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Nonprofiteer
← LINN COUNTY RURAL ELECTRIC COOPERATIVE ASSOCIATION

Form 990 for tax year 2023

Filed by LINN COUNTY RURAL ELECTRIC COOPERATIVE ASSOCIATION.

Totals

Total revenue
$69,410,092
Total expenses
$61,277,199
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$65,785,738
Investment income
$326,468
Other revenue
$3,297,886
Total assets, end of year
$208,132,445
Total liabilities, end of year
$118,190,640
Net assets or fund balances, end of year
$89,941,805
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: SALE OF POWER

    total $65,785,738 · related or exempt $65,785,738

  • 3 · Investment income

    total $226,872 · excluded $226,872

  • 7a · Gross sales of assets other than inventory

    other assets $2,084,663

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

    other assets $1,985,067

  • 7c · Gain or loss

    other assets $99,596

  • 7d · Net gain or loss

    total $99,596 · excluded $99,596

  • 10a · Gross sales of inventory

    $77,201

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $77,201 · related or exempt $77,201

  • 11a · Other revenue: CAPITAL CREDITS

    total $3,187,435 · related or exempt $3,187,435

  • 11b · Other revenue: MISCELLANEOUS

    total $33,250 · related or exempt $33,250

  • 11e · Other revenue, total

    $3,220,685

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,000,000

  • 5 · Compensation of officers, directors and key employees

    total $678,137

  • 20 · Interest

    total $4,541,254

  • 22 · Depreciation, depletion and amortization

    total $5,422,503

  • 24a · Other expenses: COST OF POWER

    total $35,409,554

  • 24b · Other expenses: DIST EXP-OPERATIONS

    total $5,403,324

  • 24c · Other expenses: DIST EXP-MAINTENANCE

    total $3,236,585

  • 24d · Other expenses: ADMIN & GENERAL EXPENSE

    total $2,344,335

  • 24e · All other expenses

    total $3,241,507

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,859 · end of year $9,859

  • 2 · Savings and temporary cash investments

    beginning of year $1,806,482 · end of year $1,126,216

  • 4 · Accounts receivable

    beginning of year $6,744,514 · end of year $6,682,241

  • 8 · Inventories for sale or use

    beginning of year $7,497,903 · end of year $11,114,519

  • 9 · Prepaid expenses and deferred charges

    beginning of year $324,431 · end of year $324,346

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

    $202,339,630

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

    $51,323,279

  • 10c · Land, buildings and equipment, net

    beginning of year $139,796,239 · end of year $151,016,351

  • 12 · Investments: other securities

    beginning of year $1,705,563 · end of year $1,742,318

  • 13 · Investments: program-related

    beginning of year $34,121,011 · end of year $35,838,995

  • 15 · Other assets

    beginning of year $244,613 · end of year $277,600

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,139,611 · end of year $4,433,763

  • 19 · Deferred revenue

    beginning of year $1,757,289 · end of year $1,771,572

  • 23 · Secured mortgages and notes payable

    beginning of year $103,870,805 · end of year $111,516,397

  • 25 · Other liabilities

    beginning of year $420,298 · end of year $468,908

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 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 $81,062,612 · end of year $89,941,805

Mission and programs · 2023

Mission

PROVIDING ELECTRICAL SERVICE TO THE MEMBERS OF THE COOPERATIVE.

  • COOPERATIVE PURCHASED POWER FROM CENTRAL IOWA POWER COOPERATIVE IN 2023 FOR $35,409,554 FOR DISTRIBUTION TO COOPERATIVE MEMBERS.

  • COOPERATIVE DISTRIBUTED PURCHASED POWER TO MEMBERS OVER 2,483 MILES OF DISTRIBUTION LINE.

  • THE COOPERATIVE BILLED 33,393 SERVICES ON A MONTHLY BASIS.

As filed on the 2023 return.

Listed in Part VII

  • Gary Schropp

    PRESIDENT

    Total calculated
    $29,640
    From this org
    $29,640
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.93

  • Ronald O'Neil

    VICE PRESIDENT

    Total calculated
    $21,600
    From this org
    $21,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.97

  • Kenneth Squires

    ASSISTANT SECRETARY

    Total calculated
    $16,800
    From this org
    $16,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.85

  • Lisa Rose

    TREASURER

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.39

  • Jeanna Sager

    SECRETARY

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.56

  • Gary Schlotterback

    DIRECTOR

    Total calculated
    $4,800
    From this org
    $4,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.38

  • Roger Krug

    DIRECTOR

    Total calculated
    $6,660
    From this org
    $6,660
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.62

  • Kirk Hiland

    DIRECTOR

    Total calculated
    $9,600
    From this org
    $9,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.71

  • Terry Sullivan

    GM/CEO

    Total calculated
    $369,767
    From this org
    $268,033
    From related orgs
    $0
    Other
    $101,734
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $268,033
    Bonus
    $0
    Other
    $0
    Deferred
    $64,020
    Nontaxable benefits
    $37,714
    Filer's total
    $369,767

  • Jennifer Feddersen

    CFO

    Total calculated
    $197,670
    From this org
    $135,785
    From related orgs
    $0
    Other
    $61,885
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,785
    Bonus
    $0
    Other
    $0
    Deferred
    $33,399
    Nontaxable benefits
    $28,486
    Filer's total
    $197,670

  • Kevin Stucker

    TECHNOLOGY MANAGER

    Total calculated
    $224,438
    From this org
    $166,441
    From related orgs
    $0
    Other
    $57,997
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,441
    Bonus
    $0
    Other
    $0
    Deferred
    $39,499
    Nontaxable benefits
    $18,498
    Filer's total
    $224,438

  • Nicholas Holub

    LINEMAN

    Total calculated
    $187,195
    From this org
    $137,384
    From related orgs
    $0
    Other
    $49,811
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,384
    Bonus
    $0
    Other
    $0
    Deferred
    $33,538
    Nontaxable benefits
    $16,273
    Filer's total
    $187,195

  • Todd Van Ersvelde

    LINEMAN

    Total calculated
    $174,050
    From this org
    $128,503
    From related orgs
    $0
    Other
    $45,547
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,503
    Bonus
    $0
    Other
    $0
    Deferred
    $30,196
    Nontaxable benefits
    $15,351
    Filer's total
    $174,050

  • Nabin Kandel

    ELECTRICAL ENGINEER

    Total calculated
    $173,348
    From this org
    $138,915
    From related orgs
    $0
    Other
    $34,433
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,915
    Bonus
    $0
    Other
    $0
    Deferred
    $32,729
    Nontaxable benefits
    $1,704
    Filer's total
    $173,348

  • Dan Appelhans

    LINE SUPERINTENDENT

    Total calculated
    $175,522
    From this org
    $135,206
    From related orgs
    $0
    Other
    $40,316
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,206
    Bonus
    $0
    Other
    $0
    Deferred
    $30,791
    Nontaxable benefits
    $9,525
    Filer's total
    $175,522

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 · Independent compensation consultant
  • 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.

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.

  • CORRIDOR DEVELOPMENT

    C · ECONOMIC DEVELOPMENT · IA · 100% owned · share of income $138,010 · share of assets $1,992,940 · controlled entity

    Directly controlled by LINN COUNTY REC

  • MYRIAD DEVELOPERS LC

    C · RENTAL REAL ESTATE · IA · 100% owned · share of income $70,625 · share of assets $1,375,208

    Directly controlled by CORRIDOR DEVELOPMENT INC

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202403129349303700

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