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Nonprofiteer
← WEBSTER ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by WEBSTER ELECTRIC COOPERATIVE.

Totals

Total revenue
$38,873,422
Total expenses
$38,873,422
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$37,886,172
Investment income
$560,068
Other revenue
$427,182
Total assets, end of year
$90,608,966
Total liabilities, end of year
$47,484,918
Net assets or fund balances, end of year
$43,124,048
Program services expenses (Part IX)
$38,873,422
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$38,873,422

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: PROGRAM SERVICE REVEUE

    total $37,485,022 · related or exempt $37,485,022

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $401,150 · related or exempt $401,150

  • 3 · Investment income

    total $528,069 · excluded $528,069

  • 6a · Gross rents

    real property $425,588

  • 6c · Rental income or loss

    real property $425,588

  • 6d · Net rental income or loss

    total $425,588 · excluded $425,588

  • 7a · Gross sales of assets other than inventory

    other assets $31,999

  • 7c · Gain or loss

    other assets $31,999

  • 7d · Net gain or loss

    total $31,999 · excluded $31,999

  • 10a · Gross sales of inventory

    $154,804

  • 10b · Cost of goods sold

    $153,210

  • 10c · Net income from sales of inventory

    total $1,594 · excluded $1,594

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,546,512 · program services $1,546,512

  • 5 · Compensation of officers, directors and key employees

    total $865,096 · program services $865,096

  • 7 · Other salaries and wages

    total $1,015,254 · program services $1,015,254

  • 20 · Interest

    total $997,396 · program services $997,396

  • 22 · Depreciation, depletion and amortization

    total $3,599,596 · program services $3,599,596

  • 24a · Other expenses: COST OF POWER

    total $22,550,541 · program services $22,550,541

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $5,751,490 · program services $5,751,490

  • 24c · Other expenses: CONSUMER EXPENSE

    total $1,723,819 · program services $1,723,819

  • 24d · Other expenses: TAXES

    total $823,718 · program services $823,718

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,450,601 · end of year $1,971,435

  • 2 · Savings and temporary cash investments

    beginning of year $3,072,129 · end of year $5,340,492

  • 4 · Accounts receivable

    beginning of year $3,474,426 · end of year $3,787,001

  • 7 · Other notes and loans receivable

    beginning of year $1,670,538 · end of year $624,824

  • 8 · Inventories for sale or use

    beginning of year $2,139,546 · end of year $1,855,766

  • 9 · Prepaid expenses and deferred charges

    beginning of year $569,946 · end of year $627,060

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

    $107,817,856

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

    $42,389,881

  • 10c · Land, buildings and equipment, net

    beginning of year $63,159,495 · end of year $65,427,975

  • 13 · Investments: program-related

    beginning of year $8,655,185 · end of year $10,974,413

  • 15 · Other assets

    beginning of year $41,391

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,825,196 · end of year $4,581,673

  • 23 · Secured mortgages and notes payable

    beginning of year $37,453,815 · end of year $42,903,245

  • 31 · Retained earnings, endowment or other funds

    beginning of year $42,954,246 · end of year $43,124,048

Mission and programs · 2023

Mission

TO PROVIDE ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.

  • TO PROVIDE ELECTRICITY TO OUR MEMBERS - 23,208 ACTIVE SERVICES AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.

    Expenses $38,873,422 · Revenue $37,886,171

As filed on the 2023 return.

Listed in Part VII

  • Thomas E Houston

    GENERAL MANA

    Total calculated
    $368,581
    From this org
    $226,484
    From related orgs
    $0
    Other
    $142,097
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $218,746
    Bonus
    not reported
    Other
    $7,738
    Deferred
    $93,323
    Nontaxable benefits
    $48,774
    Filer's total
    $368,581

  • Shannon Beeler

    LINE SUPERIN

    Total calculated
    $225,043
    From this org
    $130,430
    From related orgs
    $0
    Other
    $94,613
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $126,137
    Bonus
    not reported
    Other
    $4,293
    Deferred
    $53,861
    Nontaxable benefits
    $40,752
    Filer's total
    $225,043

  • Steven Alexander

    LINE FOREMAN

    Total calculated
    $221,765
    From this org
    $142,282
    From related orgs
    $0
    Other
    $79,483
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $141,469
    Bonus
    not reported
    Other
    $813
    Deferred
    $38,816
    Nontaxable benefits
    $40,667
    Filer's total
    $221,765

  • Alan Letterman

    METER TRUCK

    Total calculated
    $207,933
    From this org
    $122,285
    From related orgs
    $0
    Other
    $85,648
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $121,554
    Bonus
    not reported
    Other
    $731
    Deferred
    $39,755
    Nontaxable benefits
    $45,893
    Filer's total
    $207,933

  • Jeffrey Young

    SERVICE TRUC

    Total calculated
    $198,347
    From this org
    $125,079
    From related orgs
    $0
    Other
    $73,268
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $124,818
    Bonus
    not reported
    Other
    $261
    Deferred
    $27,187
    Nontaxable benefits
    $46,081
    Filer's total
    $198,347

  • Samuel Green

    METER TRUCK

    Total calculated
    $197,214
    From this org
    $129,951
    From related orgs
    $0
    Other
    $67,263
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $129,773
    Bonus
    not reported
    Other
    $178
    Deferred
    $20,640
    Nontaxable benefits
    $46,623
    Filer's total
    $197,214

  • Eric Holmes

    LEAD LINEMAN

    Total calculated
    $189,996
    From this org
    $124,109
    From related orgs
    $0
    Other
    $65,887
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $123,842
    Bonus
    not reported
    Other
    $267
    Deferred
    $19,827
    Nontaxable benefits
    $46,060
    Filer's total
    $189,996

  • Denise Holdman

    OFFICE MANAG

    Total calculated
    $176,299
    From this org
    $112,275
    From related orgs
    $0
    Other
    $64,024
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $111,188
    Bonus
    not reported
    Other
    $1,087
    Deferred
    $38,547
    Nontaxable benefits
    $25,477
    Filer's total
    $176,299

  • Richard Burlison

    MANAGER OF F

    Total calculated
    $45,273
    From this org
    $31,384
    From related orgs
    $0
    Other
    $13,889
    Hours/week
    8

  • Lloyd Gunter

    BOARD MEMBER

    Total calculated
    $9,500
    From this org
    $9,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Clarence Wayne Plunkett

    PRESIDENT

    Total calculated
    $9,200
    From this org
    $9,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Mona Jackson

    BOARD MEMBER

    Total calculated
    $6,600
    From this org
    $6,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    14

  • Kendall Galloway

    VICE-PRESIDE

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

  • Alan Thomas

    BOARD MEMBER

    Total calculated
    $5,500
    From this org
    $5,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Susan Newcomb

    BOARD MEMBER

    Total calculated
    $4,900
    From this org
    $4,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Gary Ballard

    BOARD MEMBER

    Total calculated
    $3,300
    From this org
    $3,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Jon Cartwright

    SECRETARY/TR

    Total calculated
    $2,700
    From this org
    $2,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Billy Johnston

    BOARD MEMBER

    Total calculated
    $2,700
    From this org
    $2,700
    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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
19 September 2024
IRS schema version
2023v5.0
Source object
202412719349300821

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