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Nonprofiteer
← MIDWEST ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2022

Filed by MIDWEST ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$35,694,791
Total expenses
$37,039,098
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$35,455,238
Investment income
$229,740
Other revenue
$9,813
Total assets, end of year
$83,342,155
Total liabilities, end of year
$40,744,558
Net assets or fund balances, end of year
$42,597,597
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: ELECTRIC ENERGY SALES

    total $34,948,818 · related or exempt $34,948,818

  • 2b · Program service revenue: OTHER OPERATING REVENUE

    total $506,420 · related or exempt $506,420

  • 3 · Investment income

    total $106,049 · related or exempt $50,384 · excluded $55,665

  • 7a · Gross sales of assets other than inventory

    other assets $155,975

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

    other assets $32,284

  • 7c · Gain or loss

    other assets $123,691

  • 7d · Net gain or loss

    total $123,691 · related or exempt $123,691

  • 10a · Gross sales of inventory

    $29,246

  • 10b · Cost of goods sold

    $23,758

  • 10c · Net income from sales of inventory

    total $5,488 · related or exempt $5,488

  • 11a · Other revenue: OTHER NON-OPERATING INC

    total $4,325 · related or exempt $4,325

  • 11e · Other revenue, total

    $4,325

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,669,783

  • 5 · Compensation of officers, directors and key employees

    total $447,626

  • 7 · Other salaries and wages

    total $2,392,199

  • 8 · Pension plan contributions

    total $717,202

  • 9 · Other employee benefits

    total $738,880

  • 10 · Payroll taxes

    total $203,943

  • 11b · Fees: legal

    total $14,645

  • 11c · Fees: accounting

    total $13,500

  • 12 · Advertising and promotion

    total $13,794

  • 13 · Office expenses

    total $39,974

  • 14 · Information technology

    total $12,458

  • 20 · Interest

    total $1,300,602

  • 22 · Depreciation, depletion and amortization

    total $2,679,139

  • 23 · Insurance

    total $17,518

  • 24a · Other expenses: PURCHASED POWER

    total $25,527,783 · program services $25,527,783

  • 24b · Other expenses: ADMIN & GENERAL

    total $1,463,582 · program services $1,463,582

  • 24c · Other expenses: DISTRIBUTION - MAINTENANCE

    total $1,806,833 · program services $1,806,833

  • 24d · Other expenses: DISTRIBUTION - OPERATIONS

    total $1,011,022 · program services $1,011,022

  • 24e · All other expenses

    total -$4,031,385

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,824,584 · end of year $1,274,210

  • 4 · Accounts receivable

    beginning of year $945,143 · end of year $1,314,381

  • 8 · Inventories for sale or use

    beginning of year $1,930,764 · end of year $3,176,284

  • 9 · Prepaid expenses and deferred charges

    beginning of year $994,863 · end of year $614,362

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

    $92,951,852

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

    $35,549,860

  • 10c · Land, buildings and equipment, net

    beginning of year $55,379,392 · end of year $57,401,992

  • 13 · Investments: program-related

    beginning of year $19,872,284 · end of year $19,560,926

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,769,207 · end of year $2,163,615

  • 23 · Secured mortgages and notes payable

    beginning of year $36,001,021 · end of year $37,838,960

  • 25 · Other liabilities

    beginning of year $361,025 · end of year $741,983

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

    beginning of year $26,750,553 · end of year $25,217,077

  • 31 · Retained earnings, endowment or other funds

    beginning of year $16,065,224 · end of year $17,380,520

Mission and programs · 2022

Mission

TO SAFELY PROVIDE RELIABLE POWER AND HIGH-QUALITY SERVICE TO OUR COOPERATIVE MEMBERS IN AN EFFICIENT AND COST-EFFECTIVE MANNER.

  • THE MIDWEST ELECTRIC COOPERATIVE CORPORATION IS DEDICATED TO PROVIDING A HIGH-QUALITY, RELIABLE AND COMPETITIVELY PRICED SUPPLY OF ELECTRICITY TO OUR MEMBERS AND CUSTOMERS WHILE MAINTAINING A SOUND FINANCIAL POSITION THROUGH EFFECTIVE UTILIZATION OF HUMAN, CAPITAL AND PHYSICAL RESOURCES IN ACCORDANCE WITH COOPERATIVE PRINCIPLES.

As filed on the 2022 return.

Listed in Part VII

  • Jayson Bishop

    GENERAL MANAGER

    Total calculated
    $253,836
    From this org
    $167,207
    From related orgs
    $0
    Other
    $86,629
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,207
    Bonus
    not reported
    Other
    not reported
    Deferred
    $61,314
    Nontaxable benefits
    $25,315
    Filer's total
    $253,836

  • Karl Lake

    ENGINEERING MANAGER

    Total calculated
    $171,337
    From this org
    $107,897
    From related orgs
    $0
    Other
    $63,440
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $107,897
    Bonus
    not reported
    Other
    not reported
    Deferred
    $39,045
    Nontaxable benefits
    $24,395
    Filer's total
    $171,337

  • Kraig Wykert

    OPERATIONS MANAGER

    Total calculated
    $166,699
    From this org
    $105,142
    From related orgs
    $0
    Other
    $61,557
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $105,142
    Bonus
    not reported
    Other
    not reported
    Deferred
    $38,104
    Nontaxable benefits
    $23,453
    Filer's total
    $166,699

  • Tim Johnson

    APPARATUS TECHNICIAN

    Total calculated
    $163,931
    From this org
    $105,682
    From related orgs
    $0
    Other
    $58,249
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $105,682
    Bonus
    not reported
    Other
    not reported
    Deferred
    $34,700
    Nontaxable benefits
    $23,549
    Filer's total
    $163,931

  • Kyle R Deeds

    CONSTRUCTION FOREMAN

    Total calculated
    $156,435
    From this org
    $105,207
    From related orgs
    $0
    Other
    $51,228
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $105,207
    Bonus
    not reported
    Other
    not reported
    Deferred
    $33,881
    Nontaxable benefits
    $17,347
    Filer's total
    $156,435

  • Kelly McCloskey

    STAKING ENGINEER

    Total calculated
    $156,249
    From this org
    $102,964
    From related orgs
    $0
    Other
    $53,285
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $102,964
    Bonus
    not reported
    Other
    not reported
    Deferred
    $32,912
    Nontaxable benefits
    $20,373
    Filer's total
    $156,249

  • Riley D Kennedy

    FINANCIAL MANAGER

    Total calculated
    $145,691
    From this org
    $99,095
    From related orgs
    $0
    Other
    $46,596
    Hours/week
    40

  • Vance McCoy

    TREASURER

    Total calculated
    $7,475
    From this org
    $7,475
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Dennis Hutt

    DIRECTOR

    Total calculated
    $6,500
    From this org
    $6,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mark McConnell

    DIRECTOR

    Total calculated
    $6,175
    From this org
    $6,175
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Gavin McClintock

    SECRETARY

    Total calculated
    $5,850
    From this org
    $5,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Chris Cornelius

    DIRECTOR

    Total calculated
    $5,200
    From this org
    $5,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Nick Hanson

    VICE PRESIDENT

    Total calculated
    $4,550
    From this org
    $4,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Dale Schroeder

    DIRECTOR

    Total calculated
    $4,225
    From this org
    $4,225
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Shawn Turner

    PRESIDENT

    Total calculated
    $4,225
    From this org
    $4,225
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Brad Harms

    DIRECTOR

    Total calculated
    $3,900
    From this org
    $3,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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.

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202303189349308330

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