Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $30,381,509 · related or exempt $30,381,509

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $512,354 · related or exempt $512,354

• 3 · Investment income

  total $30,726 · excluded $30,726

• 7a · Gross sales of assets other than inventory

  other assets $162,750

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

  other assets $96,122

• 7c · Gain or loss

  other assets $66,628

• 7d · Net gain or loss

  total $66,628 · related or exempt $66,628

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $98,197 · excluded $98,197

• 11b · Other revenue: MISCELLANEOUS NON-OPERATING INCOM

  total $4,798 · related or exempt $4,798

• 11e · Other revenue, total

  $102,995

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $12,177

• 5 · Compensation of officers, directors and key employees

  total $814,194

• 7 · Other salaries and wages

  total $2,191,398

• 8 · Pension plan contributions

  total $281,824

• 9 · Other employee benefits

  total $836,075

• 10 · Payroll taxes

  total $173,153

• 20 · Interest

  total $1,633,216

• 22 · Depreciation, depletion and amortization

  total $1,683,614

• 24a · Other expenses: PURCHASED POWER

  total $17,439,898

• 24b · Other expenses: ADMINISTRATIVE & GENERA

  total $2,832,458

• 24c · Other expenses: DISTRIBUTION EXPENSE

  total $2,333,735

• 24d · Other expenses: TAXES

  total $341,961

• 24e · All other expenses

  total -$20,021

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $722,991 · end of year $5,349,961

• 2 · Savings and temporary cash investments

  beginning of year $4,951,325 · end of year $52,426

• 4 · Accounts receivable

  beginning of year $4,058,166 · end of year $161,532,672

• 8 · Inventories for sale or use

  beginning of year $5,312,002 · end of year $4,408,085

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,073,065 · end of year $375,835

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

  $93,106,845

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

  $16,996,560

• 10c · Land, buildings and equipment, net

  beginning of year $60,498,972 · end of year $76,110,285

• 13 · Investments: program-related

  beginning of year $2,882,606 · end of year $3,135,589

• 15 · Other assets

  beginning of year $218,355,328 · end of year $33,297,679

• 17 · Accounts payable and accrued expenses

  beginning of year $13,427,527 · end of year $12,452,206

• 19 · Deferred revenue

  beginning of year $6,654,666

• 23 · Secured mortgages and notes payable

  beginning of year $255,888,797 · end of year $249,282,366

• 25 · Other liabilities

  beginning of year $8,423,215 · end of year $407,109

• 29 · Capital stock, trust principal or current funds

  beginning of year $37,990 · end of year $38,710

• 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 $17,422,260 · end of year $22,082,141

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. MICHAEL HEINEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 139,097 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,583 TOTAL REPORTED IN COLUMN C $ 142,680 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (139,097) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,623 EXPENSE TO THE COOPERATIVE $ 42,206 JONATHAN NUNEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 15,850 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,738 TOTAL REPORTED IN COLUMN C $ 17,588 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (15,850) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 18,786 EXPENSE TO THE COOPERATIVE $ 20,524