Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $34,139,013 · related or exempt $34,139,013

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $452,122 · related or exempt $452,122

• 2c · Program service revenue: SERVICE & OTHER FEES

  total $177,667 · related or exempt $177,667

• 3 · Investment income

  total $82,949 · excluded $82,949

• 6a · Gross rents

  real property $63,984 · personal property $1,560

• 6b · Less rental expenses

  real property $0 · personal property $1,000

• 6c · Rental income or loss

  real property $63,984 · personal property $560

• 6d · Net rental income or loss

  total $64,544 · related or exempt $63,984 · unrelated business $560

• 7a · Gross sales of assets other than inventory

  other assets $27,985

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

  other assets $245

• 7c · Gain or loss

  other assets $27,740

• 7d · Net gain or loss

  total $27,740 · related or exempt $27,740

• 10a · Gross sales of inventory

  $150

• 10b · Cost of goods sold

  $254

• 10c · Net income from sales of inventory

  total -$104 · related or exempt -$104

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $214,960 · excluded $214,960

• 11b · Other revenue: PPP LOAN FORGIVENESS

  total $95,570 · excluded $95,570

• 11e · Other revenue, total

  $310,530

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $20,025

• 4 · Benefits paid to or for members

  total $2,437,413

• 5 · Compensation of officers, directors and key employees

  total $666,716

• 7 · Other salaries and wages

  total $2,618,357

• 8 · Pension plan contributions

  total $401,557

• 9 · Other employee benefits

  total $612,256

• 10 · Payroll taxes

  total $186,195

• 20 · Interest

  total $2,704,270

• 22 · Depreciation, depletion and amortization

  total $4,305,816

• 24a · Other expenses: PURCHASED POWER

  total $16,137,944

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $2,817,853

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $1,507,911

• 24d · Other expenses: CONSUMER EXPENSES

  total $727,659

• 24e · All other expenses

  total $111,032

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,898,828 · end of year $626,384

• 2 · Savings and temporary cash investments

  beginning of year $11,458,258 · end of year $8,121,336

• 4 · Accounts receivable

  beginning of year $998,944 · end of year $1,225,335

• 8 · Inventories for sale or use

  beginning of year $628,911 · end of year $1,847,705

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,817,201 · end of year $1,724,842

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

  $144,595,626

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

  $48,217,800

• 10c · Land, buildings and equipment, net

  beginning of year $94,551,438 · end of year $96,377,826

• 13 · Investments: program-related

  beginning of year $14,782,416 · end of year $14,745,058

• 15 · Other assets

  beginning of year $3,015,756 · end of year $3,509,572

• 17 · Accounts payable and accrued expenses

  beginning of year $3,658,581 · end of year $3,576,451

• 23 · Secured mortgages and notes payable

  beginning of year $79,956,395 · end of year $78,778,515

• 25 · Other liabilities

  beginning of year $5,249,298 · end of year $4,930,458

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 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 $40,287,478 · end of year $40,892,634

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - THE COOPERATIVE MAY, LIMITED TO ONCE ANNUALLY, REIMBURSE TRUSTEES AND THE GENERAL MANAGER THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL, APPROVED, BUSINESS OF THE COOPERATIVE. REIMBURSABLE COSTS INCLUDE TRAVEL AND MEAL ALLOWANCES. SINCE THE COOPERATIVE CONSIDERS THE REIMBURSEMENT TO BE CONSISTENT TO A BONA FIDE BUSINESS PURPOSE, SUCH REIMBURSEMENTS ARE TREATED AS EXPENSES EXCLUDED FROM REPORTABLE COMPENSATION. DURING THE YEAR, NO INDIVIDUALS REPORTED ON FORM 990, PART VII RECEIVED THIS BENEFIT. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES - THE COOPERATIVE PAYS A PORTION OF GYM MEMBERSHIPS FOR EMPLOYEES AND THEIR SPOUSES.

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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. MARIO ROMERO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 74,765 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,439 TOTAL REPORTED IN COLUMN C $ 83,204 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (74,765) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 44,959 EXPENSE TO THE COOPERATIVE $ 53,398 DAMON MAREZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $116,297 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,726 TOTAL REPORTED IN COLUMN C $122,023 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (116,297) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,685 EXPENSE TO THE COOPERATIVE $ 36,411 WILBURN RUSH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 92,542 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,396 TOTAL REPORTED IN COLUMN C $ 96,938 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (92,542) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,127 EXPENSE TO THE COOPERATIVE $ 26,523 MARK MARTIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,822 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,418 TOTAL REPORTED IN COLUMN C $ 62,240 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,822) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,509 EXPENSE TO THE COOPERATIVE $ 27,927 JULIA WALKER-GRINDER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 28,282 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,285 TOTAL REPORTED IN COLUMN C $ 33,567 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (28,282) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,137 EXPENSE TO THE COOPERATIVE $ 33,422 MATTHEW CHAVEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 19,453 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,487 TOTAL REPORTED IN COLUMN C $ 22,940 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (19,453) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 18,626 EXPENSE TO THE COOPERATIVE $ 22,113 CHRISTOFER HUGHES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 15,152 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,264 TOTAL REPORTED IN COLUMN C $ 18,416 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (15,152) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 16,868 EXPENSE TO THE COOPERATIVE $ 20,132