Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $68,346,283 · related or exempt $68,346,283

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $2,968,561 · related or exempt $2,968,561

• 2c · Program service revenue: SERVICE FEES

  total $14,715 · related or exempt $14,715

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $6,480 · related or exempt $6,480

• 3 · Investment income

  total $439,420 · related or exempt $4,866 · excluded $434,554

• 7a · Gross sales of assets other than inventory

  other assets $294,307

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

  other assets $71,188

• 7c · Gain or loss

  other assets $223,119

• 7d · Net gain or loss

  total $223,119 · related or exempt $223,119

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $30,618 · excluded $30,618

• 11e · Other revenue, total

  $30,618

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $10,718

• 4 · Benefits paid to or for members

  total $4,301,542

• 5 · Compensation of officers, directors and key employees

  total $1,010,985

• 7 · Other salaries and wages

  total $4,820,898

• 8 · Pension plan contributions

  total $793,013

• 9 · Other employee benefits

  total $1,008,212

• 10 · Payroll taxes

  total $384,675

• 20 · Interest

  total $1,885,602

• 22 · Depreciation, depletion and amortization

  total $6,429,417

• 24a · Other expenses: PURCHASED POWER

  total $46,754,312

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $2,089,677

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $1,593,632

• 24d · Other expenses: CONSUMER EXPENSE

  total $507,178

• 24e · All other expenses

  total $246,924

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $7,602,570 · end of year $1,854,130

• 2 · Savings and temporary cash investments

  beginning of year $11,007,921 · end of year $12,512,559

• 4 · Accounts receivable

  beginning of year $4,444,337 · end of year $4,429,562

• 7 · Other notes and loans receivable

  beginning of year $270,604 · end of year $258,437

• 8 · Inventories for sale or use

  beginning of year $7,465,858 · end of year $7,712,088

• 9 · Prepaid expenses and deferred charges

  beginning of year $621,636 · end of year $665,322

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

  $216,211,271

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

  $42,298,073

• 10c · Land, buildings and equipment, net

  beginning of year $172,413,284 · end of year $173,913,198

• 12 · Investments: other securities

  beginning of year $3,798 · end of year $3,798

• 13 · Investments: program-related

  beginning of year $20,596,775 · end of year $21,862,426

• 15 · Other assets

  beginning of year $1,396,331 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $8,383,401 · end of year $5,961,580

• 23 · Secured mortgages and notes payable

  beginning of year $75,338,900 · end of year $70,949,715

• 25 · Other liabilities

  beginning of year $20,250,212 · end of year $21,818,022

• 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 $121,850,601 · end of year $124,482,203

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE THE TRUSTEES AND GENERAL MANAGER FOR THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL BUSINESS OF THE COOPERATIVE. DURING THE YEAR, FOUR INDIVIDUAL REPORTED ON FORM 990, PART VII - (BENNETT, SPENCE, WAGNER AND GWYNNE) - RECEIVED THIS BENEFIT. SINCE THE COOPERATIVE CONSIDERS THE REIMBURSEMENT TO BE CONSISTENT TO A BONA FIDE BUSINESS PURPOSE, SUCH REIMBURSEMENTS WERE TREATED AS EXPENSES EXCLUDED FROM THE REPORTABLE COMPENSATION OF EACH. HEALTH CLUB DUES - PURSUANT TO THE COOPERATIVE'S WELLNESS PROGRAM, THE COOPERATIVE WILL REIMBURSE 50% OF HEALTH CLUB DUES FOR EMPLOYEES. DURING THE YEAR, FOUR INDIVIDUALS REPORTED ON FORM 990, PART VII - (ANDERSON, L. DAVIS, DALEY, AND HORNER) - RECEIVED THIS BENEFIT.

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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS AND REPRESENT THE TRUE COST TO THE COOPERATIVE. CHARLES PINSON JR.: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 171,796 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,221 TOTAL REPORTED IN COLUMN C $ 177,017 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (171,796) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 56,460 EXPENSE TO COOPERATIVE $ 61,681 MICHAEL ANDERSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 110,861 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,501 TOTAL REPORTED IN COLUMN C $ 114,362 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (110,861) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,852 EXPENSE TO COOPERATIVE $ 41,353 AARON HORNER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 71,069 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,567 TOTAL REPORTED IN COLUMN C $ 73,636 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (71,069) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,760 EXPENSE TO COOPERATIVE $ 30,327 WADE NELSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,217 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,917 TOTAL REPORTED IN COLUMN C $ 45,134 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (42,217) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,538 EXPENSE TO COOPERATIVE $ 34,455 PHILIP MCKEE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 38,753 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,888 TOTAL REPORTED IN COLUMN C $ 41,641 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (38,753) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,223 EXPENSE TO COOPERATIVE $ 34,111 NICHOLAS DALEY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,548 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,279 TOTAL REPORTED IN COLUMN C $ 10,827 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,548) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,255 EXPENSE TO COOPERATIVE $ 26,534 LUKE DAVIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,084 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,292 TOTAL REPORTED IN COLUMN C $ 12,376 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,084) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,255 EXPENSE TO COOPERATIVE $ 26,547