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Nonprofiteer
← RURAL ELECTRIC CO OP INC

Form 990 for tax year 2024

Filed by RURAL ELECTRIC CO OP INC.

Totals

Total revenue
$59,327,039
Total expenses
$59,157,167
Contributions and grants received
$0
Grants paid
$21,520
Program service revenue
$59,119,883
Investment income
$161,272
Other revenue
$45,884
Total assets, end of year
$104,822,123
Total liabilities, end of year
$43,789,079
Net assets or fund balances, end of year
$61,033,044
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: SALES OF ELECTRICITY

    total $56,159,629 · related or exempt $56,159,629

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $1,945,474 · related or exempt $1,945,474

  • 2c · Program service revenue: SERVICE FEES

    total $801,916 · related or exempt $801,916

  • 2d · Program service revenue: OTHER PROGRAM REVENUE

    total $212,864 · related or exempt $212,864

  • 3 · Investment income

    total $161,272 · excluded $161,272

  • 6a · Gross rents

    real property $2,900

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $2,900

  • 6d · Net rental income or loss

    total $2,900 · excluded $2,900

  • 10a · Gross sales of inventory

    $954

  • 10b · Cost of goods sold

    $925

  • 10c · Net income from sales of inventory

    total $29 · related or exempt $29

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $42,955 · excluded $42,955

  • 11e · Other revenue, total

    $42,955

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $21,520

  • 4 · Benefits paid to or for members

    total $5,966,836

  • 5 · Compensation of officers, directors and key employees

    total $939,422

  • 7 · Other salaries and wages

    total $3,155,971

  • 8 · Pension plan contributions

    total $573,230

  • 9 · Other employee benefits

    total $757,004

  • 10 · Payroll taxes

    total $245,757

  • 20 · Interest

    total $1,466,349

  • 22 · Depreciation, depletion and amortization

    total $3,300,492

  • 24a · Other expenses: PURCHASED POWER

    total $37,784,907

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $2,711,470

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,083,758

  • 24d · Other expenses: CONSUMER EXPENSE

    total $511,617

  • 24e · All other expenses

    total $638,834

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $515,506 · end of year $752,702

  • 2 · Savings and temporary cash investments

    beginning of year $1,200,054 · end of year $1,200,056

  • 4 · Accounts receivable

    beginning of year $3,854,656 · end of year $4,248,368

  • 7 · Other notes and loans receivable

    beginning of year $351,775 · end of year $270,576

  • 8 · Inventories for sale or use

    beginning of year $29,755 · end of year $17,134

  • 9 · Prepaid expenses and deferred charges

    beginning of year $64,229 · end of year $91,864

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

    $109,632,044

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

    $36,249,222

  • 10c · Land, buildings and equipment, net

    beginning of year $71,007,897 · end of year $73,382,822

  • 13 · Investments: program-related

    beginning of year $20,391,948 · end of year $22,184,480

  • 15 · Other assets

    beginning of year $2,292,461 · end of year $2,674,121

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,380,033 · end of year $4,974,189

  • 23 · Secured mortgages and notes payable

    beginning of year $33,947,229 · end of year $33,048,529

  • 25 · Other liabilities

    beginning of year $5,723,953 · end of year $5,766,361

  • 29 · Capital stock, trust principal or current funds

    beginning of year $32,615 · end of year $32,980

  • 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 $55,624,451 · end of year $61,000,064

Mission and programs · 2024

Mission

ENHANCING THE MEMBERS' QUALITY OF LIFE.

Activities or mission (Part I)

TO PROVIDE ELECTRIC POWER TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 12,605 ACTIVE SERVICES AT YEAR END.

As filed on the 2024 return.

Listed in Part VII

  • Larry Anderson

    DIRECTOR

    Total calculated
    $22,064
    From this org
    $22,064
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Brent Bacon

    SECRETARY/TREASURER

    Total calculated
    $44,595
    From this org
    $44,595
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Scott Christian

    VICE-PRESIDENT

    Total calculated
    $45,822
    From this org
    $45,822
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Mark Finch

    DIRECTOR

    Total calculated
    $24,920
    From this org
    $24,920
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Randall Griswold

    DIRECTOR

    Total calculated
    $26,725
    From this org
    $26,725
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Johnny Harrel

    DIRECTOR

    Total calculated
    $30,091
    From this org
    $30,091
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Emmett Harrison

    DIRECTOR

    Total calculated
    $23,668
    From this org
    $23,668
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Terri Hays

    DIRECTOR

    Total calculated
    $21,999
    From this org
    $21,999
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Gary Jones

    PRESIDENT

    Total calculated
    $43,266
    From this org
    $43,266
    From related orgs
    $0
    Other
    $0
    Hours/week
    17

  • Freddy Ricks

    CEO

    Total calculated
    $334,178
    From this org
    $252,996
    From related orgs
    $0
    Other
    $81,182
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,118
    Bonus
    $11,750
    Other
    $21,128
    Deferred
    $64,850
    Nontaxable benefits
    $16,332
    Filer's total
    $334,178

  • Linda Ray

    CFO

    Total calculated
    $322,094
    From this org
    $204,309
    From related orgs
    $0
    Other
    $117,785
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,770
    Bonus
    $1,750
    Other
    $2,789
    Deferred
    $88,386
    Nontaxable benefits
    $29,399
    Filer's total
    $322,094

  • Benjamin Pigg

    LINEMAN

    Total calculated
    $187,305
    From this org
    $148,536
    From related orgs
    $0
    Other
    $38,769
    Hours/week
    58

    Schedule J breakdown matched by us

    Base
    $146,669
    Bonus
    $1,750
    Other
    $117
    Deferred
    $8,670
    Nontaxable benefits
    $30,099
    Filer's total
    $187,305

  • Shane Mays

    OPERATIONS MANAGER

    Total calculated
    $213,097
    From this org
    $130,143
    From related orgs
    $0
    Other
    $82,954
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,818
    Bonus
    $1,750
    Other
    $575
    Deferred
    $53,555
    Nontaxable benefits
    $29,399
    Filer's total
    $213,097

  • Brandon McCaskill

    LINEMAN

    Total calculated
    $168,002
    From this org
    $129,927
    From related orgs
    $0
    Other
    $38,075
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $128,061
    Bonus
    $1,750
    Other
    $116
    Deferred
    $7,316
    Nontaxable benefits
    $30,759
    Filer's total
    $168,002

  • Dennis Horstman

    METER TECH

    Total calculated
    $192,995
    From this org
    $128,585
    From related orgs
    $0
    Other
    $64,410
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $125,514
    Bonus
    $1,750
    Other
    $1,321
    Deferred
    $33,958
    Nontaxable benefits
    $30,452
    Filer's total
    $192,995

  • David Crull

    LINE SUPERVISOR

    Total calculated
    $244,235
    From this org
    $123,801
    From related orgs
    $0
    Other
    $120,434
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,359
    Bonus
    $1,750
    Other
    $2,692
    Deferred
    $91,655
    Nontaxable benefits
    $28,779
    Filer's total
    $244,235

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 · Compensation committee
  • 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 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. FREDDY RICKS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 55,950 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,900 TOTAL REPORTED IN COLUMN C $ 64,850 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (55,950) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,360 EXPENSE TO THE COOPERATIVE $ 61,260 LINDA RAY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 79,342 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,044 TOTAL REPORTED IN COLUMN C $ 88,386 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (79,342) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 46,431 EXPENSE TO THE COOPERATIVE $ 55,475 DAVID CRULL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 85,881 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,774 TOTAL REPORTED IN COLUMN C $ 91,655 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (85,881) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,075 EXPENSE TO THE COOPERATIVE $ 32,849 SHANE J MAYS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 47,389 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,166 TOTAL REPORTED IN COLUMN C $ 53,555 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (47,389) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,307 EXPENSE TO THE COOPERATIVE $ 35,473 DENNIS HORSTMAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 28,963 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,995 TOTAL REPORTED IN COLUMN C $ 33,958 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (28,963) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,217 EXPENSE TO THE COOPERATIVE $ 25,212 BENJAMIN PIGG: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 5,013 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,657 TOTAL REPORTED IN COLUMN C $ 8,670 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (5,013) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,406 EXPENSE TO THE COOPERATIVE $ 23,063 BRANDON MCCASKILL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 3,896 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,420 TOTAL REPORTED IN COLUMN C $ 7,316 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (3,896) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,307 EXPENSE TO THE COOPERATIVE $ 22,727

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.

  • REC SERVICES INC

    C · PROPANE DISTRIBUTION · OK · 100% owned · share of income $3,436 · share of assets $58,669 · controlled entity

    Directly controlled by RURAL ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2024
Filed
12 November 2025
IRS schema version
2024v5.2
Source object
202523179349309707

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