Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $147,247,172 · related or exempt $147,247,172

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $12,506,611 · related or exempt $12,506,611

• 2c · Program service revenue: SERVICE FEES

  total $298,100 · related or exempt $298,100

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $21,796 · excluded $21,796

• 2e · Program service revenue: ELECTRIC TRANSMISSION REVENUE

  total $8,871 · related or exempt $8,871

• 3 · Investment income

  total $200,737 · excluded $200,737

• 6a · Gross rents

  real property $6,960 · personal property $900

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $6,960 · personal property $900

• 6d · Net rental income or loss

  total $7,860 · related or exempt $900 · excluded $6,960

• 7a · Gross sales of assets other than inventory

  other assets $73,900

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

  other assets $11,210

• 7c · Gain or loss

  other assets $62,690

• 7d · Net gain or loss

  total $62,690 · related or exempt $62,690

• 10a · Gross sales of inventory

  $581,139

• 10b · Cost of goods sold

  $464,818

• 10c · Net income from sales of inventory

  total $116,321 · related or exempt $116,321

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $126,246 · excluded $126,246

• 11e · Other revenue, total

  $126,246

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $120,110

• 4 · Benefits paid to or for members

  total $14,737,238

• 5 · Compensation of officers, directors and key employees

  total $1,644,094

• 7 · Other salaries and wages

  total $9,046,562

• 8 · Pension plan contributions

  total $1,794,256

• 9 · Other employee benefits

  total $1,836,502

• 10 · Payroll taxes

  total $743,972

• 20 · Interest

  total $5,041,146

• 22 · Depreciation, depletion and amortization

  total $7,691,308

• 24a · Other expenses: PURCHASED POWER

  total $104,079,272

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $9,068,734

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $3,618,839

• 24d · Other expenses: CONSUMER EXPENSE

  total $1,527,487

• 24e · All other expenses

  total $144,938

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,006,702 · end of year $1,755,733

• 4 · Accounts receivable

  beginning of year $4,211,789 · end of year $4,678,918

• 8 · Inventories for sale or use

  beginning of year $49,467 · end of year $77,786

• 9 · Prepaid expenses and deferred charges

  beginning of year $434,361 · end of year $374,979

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

  $274,275,631

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

  $37,768,428

• 10c · Land, buildings and equipment, net

  beginning of year $217,525,761 · end of year $236,507,203

• 13 · Investments: program-related

  beginning of year $68,004,113 · end of year $79,615,884

• 15 · Other assets

  beginning of year $6,319,246 · end of year $5,338,809

• 17 · Accounts payable and accrued expenses

  beginning of year $20,908,861 · end of year $18,996,757

• 21 · Escrow or custodial account liability

  beginning of year $1,155 · end of year $2,389

• 23 · Secured mortgages and notes payable

  beginning of year $126,192,147 · end of year $122,075,208

• 25 · Other liabilities

  beginning of year $23,455,795 · end of year $46,931,104

• 29 · Capital stock, trust principal or current funds

  beginning of year $103,145 · end of year $105,030

• 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 $127,890,336 · end of year $140,238,824

The filer's explanations (Part III)

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 ENVIRONMENT. 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. TREY GREBE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 67,788 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,254 TOTAL REPORTED IN COLUMN C $ 74,042 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (67,788) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,676 EXPENSE TO THE COOPERATIVE $ 58,930 PATRICIA TAYLOR: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 79,692 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,410 TOTAL REPORTED IN COLUMN C $ 84,102 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (79,692) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,975 EXPENSE TO THE COOPERATIVE $ 40,385 OSCAR CHAPA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 93,512 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,460 TOTAL REPORTED IN COLUMN C $ 96,972 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (93,512) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,476 EXPENSE TO THE COOPERATIVE $ 31,936 LEONARD GEYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 66,865 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,070 TOTAL REPORTED IN COLUMN C $ 70,935 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (66,865) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,405 EXPENSE TO THE COOPERATIVE $ 37,475 DOUG KINDRED: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 58,089 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,367 TOTAL REPORTED IN COLUMN C $ 62,456 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (58,089) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,975 EXPENSE TO THE COOPERATIVE $ 40,342 LAURIE VANDAMME: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 47,713 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,410 TOTAL REPORTED IN COLUMN C $ 52,123 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (47,713) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,975 EXPENSE TO THE COOPERATIVE $ 40,385 KEITH CALLE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 15,402 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,096 TOTAL REPORTED IN COLUMN C $ 20,498 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (15,402) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 41,114 EXPENSE TO THE COOPERATIVE $ 46,210 PATRICIO GARZA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 29,100 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,006 TOTAL REPORTED IN COLUMN C $ 32,106 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (29,100) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,084 EXPENSE TO THE COOPERATIVE $ 24,090 BRETT WILLIAMS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 16,797 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,996 TOTAL REPORTED IN COLUMN C $ 20,793 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (16,797) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,891 EXPENSE TO THE COOPERATIVE $ 36,887 SEAN KRAUSE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 23,906 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,751 TOTAL REPORTED IN COLUMN C $ 27,657 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (23,906) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,915 EXPENSE TO THE COOPERATIVE $ 35,666