Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALE OF ELECTRICITY

  total $22,805,184 · related or exempt $22,805,184

• 3 · Investment income

  total $91,833 · excluded $91,833

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

  other assets $2,054

• 7c · Gain or loss

  other assets -$2,054

• 7d · Net gain or loss

  total -$2,054 · excluded -$2,054

• 10a · Gross sales of inventory

  $11,033

• 10b · Cost of goods sold

  $9,957

• 10c · Net income from sales of inventory

  total $1,076 · unrelated business $1,076

• 11a · Other revenue: CAPITAL CREDITS

  total $759,217 · related or exempt $759,217

• 11b · Other revenue: INCOME FROM STAR ENERGY

  total $621 · unrelated business $621

• 11e · Other revenue, total

  $759,838

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $10,032

• 2 · Grants to domestic individuals

  total $13,930

• 4 · Benefits paid to or for members

  total $1,032,854

• 5 · Compensation of officers, directors and key employees

  total $658,752

• 20 · Interest

  total $1,158,648

• 22 · Depreciation, depletion and amortization

  total $2,103,127

• 24a · Other expenses: COST OF POWER

  total $13,045,410

• 24b · Other expenses: DISTRIBUTION

  total $2,495,059

• 24c · Other expenses: ADMINISTRATIVE AND GENE

  total $1,288,890

• 24d · Other expenses: CUSTOMER SERVICE & INFO

  total $674,070

• 24e · All other expenses

  total $577,147

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $90,866 · end of year $79,420

• 2 · Savings and temporary cash investments

  beginning of year $1,183,978 · end of year $1,016,763

• 4 · Accounts receivable

  beginning of year $2,115,783 · end of year $2,448,757

• 8 · Inventories for sale or use

  beginning of year $3,093,503 · end of year $1,533,858

• 9 · Prepaid expenses and deferred charges

  beginning of year $169,457 · end of year $128,256

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

  $74,950,466

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

  $26,124,150

• 10c · Land, buildings and equipment, net

  beginning of year $45,951,253 · end of year $48,826,316

• 11 · Investments: publicly traded securities

  end of year $72,105

• 12 · Investments: other securities

  beginning of year $761,433 · end of year $793,033

• 13 · Investments: program-related

  beginning of year $10,265,758 · end of year $10,823,849

• 15 · Other assets

  beginning of year $5,462 · end of year $5,440

• 17 · Accounts payable and accrued expenses

  beginning of year $3,453,964 · end of year $3,324,297

• 19 · Deferred revenue

  beginning of year $600,000 · end of year $600,000

• 21 · Escrow or custodial account liability

  beginning of year $1,964 · end of year $1,931

• 23 · Secured mortgages and notes payable

  beginning of year $32,807,765 · end of year $33,627,175

• 25 · Other liabilities

  beginning of year $1,081,008 · end of year $1,443,864

• 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 $2,167,766 · end of year $2,263,931

• 31 · Retained earnings, endowment or other funds

  beginning of year $23,525,026 · end of year $24,466,599

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR THE SPOUSE OF THE CEO IS ALLOWED FOR TWO MEETINGS DURING THE YEAR. THE AMOUNT PAID FOR THE TRAVEL IS INCLUDED IN THE CEO'S W-2. THE BOARD OF DIRECTORS BELIEVES IT IS GOOD PRACTICE FOR SPOUSES TO ATTEND MEETINGS TO GAIN KNOWLEDGE REGARDING THE COOPERATIVE. ALL OTHER SPOUSES MUST PAY THEIR OWN WAY. SOCIAL CLUB DUES ARE REIMBURSED FOR STAFF WHO ATTEND APPROVED ORGANIZATIONS. CLUBS SUCH AS ROTARY AND LIONS PROVIDE SUPPORT FOR COMMUNITIES WHICH IS ONE OF THE CORE VALUES OF A COOPERATIVE. RECEIPTS MUST BE TURNED IN FOR SOCIAL CLUB DUES AND EXPENSES.

PART I, LINE 4B

457(B) CONTRIBUTIONS: DAN CARLISLE - $10,101 457(B) EARNINGS: DAN CARLISLE - $4,003

PART II, COLUMN (C):

INCLUDED IN COLUMN (C), DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THE ESTIMATED INCREASES WERE: LISA GRABA-MEECH: $56,107 DAN CARLISLE - $23,282 JON GRENIER - $20,797 JAMIE LINE - $11,647 DAVID SNYDER - $4,687 ALLISON FREDERICKSON - $4,268 TYLER FISHER - $4,921 THIS AMOUNT IS AN ESTIMATE IN THE INCREASE OF THE VALUE OF THE PLAN AND IS NOT A CURRENT YEAR EXPENSE OF THE COOPERATIVE. THE CURRENT YEAR EXPENSE FOR THIS DEFINED BENEFIT PLAN WAS: LISA GRABA-MEECH - $32,204 DAN CARLISLE - $18,850 JON GRENIER - $22,794 JAMIE LINE - $22,794 DAVID SNYDER - $7,907 ALLISON FREDERICKSON - $11,133 TYLER FISHER - $11,437

PART II, OFFICER COMPENSATION:

THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE ONE VALUE FOR PARTICIPANTS WITH AN EMPLOYMENT DATE BEFORE 12/31/10 AND ANOTHER VALUE FOR THOSE WITH AN INITIAL EMPLOYMENT DATE AFTER 12/31/10. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH YEARS OF SERVICE AND YEARS TO RETIREMENT. IN OTHER WORDS, THE CLOSER TO RETIREMENT A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL.