Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $220,869,476 · related or exempt $220,869,476

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $6,646,629 · related or exempt $6,646,629

• 2c · Program service revenue: SERVICE FEES

  total $2,145,406 · related or exempt $2,145,406

• 2d · Program service revenue: SURGE SUPPRESSOR REVENUE

  total $255,626 · related or exempt $255,626

• 2e · Program service revenue: OTHER PROGRAM REVENUE

  total $82,579 · related or exempt $82,579

• 3 · Investment income

  total $4,512,813 · excluded $4,512,813

• 6a · Gross rents

  real property $3,335

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $3,335

• 6d · Net rental income or loss

  total $3,335 · excluded $3,335

• 7a · Gross sales of assets other than inventory

  other assets $458,962

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

  other assets $889

• 7c · Gain or loss

  other assets $458,073

• 7d · Net gain or loss

  total $458,073 · related or exempt $458,073

• 10a · Gross sales of inventory

  $240,785

• 10b · Cost of goods sold

  $123,600

• 10c · Net income from sales of inventory

  total $117,185 · related or exempt $117,185

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $1,671,267 · excluded $1,671,267

• 11e · Other revenue, total

  $1,671,267

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $21,672

• 2 · Grants to domestic individuals

  total $10,000

• 4 · Benefits paid to or for members

  total $11,530,290

• 5 · Compensation of officers, directors and key employees

  total $1,959,637

• 7 · Other salaries and wages

  total $20,993,048

• 8 · Pension plan contributions

  total $4,327,164

• 9 · Other employee benefits

  total $3,906,137

• 10 · Payroll taxes

  total $1,435,125

• 20 · Interest

  total $16,879,169

• 22 · Depreciation, depletion and amortization

  total $25,651,080

• 24a · Other expenses: PURCHASED POWER

  total $126,107,614

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $15,238,198

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $6,881,198

• 24d · Other expenses: TRANSMISSION

  total $1,315,813

• 24e · All other expenses

  total $506,244

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,535,435 · end of year $941,407

• 4 · Accounts receivable

  beginning of year $20,165,729 · end of year $19,303,990

• 8 · Inventories for sale or use

  beginning of year $28,294,426 · end of year $48,471,070

• 9 · Prepaid expenses and deferred charges

  beginning of year $213,687 · end of year $530,601

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

  $971,354,170

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

  $237,334,023

• 10c · Land, buildings and equipment, net

  beginning of year $667,940,354 · end of year $734,020,147

• 13 · Investments: program-related

  beginning of year $66,103,594 · end of year $69,177,605

• 15 · Other assets

  beginning of year $46,810,270 · end of year $12,476,428

• 17 · Accounts payable and accrued expenses

  beginning of year $34,293,946 · end of year $30,815,260

• 23 · Secured mortgages and notes payable

  beginning of year $491,141,273 · end of year $536,571,896

• 25 · Other liabilities

  beginning of year $34,745,297 · end of year $36,168,124

• 29 · Capital stock, trust principal or current funds

  beginning of year $2,220,731 · end of year $2,283,390

• 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 $268,662,248 · end of year $279,082,578

The filer's explanations (Part III)

PART II, COLUMNS B, C, & D:

THE FOLLOWING DISCLOSURES ARE AN INTEGRAL PART OF UNDERSTANDING COMPENSATION REPORTED IN SCHEDULE J. THESE ADDITIONAL DISCLOSURES FURTHER EXPLAIN BENEFITS PROVIDED BY THE COOPERATIVE TO ITS EMPLOYEES AND, IN GENERAL, AMOUNTS ACCRUED UNDER APPLICABLE PLANS. PLEASE NOTE, HOWEVER, WITH RESPECT TO CERTAIN RETIREMENT BENEFITS, THE AMOUNTS REPORTED PURSUANT TO FORM 990 INSTRUCTIONS ARE NOT REPRESENTATIVE OF THE ACTUAL COST/EXPENSE TO THE COOPERATIVE. THE AMOUNTS REPORTED ON SCHEDULE J ARE NOT ALL EXPENSE ITEMS TO THE COOPERATIVE IN THE FILING PERIOD, AND IF REPORTED ON A CASH OR ACCRUAL BASIS, THESE AMOUNTS WOULD VARY. THE AMOUNTS REPORTED IN SCHEDULE J, AS REQUIRED BY THE IRS, MEASURE THE VESTING OF BENEFITS PAYABLE AND NOT THE ACTUAL EXPENSE TO THE COOPERATIVE. IN EARLY YEARS OF EMPLOYMENT, VESTING IS LOW. IN LATER YEARS, AS EMPLOYEES APPROACH RETIREMENT, VESTING IS HIGH. WITH VERY LIMITED EXCEPTION, ALL RETIREMENT PLANS IN COLUMN C ARE THE SAME PLANS OFFERED TO ALL EMPLOYEES OF THE COOPERATIVE. THE ACTUAL COST AND/OR EXPENSE OF REPORTABLE COMPENSATION TO THE COOPERATIVE FOR THE FORM 990 FILING PERIOD IS DISPLAYED AS FOLLOWS: ROBERT BOAZ: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 678,295 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 216,544 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 25,506 KEAN STEELY: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 352,936 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 113,631 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 26,441 MICHAEL DODGE: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 297,222 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 103,068 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 25,431 JOHN WORLEY: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 245,534 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 82,484 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 25,865 CHAD ALLEN: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 263,779 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 88,570 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 25,292 CORY SMITH: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 275,251 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 90,647 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 20,574 TYLER ASHWORTH: COLUMN B (I-III) - BOX 5, W-2 WAGES $ 264,246 COLUMN C - EMPLOYER RETIREMENT PLAN EXPENSE $ 88,951 COLUMN D - EMPLOYER PROVIDED NON-TAXABLE BENEFITS EXPENSE $ 25,298

PART I, LINE 1A:

TRAVEL FOR COMPANIONS - PURSUANT TO COOPERATIVE POLICY, THE PRESIDENT/CEO (R. BOAZ) RECEIVES THE TRAVEL FOR COMPANION BENEFIT AS APPROVED BY THE BOARD ON AN AS NEEDED BASIS. PART I, LINE 4B: QUALIFYING DIRECTORS PARTICIPATE IN A PLAN PURSUANT TO BOARD POLICY. BENEFITS VEST BASED ON CONDITIONS WITHIN THE POLICY AND BOARD APPROVAL AT THAT TIME. THE ACTUARIAL INCREASE/(DECREASE) OF BENEFITS POTENTIALLY PAYABLE UNDER THE PLAN ARE REPORTED ON FORM 990, PART VII, SECTION A, COLUMN F AND ARE SUMMARIZED AS FOLLOWS: DIRECTORS - $ 282 BECAUSE CERTAIN EMPLOYEES ARE PROHIBITED FROM FULLY PARTICIPATING IN CONVENTIONAL RETIREMENT PLANS, THE COOPERATIVE SPONSORS A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLAN WHERE: (1) PRIOR TO NORMAL RETIREMENT AGE, BENEFITS UNDER THE NQDC PLAN ACCRUE ANNUALLY AND ARE NOT VESTED/PAYABLE UNTIL NORMAL RETIREMENT AGE. SUCH BENEFITS ARE MEASURED BY THE ACTUARIAL INCREASE INCLUDED IN THE AMOUNTS REPORTED IN SCHEDULE J, PART II, COLUMN C. FOR 2023 THE ACTUARIAL INCREASE ASSOCIATED WITH PARTICIPATION IN THE NQDC PLAN FOR ROBERT BOAZ, PRESIDENT/CEO, IS $235,161. (2) POST NORMAL RETIREMENT AGE, BENEFITS ACCRUE, VEST AND ARE PAID IN THE SAME YEAR. SUCH PAYMENTS ARE INCLUDED IN THE AMOUNTS REPORTED IN SCHEDULE J, PART II, COLUMN B(III). THERE WERE NO SUCH PAYMENTS REPORTED FOR 2023.