Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $45,068,325 · related or exempt $45,068,325

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $990,051 · related or exempt $990,051

• 2c · Program service revenue: GENERATOR & ELECTRICIAN SALES

  total $433,220 · related or exempt $433,220

• 2d · Program service revenue: SERVICE FEES

  total $81,332 · related or exempt $81,332

• 3 · Investment income

  total $131,820 · excluded $131,820

• 6a · Gross rents

  real property $77,452 · personal property $17,418

• 6b · Less rental expenses

  real property $82,769 · personal property $3,930

• 6c · Rental income or loss

  real property -$5,317 · personal property $13,488

• 6d · Net rental income or loss

  total $8,171 · unrelated business $13,488 · excluded -$5,317

• 7a · Gross sales of assets other than inventory

  other assets $164,891

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

  other assets $0

• 7c · Gain or loss

  other assets $164,891

• 7d · Net gain or loss

  total $164,891 · related or exempt $164,891

• 10a · Gross sales of inventory

  $7,703

• 10b · Cost of goods sold

  $8,515

• 10c · Net income from sales of inventory

  total -$812 · unrelated business -$812

• 11a · Other revenue: ADMIN & MANAGEMENT SERVICES

  total $168,882 · unrelated business $168,882

• 11b · Other revenue: OTHER NON-OPERATING INCOME

  total $413 · excluded $413

• 11e · Other revenue, total

  $169,295

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $14,007

• 4 · Benefits paid to or for members

  total $2,839,984

• 5 · Compensation of officers, directors and key employees

  total $1,141,734

• 7 · Other salaries and wages

  total $1,551,284

• 8 · Pension plan contributions

  total $398,905

• 9 · Other employee benefits

  total $532,917

• 10 · Payroll taxes

  total $169,649

• 20 · Interest

  total $1,746,905

• 22 · Depreciation, depletion and amortization

  total $2,707,807

• 24a · Other expenses: PURCHASED POWER

  total $33,196,156

• 24b · Other expenses: ADMIN & GENERAL EXPENSE

  total $913,335

• 24c · Other expenses: DISTRIBUTION EXPENSE

  total $616,470

• 24d · Other expenses: UNRELATED BUS. INC. TAX

  total $4,325

• 24e · All other expenses

  total $982,802

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $865,951 · end of year $136,594

• 2 · Savings and temporary cash investments

  beginning of year $500,143

• 4 · Accounts receivable

  beginning of year $3,699,799 · end of year $3,609,762

• 7 · Other notes and loans receivable

  beginning of year $385,424 · end of year $416,682

• 8 · Inventories for sale or use

  beginning of year $1,243,815 · end of year $2,424,873

• 9 · Prepaid expenses and deferred charges

  beginning of year $281,425 · end of year $70,046

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

  $80,253,524

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

  $12,613,498

• 10c · Land, buildings and equipment, net

  beginning of year $62,843,421 · end of year $67,640,026

• 11 · Investments: publicly traded securities

  beginning of year $5,288,562 · end of year $4,974,021

• 13 · Investments: program-related

  beginning of year $16,346,007 · end of year $17,011,124

• 15 · Other assets

  beginning of year $301,600 · end of year $346,703

• 17 · Accounts payable and accrued expenses

  beginning of year $3,349,487 · end of year $6,126,156

• 21 · Escrow or custodial account liability

  beginning of year $165,848 · end of year $149,828

• 23 · Secured mortgages and notes payable

  beginning of year $37,818,842 · end of year $37,982,272

• 25 · Other liabilities

  beginning of year $5,202,034 · end of year $5,190,718

• 29 · Capital stock, trust principal or current funds

  beginning of year $232,900 · end of year $234,895

• 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 $44,987,036 · end of year $46,945,962

The filer's explanations (Part III)

PART II, COLUMN C:

INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. JASON BOESCH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 171,539 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,638 TOTAL REPORTED IN COLUMN C $ 184,177 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (171,539) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 62,497 EXPENSE TO THE COOPERATIVE $ 75,135 JOSEPH SOULEK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 43,609 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,313 TOTAL REPORTED IN COLUMN C $ 52,922 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (43,609) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,805 EXPENSE TO THE COOPERATIVE $ 52,118 DAVID CHILDERS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 41,682 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,318 TOTAL REPORTED IN COLUMN C $ 50,000 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (41,682) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 47,314 EXPENSE TO THE COOPERATIVE $ 55,632 DOUGLAS WORLEY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 0 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,629 TOTAL REPORTED IN COLUMN C $ 9,629 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 46,278 EXPENSE TO THE COOPERATIVE $ 55,907 HEATH LAMBERT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 40,473 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,364 TOTAL REPORTED IN COLUMN C $ 47,837 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,473) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 41,221 EXPENSE TO THE COOPERATIVE $ 48,585