Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $24,220,365 · related or exempt $24,220,365

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $187,261 · related or exempt $187,261

• 2c · Program service revenue: SERVICE FEES

  total $72,662 · related or exempt $72,662

• 3 · Investment income

  total $33,556 · excluded $33,556

• 7a · Gross sales of assets other than inventory

  other assets $203,063

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

  other assets $0

• 7c · Gain or loss

  other assets $203,063

• 7d · Net gain or loss

  total $203,063 · related or exempt $203,063

• 11a · Other revenue: MISCELLANEOUS REVENUE

  total $73,918 · related or exempt $73,918

• 11b · Other revenue: POLE ATTACHMENT INCOME

  total $53,936 · excluded $53,936

• 11e · Other revenue, total

  $127,854

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $370

• 4 · Benefits paid to or for members

  total $1,304,332

• 5 · Compensation of officers, directors and key employees

  total $482,440

• 7 · Other salaries and wages

  total $1,529,145

• 8 · Pension plan contributions

  total $273,138

• 9 · Other employee benefits

  total $517,171

• 10 · Payroll taxes

  total $142,945

• 20 · Interest

  total $1,403,729

• 22 · Depreciation, depletion and amortization

  total $2,578,321

• 24a · Other expenses: PURCHASED POWER

  total $14,302,729

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $1,367,578

• 24c · Other expenses: CONSUMER EXPENSE

  total $491,330

• 24d · Other expenses: OTHER DEDUCTIONS

  total $246,533

• 24e · All other expenses

  total $185,613

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $9,041,937 · end of year $9,900,767

• 4 · Accounts receivable

  beginning of year $1,832,267 · end of year $2,133,559

• 7 · Other notes and loans receivable

  beginning of year $30,995 · end of year $31,104

• 8 · Inventories for sale or use

  beginning of year $667,745 · end of year $571,736

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,673,385 · end of year $3,227,822

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

  $92,525,645

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

  $39,952,066

• 10c · Land, buildings and equipment, net

  beginning of year $51,874,011 · end of year $52,573,579

• 13 · Investments: program-related

  beginning of year $12,935,479 · end of year $12,941,212

• 15 · Other assets

  beginning of year $588,018 · end of year $626,023

• 17 · Accounts payable and accrued expenses

  beginning of year $1,812,284 · end of year $1,793,359

• 21 · Escrow or custodial account liability

  beginning of year $536,959 · end of year $430,707

• 23 · Secured mortgages and notes payable

  beginning of year $44,584,686 · end of year $45,116,234

• 25 · Other liabilities

  beginning of year $1,350,725 · end of year $1,632,753

• 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 $32,359,183 · end of year $33,032,749

The filer's explanations (Part III)

SCHEDULE J, 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. JOSEPH HERRERA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,143 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,573 TOTAL REPORTED IN COLUMN C $ 49,716 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,143) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,038 EXPENSE TO THE COOPERATIVE $ 46,611 TONY LOPEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 17,958 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,948 TOTAL REPORTED IN COLUMN C $ 24,906 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (17,958) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 16,204 EXPENSE TO THE COOPERATIVE $ 23,152 JIMMY W CAPPS JR.: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 23,430 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,734 TOTAL REPORTED IN COLUMN C $ 31,164 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (23,430) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 16,288 EXPENSE TO THE COOPERATIVE $ 24,022 DAVID MONTOYA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,202 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,825 TOTAL REPORTED IN COLUMN C $ 33,027 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,202) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 16,288 EXPENSE TO THE COOPERATIVE $ 23,113