Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $293,906,465 · related or exempt $293,906,465

• 2b · Program service revenue: SERVICE FEES

  total $3,928,863 · related or exempt $3,928,863

• 2c · Program service revenue: TRANSMISSION ACCESS

  total $1,896,302 · related or exempt $1,896,302

• 2d · Program service revenue: PATRONAGE DIVIDENDS

  total $1,256,063 · related or exempt $1,256,063

• 2e · Program service revenue: TRANSMISSION LINE LEASE

  total $823,858 · related or exempt $823,858

• 3 · Investment income

  total $265,574 · excluded $265,574

• 5 · Royalties

  total $31,923 · excluded $31,923

• 6a · Gross rents

  real property $600

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $600

• 6d · Net rental income or loss

  total $600 · excluded $600

• 7a · Gross sales of assets other than inventory

  other assets $1,855,855

• 7b · Less cost or other basis and sales expenses

  other assets $274,359

• 7c · Gain or loss

  other assets $1,581,496

• 7d · Net gain or loss

  total $1,581,496 · related or exempt $1,581,496

• 10a · Gross sales of inventory

  $2,476,985

• 10b · Cost of goods sold

  $2,431,083

• 10c · Net income from sales of inventory

  total $45,902 · related or exempt $45,902

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $754,505 · excluded $754,505

• 11b · Other revenue: MISCELLANEOUS REVENUE

  total $67,031 · related or exempt $67,031

• 11c · Other revenue: MUTUAL AID

  total $49,270 · excluded $49,270

• 11e · Other revenue, total

  $870,806

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $362,219

• 4 · Benefits paid to or for members

  total $33,516,581

• 5 · Compensation of officers, directors and key employees

  total $3,865,701

• 7 · Other salaries and wages

  total $15,201,099

• 8 · Pension plan contributions

  total $2,226,051

• 9 · Other employee benefits

  total $2,953,496

• 10 · Payroll taxes

  total $1,239,101

• 20 · Interest

  total $13,768,252

• 22 · Depreciation, depletion and amortization

  total $23,724,899

• 24a · Other expenses: PURCHASED POWER

  total $180,407,779

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $17,605,324

• 24c · Other expenses: CONSUMER EXPENSE

  total $4,165,408

• 24d · Other expenses: ADMIN & GENERAL EXPENSE

  total $3,198,023

• 24e · All other expenses

  total $388,363

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,233,274 · end of year $3,017,712

• 2 · Savings and temporary cash investments

  beginning of year $11,402,943 · end of year $13,996,265

• 4 · Accounts receivable

  beginning of year $17,867,507 · end of year $20,629,295

• 8 · Inventories for sale or use

  beginning of year $5,308,616 · end of year $6,294,749

• 9 · Prepaid expenses and deferred charges

  beginning of year $20,968,420 · end of year $37,566,498

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

  $749,497,607

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

  $119,306,739

• 10c · Land, buildings and equipment, net

  beginning of year $585,311,226 · end of year $630,190,868

• 13 · Investments: program-related

  beginning of year $15,787,020 · end of year $16,179,406

• 15 · Other assets

  beginning of year $23,620 · end of year $3,293,293

• 17 · Accounts payable and accrued expenses

  beginning of year $26,921,311 · end of year $36,160,655

• 19 · Deferred revenue

  beginning of year $535,271 · end of year $516,189

• 21 · Escrow or custodial account liability

  beginning of year $448,649 · end of year $606,548

• 23 · Secured mortgages and notes payable

  beginning of year $316,070,698 · end of year $347,854,945

• 25 · Other liabilities

  beginning of year $36,962,938 · end of year $38,484,693

• 29 · Capital stock, trust principal or current funds

  beginning of year $672,960 · end of year $644,780

• 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 $276,290,799 · end of year $306,900,276

The filer's explanations (Part III)

PART I, LINE 4B

MATT BENTKE PARTICIPATES IN A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLAN. THE ACTUARIAL INCREASE ASSOCIATED WITH PARTICIPATION IN THE PLAN WAS $303,219 FOR 2022.

PART II, COLUMN C:

INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE AND YEARS OF SERVICE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS AND THE LONGER THEY HAVE BEEN EMPLOYED, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. MATT BENTKE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 137,791 ACTUARIAL INCREASE IN NQDC PLAN 303,219 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,200 TOTAL REPORTED IN COLUMN C $ 453,210 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT & NQDC PLANS (441,010) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT & NQDC PLANS 186,767 EXPENSE TO THE COOPERATIVE $ 198,967 GRANT GUTIERREZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 140,342 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,200 TOTAL REPORTED IN COLUMN C $ 152,542 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (140,342) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 106,476 EXPENSE TO THE COOPERATIVE $ 118,676 ERIC KOCIAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 138,931 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,200 TOTAL REPORTED IN COLUMN C $ 151,131 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (138,931) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 106,476 EXPENSE TO THE COOPERATIVE $ 118,676 SARAH NEWMAN-ALTAMIRANO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 27,450 TOTAL COLUMN C AND EXPENSE TO COOPERATIVE $ 27,450 RACHEL ELLIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 90,432 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,200 TOTAL REPORTED IN COLUMN C $ 102,632 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (90,432) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 94,257 EXPENSE TO THE COOPERATIVE $ 106,457 THOMAS ELLIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 96,501 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,162 TOTAL REPORTED IN COLUMN C $ 105,663 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (96,501) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 62,838 EXPENSE TO THE COOPERATIVE $ 72,000 PHILLIP ELLIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 88,564 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,760 TOTAL COLUMN C AND EXPENSE TO COOPERATIVE $ 97,324 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (88,564) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 62,838 EXPENSE TO THE COOPERATIVE $ 71,598 WILLIAM HOLFORD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 24,673 TOTAL COLUMN C AND EXPENSE TO COOPERATIVE $ 24,673 WESLEY BRINKMEYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 21,934 TOTAL REPORTED IN COLUMN C $ 21,934 DANIEL FOWLER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 21,424 TOTAL REPORTED IN COLUMN C $ 21,424

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• BLUEBONNET RURAL DEVELOPMENT CORPORATION

  C · RURAL DEVELOPMENT · TX · 100% owned · share of income $6,678 · share of assets $34,188 · controlled entity

  Directly controlled by BLUEBONNET ELECTRIC COOPERATIVE INC