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Nonprofiteer
← NEW MAC ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by NEW MAC ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$48,049,781
Total expenses
$48,049,781
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$47,519,981
Investment income
$349,181
Other revenue
$180,619
Total assets, end of year
$138,887,124
Total liabilities, end of year
$51,374,897
Net assets or fund balances, end of year
$87,512,227
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 $45,359,807 · related or exempt $45,359,807

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $2,155,796 · related or exempt $2,155,796

  • 2c · Program service revenue: SERVICE FEES

    total $4,378 · related or exempt $4,378

  • 3 · Investment income

    total $350,562 · excluded $350,562

  • 6a · Gross rents

    real property $98,288

  • 6c · Rental income or loss

    real property $98,288

  • 6d · Net rental income or loss

    total $98,288 · excluded $98,288

  • 7a · Gross sales of assets other than inventory

    other assets $568

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

    other assets $1,949

  • 7c · Gain or loss

    other assets -$1,381

  • 7d · Net gain or loss

    total -$1,381 · excluded -$1,381

  • 10a · Gross sales of inventory

    $540,296

  • 10b · Cost of goods sold

    $458,099

  • 10c · Net income from sales of inventory

    total $82,197 · excluded $82,197

  • 11a · Other revenue: MISC INCOME

    total $134 · related or exempt $134

  • 11e · Other revenue, total

    $134

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,565,084

  • 5 · Compensation of officers, directors and key employees

    total $374,552

  • 7 · Other salaries and wages

    total $923,854

  • 20 · Interest

    total $1,685,240

  • 22 · Depreciation, depletion and amortization

    total $4,233,641

  • 24a · Other expenses: COST OF POWER

    total $25,625,955

  • 24b · Other expenses: TRANSMISSION & DISTRIBUTI

    total $8,567,245

  • 24c · Other expenses: CONSUMER EXPENSE

    total $1,760,313

  • 24d · Other expenses: GENERAL & ADMINISTRATIVE

    total $307,332

  • 24e · All other expenses

    total $6,565

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,190,800 · end of year $931,977

  • 2 · Savings and temporary cash investments

    beginning of year $6,450,000 · end of year $2,000,000

  • 4 · Accounts receivable

    beginning of year $5,724,998 · end of year $5,066,462

  • 8 · Inventories for sale or use

    beginning of year $1,807,977 · end of year $1,726,722

  • 9 · Prepaid expenses and deferred charges

    beginning of year $471,233 · end of year $511,483

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

    $139,536,804

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

    $38,565,067

  • 10c · Land, buildings and equipment, net

    beginning of year $97,784,467 · end of year $100,971,737

  • 13 · Investments: program-related

    beginning of year $25,481,316 · end of year $27,280,514

  • 15 · Other assets

    beginning of year $418,965 · end of year $398,229

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,467,411 · end of year $7,018,449

  • 23 · Secured mortgages and notes payable

    beginning of year $45,236,411 · end of year $42,772,240

  • 25 · Other liabilities

    beginning of year $1,654,589 · end of year $1,584,208

  • 29 · Capital stock, trust principal or current funds

    beginning of year $332,735 · end of year $337,675

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

    beginning of year $1,525,233 · end of year $1,823,137

  • 31 · Retained earnings, endowment or other funds

    beginning of year $83,113,377 · end of year $85,351,415

Mission and programs · 2023

Mission

TO PROVIDE ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.

  • PROVIDED ELECTRICITY TO OUR MEMBERS - 19,367 ACTIVE SERVICES AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.

As filed on the 2023 return.

Listed in Part VII

  • Stanley Irsik

    CEO/GM

    Total calculated
    $300,881
    From this org
    $227,641
    From related orgs
    $0
    Other
    $73,240
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $219,992
    Bonus
    not reported
    Other
    $7,649
    Deferred
    $34,424
    Nontaxable benefits
    $38,816
    Filer's total
    $300,881

  • Bobby Harris

    LINEMAN

    Total calculated
    $202,566
    From this org
    $165,885
    From related orgs
    $0
    Other
    $36,681
    Hours/week
    59

    Schedule J breakdown matched by us

    Base
    $164,745
    Bonus
    not reported
    Other
    $1,140
    Deferred
    $16,012
    Nontaxable benefits
    $20,669
    Filer's total
    $202,566

  • Kenneth Hickman

    LINEMAN

    Total calculated
    $184,039
    From this org
    $150,675
    From related orgs
    $0
    Other
    $33,364
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $150,416
    Bonus
    not reported
    Other
    $259
    Deferred
    $12,717
    Nontaxable benefits
    $20,647
    Filer's total
    $184,039

  • Brandon Bettels

    LINEMAN

    Total calculated
    $182,151
    From this org
    $146,551
    From related orgs
    $0
    Other
    $35,600
    Hours/week
    56

    Schedule J breakdown matched by us

    Base
    $146,411
    Bonus
    not reported
    Other
    $140
    Deferred
    $15,074
    Nontaxable benefits
    $20,526
    Filer's total
    $182,151

  • Anthony Harvey

    LINEMAN

    Total calculated
    $178,643
    From this org
    $142,423
    From related orgs
    $0
    Other
    $36,220
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $141,680
    Bonus
    not reported
    Other
    $743
    Deferred
    $15,551
    Nontaxable benefits
    $20,669
    Filer's total
    $178,643

  • Cade Cornett

    LINEMAN

    Total calculated
    $176,455
    From this org
    $141,221
    From related orgs
    $0
    Other
    $35,234
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $141,127
    Bonus
    not reported
    Other
    $94
    Deferred
    $14,712
    Nontaxable benefits
    $20,522
    Filer's total
    $176,455

  • Paul Sprenkle

    DIRECTOR

    Total calculated
    $11,542
    From this org
    $11,542
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Maurice Mailes

    DIRECTOR

    Total calculated
    $9,276
    From this org
    $9,276
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Albert Kennedy

    DIRECTOR

    Total calculated
    $9,156
    From this org
    $9,156
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tim Short

    DIRECTOR

    Total calculated
    $8,428
    From this org
    $8,428
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jason Ruddick

    DIRECTOR

    Total calculated
    $7,974
    From this org
    $7,974
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bruce Youngblood

    DIRECTOR

    Total calculated
    $7,514
    From this org
    $7,514
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jamey Cope

    DIRECTOR

    Total calculated
    $7,164
    From this org
    $7,164
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Billy White

    PRESIDENT

    Total calculated
    $7,070
    From this org
    $7,070
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Linda Poor

    DIRECTOR

    Total calculated
    $4,545
    From this org
    $4,545
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Richard Levens

    DIRECTOR

    Total calculated
    $1,002
    From this org
    $1,002
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

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
2023
Filed
13 June 2024
IRS schema version
2023v5.0
Source object
202411849349300911

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