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Nonprofiteer
← NAKNEK ELECTRIC ASSOCIATION INC

Form 990 for tax year 2024

Filed by NAKNEK ELECTRIC ASSOCIATION INC.

Totals

Total revenue
$12,884,593
Total expenses
$12,694,699
Contributions and grants received
$7,937
Grants paid
$0
Program service revenue
$12,555,207
Investment income
$126,927
Other revenue
$194,522
Total assets, end of year
$45,198,038
Total liabilities, end of year
$29,318,864
Net assets or fund balances, end of year
$15,879,174
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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)

    $7,937

  • 2a · Program service revenue: ELECTRIC REVENUES

    total $11,941,328 · related or exempt $11,941,328

  • 2b · Program service revenue: OTHER OPERATING REVENUES

    total $613,879 · related or exempt $613,879

  • 3 · Investment income

    total $126,927 · excluded $126,927

  • 11a · Other revenue: GAIN ON INVESTMENT

    total $134,192 · related or exempt $134,192

  • 11b · Other revenue: OTHER INCOME

    total $53,000 · related or exempt $53,000

  • 11c · Other revenue: PATRONAGE CAPITAL

    total $7,330 · related or exempt $7,330

  • 11e · Other revenue, total

    $194,522

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $242,547

  • 20 · Interest

    total $485,811

  • 22 · Depreciation, depletion and amortization

    total $1,317,008

  • 24a · Other expenses: FUEL COST

    total $4,813,171

  • 24b · Other expenses: POWER PRODUCTION

    total $2,292,315

  • 24c · Other expenses: GENERAL & ADMINISTRATIV

    total $1,398,077

  • 24d · Other expenses: OTHER EXPENSE

    total $826,866

  • 24e · All other expenses

    total $1,318,904

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,795,718 · end of year $944,665

  • 2 · Savings and temporary cash investments

    beginning of year $20,329 · end of year $21,015

  • 4 · Accounts receivable

    beginning of year $849,326 · end of year $790,310

  • 8 · Inventories for sale or use

    beginning of year $4,899,839 · end of year $4,899,940

  • 9 · Prepaid expenses and deferred charges

    beginning of year $17,301,733 · end of year $16,844,593

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

    $42,935,705

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

    $25,373,313

  • 10c · Land, buildings and equipment, net

    beginning of year $17,807,085 · end of year $17,562,392

  • 12 · Investments: other securities

    beginning of year $3,767,429 · end of year $4,018,429

  • 15 · Other assets

    beginning of year $519,986 · end of year $116,694

  • 17 · Accounts payable and accrued expenses

    beginning of year $124,318 · end of year $176,410

  • 23 · Secured mortgages and notes payable

    beginning of year $25,968,078 · end of year $24,139,961

  • 25 · Other liabilities

    beginning of year $5,189,160 · end of year $5,002,493

  • 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 $15,679,889 · end of year $15,879,174

Mission and programs · 2024

Mission

GENERATION AND SALE OF ELECTRICAL ENERGY TO THE COMMUNITIES OF NAKNEK, SOUTH NAKNEK AND KING SALMON, AK.

  • GENERATION AND SALE OF ELECTRICAL ENERGY TO THE COMMUNITIES OF NAKNEK, SOUTH NAKNEK AND KING SALMON, AK. AT DECEMBER 31, 2024, 1,100 ELECTRIC LINES WERE IN SERVICE.

As filed on the 2024 return.

Listed in Part VII

  • Tim McDermott

    PRESIDENT

    Total calculated
    $1,479
    From this org
    $975
    From related orgs
    $0
    Other
    $504
    Hours/week
    2

  • Nanci Lyon

    VICE-PRESIDENT

    Total calculated
    $4,521
    From this org
    $4,017
    From related orgs
    $0
    Other
    $504
    Hours/week
    1

  • Lisa Anderson

    SECRETARY/TREASURER

    Total calculated
    $1,404
    From this org
    $900
    From related orgs
    $0
    Other
    $504
    Hours/week
    1

  • Earl Hubb

    DIRECTOR

    Total calculated
    $2,154
    From this org
    $1,650
    From related orgs
    $0
    Other
    $504
    Hours/week
    1

  • Dan Seitz

    DIRECTOR

    Total calculated
    $969
    From this org
    $675
    From related orgs
    $0
    Other
    $294
    Hours/week
    1

  • Cathryn Stiles

    DIRECTOR

    Total calculated
    $2,079
    From this org
    $1,575
    From related orgs
    $0
    Other
    $504
    Hours/week
    1

  • Sylvia Alford

    DIRECTOR

    Total calculated
    $2,079
    From this org
    $1,575
    From related orgs
    $0
    Other
    $504
    Hours/week
    1

  • Dianne King

    GENERAL MANAGER

    Total calculated
    $227,862
    From this org
    $172,171
    From related orgs
    $0
    Other
    $55,691
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $172,171
    Bonus
    $0
    Other
    $0
    Deferred
    $25,826
    Nontaxable benefits
    $29,865
    Filer's total
    $227,862

  • Jeffery Sinkular

    LINEMAN

    Total calculated
    $185,702
    From this org
    $137,529
    From related orgs
    $0
    Other
    $48,173
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,529
    Bonus
    $0
    Other
    $0
    Deferred
    $18,628
    Nontaxable benefits
    $29,545
    Filer's total
    $185,702

  • Michael James

    OPERATOR

    Total calculated
    $180,104
    From this org
    $131,622
    From related orgs
    $0
    Other
    $48,482
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,622
    Bonus
    $0
    Other
    $0
    Deferred
    $19,062
    Nontaxable benefits
    $29,420
    Filer's total
    $180,104

  • Jeffery Kashevarof

    PLANT FOREMAN

    Total calculated
    $190,677
    From this org
    $142,026
    From related orgs
    $0
    Other
    $48,651
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,026
    Bonus
    $0
    Other
    $0
    Deferred
    $19,163
    Nontaxable benefits
    $29,488
    Filer's total
    $190,677

  • Pero Skaric

    OPERATOR

    Total calculated
    $185,151
    From this org
    $135,580
    From related orgs
    $0
    Other
    $49,571
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,580
    Bonus
    $0
    Other
    $0
    Deferred
    $20,196
    Nontaxable benefits
    $29,375
    Filer's total
    $185,151

  • Ronald Zimin

    OPERATOR

    Total calculated
    $184,026
    From this org
    $134,977
    From related orgs
    $0
    Other
    $49,049
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,977
    Bonus
    $0
    Other
    $0
    Deferred
    $19,595
    Nontaxable benefits
    $29,454
    Filer's total
    $184,026

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 · 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

The filer's explanations (Part III)

PART I, LINE 3
THE BOARD OF DIRECTORS, BY VOTE, SETS THE RATE OF COMPENSATION FOR THE GENERAL MANAGER.

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
2024
Filed
6 May 2025
IRS schema version
2024v5.1
Source object
202501269349302330

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