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Nonprofiteer
← WEST KENTUCKY RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2022

Filed by WEST KENTUCKY RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$101,104,837
Total expenses
$100,263,599
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$100,667,402
Investment income
$120,677
Other revenue
$316,758
Total assets, end of year
$175,980,902
Total liabilities, end of year
$82,739,214
Net assets or fund balances, end of year
$93,241,688
Program services expenses (Part IX)
$98,993,182
Management and general expenses
$1,270,417
Fundraising expenses
$0
Program service expenses (Part III)
$98,993,182

Program services were 98.7% 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.

  • 2a · Program service revenue: ELECTRIC SALES

    total $98,336,760 · related or exempt $98,336,760

  • 2b · Program service revenue: RENT FROM ELECTRIC COMPANY

    total $1,456,937 · related or exempt $1,456,937

  • 2c · Program service revenue: REVENUE FROM LATE PAYMENTS

    total $568,137 · related or exempt $568,137

  • 2d · Program service revenue: MISC SERVICE

    total $304,418 · related or exempt $304,418

  • 2e · Program service revenue: OTHER

    total $1,150 · related or exempt $1,150

  • 3 · Investment income

    total $120,677 · related or exempt $120,677

  • 11a · Other revenue: PATRONAGE CAPITAL

    total $311,916 · related or exempt $311,916

  • 11b · Other revenue: MERCHANDIZING, JOBBING, ETC.

    total $4,842 · related or exempt $4,842

  • 11e · Other revenue, total

    $316,758

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $995,161 · management and general $995,161

  • 7 · Other salaries and wages

    total $5,073,113 · program services $5,073,113

  • 8 · Pension plan contributions

    total $1,588,913 · program services $1,375,508 · management and general $213,405

  • 9 · Other employee benefits

    total $1,363,511 · program services $1,363,511

  • 10 · Payroll taxes

    total $430,934 · program services $369,083 · management and general $61,851

  • 11b · Fees: legal

    total $42,051 · program services $42,051

  • 11c · Fees: accounting

    total $22,750 · program services $22,750

  • 12 · Advertising and promotion

    total $126,231 · program services $126,231

  • 13 · Office expenses

    total $851,852 · program services $851,852

  • 14 · Information technology

    total $1,214,893 · program services $1,214,893

  • 16 · Occupancy

    total $13,956 · program services $13,956

  • 17 · Travel

    total $818,610 · program services $818,610

  • 19 · Conferences, conventions and meetings

    total $59,100 · program services $59,100

  • 20 · Interest

    total $1,941,814 · program services $1,941,814

  • 21 · Payments to affiliates

    total $189,256 · program services $189,256

  • 22 · Depreciation, depletion and amortization

    total $7,245,191 · program services $7,245,191

  • 23 · Insurance

    total $357,214 · program services $357,214

  • 24a · Other expenses: ELECTRIC ENERGY FOR SAL

    total $68,674,242 · program services $68,674,242

  • 24b · Other expenses: RIGHT OF WAY CLEARNING

    total $4,201,099 · program services $4,201,099

  • 24c · Other expenses: PROPERTY AND GROSS RECE

    total $3,430,862 · program services $3,430,862

  • 24d · Other expenses: OTHER

    total $1,622,846 · program services $1,622,846

  • 26 · Joint costs (an allocation of the lines above)

    total $100,263,599 · program services $98,993,182 · management and general $1,270,417 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,049,012 · end of year $3,071,990

  • 3 · Pledges and grants receivable

    beginning of year $4,488,298 · end of year $1,000,184

  • 4 · Accounts receivable

    beginning of year $10,868,648 · end of year $9,084,396

  • 8 · Inventories for sale or use

    beginning of year $2,049,778 · end of year $3,341,987

  • 9 · Prepaid expenses and deferred charges

    beginning of year $312,989 · end of year $273,426

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

    $224,653,097

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

    $69,743,454

  • 10c · Land, buildings and equipment, net

    beginning of year $146,285,315 · end of year $154,909,643

  • 13 · Investments: program-related

    beginning of year $3,503,172 · end of year $3,671,207

  • 15 · Other assets

    beginning of year $486,985 · end of year $628,069

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,266,303 · end of year $22,901,272

  • 23 · Secured mortgages and notes payable

    beginning of year $60,990,658 · end of year $56,862,334

  • 25 · Other liabilities

    beginning of year $3,388,016 · end of year $2,975,608

  • 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 $92,399,220 · end of year $93,241,688

Mission and programs · 2022

Mission

DISTRIBUTE ELECTRICITY TO COOPERATION'S MEMBERS AT THE LOWEST COST CONSISTENT WITH SOUND AND GOOD MANAGEMENT.

Activities or mission (Part I)

DISTRIBUTE ELECTRICITY TO COOPERATIVE'S MEMBERS AT THE LOWEST COST CONSISTENT WITH SOUND MANAGEMENT.

  • DISRIBUTED 813,350,083 KILOWATT-HOURS OF ELECTRIC ENERGY TO 40,444 MEMBERS/CUSTOMERS DURING FY 2023.

    Revenue $101,104,837

  • ALL OTHER ACCOMPLISHMENTS: DISTRIBUTED 813,908,306 KILOWATT-HOURS OF ELECTRIC ENERGY TO 40,444 MEMBERS IN FY 2023.

    Expenses $98,993,182

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Robert Hargrove

    BOARD PRESIDENT

    Total calculated
    $13,900
    From this org
    $13,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.13

  • Troy English

    VP

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.23

  • Chad Willett

    SECRETARY/TREASURER

    Total calculated
    $12,900
    From this org
    $12,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.57

  • Benny Adair

    BOARD MEMBER

    Total calculated
    $18,200
    From this org
    $18,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.67

  • Dennis Barnes

    BOARD MEMBER

    Total calculated
    $13,800
    From this org
    $13,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.27

  • Mike Burchett

    BOARD MEMBER

    Total calculated
    $12,300
    From this org
    $12,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.79

  • Jed Clark

    BOARD MEMBER

    Total calculated
    $13,800
    From this org
    $13,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6

  • Kevin Crider

    BOARD MEMBER

    Total calculated
    $13,800
    From this org
    $13,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.75

  • Mark Elliott

    BOARD MEMBER

    Total calculated
    $14,100
    From this org
    $14,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.85

  • Jamie Potts

    BOARD MEMBER

    Total calculated
    $15,900
    From this org
    $15,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.13

  • David Smart

    PRESIDENT/CEO

    Total calculated
    $384,100
    From this org
    $288,076
    From related orgs
    $0
    Other
    $96,024
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $288,076
    Bonus
    $0
    Other
    $0
    Deferred
    $73,834
    Nontaxable benefits
    $22,190
    Filer's total
    $384,100

  • Heather Foley

    VP OF ADMIN & FINANCE

    Total calculated
    $213,425
    From this org
    $151,116
    From related orgs
    $0
    Other
    $62,309
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,116
    Bonus
    $0
    Other
    $0
    Deferred
    $39,579
    Nontaxable benefits
    $22,730
    Filer's total
    $213,425

  • Levi Weatherford

    JOURNEY LINEMAN

    Total calculated
    $155,303
    From this org
    $111,595
    From related orgs
    $0
    Other
    $43,708
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,595
    Bonus
    $0
    Other
    $0
    Deferred
    $20,978
    Nontaxable benefits
    $22,730
    Filer's total
    $155,303

  • Kevin Englad

    JOURNEY LINEMAN

    Total calculated
    $153,791
    From this org
    $111,452
    From related orgs
    $0
    Other
    $42,339
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,452
    Bonus
    $0
    Other
    $0
    Deferred
    $19,609
    Nontaxable benefits
    $22,730
    Filer's total
    $153,791

  • Zachary Underhill

    JOURNEY LINEMAN

    Total calculated
    $153,274
    From this org
    $111,043
    From related orgs
    $0
    Other
    $42,231
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,043
    Bonus
    $0
    Other
    $0
    Deferred
    $19,501
    Nontaxable benefits
    $22,730
    Filer's total
    $153,274

  • Roger Gough

    IT COORDINATOR

    Total calculated
    $154,239
    From this org
    $109,013
    From related orgs
    $0
    Other
    $45,226
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,013
    Bonus
    $0
    Other
    $0
    Deferred
    $23,036
    Nontaxable benefits
    $22,190
    Filer's total
    $154,239

  • Terry Madding

    JOURNEY LINEMAN

    Total calculated
    $152,104
    From this org
    $108,396
    From related orgs
    $0
    Other
    $43,708
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $108,396
    Bonus
    $0
    Other
    $0
    Deferred
    $20,978
    Nontaxable benefits
    $22,730
    Filer's total
    $152,104

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 · Written employment contract
  • 3 · Compensation survey or study

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
2022
Filed
10 November 2023
IRS schema version
2022v5.0
Source object
202333189349303003

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