Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $673,986,701 · related or exempt $673,986,701

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $6,575,134 · related or exempt $6,575,134

• 2c · Program service revenue: TRANSMISSION

  total $3,954,624 · related or exempt $3,954,624

• 2d · Program service revenue: POLE ATTACHMENT REVENUE

  total $808,610 · excluded $808,610

• 2e · Program service revenue: OTHER PROGRAM REVENUE

  total $424,673 · related or exempt $424,673

• 3 · Investment income

  total $1,977,343 · excluded $1,977,343

• 5 · Royalties

  total $884,191 · excluded $884,191

• 6a · Gross rents

  real property $75,413

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $75,413

• 6d · Net rental income or loss

  total $75,413 · related or exempt $65,863 · excluded $9,550

• 7a · Gross sales of assets other than inventory

  other assets $93,723

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

  other assets $29,037

• 7c · Gain or loss

  other assets $64,686

• 7d · Net gain or loss

  total $64,686 · related or exempt $64,686

• 11a · Other revenue: OTHER NON OPERATING REVENUE

  total $35,513 · related or exempt $35,513

• 11e · Other revenue, total

  $35,513

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $97,350

• 4 · Benefits paid to or for members

  total $55,217,062

• 5 · Compensation of officers, directors and key employees

  total $2,376,785

• 7 · Other salaries and wages

  total $21,584,395

• 8 · Pension plan contributions

  total $6,716,914

• 9 · Other employee benefits

  total $5,795,995

• 10 · Payroll taxes

  total $1,686,613

• 20 · Interest

  total $37,734,043

• 22 · Depreciation, depletion and amortization

  total $53,304,786

• 24a · Other expenses: PURCHASED POWER

  total $416,089,699

• 24b · Other expenses: PRODUCTION EXPENSE

  total $74,060,636

• 24c · Other expenses: ADMINISTRATIVE & GENERA

  total $7,237,637

• 24d · Other expenses: OPERATING TAXES

  total $6,321,779

• 24e · All other expenses

  total $7,302,451

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $41,738,043 · end of year $30,239,839

• 2 · Savings and temporary cash investments

  beginning of year $50,025,500 · end of year $16,128,015

• 4 · Accounts receivable

  beginning of year $74,467,288 · end of year $51,282,768

• 8 · Inventories for sale or use

  beginning of year $25,423,244 · end of year $30,432,586

• 9 · Prepaid expenses and deferred charges

  beginning of year $36,219,682 · end of year $32,819,639

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

  $1,946,675,920

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

  $570,680,501

• 10c · Land, buildings and equipment, net

  beginning of year $1,254,497,454 · end of year $1,375,995,419

• 13 · Investments: program-related

  beginning of year $91,654,575 · end of year $76,229,259

• 14 · Intangible assets

  beginning of year $9,544 · end of year $9,544

• 15 · Other assets

  beginning of year $0 · end of year $3,891,128

• 17 · Accounts payable and accrued expenses

  beginning of year $90,915,944 · end of year $52,240,822

• 23 · Secured mortgages and notes payable

  beginning of year $858,235,147 · end of year $842,650,485

• 24 · Unsecured notes and loans payable

  beginning of year $170,000,000 · end of year $180,000,000

• 25 · Other liabilities

  beginning of year $11,750,873 · end of year $25,639,302

• 29 · Capital stock, trust principal or current funds

  beginning of year $500 · end of year $500

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

  beginning of year $488 · end of year $488

• 31 · Retained earnings, endowment or other funds

  beginning of year $443,132,378 · end of year $516,496,600

The filer's explanations (Part III)

PART I, LINE 4B

DURING THE TAX YEAR, MIKE KEZAR PARTICIPATED IN AND RECEIVED A DISTRIBUTION FROM A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLAN OF VESTED BENEFITS. TOTAL VESTED BENEFITS RECEIVED AND INCLUDED AS REPORTABLE COMPENSATION ON FORM W-2 WERE $200,797.

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. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, 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. CLIFTON LANGE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 65,919 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,900 TOTAL REPORTED IN COLUMN C $ 75,819 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (65,919) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 96,023 EXPENSE TO THE COOPERATIVE $ 105,923 CORY ALLEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 154,048 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,900 TOTAL REPORTED IN COLUMN C $ 163,948 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (154,048) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 117,212 EXPENSE TO THE COOPERATIVE $ 127,112 JOHN PACKARD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 79,465 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,399 TOTAL REPORTED IN COLUMN C $ 88,864 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (79,465) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 106,573 EXPENSE TO THE COOPERATIVE $ 115,972 STEVEN TAYLOR: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 104,969 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,218 TOTAL REPORTED IN COLUMN C $ 112,187 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (104,969) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 83,268 EXPENSE TO THE COOPERATIVE $ 90,486 PAUL PERSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 60,549 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,717 TOTAL REPORTED IN COLUMN C $ 67,266 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (60,549) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 76,562 EXPENSE TO THE COOPERATIVE $ 83,279 WENDY OHRT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 56,330 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,647 TOTAL REPORTED IN COLUMN C $ 62,977 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (56,330) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 75,936 EXPENSE TO THE COOPERATIVE $ 82,583 LUCAS TURNER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,417 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,385 TOTAL REPORTED IN COLUMN C $ 37,802 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,417) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 70,244 EXPENSE TO THE COOPERATIVE $ 76,629 ROGER BISHOP: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,046 TOTAL REPORTED IN COLUMN C $ 7,046 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (-0-) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 80,399 EXPENSE TO THE COOPERATIVE $ 87,445 TABATHA TEMPLE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 20,990 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,217 TOTAL REPORTED IN COLUMN C $ 26,207 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (20,990) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 56,207 EXPENSE TO THE COOPERATIVE $ 61,424

Related corporations and trusts

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

• SOUTH TEXAS SOLAR POWER LLC

  C · SOLAR POWER GENERATION · TX · 100% owned · share of income $853,801 · share of assets $299,957 · controlled entity

  Directly controlled by SOUTH TEXAS ELECTRIC COOPERATIVE INC