Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $251,119,967 · related or exempt $251,119,967

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $4,080,714 · related or exempt $4,080,714

• 2c · Program service revenue: SERVICE FEES

  total $1,855,594 · related or exempt $1,855,594

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $67,401 · related or exempt $67,401

• 2e · Program service revenue: SURGE PROTECTOR REVENUE

  total $7,938 · related or exempt $7,938

• 3 · Investment income

  total $3,337,397 · excluded $3,337,397

• 5 · Royalties

  total $5,073 · excluded $5,073

• 6a · Gross rents

  personal property $776

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $776

• 6d · Net rental income or loss

  total $776 · unrelated business $776

• 7a · Gross sales of assets other than inventory

  other assets $4,860,475

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

  other assets $570,813

• 7c · Gain or loss

  other assets $4,289,662

• 7d · Net gain or loss

  total $4,289,662 · related or exempt $4,289,662

• 10a · Gross sales of inventory

  $252,445

• 10b · Cost of goods sold

  $59,575

• 10c · Net income from sales of inventory

  total $192,870 · related or exempt $192,870

• 11a · Other revenue: INTERNET SERVICES

  total $7,098,613 · unrelated business $7,098,613

• 11b · Other revenue: POLE ATTACHMENT INCOME

  total $1,267,577 · excluded $1,267,577

• 11c · Other revenue: BROADBAND P'SHIP LOSS

  total -$91,052 · unrelated business -$91,052

• 11e · Other revenue, total

  $8,275,138

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $27,595

• 4 · Benefits paid to or for members

  total $18,817,879

• 5 · Compensation of officers, directors and key employees

  total $3,190,703

• 7 · Other salaries and wages

  total $13,739,039

• 8 · Pension plan contributions

  total $2,608,426

• 9 · Other employee benefits

  total $4,011,621

• 10 · Payroll taxes

  total $1,175,588

• 20 · Interest

  total $11,181,727

• 22 · Depreciation, depletion and amortization

  total $18,572,759

• 24a · Other expenses: PURCHASED POWER

  total $170,908,067

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $18,621,967

• 24c · Other expenses: CONSUMER EXPENSE

  total $9,477,064

• 24d · Other expenses: ADMIN & GENERAL EXPENSE

  total $4,360,542

• 24e · All other expenses

  total $86,403

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,569,854 · end of year $9,680,014

• 2 · Savings and temporary cash investments

  beginning of year $433,211 · end of year $6,550,668

• 4 · Accounts receivable

  beginning of year $18,010,478 · end of year $15,433,375

• 8 · Inventories for sale or use

  beginning of year $843,585 · end of year $934,379

• 9 · Prepaid expenses and deferred charges

  beginning of year $11,570,268 · end of year $11,050,339

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

  $729,058,652

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

  $212,006,287

• 10c · Land, buildings and equipment, net

  beginning of year $441,894,948 · end of year $517,052,365

• 13 · Investments: program-related

  beginning of year $83,513,488 · end of year $82,595,193

• 14 · Intangible assets

  beginning of year $49,152 · end of year $101,876

• 15 · Other assets

  beginning of year $10,692,978 · end of year $21,872,129

• 17 · Accounts payable and accrued expenses

  beginning of year $20,814,115 · end of year $26,778,251

• 23 · Secured mortgages and notes payable

  beginning of year $218,792,384 · end of year $293,614,186

• 25 · Other liabilities

  beginning of year $41,345,798 · end of year $37,588,497

• 29 · Capital stock, trust principal or current funds

  beginning of year $794,005 · end of year $805,070

• 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 $290,831,660 · end of year $306,484,334

The filer's explanations (Part III)

PART I, LINE 4B

DON CRABBE PARTICIPATES IN SEPARATE SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLANS. TOTAL BENEFITS VESTED, PAID, AND INCLUDED AS W-2 WAGES DURING THE YEAR FOR ALL PLANS WERE $7,306.

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 ENVIORNMENT. 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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. DON CRABBE: ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 163,304 EMPLOYER CONTRIBUTION TO 401(K) 0 TOTAL REPORTED IN COLUMN C $ 163,304 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (163,304) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 186,665 EXPENSE TO THE COOPERATIVE $ 186,665 RANDY EVERETT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 189,399 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,974 TOTAL REPORTED IN COLUMN C $ 193,373 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (189,399) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 73,143 EXPENSE TO THE COOPERATIVE $ 77,117 DANIEL RIEDEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 145,517 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,218 TOTAL REPORTED IN COLUMN C $ 149,735 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (145,517) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 76,662 EXPENSE TO THE COOPERATIVE $ 80,880 JERRY DRISKEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 106,757 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,181 TOTAL REPORTED IN COLUMN C $ 110,938 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (106,757) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 75,372 EXPENSE TO THE COOPERATIVE $ 79,553 ASHLEY GARRINGER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $100,308 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,010 TOTAL REPORTED IN COLUMN C $104,318 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (100,308) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 73,533 EXPENSE TO THE COOPERATIVE $ 77,543 JAMES BRANSCUM: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 89,881 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,922 TOTAL REPORTED IN COLUMN C $ 92,803 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (89,881) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 53,789 EXPENSE TO THE COOPERATIVE $ 56,711 MELISSA WOOD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 0 EMPLOYER CONTRIBUTION TO 401(K) PLAN 21,651 TOTAL REPORTED IN COLUMN C $ 21,651 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 0 EXPENSE TO THE COOPERATIVE $ 21,651 THEODORE DEWEESE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,845 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,916 TOTAL REPORTED IN COLUMN C $ 44,761 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (42,845) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,101 EXPENSE TO THE COOPERATIVE $ 37,017 TONYA SEXTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 0 EMPLOYER CONTRIBUTION TO 401(K) PLAN 18,892 TOTAL REPORTED IN COLUMN C $ 18,892 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 0 EXPENSE TO THE COOPERATIVE $ 18,892 DAVID JONES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 48,163 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,795 TOTAL REPORTED IN COLUMN C $ 50,958 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (48,163) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 50,440 EXPENSE TO THE COOPERATIVE $ 53,235 KAREN SOUTHERLAND: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 0 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,820 TOTAL REPORTED IN COLUMN C $ 2,820 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 53,645 EXPENSE TO THE COOPERATIVE $ 56,465 CAROL MESHELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 0 EMPLOYER CONTRIBUTION TO 401(K) PLAN 14,152 TOTAL REPORTED IN COLUMN C $ 14,152 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 0 EXPENSE TO THE COOPERATIVE $ 14,152

Disregarded entities

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

• CONNECT2FIRST LLC

  INTERNET SERVICE PROVIDER · AR · income $7,007,753 · assets $17,049,595

  Directly controlled by FIRST ELECTRIC COOPERATIVE CORPORATION

Related corporations and trusts

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

• FIRST ENERGY SERVICES OF ARKANSAS INC

  C · INACTIVE · AR · 100% owned · controlled entity

  Directly controlled by FIRST ELECTRIC COOPERATIVE CORPORATION