Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC SERVICE

  total $169,977,476 · related or exempt $169,977,476

• 2b · Program service revenue: CAPITAL CREDITS

  total $11,687,921 · related or exempt $11,687,921

• 2c · Program service revenue: TRANSMISSION REVENUE

  total $2,626,391 · related or exempt $2,626,391

• 2d · Program service revenue: OTHER RENTAL INCOME

  total $148,621 · related or exempt $148,621

• 2e · Program service revenue: JOINT USE POLE REVENUE

  total $17,799 · excluded $17,799

• 3 · Investment income

  total $2,185,361 · excluded $2,185,361

• 6a · Gross rents

  real property $17,799

• 6b · Less rental expenses

  real property $12,630

• 6c · Rental income or loss

  real property $5,169

• 6d · Net rental income or loss

  total $5,169 · excluded $5,169

• 7a · Gross sales of assets other than inventory

  other assets $2,992,649

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

  other assets $170,565

• 7c · Gain or loss

  other assets $2,822,084

• 7d · Net gain or loss

  total $2,822,084 · excluded $2,822,084

• 10b · Cost of goods sold

  $27,120

• 10c · Net income from sales of inventory

  total -$27,120 · related or exempt -$27,120

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $428,712

• 4 · Benefits paid to or for members

  total $18,602,042

• 5 · Compensation of officers, directors and key employees

  total $1,303,520

• 7 · Other salaries and wages

  total $9,533,487

• 8 · Pension plan contributions

  total $2,864,874

• 9 · Other employee benefits

  total $1,926,392

• 10 · Payroll taxes

  total $788,714

• 11b · Fees: legal

  total $716,397

• 11c · Fees: accounting

  total $49,650

• 11f · Fees: investment management

  total $40,772

• 11g · Fees: other

  total $397,120

• 12 · Advertising and promotion

  total $96,306

• 20 · Interest

  total $5,569,765

• 22 · Depreciation, depletion and amortization

  total $13,881,587

• 24a · Other expenses: PURCHASED POWER

  total $124,936,847

• 24b · Other expenses: OPER & MAINT. EXP.-DIST

  total $5,346,449

• 24c · Other expenses: OPER & MAINT. EXP.-TRAN

  total $1,355,345

• 24d · Other expenses: OTHER EXPENSES

  total $1,008,889

• 24e · All other expenses

  total $596,834

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,750 · end of year $1,750

• 2 · Savings and temporary cash investments

  beginning of year $22,721,446 · end of year $16,276,282

• 4 · Accounts receivable

  beginning of year $17,246,290 · end of year $16,717,622

• 7 · Other notes and loans receivable

  beginning of year $1,411,706 · end of year $1,100,931

• 8 · Inventories for sale or use

  beginning of year $6,806,232 · end of year $7,850,591

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,214,590 · end of year $1,393,690

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

  $440,912,335

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

  $228,437,611

• 10c · Land, buildings and equipment, net

  beginning of year $215,182,468 · end of year $212,474,724

• 11 · Investments: publicly traded securities

  beginning of year $18,049,384 · end of year $19,122,006

• 12 · Investments: other securities

  beginning of year $15,261,841 · end of year $16,772,202

• 13 · Investments: program-related

  beginning of year $148,817,988 · end of year $152,297,125

• 14 · Intangible assets

  beginning of year $122,869 · end of year $108,139

• 15 · Other assets

  beginning of year $44,311,903 · end of year $54,240,370

• 17 · Accounts payable and accrued expenses

  beginning of year $19,409,866 · end of year $17,877,638

• 19 · Deferred revenue

  beginning of year $18,500,000 · end of year $19,109,112

• 23 · Secured mortgages and notes payable

  beginning of year $172,460,689 · end of year $164,978,684

• 25 · Other liabilities

  beginning of year $51,412,796 · end of year $61,423,841

• 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 $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $229,365,116 · end of year $234,966,157

The filer's explanations (Part III)

PART I, LINE 1A

THE COMPANY HEADQUARTERS ARE LOCATED IN A REMOTE, RURAL AREA IN THE EXTREME NORTHEAST CORNER OF WYOMING. IT IS OCCASIONALLY DEEMED EXPEDIENT TO CHARTER SMALL PISTON-ENGINED AIRPLANES WHEN THE COMPANY BUSINESS REQUIRES TRAVEL OUTSIDE OF OUR SERVICE TERRITORY. THIS OCCURS PRIMARILY WHEN TRAVEL IS NECESSARY TO TWO DESTINATIONS. THE FIRST DESTINATION IS THE STATE CAPITAL IN CHEYENNE, WYOMONG FOR REGULATORY, GOVERNMENTAL, AND ASSOCIATED MEETINGS OR ACTIVITIES AFFECTING THE COMPANY. THE SECOND LOCATION IS THE BISMARCK, NORTH DAKOTA OFFICES OF OUR PRINCIPAL POWER SUPPLIER BASIN ELECTRIC POWER COOPERATIVE. POWDER RIVER ENERGY PURCHASES POWER FROM BASIN ELECTRIC THROUGH MEMBERS 1ST POWER COOPERATIVE. THESE CHARTERS ARE FOR BUSINESS PURPOSES ONLY, HAVE NO COMPENSATORY PURPOSES WHATSOEVER, AND OFTEN ALLOW FOR SAME DAY ROUND TRIP TRAVEL. ONLY THE COMPANY CEO, BRIAN MILLS, OR ITS BOARD OF DIRECTORS CAN AUTHORIZE CHARTER EXPENSE. THE COMPANY OFFERS A WELLNESS PROGRAM EACH YEAR FOR ALL EMPLOYEES. PART OF THE PROGRAM INCLUDES REIMBURSEMENT OF FITNESS CENTER OR WEIGHT MANAGEMENT PROGRAM FEES IN AN AMOUNT OF 50% OF THE TOTAL FEES, WITH A MAXIMUM OF $50 PER QUARTER.

PART II, COLUMN C

COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. SEE BELOW FOR THE CHANGE IN ACTUARIAL VALUE AND ACTUAL DEFINED BENEFIT PLAN COSTS: EMPLOYEE CHANGE IN ACTUARIAL VALUE ACTUAL BENEFIT EXPENSE BRIAN MILLS $64,447 $42,365 WILLIAM MERTZ $57,760 $41,252 MICHAEL EASLEY $219,227 $27,175 QUENTIN ROGERS $38,333 $38,459 TROY BIFULCO $43,324 $38,171 MICHAEL MINGHAM $25,752 $25,924 THOMAS MULLOY $23,135 $24,280 WAYNE POLLAT $17,570 $31,457 RICHARD HALLORAN $38,627 $38,336 KENT HALTING $39,737 $31,457

Disregarded entities

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

• PRECORP SERVICES LLC

  NO ACTIVITY · WY · income $0 · assets $0

  Directly controlled by POWDER RIVER ENERGY CORPORATION