Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $845,634,337 · related or exempt $845,634,337

• 2b · Program service revenue: SERVICE FEES

  total $8,289,651 · related or exempt $8,289,651

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $4,097,700 · related or exempt $4,097,700

• 3 · Investment income

  total $1,583,661 · related or exempt $931,450 · excluded $652,211

• 6a · Gross rents

  real property $1,825,285 · personal property $41,700

• 6b · Less rental expenses

  real property $604,889 · personal property $0

• 6c · Rental income or loss

  real property $1,220,396 · personal property $41,700

• 6d · Net rental income or loss

  total $1,262,096 · related or exempt $961,240 · unrelated business $46,702 · excluded $254,154

• 7a · Gross sales of assets other than inventory

  other assets $637,648

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

  other assets $340,018

• 7c · Gain or loss

  other assets $297,630

• 7d · Net gain or loss

  total $297,630 · related or exempt $297,630

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $528,000 · excluded $528,000

• 11e · Other revenue, total

  $528,000

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $86,568

• 4 · Benefits paid to or for members

  total $37,886,930

• 5 · Compensation of officers, directors and key employees

  total $4,753,403

• 7 · Other salaries and wages

  total $33,424,501

• 8 · Pension plan contributions

  total $4,456,841

• 9 · Other employee benefits

  total $8,677,536

• 10 · Payroll taxes

  total $2,640,136

• 20 · Interest

  total $57,066,093

• 22 · Depreciation, depletion and amortization

  total $45,620,346

• 24a · Other expenses: PURCHASED POWER

  total $620,505,272

• 24b · Other expenses: ADMIN & GENERAL EXPENSE

  total $11,936,710

• 24c · Other expenses: DISTRIBUTION EXPENSE

  total $10,631,732

• 24d · Other expenses: UBIT EXPENSE

  total $10,105

• 24e · All other expenses

  total $22,923,366

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $40,446,678 · end of year $18,283,472

• 2 · Savings and temporary cash investments

  beginning of year $23,048,152 · end of year $55,724,899

• 4 · Accounts receivable

  beginning of year $37,561,860 · end of year $38,126,807

• 9 · Prepaid expenses and deferred charges

  beginning of year $541,581,764 · end of year $582,512,160

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

  $1,572,560,422

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

  $401,458,252

• 10c · Land, buildings and equipment, net

  beginning of year $1,083,550,294 · end of year $1,171,102,170

• 12 · Investments: other securities

  beginning of year $123,227,873 · end of year $130,770,170

• 13 · Investments: program-related

  beginning of year $248,868,753 · end of year $252,868,966

• 15 · Other assets

  beginning of year $9,248,122 · end of year $9,830,521

• 17 · Accounts payable and accrued expenses

  beginning of year $80,773,165 · end of year $98,694,364

• 21 · Escrow or custodial account liability

  beginning of year $122,216 · end of year $201,112

• 23 · Secured mortgages and notes payable

  beginning of year $1,152,896,990 · end of year $1,249,047,627

• 25 · Other liabilities

  beginning of year $62,260,824 · end of year $62,637,726

• 29 · Capital stock, trust principal or current funds

  beginning of year $4,060,670 · end of year $4,151,995

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $148,969,851 · end of year $291,619,953

• 31 · Retained earnings, endowment or other funds

  beginning of year $658,449,780 · end of year $552,866,388

The filer's explanations (Part III)

PART I, LINES 4A-B

DURING THE YEAR, HEATHER MIZE RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $90,424. DONALD CLARY PARTICIPATES IN A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATON (NQDC) PLAN, AND THE TOTAL BENEFITS PAID AND INCLUDED AS W-2 WAGES DURING THE YEAR WERE $314,416.

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. 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. DONALD CLARY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 157,565 401(K) EMPLOYER CONTRIBUTION 10,350 TOTAL COLUMN C $ 167,915 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT (157,565) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT 106,248 EXPENSE TO THE COOPERATIVE $ 116,598 PHILIP HASSEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 165,814 401(K) EMPLOYER CONTRIBUTION 9,498 TOTAL COLUMN C $ 175,312 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (165,814) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 49,139 EXPENSE TO THE COOPERATIVE $ 58,637 DENISE SMITHERS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 83,619 401(K) EMPLOYER CONTRIBUTION 10,350 TOTAL COLUMN C $ 93,969 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (83,619) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 54,224 EXPENSE TO THE COOPERATIVE $ 64,574 GARY FRANZEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 90,153 401(K) EMPLOYER CONTRIBUTION 10,207 TOTAL COLUMN C $ 100,360 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (90,153) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,866 EXPENSE TO THE COOPERATIVE $ 63,073 BRENT BISHOP: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 64,860 401(K) EMPLOYER CONTRIBUTION 10,350 TOTAL COLUMN C $ 75,210 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (64,860) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 54,224 EXPENSE TO THE COOPERATIVE $ 64,574 GREG WARD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 61,524 401(K) EMPLOYER CONTRIBUTION 10,085 TOTAL COLUMN C $ 71,619 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (61,524) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,436 EXPENSE TO THE COOPERATIVE $ 62,441 JEFFREY MCNEAL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 51,094 401(K) EMPLOYER CONTRIBUTION 10,085 TOTAL COLUMN C $ 61,179 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (51,094) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,352 EXPENSE TO THE COOPERATIVE $ 62,437 DYAN JAMES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 28,963 401(K) EMPLOYER CONTRIBUTION 9,498 TOTAL COLUMN C $ 38,461 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (28,963) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 49,139 EXPENSE TO THE COOPERATIVE $ 58,637 CHARLES TURNER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 40,843 401(K) EMPLOYER CONTRIBUTION 6,537 TOTAL COLUMN C $ 47,380 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,843) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,982 EXPENSE TO THE COOPERATIVE $ 39,519 PETER NYLEC: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 12,244 401(K) EMPLOYER CONTRIBUTION 6,823 TOTAL COLUMN C $ 19,067 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (12,244) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,189 EXPENSE TO THE COOPERATIVE $ 40,012 JACKIE GRASS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,616 401(K) EMPLOYER CONTRIBUTION 6,238 TOTAL COLUMN C $ 36,854 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,616) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,469 EXPENSE TO THE COOPERATIVE $ 37,083 HEATHER MIZE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 11,082 401(K) EMPLOYER CONTRIBUTION 4,065 TOTAL COLUMN C $ 15,147 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (11,082) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,078 EXPENSE TO THE COOPERATIVE $ 23,143 CHAD LUIG: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 18,524 401(K) EMPLOYER CONTRIBUTION 6,134 TOTAL COLUMN C $ 24,658 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (18,524) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,949 EXPENSE TO THE COOPERATIVE $ 37,083

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• QUAIL RUN REALTY LLC

  REAL ESTATE · TX · income $169,740 · assets $1,312,612

  Directly controlled by DENTON COUNTY ELECTRIC COOPERATIVE INC

• COSERV PROPERTY HOLDINGS LLC

  REAL ESTATE · TX · income $318,140 · assets $14,279,660

  Directly controlled by DENTON COUNTY ELECTRIC COOPERATIVE INC

• COSERV SECURITIZATION 2022 LLC

  SECURITIZED BOND ISSUANCE · DE · income $33,311,023 · assets $473,135,731

  Directly controlled by DENTON COUNTY ELECTRIC COOPERATIVE INC

Related corporations and trusts

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

• COSERV UTILITIES SERVICES INC

  C · GP FOR COSERV INVESTMENTS · TX · 100% owned · share of assets $1,304,206 · controlled entity

  Directly controlled by DENTON COUNTY ELECTRIC COOPERATIVE INC

• COSERV INVESTMENTS LP

  C · INVESTMENTS · TX · 100% owned · share of income $118,111,101 · share of assets $405,277,758 · controlled entity

  Directly controlled by DENTON COUNTY ELECTRIC COOPERATIVE INC