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Nonprofiteer
← SPOON RIVER ELECTRIC CO-OPERATIVE INCORPORATED

Form 990 for tax year 2022

Filed by SPOON RIVER ELECTRIC CO-OPERATIVE INCORPORATED.

Totals

Total revenue
$11,269,227
Total expenses
$11,032,362
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$11,248,691
Investment income
$20,536
Other revenue
$0
Total assets, end of year
$36,157,982
Total liabilities, end of year
$18,087,761
Net assets or fund balances, end of year
$18,070,221
Program services expenses (Part IX)
$11,032,362
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$11,032,362

Program services were 100.0% 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: Energy Sales

    total $10,726,767 · related or exempt $10,726,767

  • 2b · Program service revenue: Patronage Capital

    total $425,610 · related or exempt $425,610

  • 2c · Program service revenue: Other Electric Revenue

    total $85,172 · related or exempt $85,172

  • 2d · Program service revenue: Non-operating

    total $11,142 · related or exempt $11,142

  • 3 · Investment income

    total $20,536 · related or exempt $20,536

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $314,035 · program services $314,035

  • 20 · Interest

    total $690,782 · program services $690,782

  • 22 · Depreciation, depletion and amortization

    total $1,188,976 · program services $1,188,976

  • 24a · Other expenses: Purchased Power

    total $5,859,437 · program services $5,859,437

  • 24b · Other expenses: Distribution

    total $1,964,222 · program services $1,964,222

  • 24c · Other expenses: Adminstration

    total $684,062 · program services $684,062

  • 24d · Other expenses: Customer Service & Acco

    total $160,927 · program services $160,927

  • 24e · All other expenses

    total $169,921 · program services $169,921

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $514,226 · end of year $318,301

  • 4 · Accounts receivable

    beginning of year $1,055,672 · end of year $1,171,723

  • 8 · Inventories for sale or use

    beginning of year $539,532 · end of year $615,126

  • 9 · Prepaid expenses and deferred charges

    beginning of year $138,195 · end of year $155,727

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

    $41,077,216

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

    $14,476,111

  • 10c · Land, buildings and equipment, net

    beginning of year $25,145,973 · end of year $26,601,105

  • 12 · Investments: other securities

    beginning of year $7,222,143 · end of year $7,296,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,100,140 · end of year $1,421,080

  • 23 · Secured mortgages and notes payable

    beginning of year $15,158,712 · end of year $16,180,040

  • 25 · Other liabilities

    beginning of year $524,478 · end of year $486,641

  • 29 · Capital stock, trust principal or current funds

    beginning of year $111,805 · end of year $112,750

  • 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 $17,720,606 · end of year $17,957,471

Mission and programs · 2022

Mission

To make the satisfaction of our members or number one priority. To continue our core business of providing reliable electric service to our members. To maintain the fiscal stability of the organization. To provide other products and services t our members that enhance their quality of life.

  • The Cooperative provides electric service through its distribution system to our member/owners located in Fulton, Knox, McDonough, Peoria and Schuyler Counties in Central Illinois.

    Expenses $11,032,362 · Revenue $11,269,227

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

Listed in Part VII

  • Paul Moffitt

    Jny Lineman

    Total calculated
    $191,797
    From this org
    $127,813
    From related orgs
    $0
    Other
    $63,984
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $126,581
    Bonus
    $0
    Other
    $1,232
    Deferred
    $51,150
    Nontaxable benefits
    $12,834
    Filer's total
    $191,797

  • Donald Schrodt

    Jny Lineman

    Total calculated
    $210,160
    From this org
    $127,789
    From related orgs
    $0
    Other
    $82,371
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $127,240
    Bonus
    $0
    Other
    $549
    Deferred
    $62,717
    Nontaxable benefits
    $19,654
    Filer's total
    $210,160

  • Louis Gray

    Lineman

    Total calculated
    $136,977
    From this org
    $126,616
    From related orgs
    $0
    Other
    $10,361
    Hours/week
    48

  • Joshua DeWees

    CEO

    Total calculated
    $193,107
    From this org
    $125,728
    From related orgs
    $0
    Other
    $67,379
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $125,224
    Bonus
    $0
    Other
    $504
    Deferred
    $34,242
    Nontaxable benefits
    $33,137
    Filer's total
    $193,107

  • Dusty Wintermote

    Line Foreman

    Total calculated
    $149,224
    From this org
    $111,998
    From related orgs
    $0
    Other
    $37,226
    Hours/week
    49

  • William Sego

    Line Foreman

    Total calculated
    $166,174
    From this org
    $110,343
    From related orgs
    $0
    Other
    $55,831
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $109,808
    Bonus
    $0
    Other
    $535
    Deferred
    $30,851
    Nontaxable benefits
    $24,980
    Filer's total
    $166,174

  • Mary Bartley

    CFO & Office Manager

    Total calculated
    $63,771
    From this org
    $63,771
    From related orgs
    $0
    Other
    $0
    Hours/week
    41

  • Bernard Marvel

    President

    Total calculated
    $8,300
    From this org
    $8,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Lyle Nelson

    Treasurer

    Total calculated
    $3,954
    From this org
    $3,954
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Joe Davis

    Director

    Total calculated
    $3,692
    From this org
    $3,692
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Jack Clark

    Secretary

    Total calculated
    $3,279
    From this org
    $3,279
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Kurt Duncan

    Director

    Total calculated
    $3,004
    From this org
    $3,004
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Wesley Strode

    Director

    Total calculated
    $2,608
    From this org
    $2,608
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • John Spangler

    Director

    Total calculated
    $2,411
    From this org
    $2,411
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • JoDee Pedigo

    Director

    Total calculated
    $2,169
    From this org
    $2,169
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Terry Beam

    Vice-President

    Total calculated
    $1,912
    From this org
    $1,912
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

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

The filer's explanations (Part III)

Part I, Line 3
The Board of Directors review compensation, based on industry surveys and employee performance before approving executive compensation.

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.

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.

  • Spoon River Holdings Inc

    C · Holding company for related companies · IL · 100% owned · share of income $2,041,526 · share of assets $1,401,723

Provenance

Return type
form_990
Tax year
2022
Filed
23 October 2023
IRS schema version
2022v5.0
Source object
202313059349300531

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