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Nonprofiteer
← FRANKLIN RURAL ELECTRIC COOP

Form 990 for tax year 2023

Filed by FRANKLIN RURAL ELECTRIC COOP.

Totals

Total revenue
$9,081,971
Total expenses
$8,490,300
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$8,288,759
Investment income
-$16,480
Other revenue
$809,692
Total assets, end of year
$22,277,035
Total liabilities, end of year
$12,754,943
Net assets or fund balances, end of year
$9,522,092
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: SALE OF POWER

    total $8,288,759 · related or exempt $8,288,759

  • 3 · Investment income

    total -$24,596 · excluded -$24,596

  • 7a · Gross sales of assets other than inventory

    other assets $10,616

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

    other assets $2,500

  • 7c · Gain or loss

    other assets $8,116

  • 7d · Net gain or loss

    total $8,116 · excluded $8,116

  • 10a · Gross sales of inventory

    $167,421

  • 10b · Cost of goods sold

    $48,250

  • 10c · Net income from sales of inventory

    total $119,171 · related or exempt $122,178 · unrelated business -$3,007

  • 11a · Other revenue: CAPITAL CREDITS

    total $690,521 · related or exempt $690,521

  • 11e · Other revenue, total

    $690,521

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $359,295

  • 5 · Compensation of officers, directors and key employees

    total $364,669

  • 20 · Interest

    total $316,654

  • 22 · Depreciation, depletion and amortization

    total $568,968

  • 24a · Other expenses: COST OF POWER

    total $5,000,820

  • 24b · Other expenses: ADMIN & GENERAL EXP

    total $632,341

  • 24c · Other expenses: DISTR EXP - OPERATIONS

    total $448,832

  • 24d · Other expenses: DISTR EXP - MAINT

    total $404,394

  • 24e · All other expenses

    total $394,327

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $925,899 · end of year $1,257,138

  • 2 · Savings and temporary cash investments

    beginning of year $117,573 · end of year $692,136

  • 4 · Accounts receivable

    beginning of year $624,258 · end of year $839,344

  • 7 · Other notes and loans receivable

    beginning of year $3,253 · end of year $4,295

  • 8 · Inventories for sale or use

    beginning of year $345,631 · end of year $398,816

  • 9 · Prepaid expenses and deferred charges

    beginning of year $138,526 · end of year $99,895

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

    $19,521,509

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

    $6,965,346

  • 10c · Land, buildings and equipment, net

    beginning of year $11,812,675 · end of year $12,556,163

  • 13 · Investments: program-related

    beginning of year $6,284,381 · end of year $6,425,562

  • 14 · Intangible assets

    beginning of year $3,686 · end of year $3,686

  • 17 · Accounts payable and accrued expenses

    beginning of year $830,890 · end of year $773,106

  • 19 · Deferred revenue

    beginning of year $160,753 · end of year $158,831

  • 23 · Secured mortgages and notes payable

    beginning of year $10,283,684 · end of year $11,731,524

  • 25 · Other liabilities

    beginning of year $29,680 · end of year $91,482

  • 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 $8,950,875 · end of year $9,522,092

Mission and programs · 2023

Mission

TO PROVIDE RELIABLE AND AFFORDABLE ELECTRICITY TO OUR MEMBERS

  • THE SALE OF ENERGY AND RELATED SERVICES TO APPROXIMATELY 1,457 MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Gordon Greimann

    PRESIDENT

    Total calculated
    $8,520
    From this org
    $8,520
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.8

  • John Snyder

    VICE PRESIDENT

    Total calculated
    $10,325
    From this org
    $10,325
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.6

  • David Keninger

    SECRETARY/TREASURER

    Total calculated
    $7,880
    From this org
    $7,880
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.6

  • Darwin Van Horn

    DIRECTOR

    Total calculated
    $6,330
    From this org
    $6,330
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.6

  • Don Greimann

    DIRECTOR

    Total calculated
    $7,555
    From this org
    $7,555
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.8

  • Matthew Roelfs

    DIRECTOR

    Total calculated
    $3,890
    From this org
    $3,890
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Dale Schaefer

    DIRECTOR

    Total calculated
    $7,080
    From this org
    $7,080
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.3

  • Garrett Thompson

    GENERAL MANAGER

    Total calculated
    $149,966
    From this org
    $122,936
    From related orgs
    $0
    Other
    $27,030
    Hours/week
    40

  • Karen Ringleb

    OFFICE MANAGER/ACCOUNTANT

    Total calculated
    $163,123
    From this org
    $83,537
    From related orgs
    $0
    Other
    $79,586
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $83,537
    Bonus
    $0
    Other
    $0
    Deferred
    $44,676
    Nontaxable benefits
    $34,910
    Filer's total
    $163,123

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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.

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.

  • ENCOMPASS FREC LLC

    SOLAR ACTIVITY · IA · income -$113,119 · assets $501,718

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • FRANKLIN REC SOLAR LLC

    SOLAR ENERGY · IA · share of income -$113,119 · share of assets $209,489

Provenance

Return type
form_990
Tax year
2023
Filed
8 October 2024
IRS schema version
2023v5.1
Source object
202423049349300842

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