Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $26,590,357 · related or exempt $26,590,357

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $945,400 · related or exempt $945,400

• 2c · Program service revenue: SERVICE FEES

  total $78,193 · related or exempt $78,193

• 3 · Investment income

  total $23,094 · excluded $23,094

• 6a · Gross rents

  real property $12,000 · personal property $1,500

• 6b · Less rental expenses

  real property $4,004 · personal property $0

• 6c · Rental income or loss

  real property $7,996 · personal property $1,500

• 6d · Net rental income or loss

  total $9,496 · unrelated business $9,496

• 7a · Gross sales of assets other than inventory

  other assets $47,362

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

  other assets $0

• 7c · Gain or loss

  other assets $47,362

• 7d · Net gain or loss

  total $47,362 · related or exempt $47,362

• 11a · Other revenue: INTERNET MARKETING

  total $37,606 · unrelated business $37,606

• 11b · Other revenue: POLE ATTACHMENT INCOME

  total $6,228 · excluded $6,228

• 11e · Other revenue, total

  $43,834

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $27,807

• 4 · Benefits paid to or for members

  total $1,468,375

• 5 · Compensation of officers, directors and key employees

  total $656,185

• 7 · Other salaries and wages

  total $1,984,452

• 8 · Pension plan contributions

  total $451,753

• 9 · Other employee benefits

  total $190,790

• 10 · Payroll taxes

  total $129,995

• 20 · Interest

  total $1,223,808

• 22 · Depreciation, depletion and amortization

  total $1,442,019

• 24a · Other expenses: PURCHASED POWER

  total $18,002,438

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $1,910,207

• 24c · Other expenses: ADMINISTRATIVE & GENERA

  total $168,452

• 24d · Other expenses: UNRELATED BUS. INC. TAX

  total $8,660

• 24e · All other expenses

  total $84,716

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $309,284 · end of year $361,970

• 2 · Savings and temporary cash investments

  beginning of year $883,376 · end of year $123,095

• 4 · Accounts receivable

  beginning of year $2,181,296 · end of year $2,476,957

• 8 · Inventories for sale or use

  beginning of year $191,325 · end of year $172,667

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,114,670 · end of year $947,411

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

  $56,656,896

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

  $15,379,169

• 10c · Land, buildings and equipment, net

  beginning of year $39,902,349 · end of year $41,277,727

• 13 · Investments: program-related

  beginning of year $17,217,310 · end of year $17,674,731

• 15 · Other assets

  beginning of year $279,844 · end of year $268,617

• 17 · Accounts payable and accrued expenses

  beginning of year $1,866,220 · end of year $3,642,716

• 23 · Secured mortgages and notes payable

  beginning of year $29,783,904 · end of year $31,354,191

• 25 · Other liabilities

  beginning of year $217,182 · end of year $224,911

• 29 · Capital stock, trust principal or current funds

  beginning of year $10,590 · end of year $10,785

• 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 $30,201,558 · end of year $28,070,572

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE DIRECTORS FOR THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER FOR ATTENDING ONE MEETING PER CALENDAR YEAR. NO INDIVIDUALS REPORTED ON FORM 990, PART VII RECEIVED THIS BENEFIT DURING THE YEAR.

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. RANDY WHITE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $107,909 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,950 TOTAL REPORTED IN COLUMN C $112,859 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (107,909) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 58,001 EXPENSE TO THE COOPERATIVE $ 62,951 RICKY BOND: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 60,273 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,510 TOTAL REPORTED IN COLUMN C $ 63,783 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (60,273) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 49,913 EXPENSE TO THE COOPERATIVE $ 53,423 DEBRA BELEW: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ (0) EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,183 TOTAL REPORTED IN COLUMN C $ 3,183 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,258 EXPENSE TO THE COOPERATIVE $ 48,441 MARK LEMONS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 40,689 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,183 TOTAL REPORTED IN COLUMN C $ 43,872 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,689) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,258 EXPENSE TO THE COOPERATIVE $ 48,441 JAMES JOHNSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,562 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,522 TOTAL REPORTED IN COLUMN C $ 34,084 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,562) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,854 EXPENSE TO THE COOPERATIVE $ 38,376

Related corporations and trusts

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

• G & L UTILITY SERVICES INC

  C · NATURAL GAS DISTRIBUTION · TX · 100% owned · share of income $2,140,646 · share of assets $8,044,866 · controlled entity

  Directly controlled by GREENBELT ELECTRIC COOPERATIVE INC