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Nonprofiteer
← ADAMS RURAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by ADAMS RURAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$18,174,264
Total expenses
$17,133,285
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$18,156,416
Investment income
$17,848
Other revenue
$0
Total assets, end of year
$40,215,712
Total liabilities, end of year
$17,906,881
Net assets or fund balances, end of year
$22,308,831
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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 Sales

    total $17,360,699 · related or exempt $17,360,699 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Pole Rental

    total $197,125 · related or exempt $197,125 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Patronage Capital Credits

    total $598,592 · related or exempt $598,592 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $17,848 · related or exempt $0 · unrelated business $0 · excluded $17,848

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,775,027

  • 5 · Compensation of officers, directors and key employees

    total $977,960

  • 7 · Other salaries and wages

    total $607,203

  • 9 · Other employee benefits

    total $477,476

  • 11b · Fees: legal

    total $4,740

  • 11c · Fees: accounting

    total $13,000

  • 12 · Advertising and promotion

    total $37,933

  • 20 · Interest

    total $657,389

  • 22 · Depreciation, depletion and amortization

    total $1,436,020

  • 24a · Other expenses: Cost of Purchased Power

    total $10,518,359

  • 24b · Other expenses: Kilowatt Hour Consumption Tax

    total $522,462

  • 24c · Other expenses: Operations, Maintenance, and Billing

    total $105,716

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $198,008 · end of year $154,322

  • 2 · Savings and temporary cash investments

    beginning of year $291,000 · end of year $291,001

  • 4 · Accounts receivable

    beginning of year $1,479,321 · end of year $1,636,797

  • 8 · Inventories for sale or use

    beginning of year $377,540 · end of year $464,172

  • 9 · Prepaid expenses and deferred charges

    beginning of year $123,241 · end of year $56,307

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

    $45,634,803

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

    $16,815,487

  • 10c · Land, buildings and equipment, net

    beginning of year $28,926,858 · end of year $28,819,316

  • 13 · Investments: program-related

    beginning of year $8,356,667 · end of year $8,287,201

  • 15 · Other assets

    beginning of year $336,658 · end of year $506,596

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,246,872 · end of year $2,184,456

  • 23 · Secured mortgages and notes payable

    beginning of year $15,710,363 · end of year $15,722,425

  • 29 · Capital stock, trust principal or current funds

    beginning of year $90,090 · end of year $90,665

  • 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 $22,041,968 · end of year $22,218,166

Mission and programs · 2022

Mission

The cooperative's mission is to provide electric service to our members at the lowest possible cost.

  • Sale of electric to the rural area in five counties in southern Ohio.

As filed on the 2022 return.

Listed in Part VII

  • Erika Ackley

    General Manager

    Total calculated
    $228,252
    From this org
    $153,353
    From related orgs
    $0
    Other
    $74,899
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $153,353
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $153,353

  • William Swango

    Former General Manager

    Total calculated
    $212,069
    From this org
    $191,132
    From related orgs
    $0
    Other
    $20,937
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $191,132
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $191,132

  • Steven Hoop

    Manager of Operations

    Total calculated
    $168,011
    From this org
    $101,607
    From related orgs
    $0
    Other
    $66,404
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $101,607
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $101,607

  • David Henry

    Line Foreman

    Total calculated
    $161,904
    From this org
    $101,902
    From related orgs
    $0
    Other
    $60,002
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $101,902
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $101,902

  • Michael Whitley

    Line Foreman

    Total calculated
    $158,428
    From this org
    $104,261
    From related orgs
    $0
    Other
    $54,167
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $104,261
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $104,261

  • Blanchard Campbell

    Trustee

    Total calculated
    $7,403
    From this org
    $7,400
    From related orgs
    $0
    Other
    $3
    Hours/week
    4

  • Stephen Huff

    Trustee

    Total calculated
    $7,296
    From this org
    $7,290
    From related orgs
    $0
    Other
    $6
    Hours/week
    4

  • William Seaman

    Trustee

    Total calculated
    $6,904
    From this org
    $6,900
    From related orgs
    $0
    Other
    $4
    Hours/week
    3

  • Kenneth McCann

    Secretary Treasurer

    Total calculated
    $6,511
    From this org
    $6,505
    From related orgs
    $0
    Other
    $6
    Hours/week
    4

  • Charles Newman

    Vice President

    Total calculated
    $6,406
    From this org
    $6,400
    From related orgs
    $0
    Other
    $6
    Hours/week
    4

  • Donald McCarty

    President

    Total calculated
    $6,216
    From this org
    $6,210
    From related orgs
    $0
    Other
    $6
    Hours/week
    4

  • M Dale Grooms

    Trustee

    Total calculated
    $3,852
    From this org
    $3,850
    From related orgs
    $0
    Other
    $2
    Hours/week
    1.5

  • William Wylie

    Trustee

    Total calculated
    $3,106
    From this org
    $3,100
    From related orgs
    $0
    Other
    $6
    Hours/week
    1

  • David Abbott

    Trustee

    Total calculated
    $1,602
    From this org
    $1,600
    From related orgs
    $0
    Other
    $2
    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 · Compensation survey or study

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 3
The cooperative used the National Rural Electric Cooperative Association's National Compensation Survey to review and approve the salary of the General Manager. The board of trustees approves the General Manager salary.

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
31 May 2023
IRS schema version
2022v5.0
Source object
202331719349301328

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