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Nonprofiteer
← NEW MAC ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by NEW MAC ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$49,072,639
Total expenses
$49,072,639
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$48,559,527
Investment income
$355,126
Other revenue
$157,986
Total assets, end of year
$139,329,756
Total liabilities, end of year
$54,358,411
Net assets or fund balances, end of year
$84,971,345
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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: SALES OF ELECTRICITY

    total $46,913,037 · related or exempt $46,913,037

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $1,628,000 · related or exempt $1,628,000

  • 2c · Program service revenue: SERVICE FEES

    total $18,490 · related or exempt $18,490

  • 3 · Investment income

    total $230,628 · excluded $230,628

  • 6a · Gross rents

    real property $98,678

  • 6c · Rental income or loss

    real property $98,678

  • 6d · Net rental income or loss

    total $98,678 · excluded $98,678

  • 7a · Gross sales of assets other than inventory

    other assets $140,452

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

    other assets $15,954

  • 7c · Gain or loss

    other assets $124,498

  • 7d · Net gain or loss

    total $124,498 · excluded $124,498

  • 10a · Gross sales of inventory

    $502,291

  • 10b · Cost of goods sold

    $444,832

  • 10c · Net income from sales of inventory

    total $57,459 · excluded $57,459

  • 11a · Other revenue: MISC INCOME

    total $1,849 · related or exempt $1,849

  • 11e · Other revenue, total

    $1,849

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $7,806,845

  • 5 · Compensation of officers, directors and key employees

    total $447,783

  • 7 · Other salaries and wages

    total $874,408

  • 20 · Interest

    total $1,783,659

  • 22 · Depreciation, depletion and amortization

    total $3,712,643

  • 24a · Other expenses: COST OF POWER

    total $25,122,153

  • 24b · Other expenses: TRANSMISSION & DISTRIBUTI

    total $7,442,317

  • 24c · Other expenses: CONSUMER EXPENSE

    total $1,629,299

  • 24d · Other expenses: GENERAL & ADMINISTRATIVE

    total $246,467

  • 24e · All other expenses

    total $7,065

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $918,594 · end of year $1,190,800

  • 2 · Savings and temporary cash investments

    beginning of year $8,700,000 · end of year $6,450,000

  • 4 · Accounts receivable

    beginning of year $4,270,586 · end of year $5,724,998

  • 8 · Inventories for sale or use

    beginning of year $1,329,883 · end of year $1,807,977

  • 9 · Prepaid expenses and deferred charges

    beginning of year $402,595 · end of year $471,233

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

    $133,336,603

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

    $35,552,136

  • 10c · Land, buildings and equipment, net

    beginning of year $94,922,641 · end of year $97,784,467

  • 13 · Investments: program-related

    beginning of year $24,306,449 · end of year $25,481,316

  • 15 · Other assets

    beginning of year $444,049 · end of year $418,965

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,424,399 · end of year $7,467,411

  • 23 · Secured mortgages and notes payable

    beginning of year $47,895,792 · end of year $45,236,411

  • 25 · Other liabilities

    beginning of year $1,819,853 · end of year $1,654,589

  • 29 · Capital stock, trust principal or current funds

    beginning of year $327,105 · end of year $332,735

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $1,258,190 · end of year $1,525,233

  • 31 · Retained earnings, endowment or other funds

    beginning of year $77,569,458 · end of year $83,113,377

Mission and programs · 2022

Mission

TO PROVIDE ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.

  • PROVIDED ELECTRICITY TO OUR MEMBERS - 19,090 ACTIVE SERVICES AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.

As filed on the 2022 return.

Listed in Part VII

  • Stanley Irsik

    CEO/GM

    Total calculated
    $277,684
    From this org
    $205,121
    From related orgs
    $0
    Other
    $72,563
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,815
    Bonus
    not reported
    Other
    $6,306
    Deferred
    $31,172
    Nontaxable benefits
    $41,391
    Filer's total
    $277,684

  • Bobby Harris

    LINEMAN

    Total calculated
    $200,610
    From this org
    $164,635
    From related orgs
    $0
    Other
    $35,975
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $163,957
    Bonus
    not reported
    Other
    $678
    Deferred
    $15,317
    Nontaxable benefits
    $20,658
    Filer's total
    $200,610

  • Kenneth Hickman

    LINEMAN

    Total calculated
    $170,727
    From this org
    $137,823
    From related orgs
    $0
    Other
    $32,904
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $137,582
    Bonus
    not reported
    Other
    $241
    Deferred
    $12,267
    Nontaxable benefits
    $20,637
    Filer's total
    $170,727

  • Darren Pierce

    LINEMAN

    Total calculated
    $169,246
    From this org
    $135,070
    From related orgs
    $0
    Other
    $34,176
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $134,733
    Bonus
    not reported
    Other
    $337
    Deferred
    $13,651
    Nontaxable benefits
    $20,525
    Filer's total
    $169,246

  • Brandon Bettels

    LINEMAN

    Total calculated
    $167,139
    From this org
    $132,413
    From related orgs
    $0
    Other
    $34,726
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $132,281
    Bonus
    not reported
    Other
    $132
    Deferred
    $14,206
    Nontaxable benefits
    $20,520
    Filer's total
    $167,139

  • Donald Crites

    SYSTEM ENGIN

    Total calculated
    $166,687
    From this org
    $114,670
    From related orgs
    $0
    Other
    $52,017
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,739
    Bonus
    not reported
    Other
    $931
    Deferred
    $14,973
    Nontaxable benefits
    $37,044
    Filer's total
    $166,687

  • Albert Kennedy

    DIRECTOR

    Total calculated
    $44,551
    From this org
    $44,551
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Maurice Mailes

    DIRECTOR

    Total calculated
    $43,554
    From this org
    $43,554
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Jason Ruddick

    DIRECTOR

    Total calculated
    $36,725
    From this org
    $36,725
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Bruce Youngblood

    DIRECTOR

    Total calculated
    $20,936
    From this org
    $20,936
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Paul Sprenkle

    DIRECTOR

    Total calculated
    $8,771
    From this org
    $8,771
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Tim Short

    DIRECTOR

    Total calculated
    $4,951
    From this org
    $4,951
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Billy White

    PRESIDENT

    Total calculated
    $4,195
    From this org
    $4,195
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Jamey Cope

    DIRECTOR

    Total calculated
    $3,818
    From this org
    $3,818
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Linda Poor

    DIRECTOR

    Total calculated
    $2,597
    From this org
    $2,597
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
8 September 2023
IRS schema version
2022v5.0
Source object
202332689349300783

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