE PRINCIPLES.

Activities or mission (Part I)

CHOPTANK ELECTRIC COOPERATIVE ("CEC") EXISTS TO PROVIDE RELIABLE AND COST EFFECTIVE ELECTRICITY THAT IMPROVES THE QUALITY OF LIFE FOR OUR MEMBER- OWNERS. CEC IS COMMITTED TO SERVICE EXCELLENCE GUIDED BY THE SEVEN COOPERATIVE PRINCIPLES.

  • CEC EXISTS TO PROVIDE RELIABLE AND COST EFFECTIVE ELECTRICITY THAT IMPROVES THE QUALITY OF LIFE FOR OUR MEMBER-OWNERS. CEC IS COMMITTED TO SERVICE EXCELLENCE GUIDED BY THE SEVEN COOPERATIVE PRINCIPLES. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, ARE AS FOLLOWS: COST OF POWER 93,649,108 DEPRECIATION 16,286,822 OTHER SALARIES AND WAGES 14,169,220

As filed on the 2022 return.

Listed in Part VII

  • Micheal E Malandro

    PRESIDENT &

    Total calculated
    $724,400
    From this org
    $650,618
    From related orgs
    $0
    Other
    $73,782
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $550,444
    Bonus
    $100,174
    Other
    not reported
    Deferred
    $57,950
    Nontaxable benefits
    $15,832
    Filer's total
    $724,400

  • Timothy McGaha

    VP TECH SERV

    Total calculated
    $303,600
    From this org
    $249,094
    From related orgs
    $0
    Other
    $54,506
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $219,094
    Bonus
    $30,000
    Other
    not reported
    Deferred
    $38,294
    Nontaxable benefits
    $16,212
    Filer's total
    $303,600

  • Lance Lockerman

    VP OPERATION

    Total calculated
    $285,625
    From this org
    $203,691
    From related orgs
    $0
    Other
    $81,934
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $203,691
    Bonus
    not reported
    Other
    not reported
    Deferred
    $66,154
    Nontaxable benefits
    $15,780
    Filer's total
    $285,625

  • Lisa Desantis

    VP & CFO

    Total calculated
    $285,144
    From this org
    $219,934
    From related orgs
    $0
    Other
    $65,210
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $209,934
    Bonus
    $10,000
    Other
    not reported
    Deferred
    $48,998
    Nontaxable benefits
    $16,212
    Filer's total
    $285,144

  • Leroy Sverduk

    VP ENGINEERI

    Total calculated
    $269,803
    From this org
    $220,461
    From related orgs
    $0
    Other
    $49,342
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $210,461
    Bonus
    $10,000
    Other
    not reported
    Deferred
    $31,581
    Nontaxable benefits
    $17,761
    Filer's total
    $269,803

  • Paula J Bishop

    VP H.R.

    Total calculated
    $260,639
    From this org
    $199,408
    From related orgs
    $0
    Other
    $61,231
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $189,408
    Bonus
    $10,000
    Other
    not reported
    Deferred
    $43,470
    Nontaxable benefits
    $17,761
    Filer's total
    $260,639

  • Sarah M Dahl

    VP GENERAL C

    Total calculated
    $251,230
    From this org
    $202,901
    From related orgs
    $0
    Other
    $48,329
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $192,901
    Bonus
    $10,000
    Other
    not reported
    Deferred
    $30,473
    Nontaxable benefits
    $17,856
    Filer's total
    $251,230

  • Valerie Connelly

    VP GOV. AFFA

    Total calculated
    $247,198
    From this org
    $213,093
    From related orgs
    $0
    Other
    $34,105
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $193,093
    Bonus
    $20,000
    Other
    not reported
    Deferred
    $28,760
    Nontaxable benefits
    $5,345
    Filer's total
    $247,198

  • Shawn Sparks

    MGR OPERATIO

    Total calculated
    $240,600
    From this org
    $169,843
    From related orgs
    $0
    Other
    $70,757
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,843
    Bonus
    not reported
    Other
    not reported
    Deferred
    $52,890
    Nontaxable benefits
    $17,867
    Filer's total
    $240,600

  • Curtis Short

    MGR DISTRICT

    Total calculated
    $197,105
    From this org
    $132,139
    From related orgs
    $0
    Other
    $64,966
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,139
    Bonus
    not reported
    Other
    not reported
    Deferred
    $42,853
    Nontaxable benefits
    $22,113
    Filer's total
    $197,105

  • Charles Gleaton Jr

    CHIEF ENGINE

    Total calculated
    $195,730
    From this org
    $160,171
    From related orgs
    $0
    Other
    $35,559
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,171
    Bonus
    $25,000
    Other
    not reported
    Deferred
    $20,758
    Nontaxable benefits
    $14,801
    Filer's total
    $195,730

  • Nathan Schreppler

    CHIEF ENGINE

    Total calculated
    $178,625
    From this org
    $149,355
    From related orgs
    $0
    Other
    $29,270
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,355
    Bonus
    not reported
    Other
    not reported
    Deferred
    $23,925
    Nontaxable benefits
    $5,345
    Filer's total
    $178,625

  • Robert Dean

    MGR DISTRCT

    Total calculated
    $178,138
    From this org
    $130,425
    From related orgs
    $0
    Other
    $47,713
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,425
    Bonus
    not reported
    Other
    not reported
    Deferred
    $41,616
    Nontaxable benefits
    $6,097
    Filer's total
    $178,138

  • Jeffrey D Rathell Sr

    CHAIRMAN

    Total calculated
    $39,200
    From this org
    $39,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.6 + 1 related

  • Donna R West

    DIRECTOR

    Total calculated
    $38,200
    From this org
    $38,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.2 + 1 related

  • Craig N Mathies

    DIRECTOR

    Total calculated
    $31,400
    From this org
    $31,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2

  • John J Burke Jr

    VICE CHAIRMA

    Total calculated
    $29,200
    From this org
    $29,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.2 + 1 related

  • Robert E Arnold

    SECRETARY

    Total calculated
    $26,600
    From this org
    $26,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.1 + 2 related

  • Amy I Brandt

    DIRECTOR

    Total calculated
    $25,600
    From this org
    $25,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5 + 1 related

  • Matthew R Holloway

    DIRECTOR

    Total calculated
    $23,200
    From this org
    $23,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4 + 1 related

  • Douglas D Scott

    SECRETARY/TR

    Total calculated
    $22,600
    From this org
    $22,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6 + 1 related

  • Olin S Davis III

    DIRECTOR

    Total calculated
    $22,400
    From this org
    $22,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4 + 2 related

  • Robert B Thompson

    DIRECTOR

    Total calculated
    $21,000
    From this org
    $21,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6 + 1 related

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 · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 1A
HEALTH CLUB DUES: AS PART OF THE COOPERATIVE'S WELLNESS PROGRAM, THE COOPERATIVE REIMBURSES EMPLOYEES UP TO 25 PER MONTH TOWARDS THE COST OF A HEALTH CLUB MEMBERSHIP. 15 EMPLOYEES PARTICIPATED IN THIS PROGRAM IN 2022.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • CHOPTANK SERVICES CORPORATION

    C CORP · HOLDING CO · MD · share of income $716,004 · share of assets $6,832,403

    Directly controlled by CHOPTANK

  • CHOPTANK FIBER

    C CORP · INTERNET · MD · share of income -$1,054,045 · share of assets $19,579,145

    Directly controlled by CHOPTANK

Provenance

Return type
form_990
Tax year
2022
Filed
5 April 2023
IRS schema version
2022v5.0
Source object
202311359349309861

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