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Nonprofiteer
← FANNIN CO ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by FANNIN CO ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$32,788,438
Total expenses
$32,365,603
Contributions and grants received
$0
Grants paid
$4,268
Program service revenue
$32,344,486
Investment income
$271,399
Other revenue
$172,553
Total assets, end of year
$82,496,559
Total liabilities, end of year
$54,641,792
Net assets or fund balances, end of year
$27,854,767
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: SALES OF ELECTRICITY

    total $30,951,148 · related or exempt $30,951,148

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $892,321 · related or exempt $892,321

  • 2c · Program service revenue: SERVICE FEES

    total $346,632 · related or exempt $346,632

  • 2d · Program service revenue: WHOLESALE TRANSMISSION ACCESS

    total $154,385 · related or exempt $154,385

  • 3 · Investment income

    total $274,498 · excluded $274,498

  • 7a · Gross sales of assets other than inventory

    other assets $8,490

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

    other assets $11,589

  • 7c · Gain or loss

    other assets -$3,099

  • 7d · Net gain or loss

    total -$3,099 · related or exempt -$3,099

  • 10b · Cost of goods sold

    $176

  • 10c · Net income from sales of inventory

    total -$176 · related or exempt -$176

  • 11a · Other revenue: BOND SECURITIZATION P'SHIP INCOME

    total $142,652 · related or exempt $142,652

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $21,119 · excluded $21,119

  • 11c · Other revenue: MISCELLANEOUS REVENUE

    total $8,958 · related or exempt $8,958

  • 11e · Other revenue, total

    $172,729

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,268

  • 4 · Benefits paid to or for members

    total $1,514,762

  • 5 · Compensation of officers, directors and key employees

    total $721,189

  • 7 · Other salaries and wages

    total $1,598,807

  • 8 · Pension plan contributions

    total $255,140

  • 9 · Other employee benefits

    total $631,185

  • 10 · Payroll taxes

    total $152,070

  • 20 · Interest

    total $1,084,584

  • 22 · Depreciation, depletion and amortization

    total $2,232,247

  • 24a · Other expenses: PURCHASED POWER

    total $20,024,506

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $3,044,014

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $838,564

  • 24d · Other expenses: CONSUMER EXPENSE

    total $256,076

  • 24e · All other expenses

    total $8,191

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $656,064 · end of year $545,963

  • 2 · Savings and temporary cash investments

    beginning of year $10,050,316 · end of year $21,430,903

  • 4 · Accounts receivable

    beginning of year $427,981 · end of year $901,468

  • 8 · Inventories for sale or use

    beginning of year $148,791 · end of year $191,991

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,007,312 · end of year $1,866,690

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

    $70,816,797

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

    $23,097,503

  • 10c · Land, buildings and equipment, net

    beginning of year $40,765,653 · end of year $47,719,294

  • 13 · Investments: program-related

    beginning of year $6,611,726 · end of year $7,836,736

  • 15 · Other assets

    beginning of year $1,242,434 · end of year $2,003,514

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,123,240 · end of year $8,914,366

  • 21 · Escrow or custodial account liability

    beginning of year $63,199 · end of year $66,153

  • 23 · Secured mortgages and notes payable

    beginning of year $18,009,249 · end of year $38,459,548

  • 25 · Other liabilities

    beginning of year $14,812,864 · end of year $7,201,725

  • 29 · Capital stock, trust principal or current funds

    beginning of year $80,350 · end of year $82,285

  • 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 $25,821,375 · end of year $27,772,482

Mission and programs · 2022

Mission

NONE

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 11,606 ACTIVE SERVICES AT YEAR END.

As filed on the 2022 return.

Listed in Part VII

  • Rodney Brent

    VICE-PRESIDENT

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.6

  • Stephen Collida

    PRESIDENT

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.2

  • Scott Gibbs

    DIRECTOR

    Total calculated
    $7,600
    From this org
    $7,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.8

  • Robert Milton

    SECRETARY/TREASURER

    Total calculated
    $7,800
    From this org
    $7,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • John Skotnik

    DIRECTOR

    Total calculated
    $7,800
    From this org
    $7,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4

  • Alfred Scott

    DIRECTOR

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.7

  • J Seth Mahler

    DIRECTOR

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.7

  • John Ed Shinpaugh

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $378,450
    From this org
    $262,244
    From related orgs
    $0
    Other
    $116,206
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $209,946
    Bonus
    $17,255
    Other
    $35,043
    Deferred
    $83,322
    Nontaxable benefits
    $32,884
    Filer's total
    $378,450

  • Karen Rintelmann

    CHIEF FINANCIAL OFFICER

    Total calculated
    $289,539
    From this org
    $213,438
    From related orgs
    $0
    Other
    $76,101
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $172,576
    Bonus
    $14,160
    Other
    $26,702
    Deferred
    $59,626
    Nontaxable benefits
    $16,475
    Filer's total
    $289,539

  • Tim Kidwell

    VICE-PRESIDENT

    Total calculated
    $235,367
    From this org
    $157,944
    From related orgs
    $0
    Other
    $77,423
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,906
    Bonus
    $11,872
    Other
    $4,166
    Deferred
    $44,539
    Nontaxable benefits
    $32,884
    Filer's total
    $235,367

  • Barry Murchison

    ENGINEER MANAGER

    Total calculated
    $244,794
    From this org
    $149,035
    From related orgs
    $0
    Other
    $95,759
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,538
    Bonus
    $11,025
    Other
    $6,472
    Deferred
    $62,875
    Nontaxable benefits
    $32,884
    Filer's total
    $244,794

  • Rodney Gammons

    LINE SUPERINTENDENT

    Total calculated
    $259,298
    From this org
    $136,308
    From related orgs
    $0
    Other
    $122,990
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $122,915
    Bonus
    $10,114
    Other
    $3,279
    Deferred
    $91,606
    Nontaxable benefits
    $31,384
    Filer's total
    $259,298

  • Cory Patton

    LINE FOREMAN

    Total calculated
    $160,776
    From this org
    $128,399
    From related orgs
    $0
    Other
    $32,377
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $119,777
    Bonus
    $8,266
    Other
    $356
    Deferred
    $30,068
    Nontaxable benefits
    $2,309
    Filer's total
    $160,776

  • Brandon Lyles

    LINE FOREMAN

    Total calculated
    $190,125
    From this org
    $122,120
    From related orgs
    $0
    Other
    $68,005
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $114,150
    Bonus
    $7,593
    Other
    $377
    Deferred
    $36,372
    Nontaxable benefits
    $31,633
    Filer's total
    $190,125

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 committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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)

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. JOHN ED SHINPAUGH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 74,812 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,510 TOTAL REPORTED IN COLUMN C $ 83,322 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (74,812) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 43,159 EXPENSE TO THE COOPERATIVE $ 51,669 KAREN RINTELMANN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,126 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,500 TOTAL REPORTED IN COLUMN C $ 59,626 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,126) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,514 EXPENSE TO THE COOPERATIVE $ 38,014 RODNEY GAMMONS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 86,954 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,652 TOTAL REPORTED IN COLUMN C $ 91,606 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (86,954) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,681 EXPENSE TO THE COOPERATIVE $ 28,333 BARRY MURCHISON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,501 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,374 TOTAL REPORTED IN COLUMN C $ 62,875 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,501) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,358 EXPENSE TO THE COOPERATIVE $ 32,732 TIM KIDWELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 38,751 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,788 TOTAL REPORTED IN COLUMN C $ 44,539 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (38,751) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,431 EXPENSE TO THE COOPERATIVE $ 35,219 BRANDON LYLES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,704 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,668 TOTAL REPORTED IN COLUMN C $ 36,372 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,704) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 18,595 EXPENSE TO THE COOPERATIVE $ 22,263 CORY PATTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,233 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,835 TOTAL REPORTED IN COLUMN C $ 30,068 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,233) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,450 EXPENSE TO THE COOPERATIVE $ 23,285

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
15 November 2023
IRS schema version
2022v5.0
Source object
202303199349329280

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