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Nonprofiteer
← NAKNEK ELECTRIC ASSOCIATION INC

Form 990 for tax year 2022

Filed by NAKNEK ELECTRIC ASSOCIATION INC.

Totals

Total revenue
$12,949,477
Total expenses
$12,654,298
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$12,795,992
Investment income
$557
Other revenue
$152,928
Total assets, end of year
$48,731,346
Total liabilities, end of year
$33,475,865
Net assets or fund balances, end of year
$15,255,481
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: ELECTRIC REVENUES

    total $12,230,427 · related or exempt $12,230,427

  • 2b · Program service revenue: OTHER OPERATING REVENUES

    total $565,565 · related or exempt $565,565

  • 3 · Investment income

    total $557 · excluded $557

  • 11a · Other revenue: OTHER INCOME

    total $95,325 · related or exempt $95,325

  • 11b · Other revenue: GAIN ON INVESTMENT

    total $54,378 · related or exempt $54,378

  • 11c · Other revenue: PATRONAGE CAPITAL

    total $3,225 · related or exempt $3,225

  • 11e · Other revenue, total

    $152,928

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $218,122

  • 20 · Interest

    total $513,328

  • 22 · Depreciation, depletion and amortization

    total $1,283,230

  • 24a · Other expenses: FUEL COST

    total $5,026,007

  • 24b · Other expenses: POWER PRODUCTION

    total $2,016,519

  • 24c · Other expenses: GENERAL & ADMINISTRATIV

    total $1,384,175

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $885,735

  • 24e · All other expenses

    total $1,327,182

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,380,559 · end of year $2,634,706

  • 2 · Savings and temporary cash investments

    beginning of year $1,096,765 · end of year $1,191,108

  • 4 · Accounts receivable

    beginning of year $1,028,343 · end of year $874,451

  • 8 · Inventories for sale or use

    beginning of year $3,092,428 · end of year $5,567,389

  • 9 · Prepaid expenses and deferred charges

    beginning of year $18,325,118 · end of year $17,778,992

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

    $41,402,727

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

    $22,559,452

  • 10c · Land, buildings and equipment, net

    beginning of year $19,766,669 · end of year $18,843,275

  • 12 · Investments: other securities

    beginning of year $1,187,638 · end of year $1,239,254

  • 15 · Other assets

    beginning of year $83,215 · end of year $602,171

  • 17 · Accounts payable and accrued expenses

    beginning of year $244,408 · end of year $506,697

  • 19 · Deferred revenue

    beginning of year $6,051 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $29,328,418 · end of year $27,544,483

  • 25 · Other liabilities

    beginning of year $4,421,451 · end of year $5,424,685

  • 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 $14,960,407 · end of year $15,255,481

Mission and programs · 2022

Mission

GENERATION AND SALE OF ELECTRICAL ENERGY TO THE COMMUNITIES OF NAKNEK, SOUTH NAKNEK AND KING SALMON, AK.

  • GENERATION AND SALE OF ELECTRICAL ENERGY TO THE COMMUNITIES OF NAKNEK, SOUTH NAKNEK AND KING SALMON, AK. AT DECEMBER 31, 2022, 1,044 ELECTRIC LINES WERE IN SERVICE.

As filed on the 2022 return.

Listed in Part VII

  • Tim McDermott

    PRESIDENT

    Total calculated
    $1,357
    From this org
    $900
    From related orgs
    $0
    Other
    $457
    Hours/week
    2

  • Nanci Lyon

    VICE-PRESIDENT

    Total calculated
    $1,357
    From this org
    $900
    From related orgs
    $0
    Other
    $457
    Hours/week
    1

  • Lisa Anderson

    SECRETARY/TREASURER

    Total calculated
    $1,357
    From this org
    $900
    From related orgs
    $0
    Other
    $457
    Hours/week
    1

  • Calvin Riddle

    DIRECTOR

    Total calculated
    $757
    From this org
    $300
    From related orgs
    $0
    Other
    $457
    Hours/week
    1

  • Dale Peters

    DIRECTOR

    Total calculated
    $639
    From this org
    $525
    From related orgs
    $0
    Other
    $114
    Hours/week
    1

  • Earl Hubb

    DIRECTOR

    Total calculated
    $1,732
    From this org
    $1,275
    From related orgs
    $0
    Other
    $457
    Hours/week
    1

  • Don Strand

    DIRECTOR

    Total calculated
    $1,282
    From this org
    $825
    From related orgs
    $0
    Other
    $457
    Hours/week
    1

  • Dan Seitz

    DIRECTOR

    Total calculated
    $718
    From this org
    $375
    From related orgs
    $0
    Other
    $343
    Hours/week
    1

  • Cathryn Stiles

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dianne King

    GENERAL MANAGER

    Total calculated
    $208,922
    From this org
    $158,136
    From related orgs
    $0
    Other
    $50,786
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $153,336
    Bonus
    $0
    Other
    $4,800
    Deferred
    $0
    Nontaxable benefits
    $50,786
    Filer's total
    $208,922

  • Jeffery Sinkular

    LINEMAN

    Total calculated
    $187,283
    From this org
    $141,228
    From related orgs
    $0
    Other
    $46,055
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,793
    Bonus
    $0
    Other
    $9,435
    Deferred
    $18,016
    Nontaxable benefits
    $28,039
    Filer's total
    $187,283

  • Michael James

    OPERATOR

    Total calculated
    $153,448
    From this org
    $108,298
    From related orgs
    $0
    Other
    $45,150
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $101,098
    Bonus
    $0
    Other
    $7,200
    Deferred
    $17,111
    Nontaxable benefits
    $28,039
    Filer's total
    $153,448

  • Kenneth Pulice

    OPERATIONS MANAGER

    Total calculated
    $157,949
    From this org
    $114,615
    From related orgs
    $0
    Other
    $43,334
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,215
    Bonus
    $0
    Other
    $2,400
    Deferred
    $15,295
    Nontaxable benefits
    $28,039
    Filer's total
    $157,949

  • Tim Matson

    OPERATOR

    Total calculated
    $148,823
    From this org
    $103,824
    From related orgs
    $0
    Other
    $44,999
    Hours/week
    40

  • Ronald Zimin

    OPERATOR

    Total calculated
    $168,384
    From this org
    $122,715
    From related orgs
    $0
    Other
    $45,669
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,115
    Bonus
    $0
    Other
    $9,600
    Deferred
    $17,630
    Nontaxable benefits
    $28,039
    Filer's total
    $168,384

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 · 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)

PART I, LINE 3
THE BOARD OF DIRECTORS, BY VOTE, SETS THE RATE OF COMPENSATION FOR THE GENERAL MANAGER.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
13 October 2023
IRS schema version
2022v5.0
Source object
202332969349300988

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