Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $19,434,509 · related or exempt $19,434,509

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $202,588 · related or exempt $202,588

• 2c · Program service revenue: SERVICE FEES

  total $147,577 · related or exempt $147,577

• 3 · Investment income

  total $77,552 · excluded $77,552

• 6a · Gross rents

  real property $5,400

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $5,400

• 6d · Net rental income or loss

  total $5,400 · excluded $5,400

• 10a · Gross sales of inventory

  $669

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $669 · related or exempt $669

• 11a · Other revenue: BOND SECURITIZATION P'SHIP INCOME

  total $74,068 · related or exempt $74,068

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

  total $4,563 · excluded $4,563

• 11e · Other revenue, total

  $78,631

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $6,204

• 4 · Benefits paid to or for members

  total $1,161,683

• 5 · Compensation of officers, directors and key employees

  total $422,362

• 7 · Other salaries and wages

  total $1,135,148

• 8 · Pension plan contributions

  total $162,594

• 9 · Other employee benefits

  total $269,719

• 10 · Payroll taxes

  total $171,042

• 20 · Interest

  total $325,173

• 22 · Depreciation, depletion and amortization

  total $1,220,012

• 24a · Other expenses: PURCHASED POWER

  total $13,787,523

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $821,961

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $412,009

• 24d · Other expenses: CONSUMER EXPENSE

  total $51,496

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,237,506 · end of year $268,229

• 2 · Savings and temporary cash investments

  beginning of year $372,001

• 4 · Accounts receivable

  beginning of year $1,854,792 · end of year $1,508,308

• 8 · Inventories for sale or use

  beginning of year $562,618 · end of year $828,912

• 9 · Prepaid expenses and deferred charges

  beginning of year $133,987 · end of year $468,887

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

  $40,225,138

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

  $16,423,122

• 10c · Land, buildings and equipment, net

  beginning of year $23,252,900 · end of year $23,802,016

• 12 · Investments: other securities

  beginning of year $3,193,043 · end of year $2,823,075

• 13 · Investments: program-related

  beginning of year $9,602,752 · end of year $11,038,482

• 15 · Other assets

  beginning of year $557,908 · end of year $637,533

• 17 · Accounts payable and accrued expenses

  beginning of year $2,126,982 · end of year $1,440,782

• 21 · Escrow or custodial account liability

  beginning of year $236,897 · end of year $290,535

• 23 · Secured mortgages and notes payable

  beginning of year $6,377,680 · end of year $7,473,744

• 25 · Other liabilities

  beginning of year $2,461,979 · end of year $1,814,212

• 29 · Capital stock, trust principal or current funds

  beginning of year $58,605 · end of year $59,090

• 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 $29,505,364 · end of year $30,297,079

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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. KENDALL MONTGOMERY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 49,473 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,080 TOTAL REPORTED IN COLUMN C $ 52,553 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (49,473) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,345 EXPENSE TO THE COOPERATIVE $ 33,435

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• FORT BELKNAP SERVICES CORPORATION AND SUBSIDIARY

  C · SURVEYING MAPS AND RIGHTS OF WAY · TX · 99.6% owned · share of income $6,898,115 · share of assets $4,062,301 · controlled entity

  Directly controlled by FORT BELKNAP ELECTRIC COOPERATIVE INC