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Nonprofiteer
← POLK-BURNETT ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by POLK-BURNETT ELECTRIC COOPERATIVE.

Totals

Total revenue
$38,082,423
Total expenses
$36,380,967
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$35,378,861
Investment income
$76,341
Other revenue
$2,627,221
Total assets, end of year
$107,806,214
Total liabilities, end of year
$45,320,004
Net assets or fund balances, end of year
$62,486,210
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: ELECTRIC REVENUE

    total $35,378,861 · related or exempt $35,378,861

  • 3 · Investment income

    total $60,341 · excluded $60,341

  • 6a · Gross rents

    real property $16,848 · personal property $24,000

  • 6c · Rental income or loss

    real property $16,848 · personal property $24,000

  • 6d · Net rental income or loss

    total $40,848 · unrelated business $24,000 · excluded $16,848

  • 7a · Gross sales of assets other than inventory

    other assets $16,000

  • 7c · Gain or loss

    other assets $16,000

  • 7d · Net gain or loss

    total $16,000 · related or exempt $16,000

  • 10a · Gross sales of inventory

    $138,589

  • 10b · Cost of goods sold

    $227,411

  • 10c · Net income from sales of inventory

    total -$88,822 · related or exempt -$88,822

  • 11a · Other revenue: NON-MEMBER INCOME

    total $1,063,648 · related or exempt $1,063,648

  • 11b · Other revenue: CAPITAL CREDITS

    total $978,106 · related or exempt $978,106

  • 11c · Other revenue: EQUITY IN SUBSIDIARY INCOME

    total $633,441 · related or exempt $633,441

  • 11e · Other revenue, total

    $2,675,195

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,219,378

  • 5 · Compensation of officers, directors and key employees

    total $366,274

  • 20 · Interest

    total $1,255,610

  • 22 · Depreciation, depletion and amortization

    total $3,266,955

  • 24a · Other expenses: COST OF POWER

    total $20,809,110

  • 24b · Other expenses: DISTRIBUTION EXP - MAINT

    total $2,328,342

  • 24c · Other expenses: ADMINISTRATIVE AND GENERA

    total $2,071,064

  • 24d · Other expenses: DISTRBUTION EXP - OPERATI

    total $1,379,064

  • 24e · All other expenses

    total $1,685,170

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,789,873 · end of year $844,715

  • 2 · Savings and temporary cash investments

    beginning of year $959,176 · end of year $583,464

  • 4 · Accounts receivable

    beginning of year $2,145,766 · end of year $2,187,484

  • 8 · Inventories for sale or use

    beginning of year $603,662 · end of year $2,107,124

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,151,464 · end of year $383,336

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

    $108,240,543

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

    $27,103,086

  • 10c · Land, buildings and equipment, net

    beginning of year $76,543,620 · end of year $81,137,457

  • 12 · Investments: other securities

    beginning of year $3,153,925 · end of year $3,653,878

  • 13 · Investments: program-related

    beginning of year $16,315,323 · end of year $16,908,756

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,604,753 · end of year $6,970,000

  • 23 · Secured mortgages and notes payable

    beginning of year $32,494,561 · end of year $35,455,036

  • 25 · Other liabilities

    beginning of year $3,559,617 · end of year $2,894,968

  • 31 · Retained earnings, endowment or other funds

    beginning of year $61,003,878 · end of year $62,486,210

Mission and programs · 2022

Mission

TO BENEFIT MEMBER-OWNERS BY PROVIDING RELIABLE ELECTRICITY WITH EFFICIENCY AND EXTRAORDINARY SERVICE.

  • RURAL ELECTRIC COOPERATIVE-SALE OF ELECTRICITY AND MERCHANDISE TO MEMBERS OF THE COOPERATIVE.

As filed on the 2022 return.

Listed in Part VII

  • Steven Stroshane

    GM/CEO

    Total calculated
    $410,895
    From this org
    $214,633
    From related orgs
    $0
    Other
    $196,262
    Hours/week
    51

    Schedule J breakdown matched by us

    Base
    $214,633
    Bonus
    not reported
    Other
    not reported
    Deferred
    $167,429
    Nontaxable benefits
    $28,833
    Filer's total
    $410,895

  • Matthew Kurtzhals

    IS MANAGER

    Total calculated
    $170,138
    From this org
    $125,297
    From related orgs
    $0
    Other
    $44,841
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $125,297
    Bonus
    not reported
    Other
    not reported
    Deferred
    $42,027
    Nontaxable benefits
    $2,814
    Filer's total
    $170,138

  • Heather Gerber

    ACCOUNTING M

    Total calculated
    $168,104
    From this org
    $104,851
    From related orgs
    $0
    Other
    $63,253
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $104,851
    Bonus
    not reported
    Other
    not reported
    Deferred
    $37,061
    Nontaxable benefits
    $26,192
    Filer's total
    $168,104

  • Joe Peterson

    LINEMAN

    Total calculated
    $154,349
    From this org
    $110,430
    From related orgs
    $0
    Other
    $43,919
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $110,430
    Bonus
    not reported
    Other
    not reported
    Deferred
    $28,523
    Nontaxable benefits
    $15,396
    Filer's total
    $154,349

  • Travis Gingras

    LINEMAN

    Total calculated
    $147,747
    From this org
    $108,912
    From related orgs
    $0
    Other
    $38,835
    Hours/week
    42

  • Ryan Crotteau

    LINEMAN

    Total calculated
    $139,432
    From this org
    $107,457
    From related orgs
    $0
    Other
    $31,975
    Hours/week
    43

  • Treven Gearheart

    LINEMAN

    Total calculated
    $127,936
    From this org
    $108,733
    From related orgs
    $0
    Other
    $19,203
    Hours/week
    43

  • Joe Metro

    DIRECTOR

    Total calculated
    $7,350
    From this org
    $6,050
    From related orgs
    $1,300
    Other
    $0
    Hours/week
    3

  • Edward Gullickson

    PRESIDENT

    Total calculated
    $6,990
    From this org
    $6,990
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Wilfred Owens

    DIRECTOR

    Total calculated
    $6,600
    From this org
    $5,900
    From related orgs
    $700
    Other
    $0
    Hours/week
    4

  • Cynthia Thorman

    DIRECTOR

    Total calculated
    $6,250
    From this org
    $6,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Michael Morris

    VICE-PRESIDE

    Total calculated
    $5,910
    From this org
    $4,250
    From related orgs
    $1,660
    Other
    $0
    Hours/week
    2

  • Gerald Okonek

    DIRECTOR

    Total calculated
    $4,300
    From this org
    $4,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • John Ukura

    DIRECTOR (ST

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

  • Charles Brookshaw

    SECRETARY/TR

    Total calculated
    $3,650
    From this org
    $3,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Thomas Swenson

    DIRECTOR

    Total calculated
    $3,650
    From this org
    $3,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jeffrey Traynor

    DIRECTOR (TH

    Total calculated
    $2,150
    From this org
    $1,550
    From related orgs
    $600
    Other
    $0
    Hours/week
    1

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
  • 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.

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.

  • POLK-BURNETT ECONOMIC DEVELOPMENT C

    C CORP · PART VII · WI · 100% owned · share of income -$345 · share of assets $6,981 · controlled entity

    Directly controlled by PART VII

  • POLK-BURNETT DIVERSIFIED INC

    C CORP · PART VII · WI · 100% owned · share of income -$604 · share of assets $22,774 · controlled entity

    Directly controlled by PART VII

  • POLK-BURNETT PROPANE SERVICES INC

    C CORP · PART VII · WI · 100% owned · share of income $634,390 · share of assets $7,959,782 · controlled entity

    Directly controlled by PART VII

Provenance

Return type
form_990
Tax year
2022
Filed
17 July 2023
IRS schema version
2022v5.0
Source object
202302089349300345

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