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← MATANUSKA ELECTRIC ASSOCIATION INC

Form 990 for tax year 2024

Filed by MATANUSKA ELECTRIC ASSOCIATION INC.

What the amendment changed

Compared with the return it replaced , filed 14 November 2025. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$129,284,748 changed to $182,136,592
Total expenses
$129,284,748 changed to $182,136,592
Grants paid
$25,000 changed to $35,000
Program service revenue
$128,863,837 changed to $181,367,269
Investment income
$83,852 changed to $282,966
Other revenue
$337,059 changed to $486,357
Total assets, end of year
$663,403,201 changed to $671,991,536
Total liabilities, end of year
$460,748,725 changed to $459,534,491
Net assets or fund balances, end of year
$202,654,476 changed to $212,457,045

Listed only on the later return

  • Anthony M Izzo
  • Brian J Hickey
  • Edward M Jenkin
  • Julie Estey
  • Matthew J Reisterer
  • Tony Zellers
  • Wyatt A Schmiege

Listed under a different title

  • Arthur Keyes: DIRECTOR then VICE PRESIDENT
  • Mark Masteller: VICE PRESIDENT then DIRECTOR

Totals

Total revenue
$182,136,592
Total expenses
$182,136,592
Contributions and grants received
$0
Grants paid
$35,000
Program service revenue
$181,367,269
Investment income
$282,966
Other revenue
$486,357
Total assets, end of year
$671,991,536
Total liabilities, end of year
$459,534,491
Net assets or fund balances, end of year
$212,457,045
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: ENERGY SALES

    total $178,433,212 · related or exempt $178,433,212

  • 2b · Program service revenue: OTHER ELECTRIC REVENUE

    total $2,085,372 · related or exempt $2,085,372

  • 2c · Program service revenue: PATRONAGE ALLOCATIONS

    total $781,738 · related or exempt $781,738

  • 2d · Program service revenue: TRANSMISSION REVENUE

    total $50,282 · related or exempt $50,282

  • 2e · Program service revenue: ALLOW/FUNDS USED CONST

    total $16,665 · related or exempt $16,665

  • 3 · Investment income

    total $161,313 · excluded $161,313

  • 6a · Gross rents

    real property $4,620

  • 6b · Less rental expenses

    real property $9,933

  • 6c · Rental income or loss

    real property -$5,313

  • 6d · Net rental income or loss

    total -$5,313 · excluded -$5,313

  • 7a · Gross sales of assets other than inventory

    other assets $277,900

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

    other assets $156,247

  • 7c · Gain or loss

    other assets $121,653

  • 7d · Net gain or loss

    total $121,653 · excluded $121,653

  • 11a · Other revenue: POLE RENTAL

    total $491,670 · excluded $491,670

  • 11e · Other revenue, total

    $491,670

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $35,000

  • 4 · Benefits paid to or for members

    total $10,507,277

  • 5 · Compensation of officers, directors and key employees

    total $1,411,508

  • 20 · Interest

    total $19,471,267

  • 22 · Depreciation, depletion and amortization

    total $25,681,390

  • 24a · Other expenses: COST OF POWER & PROD.

    total $78,578,792

  • 24b · Other expenses: DISTR. OPS. & MAINT.

    total $21,102,039

  • 24c · Other expenses: ADMIN. & GENERAL EXP.

    total $15,815,175

  • 24d · Other expenses: CONS. ACCTS & CUST SRVC

    total $7,601,220

  • 24e · All other expenses

    total $1,932,924

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,368 · end of year $5,368

  • 2 · Savings and temporary cash investments

    beginning of year $2,092,500 · end of year $970,000

  • 4 · Accounts receivable

    beginning of year $11,908,264 · end of year $11,730,066

  • 8 · Inventories for sale or use

    beginning of year $25,003,638 · end of year $25,508,386

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,469,699 · end of year $6,884,618

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

    $934,197,140

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

    $337,643,842

  • 10c · Land, buildings and equipment, net

    beginning of year $585,727,522 · end of year $596,553,298

  • 13 · Investments: program-related

    beginning of year $18,889,326 · end of year $19,153,395

  • 15 · Other assets

    beginning of year $12,306,884 · end of year $11,186,405

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,036,230 · end of year $10,933,366

  • 23 · Secured mortgages and notes payable

    beginning of year $428,253,857 · end of year $435,326,323

  • 25 · Other liabilities

    beginning of year $15,458,638 · end of year $13,274,802

  • 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 $197,273,695 · end of year $201,949,768

  • 31 · Retained earnings, endowment or other funds

    beginning of year $5,380,781 · end of year $10,507,277

Mission and programs · 2024

Mission

TO PROVIDE SAFE RELIABLE ENERGY AT REASONABLE RATES WITH EXCEPTIONAL MEMBER SERVICE AND COMMITMENT TO THE COMMUNITY WE SERVE.

Activities or mission (Part I)

ENERGY SALES TO 73,005 MEMBER CUSTOMERS.

  • ENERGY SALES TO 73,005 MEMBER CUSTOMERS

As filed on the 2024 return.

Listed in Part VII

  • Bill Kendig

    PRESIDENT

    Total calculated
    $9,528
    From this org
    $9,528
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Dan Tucker

    SECRETARY-TREASURER

    Total calculated
    $8,243
    From this org
    $8,243
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Arthur Keyes

    VICE PRESIDENT

    Total calculated
    $7,033
    From this org
    $7,033
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Mark Hamm

    DIRECTOR

    Total calculated
    $7,333
    From this org
    $7,333
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mark Masteller

    DIRECTOR

    Total calculated
    $7,204
    From this org
    $7,204
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Maxwell Sumner

    DIRECTOR

    Total calculated
    $6,267
    From this org
    $6,267
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Anastasia Buretta

    DIRECTOR

    Total calculated
    $6,600
    From this org
    $6,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Anthony M Izzo

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $763,440
    From this org
    $593,528
    From related orgs
    $0
    Other
    $169,912
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $536,653
    Bonus
    $40,000
    Other
    $16,875
    Deferred
    $121,353
    Nontaxable benefits
    $49,943
    Filer's total
    $764,824

  • Matthew J Reisterer

    CHIEF FINANCIAL OFFICER

    Total calculated
    $713,116
    From this org
    $364,959
    From related orgs
    $0
    Other
    $348,157
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $333,300
    Bonus
    $20,000
    Other
    $11,659
    Deferred
    $297,500
    Nontaxable benefits
    $52,040
    Filer's total
    $714,499

  • Brian J Hickey

    SENIOR ADVISOR TO THE CEO

    Total calculated
    $574,954
    From this org
    $406,065
    From related orgs
    $0
    Other
    $168,889
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $386,292
    Bonus
    $10,000
    Other
    $9,773
    Deferred
    $122,978
    Nontaxable benefits
    $47,295
    Filer's total
    $576,338

  • Edward M Jenkin

    CHIEF ENERGY TRANSF. OFFICER

    Total calculated
    $530,411
    From this org
    $356,035
    From related orgs
    $0
    Other
    $174,376
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $332,908
    Bonus
    $15,000
    Other
    $8,127
    Deferred
    $124,040
    Nontaxable benefits
    $51,719
    Filer's total
    $531,794

  • Wyatt A Schmiege

    SUBFOREMAN LINEMAN

    Total calculated
    $371,985
    From this org
    $298,678
    From related orgs
    $0
    Other
    $73,307
    Hours/week
    66

    Schedule J breakdown matched by us

    Base
    $297,988
    Bonus
    $0
    Other
    $690
    Deferred
    $44,903
    Nontaxable benefits
    $28,404
    Filer's total
    $371,985

  • Tony Zellers

    CHIEF OPERATING OFFICER

    Total calculated
    $625,323
    From this org
    $354,587
    From related orgs
    $0
    Other
    $270,736
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $306,594
    Bonus
    $35,000
    Other
    $12,993
    Deferred
    $253,950
    Nontaxable benefits
    $18,169
    Filer's total
    $626,706

  • Julie Estey

    CHIEF STRATEGY OFFICER

    Total calculated
    $451,782
    From this org
    $318,188
    From related orgs
    $0
    Other
    $133,594
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $281,765
    Bonus
    $20,000
    Other
    $16,423
    Deferred
    $84,938
    Nontaxable benefits
    $50,040
    Filer's total
    $453,166

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 · Independent compensation consultant
  • 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)

SCHEDULE J, PART II, LINE 3:
DURING 2024, BRIAN HICKEY, WHO IS EMPLOYED BY MATANUSKA ELECTRIC ASSOCIATION, INC. WAS FULLY SECONDED TO TWO OTHER ENTITIES: THE BRADLEY LAKE PROJECT MANAGEMENT COMMITTEE IN SUPPORT OF ITS WORK ADVANCING ALASKA RAILBELT-WIDE PROJECTS, AND THE CITY OF SEWARD IN SUPPORT OF ITS DAILY ELECTRIC UTILITY OPERATIONS. THE ASSOCIATION RECEIVES FULL REIMBURSEMENT FOR THESE SECONDMENTS, GIVEN THAT ALL OF MR. HICKEY'S LABOR HOURS WERE DEDICATED TO THESE ROLES.

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 corporations and trusts

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

  • ALASKA ELECTRIC GENERATION & TRANSMISSION INC - CLASS B

    C · G&T - COOPERATIVE · AK · 100% owned · share of assets $100 · controlled entity

Provenance

Return type
form_990
Tax year
2024
Filed
11 August 2026
IRS schema version
2024v5.5
Source object
202602239349301920

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