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Nonprofiteer
← NATIONAL RURAL ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by NATIONAL RURAL ELECTRIC COOPERATIVE.

Totals

Total revenue
$725,995,934
Total expenses
$716,314,025
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$750,151,442
Investment income
-$24,155,508
Other revenue
$0
Total assets, end of year
$694,733,318
Total liabilities, end of year
$171,249,450
Net assets or fund balances, end of year
$523,483,868
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$716,314,025

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: INSURANCE

    total $750,151,442 · related or exempt $750,130,304 · unrelated business $21,138

  • 3 · Investment income

    total $19,299,326 · excluded $19,299,326

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $2,003,773,727

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

    securities $2,047,228,561

  • 7c · Gain or loss

    securities -$43,454,834

  • 7d · Net gain or loss

    total -$43,454,834 · excluded -$43,454,834

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $677,536,365

  • 5 · Compensation of officers, directors and key employees

    total $70,706

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $245,176

  • 11c · Fees: accounting

    total $76,152

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $5,041,976

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $12,451

  • 14 · Information technology

    total $519,294

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $889,421

  • 23 · Insurance

    total $43,503

  • 24a · Other expenses: MANAGED CARE SERVICES

    total $31,878,981

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,280,967 · end of year $1,411,158

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $4,572,674 · end of year $11,445,710

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $35,724 · end of year $38,892

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

    $13,712,004

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

    $11,399,316

  • 10c · Land, buildings and equipment, net

    beginning of year $2,546,006 · end of year $2,312,688

  • 11 · Investments: publicly traded securities

    beginning of year $749,281,586 · end of year $635,127,074

  • 12 · Investments: other securities

    beginning of year $0 · end of year $40,489,781

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $3,088,539 · end of year $3,908,015

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,262,184 · end of year $11,635,626

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $705,275 · end of year $317,824

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $167,994,000 · end of year $159,296,000

  • 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 $580,844,037 · end of year $523,483,868

Mission and programs · 2022

Mission

PROVIDE HEALTH AND WELFARE BENEFITS TO MEMBERS OF THE NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION AND ITS MEMBERS.

Activities or mission (Part I)

A GROUP BENEFIT TRUST DESIGNED TO PROVIDE HEALTH AND WELFARE BENEFITS FOR MEMBERS OF NRECA.

  • TOTAL PROGRAM EXPENSES RELATED TO PROVIDING HEALTH AND WELFARE SERVICES TO MEMBERS.

    Expenses $716,314,025

As filed on the 2022 return.

Listed in Part VII

  • Peter Baxter

    SENIOR VICE PRESIDENT

    Total calculated
    $1,209,867
    From this org
    $0
    From related orgs
    $1,075,400
    Other
    $134,467
    Hours/week
    20 + 36 related

    Schedule J breakdown matched by us

    Base
    $0 + $595,054 related
    Bonus
    $0 + $360,200 related
    Other
    $0 + $120,146 related
    Deferred
    $0 + $101,072 related
    Nontaxable benefits
    $0 + $33,395 related
    Filer's total
    $0 + $1,209,867 related

  • Tim Smith

    MEMBER

    Total calculated
    $490,430
    From this org
    $0
    From related orgs
    $328,719
    Other
    $161,711
    Hours/week
    2 + 8 related

    Schedule J breakdown matched by us

    Base
    $0 + $328,719 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $132,462 related
    Nontaxable benefits
    $0 + $29,249 related
    Filer's total
    $0 + $490,430 related

  • Steven W Walter

    CHAIRMAN

    Total calculated
    $476,725
    From this org
    $0
    From related orgs
    $285,452
    Other
    $191,273
    Hours/week
    1 + 8 related

    Schedule J breakdown matched by us

    Base
    $0 + $241,521 related
    Bonus
    $0 + $20,192 related
    Other
    $0 + $23,739 related
    Deferred
    $0 + $155,089 related
    Nontaxable benefits
    $0 + $36,184 related
    Filer's total
    $0 + $476,725 related

  • Mel Coleman

    MEMBER

    Total calculated
    $471,455
    From this org
    $0
    From related orgs
    $438,880
    Other
    $32,575
    Hours/week
    2 + 7 related

    Schedule J breakdown matched by us

    Base
    $0 + $409,309 related
    Bonus
    $0 + $1,823 related
    Other
    $0 + $27,748 related
    Deferred
    $0 + $9,150 related
    Nontaxable benefits
    $0 + $23,425 related
    Filer's total
    $0 + $471,455 related

  • Bryan Case

    VICE CHAIRMAN

    Total calculated
    $454,753
    From this org
    $0
    From related orgs
    $288,392
    Other
    $166,361
    Hours/week
    2 + 8 related

    Schedule J breakdown matched by us

    Base
    $0 + $288,392 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $127,810 related
    Nontaxable benefits
    $0 + $38,551 related
    Filer's total
    $0 + $454,753 related

  • David Spradlin

    MEMBER

    Total calculated
    $406,835
    From this org
    $0
    From related orgs
    $260,692
    Other
    $146,143
    Hours/week
    1 + 5 related

    Schedule J breakdown matched by us

    Base
    $0 + $260,692 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $138,191 related
    Nontaxable benefits
    $0 + $7,952 related
    Filer's total
    $0 + $406,835 related

  • State Street Corporation

    INSTITUTIONAL TRUSTEE

    Total calculated
    $70,706
    From this org
    $70,706
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ingrid Kessler

    MEMBER

    Total calculated
    $46,975
    From this org
    $0
    From related orgs
    $26,475
    Other
    $20,500
    Hours/week
    1 + 14 related

  • Lynn Jacobson

    MEMBER

    Total calculated
    $44,107
    From this org
    $0
    From related orgs
    $23,607
    Other
    $20,500
    Hours/week
    1 + 7 related

  • Hunter Emory

    MEMBER

    Total calculated
    $42,500
    From this org
    $0
    From related orgs
    $42,500
    Other
    $0
    Hours/week
    1 + 1 related

  • Reuben Ritthaler

    MEMBER

    Total calculated
    $4,000
    From this org
    $0
    From related orgs
    $4,000
    Other
    $0
    Hours/week
    4 + 1 related

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
The following employee received payments from an executive nonqualified retirement plan. This amount is included and reported in Part II, Column B(iii): Peter Baxter $92,602.80

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.

Related corporations and trusts

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

  • ARKANSAS ELEC CO-OP CORP

    ELECTRIC COOP · AR

    Directly controlled by NA

  • ASSOCIATED ELECTRIC CO-OP INC

    ELECTRIC COOP · MO

    Directly controlled by NA

  • BIG RIVERS ELEC CORP

    ELECTRIC COOP · KY

    Directly controlled by NA

  • DESERT G AND T

    ELECTRIC COOP · UT

    Directly controlled by NA

  • HOOSIER ENERGY RURAL ELEC CO-OP INC

    ELECTRIC COOP · IN

    Directly controlled by NA

  • KAMO POWER

    ELECTRIC COOP · OK

    Directly controlled by NA

  • SEMINOLE ELEC CO-OP INC

    ELECTRIC COOP · FL

    Directly controlled by NA

  • SHO-ME POWER ELECTRIC COOPERATIVE

    ELECTRIC COOP · MO

    Directly controlled by NA

  • TRI-STATE G&T ASSOCIATION INC

    ELECTRIC COOP · CO

    Directly controlled by NA

  • WESTERN FARMERS EC

    ELECTRIC COOP · OK

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202333209349303013

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