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← MISSOULA ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by MISSOULA ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$28,199,178
Total expenses
$27,125,186
Contributions and grants received
$0
Grants paid
$27,398
Program service revenue
$26,480,461
Investment income
$593,221
Other revenue
$1,125,496
Total assets, end of year
$81,628,275
Total liabilities, end of year
$43,740,329
Net assets or fund balances, end of year
$37,887,946
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: Member power sales

    total $26,291,505 · related or exempt $26,291,505

  • 2b · Program service revenue: Other operating revenu

    total $188,956 · related or exempt $188,956

  • 3 · Investment income

    total $579,072 · related or exempt $438,579 · excluded $140,493

  • 6a · Gross rents

    real property $62,960

  • 6c · Rental income or loss

    real property $62,960

  • 6d · Net rental income or loss

    total $62,960 · excluded $62,960

  • 7a · Gross sales of assets other than inventory

    securities $22,995

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

    securities $8,846

  • 7c · Gain or loss

    securities $14,149

  • 7d · Net gain or loss

    total $14,149 · related or exempt $14,149

  • 8c · Net income from fundraising events

    total $0

  • 11a · Other revenue: Equity in sub income

    total $1,073,824 · unrelated business $1,073,824

  • 11b · Other revenue: other non-op income

    total -$11,288 · related or exempt -$11,288

  • 11e · Other revenue, total

    $1,062,536

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $27,398

  • 4 · Benefits paid to or for members

    total $1,231,670

  • 5 · Compensation of officers, directors and key employees

    total $1,505,503

  • 7 · Other salaries and wages

    total $3,731,670

  • 8 · Pension plan contributions

    total $1,170,327

  • 10 · Payroll taxes

    total $477,909

  • 11b · Fees: legal

    total $5,708

  • 11c · Fees: accounting

    total $20,000

  • 12 · Advertising and promotion

    total $139,323

  • 13 · Office expenses

    total $64,506

  • 14 · Information technology

    total $96,270

  • 16 · Occupancy

    total $96,229

  • 17 · Travel

    total $27,476

  • 19 · Conferences, conventions and meetings

    total $118,163

  • 20 · Interest

    total $1,262,122

  • 22 · Depreciation, depletion and amortization

    total $3,019,481

  • 23 · Insurance

    total $236,861

  • 24a · Other expenses: Cost of power

    total $12,236,764 · program services $12,236,764

  • 24b · Other expenses: Distribution - operations

    total $3,432,227 · program services $3,432,227

  • 24c · Other expenses: distribution - maintenance

    total $2,448,537 · program services $2,448,537

  • 24e · All other expenses

    total -$4,222,958

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $199,509 · end of year $190,753

  • 4 · Accounts receivable

    beginning of year $2,656,395 · end of year $4,454,954

  • 8 · Inventories for sale or use

    beginning of year $3,586,274 · end of year $3,323,047

  • 9 · Prepaid expenses and deferred charges

    beginning of year $801,188 · end of year $714,081

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

    $110,228,453

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

    $46,542,939

  • 10c · Land, buildings and equipment, net

    beginning of year $62,297,513 · end of year $63,685,514

  • 12 · Investments: other securities

    beginning of year $3,030,985 · end of year $3,367,923

  • 13 · Investments: program-related

    beginning of year $5,696,089 · end of year $5,892,003

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,371,600 · end of year $4,556,026

  • 23 · Secured mortgages and notes payable

    beginning of year $30,550,098 · end of year $31,264,575

  • 24 · Unsecured notes and loans payable

    beginning of year $614,247 · end of year $3,051,889

  • 25 · Other liabilities

    beginning of year $4,918,054 · end of year $4,867,839

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

    beginning of year $10,399,048 · end of year $11,625,840

  • 31 · Retained earnings, endowment or other funds

    beginning of year $26,414,906 · end of year $26,262,106

Mission and programs · 2024

Mission

Missoula Electric Cooperative, Inc. strives to uphold a commitment to service excellence, while delivering safe, affordable and reliable electricty to its members.

  • The Cooperative provides electric service to approximately 13,750 in Montana (six counties) and Idaho (one county).

As filed on the 2024 return.

Listed in Part VII

  • Mark Hayden

    General Manager

    Total calculated
    $474,810
    From this org
    $343,381
    From related orgs
    $0
    Other
    $131,429
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $310,590
    Bonus
    $20,000
    Other
    $12,791
    Deferred
    $109,359
    Nontaxable benefits
    $22,070
    Filer's total
    $474,810

  • Keelie Montalban

    Assistant GM & CRO

    Total calculated
    $251,823
    From this org
    $163,617
    From related orgs
    $0
    Other
    $88,206
    Hours/week
    34

    Schedule J breakdown matched by us

    Base
    $146,517
    Bonus
    $17,000
    Other
    $100
    Deferred
    $57,328
    Nontaxable benefits
    $30,878
    Filer's total
    $251,823

  • Nicholas Labbe

    Director of Operations

    Total calculated
    $244,540
    From this org
    $162,723
    From related orgs
    $0
    Other
    $81,817
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,923
    Bonus
    $8,500
    Other
    $300
    Deferred
    $50,939
    Nontaxable benefits
    $30,878
    Filer's total
    $244,540

  • Maxwell Bean

    Journeyman Lineman

    Total calculated
    $227,042
    From this org
    $178,962
    From related orgs
    $0
    Other
    $48,080
    Hours/week
    51

    Schedule J breakdown matched by us

    Base
    $178,560
    Bonus
    not reported
    Other
    $402
    Deferred
    $28,620
    Nontaxable benefits
    $19,460
    Filer's total
    $227,042

  • Seth Hill

    Journeyman Lineman

    Total calculated
    $223,840
    From this org
    $172,883
    From related orgs
    $0
    Other
    $50,957
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $172,006
    Bonus
    not reported
    Other
    $877
    Deferred
    $31,497
    Nontaxable benefits
    $19,460
    Filer's total
    $223,840

  • Eric Nicoson

    Area Foreman

    Total calculated
    $213,000
    From this org
    $160,654
    From related orgs
    $0
    Other
    $52,346
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $159,729
    Bonus
    not reported
    Other
    $925
    Deferred
    $32,886
    Nontaxable benefits
    $19,460
    Filer's total
    $213,000

  • Keven Kuhn

    CTO

    Total calculated
    $212,914
    From this org
    $166,576
    From related orgs
    $0
    Other
    $46,338
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,388
    Bonus
    $10,000
    Other
    $12,188
    Deferred
    $46,158
    Nontaxable benefits
    $180
    Filer's total
    $212,914

  • Steve Douglas

    Journeyman Lineman

    Total calculated
    $207,635
    From this org
    $156,707
    From related orgs
    $0
    Other
    $50,928
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $156,057
    Bonus
    not reported
    Other
    $650
    Deferred
    $31,468
    Nontaxable benefits
    $19,460
    Filer's total
    $207,635

  • Peter Simonich

    Trustee

    Total calculated
    $28,530
    From this org
    $28,530
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Barrie Lewis

    Trustee

    Total calculated
    $27,830
    From this org
    $25,580
    From related orgs
    $2,250
    Other
    $0
    Hours/week
    4 + 0.5 related

  • Candace Jerke

    Secretary-Treasurer

    Total calculated
    $27,350
    From this org
    $27,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Guy Hanson

    Trustee

    Total calculated
    $25,710
    From this org
    $25,710
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Dena Hooker

    President

    Total calculated
    $24,990
    From this org
    $24,990
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Roy Handley

    Vice President

    Total calculated
    $24,725
    From this org
    $23,975
    From related orgs
    $750
    Other
    $0
    Hours/week
    5 + 0.5 related

  • Tom Alsaker

    Trustee

    Total calculated
    $24,725
    From this org
    $23,975
    From related orgs
    $750
    Other
    $0
    Hours/week
    3 + 0.5 related

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • Energy Parnters LLC

    Sale of Propane and Propane Services · MT · 50% owned · share of income $898,713 · share of assets $9,856,690 · general or managing partner

    Directly controlled by MEC owns 50

Related corporations and trusts

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

  • Missoula Electric Coop Educational

    Trust · Distribute funds for educational purposes · MT · 100% owned · share of income $5,120 · share of assets $252,977

Provenance

Return type
form_990
Tax year
2024
Filed
12 May 2025
IRS schema version
2024v5.2
Source object
202533219349311603

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