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Nonprofiteer
← VALLEY RURAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by VALLEY RURAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$22,430,749
Total expenses
$18,830,961
Contributions and grants received
$0
Grants paid
$45,000
Program service revenue
$0
Investment income
$50,125
Other revenue
$22,380,624
Total assets, end of year
$102,128,226
Total liabilities, end of year
$50,466,572
Net assets or fund balances, end of year
$51,661,654
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$18,830,961

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.

  • 3 · Investment income

    total $50,125 · excluded $50,125

  • 6a · Gross rents

    personal property $929,191

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $929,191

  • 6d · Net rental income or loss

    total $929,191 · excluded $929,191

  • 10a · Gross sales of inventory

    $37,123,962

  • 10b · Cost of goods sold

    $18,293,001

  • 10c · Net income from sales of inventory

    total $18,830,961 · related or exempt $18,830,961

  • 11a · Other revenue: PAT CAP FROM ASSOC ORGS

    total $2,599,635 · excluded $2,599,635

  • 11b · Other revenue: OTHER INCOME

    total $20,837 · excluded $20,837

  • 11e · Other revenue, total

    $2,620,472

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $45,000

  • 4 · Benefits paid to or for members

    total $1,258,033

  • 5 · Compensation of officers, directors and key employees

    total $826,358

  • 20 · Interest

    total $1,673,047

  • 22 · Depreciation, depletion and amortization

    total $4,314,835

  • 24a · Other expenses: DISTRIBUTION MAINTENANC

    total $4,490,793

  • 24b · Other expenses: ADMINISTRATION AND GEN

    total $3,142,811

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $1,733,502

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $856,203

  • 24e · All other expenses

    total $490,379

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,815,740 · end of year $1,528,754

  • 4 · Accounts receivable

    beginning of year $2,527,379 · end of year $3,552,513

  • 8 · Inventories for sale or use

    beginning of year $627,233 · end of year $766,573

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,785,127 · end of year $2,442,965

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

    $127,253,155

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

    $49,279,890

  • 10c · Land, buildings and equipment, net

    beginning of year $76,718,020 · end of year $77,973,265

  • 13 · Investments: program-related

    beginning of year $13,782,408 · end of year $15,864,156

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,391,147 · end of year $5,105,237

  • 19 · Deferred revenue

    beginning of year $2,971,739 · end of year $4,089,267

  • 23 · Secured mortgages and notes payable

    beginning of year $38,562,012 · end of year $38,817,201

  • 25 · Other liabilities

    beginning of year $2,482,497 · end of year $2,454,867

  • 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 $21,998,175 · end of year $26,183,914

  • 31 · Retained earnings, endowment or other funds

    beginning of year $26,850,337 · end of year $25,477,740

Mission and programs · 2022

Mission

DISTRIBUTION OF ELECTRICITY TO MEMBERS/OWNERS IN RURAL AREAS OF PA ON A COOPERATIVE BASIS.

  • DISTRIBUTION OF ELECTRICITY TO MEMBERS/OWNERS IN RURAL AREAS OF PA ON A COOPERATIVE BASIS.

    Expenses $18,830,961

As filed on the 2022 return.

Listed in Part VII

  • Leroy Barnes

    VICE CHAIRMAN

    Total calculated
    $11,098
    From this org
    $11,098
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Randall Huntsman

    TREASURER

    Total calculated
    $12,598
    From this org
    $12,598
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.7

  • Greg Henry

    DIRECTOR

    Total calculated
    $12,848
    From this org
    $12,848
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.3

  • Linda McMath

    DIRECTOR

    Total calculated
    $15,098
    From this org
    $15,098
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Joanne Whitsel

    DIRECTOR

    Total calculated
    $13,348
    From this org
    $13,348
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • James Stauffer

    CHAIRMAN

    Total calculated
    $12,298
    From this org
    $12,298
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Kevin States

    DIRECTOR

    Total calculated
    $10,848
    From this org
    $10,848
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.7

  • Cindy Bigelow

    SECRETARY

    Total calculated
    $14,598
    From this org
    $14,598
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2

  • Robert Holmes

    DIRECTOR

    Total calculated
    $5,674
    From this org
    $5,674
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kenneth Soder Jr

    DIRECTOR

    Total calculated
    $3,616
    From this org
    $3,616
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Pam Devore

    PRIOR-MANAGER OF HR AND FINANCIA

    Total calculated
    $131,089
    From this org
    $122,083
    From related orgs
    $0
    Other
    $9,006
    Hours/week
    40

  • Rich Bauer

    CEO/PRESIDENT

    Total calculated
    $444,530
    From this org
    $338,669
    From related orgs
    $0
    Other
    $105,861
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $295,016
    Bonus
    $20,925
    Other
    $22,728
    Deferred
    $77,602
    Nontaxable benefits
    $28,259
    Filer's total
    $444,530

  • Ethan Devore

    CURRENT-MANAGER OF HR AND FINANCE

    Total calculated
    $138,715
    From this org
    $99,813
    From related orgs
    $0
    Other
    $38,902
    Hours/week
    40

  • Todd Ross

    MANAGER OF OPERATIONS

    Total calculated
    $212,580
    From this org
    $150,464
    From related orgs
    $0
    Other
    $62,116
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,487
    Bonus
    $5,925
    Other
    $2,052
    Deferred
    $36,738
    Nontaxable benefits
    $25,378
    Filer's total
    $212,580

  • Benjamin Gorman

    MANAGER OF BUSINESS ADMIN

    Total calculated
    $215,568
    From this org
    $150,388
    From related orgs
    $0
    Other
    $65,180
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,741
    Bonus
    $5,925
    Other
    $2,722
    Deferred
    $36,540
    Nontaxable benefits
    $28,640
    Filer's total
    $215,568

  • Stephen Gutshall

    DISTRICT MANAGER

    Total calculated
    $187,428
    From this org
    $137,206
    From related orgs
    $0
    Other
    $50,222
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,281
    Bonus
    $925
    Other
    $0
    Deferred
    $25,471
    Nontaxable benefits
    $24,751
    Filer's total
    $187,428

  • Randy Boonie

    DISTRICT MANAGER

    Total calculated
    $184,402
    From this org
    $126,386
    From related orgs
    $0
    Other
    $58,016
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,531
    Bonus
    $855
    Other
    $0
    Deferred
    $32,431
    Nontaxable benefits
    $25,585
    Filer's total
    $184,402

  • Michael Lansberry Jr

    DISTRICT MANAGER

    Total calculated
    $183,857
    From this org
    $125,252
    From related orgs
    $0
    Other
    $58,605
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,731
    Bonus
    $925
    Other
    $4,596
    Deferred
    $30,905
    Nontaxable benefits
    $27,700
    Filer's total
    $183,857

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 · Independent compensation consultant
  • 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

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
2022
Filed
21 June 2023
IRS schema version
2022v5.0
Source object
202311729349300111

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