Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $16,980,059 · related or exempt $16,980,059

• 2b · Program service revenue: SERVICE FEES

  total $147,425 · related or exempt $147,425

• 2c · Program service revenue: OTHER ELECTRIC PROGRAM INCOME

  total $62,965 · related or exempt $62,965

• 2d · Program service revenue: PATRONAGE DIVIDENDS

  total $53,314 · related or exempt $53,314

• 3 · Investment income

  total $43,273 · excluded $43,273

• 6a · Gross rents

  real property $5,400

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $5,400

• 6d · Net rental income or loss

  total $5,400 · excluded $5,400

• 7a · Gross sales of assets other than inventory

  other assets $33,250

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

  other assets $0

• 7c · Gain or loss

  other assets $33,250

• 7d · Net gain or loss

  total $33,250 · related or exempt $33,250

• 10a · Gross sales of inventory

  $1,352

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $1,352 · related or exempt $1,352

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $4,525

• 4 · Benefits paid to or for members

  total $495,485

• 5 · Compensation of officers, directors and key employees

  total $420,806

• 7 · Other salaries and wages

  total $1,064,182

• 8 · Pension plan contributions

  total $187,120

• 9 · Other employee benefits

  total $268,682

• 10 · Payroll taxes

  total $160,051

• 20 · Interest

  total $237,672

• 22 · Depreciation, depletion and amortization

  total $1,182,181

• 24a · Other expenses: PURCHASED POWER

  total $11,905,140

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $982,605

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $362,709

• 24d · Other expenses: CONSUMER EXPENSE

  total $55,880

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,626,737 · end of year $1,237,506

• 2 · Savings and temporary cash investments

  beginning of year $303,992 · end of year $372,001

• 4 · Accounts receivable

  beginning of year $1,022,976 · end of year $1,854,792

• 8 · Inventories for sale or use

  beginning of year $375,605 · end of year $562,618

• 9 · Prepaid expenses and deferred charges

  beginning of year $183,481 · end of year $133,987

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

  $38,945,391

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

  $15,692,491

• 10c · Land, buildings and equipment, net

  beginning of year $22,898,440 · end of year $23,252,900

• 12 · Investments: other securities

  beginning of year $4,167,509 · end of year $3,193,043

• 13 · Investments: program-related

  beginning of year $9,300,773 · end of year $9,602,752

• 15 · Other assets

  beginning of year $467,391 · end of year $557,908

• 17 · Accounts payable and accrued expenses

  beginning of year $1,292,666 · end of year $2,126,982

• 21 · Escrow or custodial account liability

  beginning of year $26,481 · end of year $236,897

• 23 · Secured mortgages and notes payable

  beginning of year $4,043,174 · end of year $6,377,680

• 25 · Other liabilities

  beginning of year $4,933,984 · end of year $2,461,979

• 29 · Capital stock, trust principal or current funds

  beginning of year $57,895 · end of year $58,605

• 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 $29,992,704 · end of year $29,505,364

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, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. 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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. KENDALL MONTGOMERY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 64,488 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,000 TOTAL REPORTED IN COLUMN C $ 67,488 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (64,488) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 36,699 EXPENSE TO THE COOPERATIVE $ 39,699

Related corporations and trusts

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

• FORT BELKNAP SERVICES CORPORATION AND SUBSIDIARY

  C · SURVEYING MAPS AND RIGHTS OF WAY · TX · 99.6% owned · share of income $4,169,789 · share of assets $3,669,352 · controlled entity

  Directly controlled by FORT BELKNAP ELECTRIC COOPERATIVE INC