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Nonprofiteer
← ADAMS ELECTRIC COOPERATIVE

Form 990 for tax year 2024

Filed by ADAMS ELECTRIC COOPERATIVE.

Totals

Total revenue
$28,284,162
Total expenses
$28,284,162
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$28,242,540
Investment income
$41,622
Other revenue
$0
Total assets, end of year
$70,640,838
Total liabilities, end of year
$39,686,041
Net assets or fund balances, end of year
$30,954,797
Program services expenses (Part IX)
$28,284,162
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$28,284,162

Program services were 100.0% 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: Sales of Energy

    total $26,900,940 · related or exempt $26,900,940

  • 2b · Program service revenue: Capital Credits

    total $1,166,674 · related or exempt $1,166,674

  • 2c · Program service revenue: Other Electric Revenues

    total $174,926 · related or exempt $174,926

  • 3 · Investment income

    total $41,622 · related or exempt $41,622

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,136,076 · program services $2,136,076

  • 5 · Compensation of officers, directors and key employees

    total $528,027 · program services $528,027

  • 20 · Interest

    total $1,799,048 · program services $1,799,048

  • 22 · Depreciation, depletion and amortization

    total $1,874,907 · program services $1,874,907

  • 24a · Other expenses: Purchased Power

    total $16,551,750 · program services $16,551,750

  • 24b · Other expenses: Distribution Expense

    total $3,177,840 · program services $3,177,840

  • 24c · Other expenses: Administrative

    total $1,056,794 · program services $1,056,794

  • 24d · Other expenses: Customer Accounts & Ser

    total $775,087 · program services $775,087

  • 24e · All other expenses

    total $384,633 · program services $384,633

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $396,905 · end of year $161,000

  • 2 · Savings and temporary cash investments

    beginning of year $365,335 · end of year $370,316

  • 4 · Accounts receivable

    beginning of year $2,411,131 · end of year $2,532,922

  • 7 · Other notes and loans receivable

    beginning of year $221,575 · end of year $279,196

  • 8 · Inventories for sale or use

    beginning of year $1,688,013 · end of year $1,899,441

  • 9 · Prepaid expenses and deferred charges

    beginning of year $101,147 · end of year $132,448

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

    $76,422,854

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

    $26,339,228

  • 10c · Land, buildings and equipment, net

    beginning of year $49,037,136 · end of year $50,083,626

  • 12 · Investments: other securities

    beginning of year $14,197,329 · end of year $15,181,889

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,506,052 · end of year $2,736,148

  • 20 · Tax-exempt bond liabilities

    beginning of year $392,800 · end of year $167,734

  • 23 · Secured mortgages and notes payable

    beginning of year $35,793,669 · end of year $36,381,546

  • 25 · Other liabilities

    beginning of year $445,086 · end of year $400,613

  • 29 · Capital stock, trust principal or current funds

    beginning of year $180,730 · end of year $182,115

  • 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 $29,100,234 · end of year $30,772,682

Mission and programs · 2024

Mission

To provide electric energy to our members on a cooperative basis

Activities or mission (Part I)

Provide electric service to over 8,900 members on a cooperative basis

  • Provide electric energy to cooperative members

    Expenses $28,284,162 · Revenue $28,284,162

As filed on the 2024 return.

Listed in Part VII

  • James Thompson

    General Manager

    Total calculated
    $342,947
    From this org
    $252,447
    From related orgs
    $0
    Other
    $90,500
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $238,599
    Bonus
    $0
    Other
    $13,848
    Deferred
    $76,385
    Nontaxable benefits
    $14,115
    Filer's total
    $342,947

  • Duane Jones

    Line Foreman

    Total calculated
    $188,975
    From this org
    $144,575
    From related orgs
    $0
    Other
    $44,400
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $144,367
    Bonus
    $0
    Other
    $208
    Deferred
    $15,234
    Nontaxable benefits
    $29,166
    Filer's total
    $188,975

  • Cole Wellman

    Journeyman Lineman

    Total calculated
    $152,557
    From this org
    $140,699
    From related orgs
    $0
    Other
    $11,858
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $140,582
    Bonus
    $0
    Other
    $117
    Deferred
    $9,956
    Nontaxable benefits
    $1,902
    Filer's total
    $152,557

  • Gary Wagner

    Journeyman Lineman

    Total calculated
    $165,542
    From this org
    $134,610
    From related orgs
    $0
    Other
    $30,932
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $134,434
    Bonus
    $0
    Other
    $176
    Deferred
    $12,146
    Nontaxable benefits
    $18,786
    Filer's total
    $165,542

  • Garrett Kestner

    Journeyman Lineman

    Total calculated
    $162,441
    From this org
    $131,522
    From related orgs
    $0
    Other
    $30,919
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $131,366
    Bonus
    $0
    Other
    $156
    Deferred
    $12,083
    Nontaxable benefits
    $18,836
    Filer's total
    $162,441

  • Brennan Caspermeyer

    Line Foreman

    Total calculated
    $153,550
    From this org
    $130,881
    From related orgs
    $0
    Other
    $22,669
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $130,757
    Bonus
    $0
    Other
    $124
    Deferred
    $11,286
    Nontaxable benefits
    $11,383
    Filer's total
    $153,550

  • Tara Neisen

    Mgr of Finance & Accountin

    Total calculated
    $157,144
    From this org
    $104,006
    From related orgs
    $0
    Other
    $53,138
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $103,703
    Bonus
    $0
    Other
    $303
    Deferred
    $33,011
    Nontaxable benefits
    $20,127
    Filer's total
    $157,144

  • Rebecca Barlow

    Director

    Total calculated
    $5,700
    From this org
    $5,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Rex Niekamp

    Director

    Total calculated
    $5,450
    From this org
    $5,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Laura Meyer

    President

    Total calculated
    $4,950
    From this org
    $4,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Brent Clair

    Director

    Total calculated
    $4,900
    From this org
    $4,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Glen Koch

    Director

    Total calculated
    $4,800
    From this org
    $4,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Eric Ewing

    Director

    Total calculated
    $4,750
    From this org
    $4,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Thomas Travis

    Secretary

    Total calculated
    $4,650
    From this org
    $4,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • James Ward

    Treasurer

    Total calculated
    $4,450
    From this org
    $4,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Kristina Farwell

    Vice-President

    Total calculated
    $3,500
    From this org
    $3,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 · Written employment contract
  • 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)

Part I, Line 3
The Board of Directors review compensation, based on industry surveys and employee performance before approving executive compensation.

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
2024
Filed
10 April 2025
IRS schema version
2024v5.1
Source object
202531019349300248

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