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Nonprofiteer
← TRI-COUNTY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by TRI-COUNTY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$454,006,532
Total expenses
$454,255,140
Contributions and grants received
$0
Grants paid
$41,873
Program service revenue
$447,490,720
Investment income
$924,051
Other revenue
$5,591,761
Total assets, end of year
$1,454,349,365
Total liabilities, end of year
$1,014,877,964
Net assets or fund balances, end of year
$439,471,401
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: ELECTRICITY SALES

    total $444,582,851 · related or exempt $444,582,851

  • 2b · Program service revenue: SERVICE FEE

    total $2,034,105 · related or exempt $2,034,105

  • 2c · Program service revenue: POLE RENTAL INCOME

    total $873,764 · excluded $873,764

  • 3 · Investment income

    total $811,141 · excluded $811,141

  • 6a · Gross rents

    real property $94,277

  • 6b · Less rental expenses

    real property $10,564

  • 6c · Rental income or loss

    real property $83,713

  • 6d · Net rental income or loss

    total $83,713 · unrelated business $38,839 · excluded $44,874

  • 7a · Gross sales of assets other than inventory

    other assets $154,794

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

    other assets $41,884

  • 7c · Gain or loss

    other assets $112,910

  • 7d · Net gain or loss

    total $112,910 · excluded $112,910

  • 11a · Other revenue: PATRONAGE DIVIDENDS

    total $5,210,019 · related or exempt $5,210,019

  • 11b · Other revenue: EQUITY IN SUBSIDIARY

    total $248,608 · related or exempt $248,608

  • 11c · Other revenue: MISCELLANEOUS REVENUE

    total $49,421 · related or exempt $49,421

  • 11e · Other revenue, total

    $5,508,048

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $41,873

  • 4 · Benefits paid to or for members

    total $14,098,246

  • 5 · Compensation of officers, directors and key employees

    total $2,966,956

  • 20 · Interest

    total $43,481,509

  • 22 · Depreciation, depletion and amortization

    total $23,304,626

  • 24a · Other expenses: PURCHASED POWER

    total $311,195,239

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $31,157,629

  • 24c · Other expenses: GENERAL & ADMINISTRATIO

    total $15,445,894

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $10,547,049

  • 24e · All other expenses

    total $2,016,119

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,457,637 · end of year $3,460,547

  • 2 · Savings and temporary cash investments

    beginning of year $2,600 · end of year $2,600

  • 4 · Accounts receivable

    beginning of year $21,109,581 · end of year $23,835,895

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $2,235

  • 9 · Prepaid expenses and deferred charges

    beginning of year $738,018 · end of year $1,481,964

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

    $949,134,842

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

    $207,731,312

  • 10c · Land, buildings and equipment, net

    beginning of year $641,218,653 · end of year $741,403,530

  • 13 · Investments: program-related

    beginning of year $170,546,200 · end of year $172,115,381

  • 15 · Other assets

    beginning of year $523,337,478 · end of year $512,047,213

  • 17 · Accounts payable and accrued expenses

    beginning of year $52,600,141 · end of year $41,726,057

  • 23 · Secured mortgages and notes payable

    beginning of year $814,469,080 · end of year $879,744,116

  • 25 · Other liabilities

    beginning of year $71,938,474 · end of year $93,407,791

  • 29 · Capital stock, trust principal or current funds

    beginning of year $2,575,948 · end of year $2,689,298

  • 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 $419,826,524 · end of year $436,782,103

Mission and programs · 2023

Mission

THE COOPERATIVE'S RESPONSIBILITY AND AIM IS TO PROVIDE EXCELLENT AND INNOVATIVE CUSTOMER SERVICE AS REFLECTED IN TOP QUALITY ELECTRIC SERVICE RELIABILITY, AFFORDABLE RATES, EMPLOYEE TEAMWORK AND THE HIGHEST DEGREE OF INTEGRITY IN ALL COOPERATIVE ENDEAVORS.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

  • TO PROVIDE TO OUR MEMBERS - 137,184 ACTIVE SERVICES AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.

As filed on the 2023 return.

Listed in Part VII

  • Steve Harris

    DIRECTOR

    Total calculated
    $50,500
    From this org
    $50,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.8

  • Kevin Ingle

    DIRECTOR

    Total calculated
    $42,000
    From this org
    $42,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John Killough

    VICE-CHAIRMAN

    Total calculated
    $41,400
    From this org
    $41,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.4

  • Margaret Koprek

    SECRETARY/TREASURER

    Total calculated
    $43,200
    From this org
    $43,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.2

  • Sommer Portwood

    DIRECTOR

    Total calculated
    $47,400
    From this org
    $47,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Michael Sivertsen

    DIRECTOR

    Total calculated
    $51,000
    From this org
    $51,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    17.8

  • Max Waddell

    BOARD CHAIRMAN

    Total calculated
    $44,400
    From this org
    $44,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jerry Walden

    DIRECTOR (THRU 12/23)

    Total calculated
    $45,600
    From this org
    $45,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    11.1

  • Jorden Wood

    DIRECTOR (THRU 11/23)

    Total calculated
    $45,400
    From this org
    $45,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.8

  • Darryl Schriver

    PRESIDENT & CEO (THRU 7/23)

    Total calculated
    $735,717
    From this org
    $624,097
    From related orgs
    $0
    Other
    $111,620
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $624,097
    Bonus
    $0
    Other
    $0
    Deferred
    $98,237
    Nontaxable benefits
    $13,383
    Filer's total
    $735,717

  • Melissa Watts

    CFO & VP OF FINANCE

    Total calculated
    $458,455
    From this org
    $348,928
    From related orgs
    $0
    Other
    $109,527
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $318,083
    Bonus
    $30,845
    Other
    $0
    Deferred
    $87,361
    Nontaxable benefits
    $22,166
    Filer's total
    $458,455

  • Wesley Scheets

    COO & VP OF OPERATIONS

    Total calculated
    $597,128
    From this org
    $327,740
    From related orgs
    $0
    Other
    $269,388
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $299,914
    Bonus
    $27,826
    Other
    $0
    Deferred
    $253,788
    Nontaxable benefits
    $15,600
    Filer's total
    $597,128

  • Janet Rehberg

    CSO & VP OF ENGINEERING

    Total calculated
    $369,892
    From this org
    $315,740
    From related orgs
    $0
    Other
    $54,152
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $287,914
    Bonus
    $27,826
    Other
    $0
    Deferred
    $38,552
    Nontaxable benefits
    $15,600
    Filer's total
    $369,892

  • Jennifer Goss

    CTO & VP OF TECHNOLOGY (THRU 10/23)

    Total calculated
    $290,347
    From this org
    $247,066
    From related orgs
    $0
    Other
    $43,281
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $247,066
    Bonus
    $0
    Other
    $0
    Deferred
    $31,718
    Nontaxable benefits
    $11,563
    Filer's total
    $290,347

  • Lindsey Gillum

    CRO & VP OF POWER SUPPLY

    Total calculated
    $240,700
    From this org
    $204,717
    From related orgs
    $0
    Other
    $35,983
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $187,092
    Bonus
    $17,625
    Other
    $0
    Deferred
    $22,202
    Nontaxable benefits
    $13,781
    Filer's total
    $240,700

  • Nichole Eshbaugh

    CTO/VP OF IT (THRU 1/23)

    Total calculated
    $108,205
    From this org
    $104,740
    From related orgs
    $0
    Other
    $3,465
    Hours/week
    40

  • Dustin Tidball

    CONTROLLER & AVP OF FINANCE

    Total calculated
    $329,710
    From this org
    $289,757
    From related orgs
    $0
    Other
    $39,953
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $270,344
    Bonus
    $19,413
    Other
    $0
    Deferred
    $17,787
    Nontaxable benefits
    $22,166
    Filer's total
    $329,710

  • Andrea McCleese

    AVP OF MEMBER SERVICES

    Total calculated
    $317,755
    From this org
    $225,708
    From related orgs
    $0
    Other
    $92,047
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $205,904
    Bonus
    $19,804
    Other
    $0
    Deferred
    $84,042
    Nontaxable benefits
    $8,005
    Filer's total
    $317,755

  • Jonathan Douglas

    DIRECTOR OF IT & CYBERSECURITY

    Total calculated
    $264,200
    From this org
    $214,480
    From related orgs
    $0
    Other
    $49,720
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $195,079
    Bonus
    $19,401
    Other
    $0
    Deferred
    $24,534
    Nontaxable benefits
    $25,186
    Filer's total
    $264,200

  • Melony Block

    AVP OF HUMAN RESOURCES

    Total calculated
    $241,020
    From this org
    $207,664
    From related orgs
    $0
    Other
    $33,356
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $188,263
    Bonus
    $19,401
    Other
    $0
    Deferred
    $25,351
    Nontaxable benefits
    $8,005
    Filer's total
    $241,020

  • Daren Curry

    DIRECTOR OF ENGINEERING

    Total calculated
    $254,710
    From this org
    $203,767
    From related orgs
    $0
    Other
    $50,943
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $183,738
    Bonus
    $20,029
    Other
    $0
    Deferred
    $25,757
    Nontaxable benefits
    $25,186
    Filer's total
    $254,710

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 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
DARRYL SCHRIVER, MELISSA WATTS, NICHOLE ESHBAUGH, WESLEY SCHEETS, AND JANET REHBERG ARE PARTICIPANTS IN A 457(F) PLAN. THE COOPERATIVE WILL DEPOSIT $25,000 FOR EACH MEMBER INTO THE PLAN EACH YEAR BEGINNING IN 2021. THIS AMOUNT WILL BE DEPOSITED EACH YEAR THROUGH 2026. AS LONG AS THE INDIVIDUAL REMAINS EMPLOYED AS A SENIOR STAFF MEMBER THROUGH MAY 31, 2026, THEY WILL BE PAID A LUMP SUM PAYMENT FOR THE FULL AMOUNT. IF THE EMPLOYEE IS NO LONGER A SENIOR STAFF MEMBER THROUGH MAY 31, 2026, THE ENTIRE AMOUNT WILL BE FORFEITED BACK TO THE COOPERATIVE.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • VALUE CHOICE INC

    C · TELECOMMUNICATIONS · TX · 100% owned · share of assets $4,099,042 · controlled entity

    Directly controlled by TRI-COUNTY ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2023
Filed
21 October 2024
IRS schema version
2023v5.1
Source object
202442969349301614

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