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Nonprofiteer
← CONCHO VALLEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by CONCHO VALLEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$52,841,209
Total expenses
$52,841,209
Contributions and grants received
$0
Grants paid
$27,383
Program service revenue
$52,673,757
Investment income
$47,482
Other revenue
$119,970
Total assets, end of year
$144,391,966
Total liabilities, end of year
$83,821,540
Net assets or fund balances, end of year
$60,570,426
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 $51,968,796 · related or exempt $51,968,796

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $360,296 · related or exempt $360,296

  • 2c · Program service revenue: SERVICE FEES

    total $330,461 · related or exempt $330,461

  • 2d · Program service revenue: SALES OF BROADBAND INTERNET

    total $14,204 · related or exempt $14,204

  • 3 · Investment income

    total $47,482 · excluded $47,482

  • 6a · Gross rents

    personal property $40,155

  • 6b · Less rental expenses

    personal property $9,889

  • 6c · Rental income or loss

    personal property $30,266

  • 6d · Net rental income or loss

    total $30,266 · unrelated business $30,266

  • 10a · Gross sales of inventory

    $171,494

  • 10b · Cost of goods sold

    $147,765

  • 10c · Net income from sales of inventory

    total $23,729 · related or exempt $23,729

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $57,843 · excluded $57,843

  • 11b · Other revenue: MISCELLANEOU NON-OPERATING INCOME

    total $8,132 · related or exempt $8,132

  • 11e · Other revenue, total

    $65,975

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $27,383

  • 4 · Benefits paid to or for members

    total $3,011,956

  • 5 · Compensation of officers, directors and key employees

    total $662,865

  • 7 · Other salaries and wages

    total $3,260,982

  • 8 · Pension plan contributions

    total $612,289

  • 9 · Other employee benefits

    total $1,051,917

  • 10 · Payroll taxes

    total $269,294

  • 20 · Interest

    total $2,447,442

  • 22 · Depreciation, depletion and amortization

    total $3,881,857

  • 24a · Other expenses: PURCHASED POWER

    total $33,766,559

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $1,902,790

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $899,750

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

    total $5,639

  • 24e · All other expenses

    total $1,040,486

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,054,490 · end of year $1,651,707

  • 4 · Accounts receivable

    beginning of year $2,033,726 · end of year $9,074,297

  • 8 · Inventories for sale or use

    beginning of year $2,512,779 · end of year $5,118,141

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,313,285 · end of year $682,642

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

    $145,519,643

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

    $45,785,913

  • 10c · Land, buildings and equipment, net

    beginning of year $88,802,271 · end of year $99,733,730

  • 13 · Investments: program-related

    beginning of year $26,820,613 · end of year $26,329,808

  • 15 · Other assets

    beginning of year $1,468,183 · end of year $1,801,641

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,383,950 · end of year $12,474,467

  • 21 · Escrow or custodial account liability

    beginning of year $319,074 · end of year $303,592

  • 23 · Secured mortgages and notes payable

    beginning of year $59,600,237 · end of year $67,991,341

  • 25 · Other liabilities

    beginning of year $3,389,370 · end of year $3,052,140

  • 29 · Capital stock, trust principal or current funds

    beginning of year $178,200 · end of year $182,960

  • 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 $59,134,516 · end of year $60,387,466

Mission and programs · 2022

Mission

CONCHO VALLEY ELECTRIC COOPERATIVE, INC. DEDICATES ITSELF TO THE IMPROVEMENT OF ITS MEMBERS' LIFESTYLE AND THE ECONOMIC ENVRIONMENT OF ITS SERVICE AREA. THE COOPERATIVE IS COMMITTED TO PROVIDING SAFE, RELIABLE ELECTRIC SERVICE AT THE LOWEST PRACTICAL COST AND TO MEETING THE CHANGING NEEDS OF ITS MEMBERSHIP WITH A WELL TRAINED, QUALITY WORK FORCE AND WITH THE USE OF SOUND BUSINESS PRACTICES.

Activities or mission (Part I)

TO PROVIDE ELECTRIC ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.

  • ELECTRIC DIVISION:SALES OF ELECTRIC POWER TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 15,832 ACTIVE SERVICES AT YEAR END.

  • BROADBAND DIVISION:SALES OF FIBER BASED BROADBAND INTERNET SERVICES TO MEMBERS ON A COOPERATIVE BASIS. WHEN CUMULATIVE NET MARGINS DERIVED FROM MEMBER SALES OF BROADBAND INTERNET SERVICES EXCEED CUMULATIVE NET LOSSES FROM SUCH SALES, THE COOPERATIVE WILL ALLOCATE PATRONAGE CAPITAL TO THE MEMBER SUBSCRIBERS OF THIS DIVISION. THERE WERE 196 BROADBAND SUBSCRIBERS AT YEAR END.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • DARYL SCHNIERS

    DIRECTOR

    Total calculated
    $5,200
    From this org
    $5,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2

  • THOMAS CARTER

    SECRETARY/TREASURER

    Total calculated
    $2,200
    From this org
    $2,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    17.1

  • LARRY W KLATTENHOFF

    VICE-PRESIDENT

    Total calculated
    $2,400
    From this org
    $2,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.4

  • JEFF COPELAND

    PRESIDENT

    Total calculated
    $3,500
    From this org
    $3,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    17.7

  • RALPH WILLBERG

    DIRECTOR

    Total calculated
    $2,400
    From this org
    $2,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.1

  • DAVID KEMPEN

    DIRECTOR

    Total calculated
    $5,200
    From this org
    $5,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

  • WILL WIGGINS

    DIRECTOR

    Total calculated
    $3,400
    From this org
    $3,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6

  • KELLY LANKFORD

    EXECUTIVE VP/CEO

    Total calculated
    $419,337
    From this org
    $279,853
    From related orgs
    $0
    Other
    $139,484
    Hours/week
    43.6

    Schedule J breakdown matched by us

    Base
    $259,159
    Bonus
    $0
    Other
    $20,694
    Deferred
    $125,169
    Nontaxable benefits
    $14,315
    Filer's total
    $419,337

  • DUSTIN BROWN

    DIRECTOR OF ENGINEERING & OPERATIONS

    Total calculated
    $219,228
    From this org
    $152,412
    From related orgs
    $0
    Other
    $66,816
    Hours/week
    42.3

    Schedule J breakdown matched by us

    Base
    $151,015
    Bonus
    $0
    Other
    $1,397
    Deferred
    $41,314
    Nontaxable benefits
    $25,502
    Filer's total
    $219,228

  • DAVID WATSON

    DIRECTOR OF OFFICE SERVICE

    Total calculated
    $225,674
    From this org
    $128,862
    From related orgs
    $0
    Other
    $96,812
    Hours/week
    41.6

    Schedule J breakdown matched by us

    Base
    $126,752
    Bonus
    $0
    Other
    $2,110
    Deferred
    $68,896
    Nontaxable benefits
    $27,916
    Filer's total
    $225,674

  • JONATHAN CUTRER

    DIRECTOR OF INFORMATION TECHNOLOGY

    Total calculated
    $198,149
    From this org
    $126,859
    From related orgs
    $0
    Other
    $71,290
    Hours/week
    40.9

    Schedule J breakdown matched by us

    Base
    $125,242
    Bonus
    $0
    Other
    $1,617
    Deferred
    $45,511
    Nontaxable benefits
    $25,779
    Filer's total
    $198,149

  • TERRY WARD

    ENGINEERING FOREMAN

    Total calculated
    $192,934
    From this org
    $124,091
    From related orgs
    $0
    Other
    $68,843
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $121,514
    Bonus
    $0
    Other
    $2,577
    Deferred
    $48,471
    Nontaxable benefits
    $20,372
    Filer's total
    $192,934

  • BUSTER MATHENY

    LINE SUPERINTENDENT

    Total calculated
    $180,319
    From this org
    $121,683
    From related orgs
    $0
    Other
    $58,636
    Hours/week
    43.3

    Schedule J breakdown matched by us

    Base
    $120,478
    Bonus
    $0
    Other
    $1,205
    Deferred
    $33,757
    Nontaxable benefits
    $24,879
    Filer's total
    $180,319

  • KEVIN GOSSETT

    LEAD SERVICMAN

    Total calculated
    $179,053
    From this org
    $118,442
    From related orgs
    $0
    Other
    $60,611
    Hours/week
    49.2

    Schedule J breakdown matched by us

    Base
    $117,867
    Bonus
    $0
    Other
    $575
    Deferred
    $34,065
    Nontaxable benefits
    $26,546
    Filer's total
    $179,053

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

  • 1a · Health or social club dues or initiation fees
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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. 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. KELLY LANKFORD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $117,369 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,800 TOTAL REPORTED IN COLUMN C $125,169 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (117,369) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 85,880 EXPENSE TO THE COOPERATIVE $ 93,680 DAVID WATSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 64,853 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,043 TOTAL REPORTED IN COLUMN C $ 68,896 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (64,853) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 43,927 EXPENSE TO THE COOPERATIVE $ 47,970 DUSTIN BROWN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,625 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,689 TOTAL REPORTED IN COLUMN C $ 41,314 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,625) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 51,312 EXPENSE TO THE COOPERATIVE $ 56,001 JONATHAN CUTRER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 41,576 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,935 TOTAL REPORTED IN COLUMN C $ 45,511 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (41,576) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,531 EXPENSE TO THE COOPERATIVE $ 46,466 TERRY WARD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,312 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,159 TOTAL REPORTED IN COLUMN C $ 48,471 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,312) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,550 EXPENSE TO THE COOPERATIVE $ 37,709 BUSTER MATHENY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,420 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,337 TOTAL REPORTED IN COLUMN C $ 33,757 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,420) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 36,622 EXPENSE TO THE COOPERATIVE $ 39,959 KEVIN GOSSETT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,274 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,791 TOTAL REPORTED IN COLUMN C $ 34,065 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,274) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,506 EXPENSE TO THE COOPERATIVE $ 33,297

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
13 November 2023
IRS schema version
2022v5.0
Source object
202333199349317273

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