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Nonprofiteer
← HILL COUNTY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by HILL COUNTY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$18,980,007
Total expenses
$18,980,007
Contributions and grants received
$0
Grants paid
$3,545
Program service revenue
$18,236,530
Investment income
$155,504
Other revenue
$587,973
Total assets, end of year
$39,504,380
Total liabilities, end of year
$18,015,923
Net assets or fund balances, end of year
$21,488,457
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 $17,485,745 · related or exempt $17,485,745

  • 2b · Program service revenue: CAPITAL CREDITS

    total $728,409 · related or exempt $728,409

  • 2f · All other program service revenue

    total $22,376 · related or exempt $22,376

  • 3 · Investment income

    total $155,504 · excluded $155,504

  • 6a · Gross rents

    real property $539,733

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $539,733

  • 6d · Net rental income or loss

    total $539,733 · excluded $539,733

  • 10a · Gross sales of inventory

    $514,958

  • 10b · Cost of goods sold

    $466,718

  • 10c · Net income from sales of inventory

    total $48,240 · excluded $48,240

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,545

  • 4 · Benefits paid to or for members

    total $1,497,053

  • 5 · Compensation of officers, directors and key employees

    total $339,018

  • 7 · Other salaries and wages

    total $2,288,422

  • 8 · Pension plan contributions

    total $519,725

  • 10 · Payroll taxes

    total $186,391

  • 19 · Conferences, conventions and meetings

    total $444,266

  • 22 · Depreciation, depletion and amortization

    total $1,645,758

  • 24a · Other expenses: COST OF POWER

    total $10,758,980

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $1,309,534

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $872,015

  • 24d · Other expenses: TAXES

    total $551,120

  • 24e · All other expenses

    total -$1,435,820

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $3,496,931 · end of year $2,373,852

  • 4 · Accounts receivable

    beginning of year $1,771,763 · end of year $1,747,054

  • 7 · Other notes and loans receivable

    beginning of year $591,709 · end of year $546,852

  • 8 · Inventories for sale or use

    beginning of year $852,046 · end of year $1,486,554

  • 9 · Prepaid expenses and deferred charges

    beginning of year $163,913 · end of year $146,923

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

    $56,476,706

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

    $25,084,651

  • 10c · Land, buildings and equipment, net

    beginning of year $31,436,515 · end of year $31,392,055

  • 12 · Investments: other securities

    beginning of year $1,118,566 · end of year $1,045,829

  • 13 · Investments: program-related

    beginning of year $684,285 · end of year $755,120

  • 15 · Other assets

    beginning of year $8,008 · end of year $10,141

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,316,871 · end of year $1,641,967

  • 23 · Secured mortgages and notes payable

    beginning of year $16,200,133 · end of year $15,401,642

  • 25 · Other liabilities

    beginning of year $1,054,797 · end of year $972,314

  • 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 $20,551,935 · end of year $21,488,457

Mission and programs · 2023

Mission

HILL COUNTY ELECTRIC PROVIDES OUR MEMBERS AND CUSTOMERS WITH HIGH QUALITY, RELIABLE AND SAFE ELECTRIC SERVICES AND ASSOCIATED PRODUCTS AT COMPETITIVE PRICES, NOW AND IN THE FUTURE. USING ADVANCED TECHNOLOGY WHEN AVAILABLE AND COST-EFFECTIVE, WE STRIVE TO EXCEED THE EXPECTATIONS OF OUR CUSTOMERS BY GIVING UNCOMPROMISING CUSTOMER SERVICE BASED ON CORE PRINCIPLES OF COOPERATION, MUTUAL RESPECT AND APPRECIATION FOR THEIR PATRONAGE.

Activities or mission (Part I)

TO PROVIDE ELECTRICITY TO RURAL AREAS.

  • HILL COUNTY ELECTRIC PROVIDES OUR MEMBERS AND CUSTOMERS WITH HIGH QUALITY, RELIABLE AND SAFE ELECTRIC SERVICES, AND ASSOCIATED PRODUCTS AT COMPETITIVE PRICES, NOW AND IN THE FUTURE. USING ADVANCED TECHNOLOGY WHEN AVAILABLE AND COST-EFFECTIVE, WE STRIVE TO EXCEED THE EXPECTATIONS OF OUR CUSTOMERS BY GIVING UNCOMPROMISING CUSTOMER SERVICE BASED ON CORE PRINCIPLES OF COOPERATION, MUTUAL RESPECT, AND APPRECIATION FOR THEIR PATRONAGE. HCE PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 2,362 MEMBERS AND ADDED/REPLACED 10.3 MILES OF LINE.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Shane Barrett

    PRESIDENT

    Total calculated
    $15,125
    From this org
    $15,125
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Leslie Smith

    SECRETARY/TREASURER

    Total calculated
    $18,033
    From this org
    $18,033
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Nick Siebrasse

    VICE PRESIDENT

    Total calculated
    $19,931
    From this org
    $19,931
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Gerald Rutledge

    TRUSTEE

    Total calculated
    $16,925
    From this org
    $16,925
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Trevor Standing Rock

    TRUSTEE

    Total calculated
    $14,875
    From this org
    $14,875
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Craig Gates

    GENERAL MANAGER/CEO

    Total calculated
    $192,654
    From this org
    $139,017
    From related orgs
    $0
    Other
    $53,637
    Hours/week
    14

    Schedule J breakdown matched by us

    Base
    $126,486
    Bonus
    $0
    Other
    $12,531
    Deferred
    $45,129
    Nontaxable benefits
    $11,930
    Filer's total
    $196,076

  • Mark Majeres

    CONTROLLER/CFO

    Total calculated
    $79,893
    From this org
    $52,789
    From related orgs
    $0
    Other
    $27,104
    Hours/week
    12.3

  • James Sands

    VICE PRESIDENT OF ELECTRIC

    Total calculated
    $567,981
    From this org
    $185,077
    From related orgs
    $0
    Other
    $382,904
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,660
    Bonus
    $15,944
    Other
    $6,473
    Deferred
    $351,000
    Nontaxable benefits
    $36,875
    Filer's total
    $572,952

  • Russell Gregoire

    ELECTRIC LINEMAN

    Total calculated
    $122,886
    From this org
    $119,825
    From related orgs
    $0
    Other
    $3,061
    Hours/week
    40

  • Jacob Hemstrom

    JOURNEYMAN LINEMAN

    Total calculated
    $125,393
    From this org
    $109,064
    From related orgs
    $0
    Other
    $16,329
    Hours/week
    40

  • Mark Magelssen

    ELECTRIC LINEMAN

    Total calculated
    $150,830
    From this org
    $109,790
    From related orgs
    $0
    Other
    $41,040
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $101,067
    Bonus
    $7,316
    Other
    $1,407
    Deferred
    $17,000
    Nontaxable benefits
    $27,831
    Filer's total
    $154,621

  • Joshua Pulse

    ELECTRIC LINEMAN

    Total calculated
    $125,908
    From this org
    $109,425
    From related orgs
    $0
    Other
    $16,483
    Hours/week
    40

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)

SCHEDULE J, PART II, COLUMN C
PER THE INSTRUCTIONS, COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR PERSONS LISTED IN SCHEDULE J, PART II. ACTUAL EXPENSE OF THE PLAN MAY BE SIGNIFICANTLY DIFFERENT FROM THE CHANGE IN ACTUARIAL VALUE. DETAILS RELEVANT TO THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: ACTUAL EXPENSE: - CRAIG GATES $29,297 - MARK MAGELSSEN $28,226 - JAMES SANDS $42,461 CHANGE IN ACTUARIAL VALUE: - CRAIG GATES $64,470 - MARK MAGELSSEN $17,000 - JAMES SANDS $351,000

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
2023
Filed
18 September 2024
IRS schema version
2023v5.1
Source object
202442639349300429

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