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Nonprofiteer
← CORN BELT ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by CORN BELT ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$91,331,713
Total expenses
$91,331,713
Contributions and grants received
$0
Grants paid
$19,500
Program service revenue
$91,022,597
Investment income
$234,704
Other revenue
$74,412
Total assets, end of year
$224,077,494
Total liabilities, end of year
$105,043,146
Net assets or fund balances, end of year
$119,034,348
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.

  • 2a · Program service revenue: Sale of Electricity

    total $87,602,534 · related or exempt $87,602,534

  • 2b · Program service revenue: Capital Credits

    total $3,352,008 · related or exempt $3,352,008

  • 2c · Program service revenue: Pole Attachment

    total $68,453 · excluded $68,453

  • 2d · Program service revenue: Other Program Services

    total -$398 · related or exempt -$398

  • 3 · Investment income

    total $151,234 · excluded $151,234

  • 6a · Gross rents

    real property $89,526

  • 6b · Less rental expenses

    real property $39,841

  • 6c · Rental income or loss

    real property $49,685

  • 6d · Net rental income or loss

    total $49,685 · unrelated business $49,685

  • 7a · Gross sales of assets other than inventory

    other assets $83,470

  • 7c · Gain or loss

    other assets $83,470

  • 7d · Net gain or loss

    total $83,470 · related or exempt $83,470

  • 11a · Other revenue: Misc Non-Operating

    total $29,051 · related or exempt $29,051

  • 11b · Other revenue: K-1 Cooperative Balloon

    total -$4,324 · unrelated business -$4,324

  • 11e · Other revenue, total

    $24,727

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,000

  • 2 · Grants to domestic individuals

    total $9,500

  • 4 · Benefits paid to or for members

    total $5,704,140

  • 5 · Compensation of officers, directors and key employees

    total $1,605,248

  • 7 · Other salaries and wages

    total $1,185,990

  • 20 · Interest

    total $3,631,649

  • 22 · Depreciation, depletion and amortization

    total $12,025,281

  • 24a · Other expenses: Cost of Energy

    total $53,098,163 · program services $53,098,163

  • 24b · Other expenses: Distribtution

    total $8,307,572 · program services $8,307,572

  • 24c · Other expenses: Admin & General

    total $4,150,585 · program services $4,150,585

  • 24d · Other expenses: Member Services

    total $1,588,300 · program services $1,588,300

  • 24e · All other expenses

    total $15,285

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $828,518 · end of year $765,607

  • 2 · Savings and temporary cash investments

    end of year $251,680

  • 4 · Accounts receivable

    beginning of year $10,907,480 · end of year $11,120,806

  • 8 · Inventories for sale or use

    beginning of year $2,891,290 · end of year $3,196,957

  • 9 · Prepaid expenses and deferred charges

    beginning of year $774,589 · end of year $717,444

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

    $264,938,887

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

    $95,761,992

  • 10c · Land, buildings and equipment, net

    beginning of year $170,889,577 · end of year $169,176,895

  • 13 · Investments: program-related

    beginning of year $36,226,091 · end of year $38,848,105

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,607,621 · end of year $9,169,572

  • 19 · Deferred revenue

    beginning of year $5,724,221 · end of year $7,656,330

  • 23 · Secured mortgages and notes payable

    beginning of year $89,574,265 · end of year $81,455,687

  • 24 · Unsecured notes and loans payable

    end of year $1,825,623

  • 25 · Other liabilities

    beginning of year $5,594,057 · end of year $4,935,934

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $9,021,497 · end of year $9,741,780

  • 31 · Retained earnings, endowment or other funds

    beginning of year $102,995,884 · end of year $109,292,568

Mission and programs · 2023

Mission

To enhance the quality of life of our members and support the communities we serve by cooperatively providing reasonably priced energy with exceptional service.

  • Provide electric services to over 35,000 homes and businesses throughout 18 counties in Central Illinois including Bureau, Champaign, De Witt, Ford, Henry, Kendall, Knox, La Salle, Livingston, Logan, Macon, Marshall, McLean,Piatt, Putnam, Stark, Tazewell, and Woodford counties.

As filed on the 2023 return.

Listed in Part VII

  • Don Taylor

    President

    Total calculated
    $618,285
    From this org
    $474,744
    From related orgs
    $0
    Other
    $143,541
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $474,744
    Bonus
    not reported
    Other
    not reported
    Deferred
    $101,169
    Nontaxable benefits
    $42,372
    Filer's total
    $618,285

  • Ryan Campbell

    VP Electric Distribtuion

    Total calculated
    $300,304
    From this org
    $196,912
    From related orgs
    $0
    Other
    $103,392
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $196,912
    Bonus
    not reported
    Other
    not reported
    Deferred
    $77,132
    Nontaxable benefits
    $26,260
    Filer's total
    $300,304

  • Leonard Joe Priestley

    VP Utility Services

    Total calculated
    $263,853
    From this org
    $202,803
    From related orgs
    $0
    Other
    $61,050
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $202,803
    Bonus
    not reported
    Other
    not reported
    Deferred
    $47,514
    Nontaxable benefits
    $13,536
    Filer's total
    $263,853

  • Norm Dunlap

    Mgr Construction & Maintenanc

    Total calculated
    $250,027
    From this org
    $140,309
    From related orgs
    $0
    Other
    $109,718
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $140,309
    Bonus
    not reported
    Other
    not reported
    Deferred
    $84,133
    Nontaxable benefits
    $25,585
    Filer's total
    $250,027

  • Greg Yakle

    Manager of Engineering

    Total calculated
    $241,129
    From this org
    $165,326
    From related orgs
    $0
    Other
    $75,803
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,326
    Bonus
    not reported
    Other
    not reported
    Deferred
    $45,835
    Nontaxable benefits
    $29,968
    Filer's total
    $241,129

  • Mark Schaley

    Maintenance Foreman

    Total calculated
    $236,092
    From this org
    $161,875
    From related orgs
    $0
    Other
    $74,217
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $161,875
    Bonus
    not reported
    Other
    not reported
    Deferred
    $50,113
    Nontaxable benefits
    $24,104
    Filer's total
    $236,092

  • Mike Nelson

    Northern Region Manager

    Total calculated
    $230,962
    From this org
    $142,181
    From related orgs
    $0
    Other
    $88,781
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $142,181
    Bonus
    not reported
    Other
    not reported
    Deferred
    $64,846
    Nontaxable benefits
    $23,935
    Filer's total
    $230,962

  • Brian Felker

    Construction Foreman

    Total calculated
    $227,781
    From this org
    $183,952
    From related orgs
    $0
    Other
    $43,829
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $183,952
    Bonus
    not reported
    Other
    not reported
    Deferred
    $28,041
    Nontaxable benefits
    $15,788
    Filer's total
    $227,781

  • Lynn Oleson

    Dir of Accounting & Finance

    Total calculated
    $225,256
    From this org
    $138,127
    From related orgs
    $0
    Other
    $87,129
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $138,127
    Bonus
    not reported
    Other
    not reported
    Deferred
    $63,271
    Nontaxable benefits
    $23,858
    Filer's total
    $225,256

  • Rae Payne

    Chairman of the Board

    Total calculated
    $29,500
    From this org
    $29,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.99

  • Jerry Starkey

    Director

    Total calculated
    $22,450
    From this org
    $22,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.15

  • Barbara Metzger

    Director

    Total calculated
    $21,650
    From this org
    $21,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    15.11

  • Dennis Fredrickson

    Vice Chairman

    Total calculated
    $20,600
    From this org
    $20,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.02

  • Peter Borowski

    Secretary-Treasurer

    Total calculated
    $20,550
    From this org
    $20,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.46

  • Janice Reimer

    Assist Sec-Treasurer

    Total calculated
    $20,050
    From this org
    $20,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.32

  • Kay Werts

    Director

    Total calculated
    $14,700
    From this org
    $14,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.78

  • Frank Koblisek

    Director

    Total calculated
    $13,550
    From this org
    $13,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.03

  • Terry Longman

    Director

    Total calculated
    $13,400
    From this org
    $13,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.14

  • Denise Mayes

    Director

    Total calculated
    $11,700
    From this org
    $11,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.74

  • Beth Beachy

    Director

    Total calculated
    $9,400
    From this org
    $9,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.79

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 · 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

Provenance

Return type
form_990
Tax year
2023
Filed
18 September 2024
IRS schema version
2023v5.1
Source object
202412689349300036

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