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Nonprofiteer
← CORN BELT POWER COOPERATIVE

Form 990 for tax year 2022

Filed by CORN BELT POWER COOPERATIVE.

Totals

Total revenue
$168,893,187
Total expenses
$167,570,093
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$167,546,382
Investment income
$1,341,738
Other revenue
$5,067
Total assets, end of year
$515,608,745
Total liabilities, end of year
$330,568,964
Net assets or fund balances, end of year
$185,039,781
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 Energy sales

    total $133,281,214 · related or exempt $133,281,214 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: RTO revenue

    total $14,982,828 · related or exempt $14,982,828 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Patronage allocation

    total $14,968,534 · related or exempt $14,968,534 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Substation and tower use fees

    total $4,087,537 · related or exempt $4,087,537 · unrelated business $0 · excluded $0

  • 2e · Program service revenue: Wheeling Fees

    total $34,357 · related or exempt $34,357 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $191,912 · related or exempt $191,912 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $350,347 · related or exempt $0 · unrelated business $0 · excluded $350,347

  • 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

  • 6a · Gross rents

    real property $4,635 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $4,635 · personal property $0

  • 6d · Net rental income or loss

    total $4,635 · related or exempt $0 · unrelated business $0 · excluded $4,635

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $991,391

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $991,391

  • 7d · Net gain or loss

    total $991,391 · related or exempt $0 · unrelated business $0 · excluded $991,391

  • 11d · All other revenue

    total $432 · related or exempt $0 · unrelated business $0 · excluded $432

  • 11e · Other revenue, total

    $432

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $23,810,000

  • 5 · Compensation of officers, directors and key employees

    total $1,840,582

  • 7 · Other salaries and wages

    total $5,606,416

  • 8 · Pension plan contributions

    total $1,655,742

  • 9 · Other employee benefits

    total $1,024,836

  • 10 · Payroll taxes

    total $625,014

  • 11b · Fees: legal

    total $68,932

  • 11c · Fees: accounting

    total $42,500

  • 11g · Fees: other

    total $115,042

  • 12 · Advertising and promotion

    total $988,473

  • 13 · Office expenses

    total $148,773

  • 14 · Information technology

    total $281,786

  • 17 · Travel

    total $497,090

  • 19 · Conferences, conventions and meetings

    total $305,251

  • 20 · Interest

    total $8,014,039

  • 22 · Depreciation, depletion and amortization

    total $13,817,596

  • 23 · Insurance

    total $497,201

  • 24a · Other expenses: Energy

    total $98,394,770

  • 24b · Other expenses: Jointly Owned Units

    total $3,869,291

  • 24c · Other expenses: Maint of plant and equipment

    total $3,452,702

  • 24d · Other expenses: Property Taxes

    total $1,509,089

  • 24e · All other expenses

    total $1,004,968

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,400,635 · end of year $4,004,857

  • 2 · Savings and temporary cash investments

    beginning of year $7,468,288 · end of year $8,355,594

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $12,001,880 · end of year $15,302,218

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $8,462,044 · end of year $11,826,763

  • 8 · Inventories for sale or use

    beginning of year $13,631,158 · end of year $16,106,276

  • 9 · Prepaid expenses and deferred charges

    beginning of year $317,221 · end of year $9,024

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

    $606,580,273

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

    $329,233,940

  • 10c · Land, buildings and equipment, net

    beginning of year $267,904,156 · end of year $277,346,333

  • 11 · Investments: publicly traded securities

    beginning of year $72,099,739 · end of year $57,291,664

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $1,845,477 · end of year $2,498,057

  • 14 · Intangible assets

    beginning of year $162,691 · end of year $342,494

  • 15 · Other assets

    beginning of year $96,252,285 · end of year $122,525,465

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,655,395 · end of year $14,564,343

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $3,708,027 · end of year $3,709,390

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $186,244,057 · end of year $207,133,220

  • 24 · Unsecured notes and loans payable

    beginning of year $34,732,703 · end of year $32,104,016

  • 25 · Other liabilities

    beginning of year $76,945,359 · end of year $73,057,995

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

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

    beginning of year $102,893,520 · end of year $120,386,828

  • 31 · Retained earnings, endowment or other funds

    beginning of year $63,366,513 · end of year $64,652,953

Mission and programs · 2022

Mission

To enhance the quality of life for our members, employees and communities.

Activities or mission (Part I)

Generating and transmitting electrical energy to our members.

  • Each activity is part of the whole process of generating and transmitting electrical energy to our 9 member rural service cooperatives and our one member municipal electrical cooperative.

As filed on the 2022 return.

Listed in Part VII

  • Karen K Berte

    Sr VP Finance and Administration

    Total calculated
    $518,154
    From this org
    $217,165
    From related orgs
    $0
    Other
    $300,989
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,693
    Bonus
    $0
    Other
    $29,472
    Deferred
    $275,196
    Nontaxable benefits
    $28,195
    Filer's total
    $520,556

  • Kenneth H Kuyper

    Executive VP and General Manager

    Total calculated
    $504,874
    From this org
    $354,038
    From related orgs
    $0
    Other
    $150,836
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $293,966
    Bonus
    $0
    Other
    $60,072
    Deferred
    $126,288
    Nontaxable benefits
    $27,883
    Filer's total
    $508,209

  • Kevin W Bornhoft

    VP Engineering and System Operations

    Total calculated
    $483,015
    From this org
    $200,251
    From related orgs
    $0
    Other
    $282,764
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,624
    Bonus
    $0
    Other
    $15,627
    Deferred
    $256,251
    Nontaxable benefits
    $28,727
    Filer's total
    $485,229

  • Jacob Olberding

    VP Power Supply

    Total calculated
    $366,578
    From this org
    $195,429
    From related orgs
    $0
    Other
    $171,149
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,167
    Bonus
    $0
    Other
    $1,263
    Deferred
    $146,912
    Nontaxable benefits
    $26,419
    Filer's total
    $368,761

  • Ryan Cornelius

    VP Corporate Relations

    Total calculated
    $363,506
    From this org
    $171,985
    From related orgs
    $0
    Other
    $191,521
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,395
    Bonus
    $0
    Other
    $18,590
    Deferred
    $167,744
    Nontaxable benefits
    $25,625
    Filer's total
    $365,354

  • Patrick Connor

    Plant Manager

    Total calculated
    $303,961
    From this org
    $155,918
    From related orgs
    $0
    Other
    $148,043
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,685
    Bonus
    $0
    Other
    $15,233
    Deferred
    $124,266
    Nontaxable benefits
    $25,508
    Filer's total
    $305,692

  • Daniel Shiflett

    ROW & Construction Superintendent

    Total calculated
    $291,030
    From this org
    $123,251
    From related orgs
    $0
    Other
    $167,779
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $120,361
    Bonus
    $0
    Other
    $2,890
    Deferred
    $142,460
    Nontaxable benefits
    $26,758
    Filer's total
    $292,469

  • Larry Brusseau

    Compliance Director

    Total calculated
    $230,161
    From this org
    $140,572
    From related orgs
    $0
    Other
    $89,589
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,892
    Bonus
    $0
    Other
    $1,681
    Deferred
    $63,062
    Nontaxable benefits
    $28,142
    Filer's total
    $231,777

  • Brittany Dickey

    VP Business Development

    Total calculated
    $150,460
    From this org
    $139,429
    From related orgs
    $0
    Other
    $11,031
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,150
    Bonus
    $0
    Other
    $3,278
    Deferred
    $8,296
    Nontaxable benefits
    $4,192
    Filer's total
    $151,916

  • Jon Behounek

    Chief System Operator

    Total calculated
    $142,150
    From this org
    $119,457
    From related orgs
    $0
    Other
    $22,693
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,965
    Bonus
    $0
    Other
    $4,493
    Deferred
    $5,849
    Nontaxable benefits
    $18,088
    Filer's total
    $143,395

  • David Onken

    President

    Total calculated
    $27,875
    From this org
    $27,875
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Dale Schaefer

    Vice President

    Total calculated
    $18,895
    From this org
    $18,895
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Brad Honold

    Director

    Total calculated
    $14,525
    From this org
    $14,525
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Gary Poppe

    Director

    Total calculated
    $13,900
    From this org
    $13,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Larry Rohach

    Treasurer

    Total calculated
    $13,750
    From this org
    $13,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ted Hall

    Director

    Total calculated
    $11,150
    From this org
    $11,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Jerry Beck

    Secretary

    Total calculated
    $10,450
    From this org
    $10,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • LaVerne Arndt

    Director

    Total calculated
    $9,900
    From this org
    $9,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Rick Thompson

    Director

    Total calculated
    $5,250
    From this org
    $5,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Charles Gilbert

    Director

    Total calculated
    $2,750
    From this org
    $2,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steve Boedecker

    Director

    Total calculated
    $1,400
    From this org
    $1,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 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)

Schedule J, Part I, Line 1a
Any expenses of the spouse that are paid for by the Cooperative is considered taxable to the executive.

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • Grundy County Industrial Park LC

    Related · Economic development · IA · 50% owned · share of income $37,590 · share of assets $255,985

  • Prairie Energy Development LLC

    Related · Economic Development · IA · 50% owned · share of income -$25,609 · share of assets $407,885

Provenance

Return type
form_990
Tax year
2022
Filed
3 March 2023
IRS schema version
2022v5.0
Source object
202320909349300422

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