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Nonprofiteer
← CORN BELT POWER COOPERATIVE

Form 990 for tax year 2024

Filed by CORN BELT POWER COOPERATIVE.

Totals

Total revenue
$171,564,846
Total expenses
$168,932,021
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$170,085,811
Investment income
$1,474,309
Other revenue
$4,726
Total assets, end of year
$570,127,492
Total liabilities, end of year
$362,527,974
Net assets or fund balances, end of year
$207,599,518
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: Electric Energy Sales

    total $140,593,200 · related or exempt $140,593,200 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: RTO revenue

    total $16,726,070 · related or exempt $16,726,070 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Patronage allocation

    total $8,462,213 · related or exempt $8,462,213 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Substation and tower use fees

    total $4,083,895 · related or exempt $4,083,895 · unrelated business $0 · excluded $0

  • 2e · Program service revenue: Wheeling fees

    total $32,541 · related or exempt $32,541 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $187,892 · related or exempt $187,892 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $670,763 · related or exempt $0 · unrelated business $0 · excluded $670,763

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

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $4,294 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $4,294 · personal property $0

  • 6d · Net rental income or loss

    total $4,294 · related or exempt $0 · unrelated business $0 · excluded $4,294

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $803,546

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $803,546

  • 7d · Net gain or loss

    total $803,546 · related or exempt $0 · unrelated business $0 · excluded $803,546

  • 11d · All other revenue

    total $432 · related or exempt $0 · unrelated business $0 · excluded $432

  • 11e · Other revenue, total

    $432

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 $15,951,000

  • 5 · Compensation of officers, directors and key employees

    total $1,720,073

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $6,072,263

  • 8 · Pension plan contributions

    total $2,019,238

  • 9 · Other employee benefits

    total $1,384,910

  • 10 · Payroll taxes

    total $724,036

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $118,566

  • 11c · Fees: accounting

    total $45,043

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $139,217

  • 12 · Advertising and promotion

    total $915,804

  • 13 · Office expenses

    total $304,222

  • 14 · Information technology

    total $401,055

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $463,948

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $360,207

  • 20 · Interest

    total $9,651,828

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $13,232,980

  • 23 · Insurance

    total $435,121

  • 24a · Other expenses: Energy

    total $104,128,939

  • 24b · Other expenses: Jointly Owned Units

    total $4,368,587

  • 24c · Other expenses: Maint of plant & equipment

    total $3,136,285

  • 24d · Other expenses: Property taxes

    total $2,015,927

  • 24e · All other expenses

    total $1,342,772

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,964,429 · end of year $2,648,007

  • 2 · Savings and temporary cash investments

    beginning of year $8,695,701 · end of year $11,495,121

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $14,212,325 · end of year $18,190,576

  • 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 $17,669,981 · end of year $16,219,944

  • 8 · Inventories for sale or use

    beginning of year $22,542,838 · end of year $21,962,896

  • 9 · Prepaid expenses and deferred charges

    beginning of year $513,775 · end of year $719,738

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

    $646,350,197

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

    $346,787,553

  • 10c · Land, buildings and equipment, net

    beginning of year $289,122,370 · end of year $299,562,644

  • 11 · Investments: publicly traded securities

    beginning of year $63,879,626 · end of year $68,838,420

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $1,698,967 · end of year $2,299,214

  • 14 · Intangible assets

    beginning of year $658,328 · end of year $1,034,086

  • 15 · Other assets

    beginning of year $121,373,825 · end of year $127,156,846

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,552,180 · end of year $15,953,522

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $6,209,062 · end of year $8,211,040

  • 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 $206,174,104 · end of year $211,869,830

  • 24 · Unsecured notes and loans payable

    beginning of year $47,942,957 · end of year $55,515,337

  • 25 · Other liabilities

    beginning of year $67,131,560 · end of year $70,978,245

  • 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 $130,275,970 · end of year $138,888,755

  • 31 · Retained earnings, endowment or other funds

    beginning of year $66,046,332 · end of year $68,710,763

Mission and programs · 2024

Mission

To enhance the quality of life for our members, employees and communities.

Activities or mission (Part I)

Generating and transmitting electrical energy to our members.

  • Each activity is part of the whole process of generating and transmitting electrical energy to our 9 member rural service cooperatives and our one member municipal electrical cooperative.

As filed on the 2024 return.

Listed in Part VII

  • Jacob Olberding eff April 24

    Executive VP and General Manager

    Total calculated
    $345,891
    From this org
    $279,413
    From related orgs
    $0
    Other
    $66,478
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $277,718
    Bonus
    $0
    Other
    $1,695
    Deferred
    $37,558
    Nontaxable benefits
    $31,427
    Filer's total
    $348,398

  • Michael Finnegan eff March 24

    VP Engineering and System Operations

    Total calculated
    $310,809
    From this org
    $164,363
    From related orgs
    $0
    Other
    $146,446
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,505
    Bonus
    $0
    Other
    $11,858
    Deferred
    $116,525
    Nontaxable benefits
    $31,515
    Filer's total
    $312,403

  • Kenneth H Kuyper retired April 24

    Executive VP and General Manager

    Total calculated
    $291,568
    From this org
    $213,274
    From related orgs
    $0
    Other
    $78,294
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,421
    Bonus
    $0
    Other
    $26,981
    Deferred
    $74,398
    Nontaxable benefits
    $5,510
    Filer's total
    $315,310

  • Patrick Connor

    Plant Manager

    Total calculated
    $275,719
    From this org
    $167,315
    From related orgs
    $0
    Other
    $108,404
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,810
    Bonus
    $0
    Other
    $14,505
    Deferred
    $80,176
    Nontaxable benefits
    $30,156
    Filer's total
    $277,647

  • Michael Thatcher

    VP Power Supply

    Total calculated
    $270,246
    From this org
    $202,789
    From related orgs
    $0
    Other
    $67,457
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,591
    Bonus
    $0
    Other
    $30,198
    Deferred
    $44,173
    Nontaxable benefits
    $25,371
    Filer's total
    $272,333

  • Ryan Cornelius

    VP Corporate Relations

    Total calculated
    $257,740
    From this org
    $202,855
    From related orgs
    $0
    Other
    $54,885
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,169
    Bonus
    $0
    Other
    $13,686
    Deferred
    $25,352
    Nontaxable benefits
    $31,799
    Filer's total
    $260,006

  • Karen K Berte retired June 24

    Sr VP Finance and Administration

    Total calculated
    $256,929
    From this org
    $160,348
    From related orgs
    $0
    Other
    $96,581
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,054
    Bonus
    $0
    Other
    $25,294
    Deferred
    $81,374
    Nontaxable benefits
    $16,561
    Filer's total
    $258,283

  • Larry Brusseau

    Compliance Director

    Total calculated
    $223,368
    From this org
    $149,159
    From related orgs
    $0
    Other
    $74,209
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,246
    Bonus
    $0
    Other
    $1,913
    Deferred
    $42,156
    Nontaxable benefits
    $33,830
    Filer's total
    $225,145

  • Brittany Dickey

    VP Business Development

    Total calculated
    $214,017
    From this org
    $177,203
    From related orgs
    $0
    Other
    $36,814
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,894
    Bonus
    $0
    Other
    $3,309
    Deferred
    $35,014
    Nontaxable benefits
    $3,677
    Filer's total
    $215,894

  • Daniel Shiflett

    ROW & Construction Superintendent

    Total calculated
    $210,544
    From this org
    $141,786
    From related orgs
    $0
    Other
    $68,758
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,155
    Bonus
    $0
    Other
    $8,631
    Deferred
    $38,061
    Nontaxable benefits
    $32,327
    Filer's total
    $212,174

  • Brad Hill

    Communications Superintendent

    Total calculated
    $183,324
    From this org
    $137,367
    From related orgs
    $0
    Other
    $45,957
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,703
    Bonus
    $0
    Other
    $12,663
    Deferred
    $32,649
    Nontaxable benefits
    $14,874
    Filer's total
    $184,889

  • Faith Warden eff June 24

    VP Finance and Administration

    Total calculated
    $167,572
    From this org
    $126,951
    From related orgs
    $0
    Other
    $40,621
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,535
    Bonus
    $0
    Other
    $7,417
    Deferred
    $21,004
    Nontaxable benefits
    $20,978
    Filer's total
    $168,934

  • Jon Behounek

    Chief System Operator

    Total calculated
    $154,050
    From this org
    $138,305
    From related orgs
    $0
    Other
    $15,745
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,820
    Bonus
    $0
    Other
    $4,485
    Deferred
    $15,745
    Nontaxable benefits
    $1,515
    Filer's total
    $155,565

  • Kevin Bornhoft retired March 24

    SR VP, Engineering

    Total calculated
    $96,821
    From this org
    $96,821
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $95,448
    Bonus
    $0
    Other
    $8,373
    Deferred
    $0
    Nontaxable benefits
    $7,977
    Filer's total
    $111,798

  • David Onken

    President

    Total calculated
    $22,200
    From this org
    $22,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Brad Honold

    Director

    Total calculated
    $20,400
    From this org
    $20,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Dale Schaefer

    Vice President

    Total calculated
    $17,800
    From this org
    $17,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Larry Rohach

    Treasurer

    Total calculated
    $17,400
    From this org
    $17,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Steve Boedecker

    Director

    Total calculated
    $16,600
    From this org
    $16,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Rick Thompson

    Director

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Jerry Beck

    Secretary

    Total calculated
    $15,400
    From this org
    $15,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Gary Poppe

    Asst Secretary/Treasurer

    Total calculated
    $15,200
    From this org
    $15,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ted Hall

    Director

    Total calculated
    $10,600
    From this org
    $10,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 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)

Schedule J, Part I, Line 1a
Any expenses of the companion that are paid for by the Cooperative is considered taxable to the executive.
Schedule J, Part I, Line 4
Keneth Kuyper - $36,890.92, Kevin Bornhoft - $22,893.34. Eligible employees may elect participation upon employment or any time during employment. Contributions are made by the employee only and benefit payments are to be made during retirement not to exceed a period of five years.

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.

Related partnerships

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

  • Grundy County Industrial Park LC

    Excluded · Economic development · IA · 50% owned · share of income -$543 · share of assets $255,160

  • Prairie Energy Development LLC

    Excluded · Economic Development · IA · 50% owned · share of income $1,074 · share of assets $411,431

Provenance

Return type
form_990
Tax year
2024
Filed
15 April 2025
IRS schema version
2024v5.0
Source object
202501189349301800

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