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Nonprofiteer
← CENTRAL RURAL ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by CENTRAL RURAL ELECTRIC COOPERATIVE.

Totals

Total revenue
$69,614,536
Total expenses
$72,568,227
Contributions and grants received
$0
Grants paid
$17,717
Program service revenue
$65,539,757
Investment income
$290,587
Other revenue
$3,784,192
Total assets, end of year
$254,793,736
Total liabilities, end of year
$170,411,661
Net assets or fund balances, end of year
$84,382,075
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: SALES OF ELECTRICITY

    total $63,106,021 · related or exempt $63,106,021

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $2,219,250 · related or exempt $2,219,250

  • 2c · Program service revenue: SERVICE FEES & OTHER CHARGES

    total $162,559 · related or exempt $162,559

  • 2d · Program service revenue: SOLAR & OTHER PROGRAM REVENUE

    total $51,927 · related or exempt $51,927

  • 3 · Investment income

    total $242,084 · excluded $242,084

  • 6a · Gross rents

    real property $70,640 · personal property $3,240

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $70,640 · personal property $3,240

  • 6d · Net rental income or loss

    total $73,880 · related or exempt $70,640 · unrelated business $3,240

  • 7a · Gross sales of assets other than inventory

    other assets $56,750

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

    other assets $8,247

  • 7c · Gain or loss

    other assets $48,503

  • 7d · Net gain or loss

    total $48,503 · related or exempt $48,503

  • 10b · Cost of goods sold

    $47

  • 10c · Net income from sales of inventory

    total -$47 · related or exempt -$47

  • 11a · Other revenue: BROADBAND REVENUE

    total $3,628,365 · unrelated business $3,628,365

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $70,550 · excluded $70,550

  • 11c · Other revenue: MISC NON-OPERATING REVENUE

    total $11,444 · related or exempt $11,444

  • 11e · Other revenue, total

    $3,710,359

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $17,717

  • 4 · Benefits paid to or for members

    total $5,016,199

  • 5 · Compensation of officers, directors and key employees

    total $869,457

  • 7 · Other salaries and wages

    total $6,184,969

  • 8 · Pension plan contributions

    total $1,210,241

  • 9 · Other employee benefits

    total $1,636,409

  • 10 · Payroll taxes

    total $496,448

  • 20 · Interest

    total $3,444,017

  • 22 · Depreciation, depletion and amortization

    total $6,960,799

  • 24a · Other expenses: PURCHASED POWER

    total $36,798,584

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $5,037,598

  • 24c · Other expenses: COST OF INTERNET SALES

    total $2,111,348

  • 24d · Other expenses: ADMIN & GENERAL EXPENSE

    total $594,659

  • 24e · All other expenses

    total $2,189,782

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,737,140 · end of year $6,099,129

  • 2 · Savings and temporary cash investments

    beginning of year $8,564,941 · end of year $7,301,966

  • 4 · Accounts receivable

    beginning of year $3,475,647 · end of year $6,272,470

  • 8 · Inventories for sale or use

    beginning of year $4,260,404 · end of year $6,046,281

  • 9 · Prepaid expenses and deferred charges

    beginning of year $900,635 · end of year $777,517

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

    $260,321,462

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

    $73,786,196

  • 10c · Land, buildings and equipment, net

    beginning of year $133,077,774 · end of year $186,535,266

  • 13 · Investments: program-related

    beginning of year $37,294,763 · end of year $38,777,286

  • 15 · Other assets

    beginning of year $3,172,873 · end of year $2,983,821

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,438,413 · end of year $10,915,178

  • 23 · Secured mortgages and notes payable

    beginning of year $86,550,171 · end of year $143,925,257

  • 25 · Other liabilities

    beginning of year $15,818,501 · end of year $15,571,226

  • 29 · Capital stock, trust principal or current funds

    beginning of year $847,265 · end of year $874,265

  • 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 $82,829,827 · end of year $83,507,810

Mission and programs · 2022

Mission

EMPOWERING OUR MEMBERS AND COMMUNITIES.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • SALE OF ELECTRIC POWER TO MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 23,526 ACTIVE SERVICES AT YEAR END.

As filed on the 2022 return.

Listed in Part VII

  • Carol Dvorak

    SECRETARY/TREASURER

    Total calculated
    $25,000
    From this org
    $25,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.4

  • Gary McCune

    VICE PRESIDENT

    Total calculated
    $24,500
    From this org
    $24,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • James Wells

    PRESIDENT

    Total calculated
    $23,750
    From this org
    $23,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.6

  • Mark Pittman

    TRUSTEE

    Total calculated
    $22,750
    From this org
    $22,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.8

  • Sid Sperry

    TRUSTEE

    Total calculated
    $22,000
    From this org
    $22,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.1

  • John Greg Tytenciz

    TRUSTEE

    Total calculated
    $17,000
    From this org
    $17,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.8

  • Bill Davis

    TRUSTEE

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Hunter Robinson

    CEO

    Total calculated
    $533,734
    From this org
    $256,169
    From related orgs
    $0
    Other
    $277,565
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $242,863
    Bonus
    $1,408
    Other
    $11,898
    Deferred
    $250,661
    Nontaxable benefits
    $26,904
    Filer's total
    $533,734

  • Sondra White

    VP OF FINANCE

    Total calculated
    $189,723
    From this org
    $145,082
    From related orgs
    $0
    Other
    $44,641
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $143,003
    Bonus
    $1,408
    Other
    $671
    Deferred
    $31,639
    Nontaxable benefits
    $13,002
    Filer's total
    $189,723

  • Mark Prather

    PRESIDENT OF FIBER

    Total calculated
    $219,614
    From this org
    $146,444
    From related orgs
    $0
    Other
    $73,170
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,972
    Bonus
    $1,408
    Other
    $2,064
    Deferred
    $49,698
    Nontaxable benefits
    $23,472
    Filer's total
    $219,614

  • Clint Robinson

    LINE FOREMAN

    Total calculated
    $196,495
    From this org
    $134,099
    From related orgs
    $0
    Other
    $62,396
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,322
    Bonus
    $1,408
    Other
    $369
    Deferred
    $39,396
    Nontaxable benefits
    $23,000
    Filer's total
    $196,495

  • Yuvaraj Kondaswamy

    SYSTEM ENGINEER

    Total calculated
    $185,500
    From this org
    $128,696
    From related orgs
    $0
    Other
    $56,804
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,927
    Bonus
    $1,408
    Other
    $361
    Deferred
    $33,487
    Nontaxable benefits
    $23,317
    Filer's total
    $185,500

  • Lee Linsenmeyer

    LINEMAN

    Total calculated
    $175,881
    From this org
    $131,238
    From related orgs
    $0
    Other
    $44,643
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,499
    Bonus
    $1,274
    Other
    $465
    Deferred
    $21,707
    Nontaxable benefits
    $22,936
    Filer's total
    $175,881

  • Michael Musil

    LINEMAN

    Total calculated
    $164,855
    From this org
    $117,719
    From related orgs
    $0
    Other
    $47,136
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,070
    Bonus
    $1,240
    Other
    $409
    Deferred
    $24,214
    Nontaxable benefits
    $22,922
    Filer's total
    $164,855

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 · 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)

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. 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. HUNTER ROBINSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 242,855 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,806 TOTAL REPORTED IN COLUMN C $ 250,661 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (242,855) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 62,342 EXPENSE TO THE COOPERATIVE $ 70,148 MARK PRATHER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,157 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,541 TOTAL REPORTED IN COLUMN C $ 49,698 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,157) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,322 EXPENSE TO THE COOPERATIVE $ 46,863 CLINT ROBINSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,454 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,942 TOTAL REPORTED IN COLUMN C $ 39,396 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,454) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,305 EXPENSE TO THE COOPERATIVE $ 26,247 SONDRA WHITE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,332 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,307 TOTAL REPORTED IN COLUMN C $ 31,639 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,332) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 39,403 EXPENSE TO THE COOPERATIVE $ 43,710 YUVARAJ KONDASWAMY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 29,501 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,986 TOTAL REPORTED IN COLUMN C $ 33,487 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (29,501) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 36,064 EXPENSE TO THE COOPERATIVE $ 40,050 LEE LINSENMEYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 18,926 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,781 TOTAL REPORTED IN COLUMN C $ 21,707 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (18,926) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,924 EXPENSE TO THE COOPERATIVE $ 23,705 MICHAEL MUSIL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 21,591 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,623 TOTAL REPORTED IN COLUMN C $ 24,214 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (21,591) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,193 EXPENSE TO THE COOPERATIVE $ 22,816

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

Disregarded entities

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

  • INNOVATION POINTE LLC

    SOFTWARE · OK · income $51,927 · assets $1,352,957

    Directly controlled by CENTRAL RURAL ELECTRIC COOPERATIVE INC

  • CENTRANET LLC

    BROADBAND · OK · income $3,627,665 · assets $1,865,538

    Directly controlled by CENTRAL RURAL ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2022
Filed
3 November 2023
IRS schema version
2022v5.0
Source object
202343199349329129

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