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Nonprofiteer
← FARMERS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by FARMERS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$34,019,457
Total expenses
$30,882,136
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$33,787,653
Investment income
$231,804
Other revenue
$0
Total assets, end of year
$112,966,033
Total liabilities, end of year
$68,294,901
Net assets or fund balances, end of year
$44,671,132
Program services expenses (Part IX)
$30,882,136
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$30,882,136

Program services were 100.0% 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 Energy

    total $32,252,829 · related or exempt $32,252,829

  • 2b · Program service revenue: Capital Credits

    total $1,236,800 · related or exempt $1,236,800

  • 2c · Program service revenue: Other Electric Revenue

    total $298,024 · related or exempt $298,024

  • 3 · Investment income

    total $231,804 · related or exempt $231,804

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,218,091 · program services $1,218,091

  • 5 · Compensation of officers, directors and key employees

    total $573,902 · program services $573,902

  • 20 · Interest

    total $1,934,255 · program services $1,934,255

  • 22 · Depreciation, depletion and amortization

    total $3,160,713 · program services $3,160,713

  • 24a · Other expenses: Cost of Purchased Power

    total $17,559,612 · program services $17,559,612

  • 24b · Other expenses: Distribution Maintenanc

    total $2,555,187 · program services $2,555,187

  • 24c · Other expenses: Distribution Operation

    total $1,963,173 · program services $1,963,173

  • 24d · Other expenses: General and Administrat

    total $1,044,701 · program services $1,044,701

  • 24e · All other expenses

    total $872,502 · program services $872,502

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,938,812 · end of year $8,604,154

  • 4 · Accounts receivable

    beginning of year $3,511,065 · end of year $3,961,547

  • 9 · Prepaid expenses and deferred charges

    beginning of year $307,964 · end of year $97,873

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

    $100,276,139

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

    $20,555,765

  • 10c · Land, buildings and equipment, net

    beginning of year $78,451,652 · end of year $79,720,374

  • 12 · Investments: other securities

    beginning of year $251,439 · end of year $239,416

  • 13 · Investments: program-related

    beginning of year $20,162,569 · end of year $20,342,669

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,125,056 · end of year $2,363,424

  • 19 · Deferred revenue

    beginning of year $4,209,900 · end of year $3,836,878

  • 23 · Secured mortgages and notes payable

    beginning of year $60,466,080 · end of year $61,289,946

  • 25 · Other liabilities

    beginning of year $840,700 · end of year $804,653

  • 29 · Capital stock, trust principal or current funds

    beginning of year $282,680 · end of year $284,726

  • 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 $40,699,085 · end of year $44,386,406

Mission and programs · 2022

Mission

Distribution and sale of electricity to over 13,000 meters of cooperative member/owners. Margins are allocated annualy to the membership.

Activities or mission (Part I)

To safely provide its members with reliable electricity

  • Distribution and sale of electricity to cooperative member/owners

    Expenses $30,882,136 · Revenue $34,019,457

As filed on the 2022 return.

Listed in Part VII

  • Rodney Cotton

    General Manager

    Total calculated
    $355,061
    From this org
    $225,872
    From related orgs
    $0
    Other
    $129,189
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $225,872
    Bonus
    $0
    Other
    $0
    Deferred
    $101,338
    Nontaxable benefits
    $27,851
    Filer's total
    $355,061

  • Troy Hermanson

    Operations Manager

    Total calculated
    $191,963
    From this org
    $129,781
    From related orgs
    $0
    Other
    $62,182
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $129,781
    Bonus
    $0
    Other
    $0
    Deferred
    $45,401
    Nontaxable benefits
    $16,781
    Filer's total
    $191,963

  • Aaron Wagers

    Lead Lineman

    Total calculated
    $194,807
    From this org
    $110,513
    From related orgs
    $0
    Other
    $84,294
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $110,513
    Bonus
    $0
    Other
    $0
    Deferred
    $67,539
    Nontaxable benefits
    $16,755
    Filer's total
    $194,807

  • Garry Widner

    Substation Serviceman

    Total calculated
    $189,025
    From this org
    $108,118
    From related orgs
    $0
    Other
    $80,907
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $108,118
    Bonus
    $0
    Other
    $0
    Deferred
    $71,231
    Nontaxable benefits
    $9,676
    Filer's total
    $189,025

  • Kassidy Neuhalfen

    Substation Serviceman

    Total calculated
    $146,449
    From this org
    $104,227
    From related orgs
    $0
    Other
    $42,222
    Hours/week
    43

  • Jason Howe

    Substation Serviceman

    Total calculated
    $163,620
    From this org
    $102,824
    From related orgs
    $0
    Other
    $60,796
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $102,824
    Bonus
    $0
    Other
    $0
    Deferred
    $51,120
    Nontaxable benefits
    $9,676
    Filer's total
    $163,620

  • Lacey Capps

    CFO

    Total calculated
    $132,841
    From this org
    $93,989
    From related orgs
    $0
    Other
    $38,852
    Hours/week
    50

  • Glen Waters

    Vice-President

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Toni Cox

    Director

    Total calculated
    $13,500
    From this org
    $13,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Warren Hoyt

    Treasurer

    Total calculated
    $13,000
    From this org
    $13,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Larry Muck

    Asst Secretary

    Total calculated
    $12,500
    From this org
    $12,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • W D Richards

    Director

    Total calculated
    $12,500
    From this org
    $12,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Arzy Bisbee Jr

    Secretary

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Leroy Kern

    President

    Total calculated
    $7,500
    From this org
    $7,500
    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 · 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 corporations and trusts

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

  • FEC Development Inc

    C · Economic Developemnt · MO · 100% owned · share of income $1,178 · share of assets $411,983

  • FEC Services Inc

    C · Holding Company · MO · 100% owned · share of assets $36,953

Provenance

Return type
form_990
Tax year
2022
Filed
23 October 2023
IRS schema version
2022v5.0
Source object
202343059349301019

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