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Nonprofiteer
← WARREN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by WARREN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$13,047,212
Total expenses
$12,022,610
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$11,471,067
Investment income
$108,279
Other revenue
$1,467,866
Total assets, end of year
$28,527,170
Total liabilities, end of year
$2,874,662
Net assets or fund balances, end of year
$25,652,508
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.

  • 2a · Program service revenue: PROVIDE ELECTRICITY TO ITS MEMBER

    total $11,471,067 · related or exempt $11,471,067

  • 3 · Investment income

    total $108,279 · excluded $108,279

  • 11a · Other revenue: CONTRIB. IN AID OF CONSTRUCTION

    total $873,515 · related or exempt $873,515

  • 11b · Other revenue: POLE RENTAL REVENUE

    total $304,716 · related or exempt $304,716

  • 11c · Other revenue: CAP CR. - ASSOC. ORGS.

    total $211,474 · related or exempt $211,474

  • 11d · All other revenue

    total $78,161 · related or exempt $78,161

  • 11e · Other revenue, total

    $1,467,866

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $584,808

  • 5 · Compensation of officers, directors and key employees

    total $471,768

  • 20 · Interest

    total $4,962

  • 22 · Depreciation, depletion and amortization

    total $1,041,853

  • 24a · Other expenses: COST OF POWER

    total $4,034,234

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $3,699,933

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $757,917

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $543,450

  • 24e · All other expenses

    total $883,685

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $137,098 · end of year $479,195

  • 2 · Savings and temporary cash investments

    beginning of year $2,964,327 · end of year $2,495,698

  • 4 · Accounts receivable

    beginning of year $1,605,460 · end of year $1,761,837

  • 8 · Inventories for sale or use

    beginning of year $879,738 · end of year $952,874

  • 9 · Prepaid expenses and deferred charges

    beginning of year $55,489 · end of year $47,709

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

    $34,965,396

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

    $15,656,658

  • 10c · Land, buildings and equipment, net

    beginning of year $18,179,971 · end of year $19,308,738

  • 12 · Investments: other securities

    beginning of year $3,032,227 · end of year $3,140,866

  • 15 · Other assets

    beginning of year $340,323 · end of year $340,253

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,271,084 · end of year $2,465,226

  • 23 · Secured mortgages and notes payable

    beginning of year $205,750 · end of year $116,096

  • 25 · Other liabilities

    beginning of year $263,657 · end of year $293,340

  • 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 $13,102,199 · end of year $14,852,108

  • 31 · Retained earnings, endowment or other funds

    beginning of year $11,351,943 · end of year $10,800,400

Mission and programs · 2023

Mission

PROVIDING AFFORDABLE ELECTRICITY TO MEMBERS

Activities or mission (Part I)

COOPERATIVE ELECTRIC ORGANIZATION PROVIDING ELECTRICITY TO MEMBERS

  • PROVIDING ELECTRICITY TO MEMBERS

As filed on the 2023 return.

Listed in Part VII

  • James Marshall

    CHAIRMAN

    Total calculated
    $5,210
    From this org
    $5,210
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Edgar Burris

    VICE CHAIRMAN

    Total calculated
    $7,390
    From this org
    $7,390
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Richard Harrington

    DIRECTOR

    Total calculated
    $1,910
    From this org
    $1,910
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jeffrey Sedon

    TREASURER

    Total calculated
    $4,385
    From this org
    $4,385
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Dennis Johnson

    DIRECTOR

    Total calculated
    $7,670
    From this org
    $7,670
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • John Hagberg

    DIRECTOR

    Total calculated
    $3,835
    From this org
    $3,835
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lee Sitterley

    DIRECTOR

    Total calculated
    $4,110
    From this org
    $4,110
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Vicki Stec

    SECRETARY

    Total calculated
    $5,535
    From this org
    $5,535
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ken Larson

    DIRECTOR

    Total calculated
    $7,915
    From this org
    $7,915
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • TODD M McCLAIN

    ADMINISTRATION MANAGER

    Total calculated
    $174,747
    From this org
    $118,992
    From related orgs
    $0
    Other
    $55,755
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $118,802
    Bonus
    $0
    Other
    $190
    Deferred
    $33,114
    Nontaxable benefits
    $22,641
    Filer's total
    $174,747

  • Matthew Franklin

    GENERAL MANAGER & CEO

    Total calculated
    $249,062
    From this org
    $188,683
    From related orgs
    $0
    Other
    $60,379
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,527
    Bonus
    $0
    Other
    $156
    Deferred
    $50,215
    Nontaxable benefits
    $10,164
    Filer's total
    $249,062

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

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
1 July 2024
IRS schema version
2023v5.1
Source object
202431989349300713

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