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Nonprofiteer
← RURAL ELECTRIC CONVENIENCE COOPERATIVE CO

Form 990 for tax year 2022

Filed by RURAL ELECTRIC CONVENIENCE COOPERATIVE CO.

Totals

Total revenue
$15,058,130
Total expenses
$15,058,130
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$14,950,438
Investment income
$83,918
Other revenue
$23,774
Total assets, end of year
$43,536,285
Total liabilities, end of year
$29,523,856
Net assets or fund balances, end of year
$14,012,429
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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: SALE OF ELECTRICITY

    total $14,546,868 · related or exempt $14,546,868

  • 2b · Program service revenue: CAPITAL CREDITS

    total $237,425 · related or exempt $237,425

  • 2c · Program service revenue: OTHER ELECTRIC REVENUE

    total $166,145 · related or exempt $166,145

  • 3 · Investment income

    total $21,038 · excluded $21,038

  • 6a · Gross rents

    real property $14,332

  • 6c · Rental income or loss

    real property $14,332

  • 6d · Net rental income or loss

    total $14,332 · excluded $14,332

  • 7a · Gross sales of assets other than inventory

    other assets $62,880

  • 7c · Gain or loss

    other assets $62,880

  • 7d · Net gain or loss

    total $62,880 · related or exempt $62,880

  • 11a · Other revenue: 990T INCOME

    total $12,055 · unrelated business $12,055

  • 11b · Other revenue: MISC NON ELECTRIC REVENUE

    total -$2,613 · related or exempt -$2,613

  • 11e · Other revenue, total

    $9,442

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $405,826

  • 5 · Compensation of officers, directors and key employees

    total $754,151

  • 20 · Interest

    total $1,012,271

  • 22 · Depreciation, depletion and amortization

    total $1,680,579

  • 24a · Other expenses: COST OF POWER

    total $8,238,852

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $1,520,025

  • 24c · Other expenses: ADMIN & GENERAL

    total $1,111,226

  • 24d · Other expenses: MEMBER SERVICES

    total $335,200

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $420,000 · end of year $125,046

  • 4 · Accounts receivable

    beginning of year $1,144,268 · end of year $1,476,122

  • 8 · Inventories for sale or use

    beginning of year $637,463 · end of year $737,084

  • 9 · Prepaid expenses and deferred charges

    beginning of year $406,504 · end of year $292,402

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

    $58,786,159

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

    $19,863,309

  • 10c · Land, buildings and equipment, net

    beginning of year $38,092,950 · end of year $38,922,850

  • 13 · Investments: program-related

    beginning of year $1,894,683 · end of year $1,982,781

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,841,957 · end of year $2,099,469

  • 19 · Deferred revenue

    beginning of year $224,877 · end of year $287,256

  • 23 · Secured mortgages and notes payable

    beginning of year $25,303,842 · end of year $26,024,126

  • 24 · Unsecured notes and loans payable

    beginning of year $950,000 · end of year $810,000

  • 25 · Other liabilities

    beginning of year $301,215 · end of year $303,005

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $1,121,276 · end of year $1,141,059

  • 31 · Retained earnings, endowment or other funds

    beginning of year $12,852,701 · end of year $12,871,370

Mission and programs · 2022

Mission

AS AN ENERGY AND SERVICES COOPERATIVE, OUR MEMBERS' NEEDS ARE RURAL ELECTRIC CONVENIENCE COOPERATIVE'S FIRST PRIORITY.

  • RURAL ELECTRIC CONVENIENCE COOPERATIVE (RECC) SERVES 5,904 CONSUMERS IN SANGAMON, MORGAN, MACOUPIN, CHRISTIAN, AND MONTGOMERY COUNTIES. RECC ALSO SERVES CONSUMERS IN SEVERAL GROWING SUBDIVISIONS AROUND SPRINGFIELD, TAYLORVILLE, LITCHFIELD, AND OTHER TOWNS.

As filed on the 2022 return.

Listed in Part VII

  • David E Stuva

    PRESIDENT &

    Total calculated
    $247,465
    From this org
    $215,133
    From related orgs
    $0
    Other
    $32,332
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $215,133
    Bonus
    not reported
    Other
    not reported
    Deferred
    $20,426
    Nontaxable benefits
    $11,906
    Filer's total
    $247,465

  • Timothy Hemberger

    MGR OPERATIO

    Total calculated
    $232,507
    From this org
    $98,632
    From related orgs
    $0
    Other
    $133,875
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $98,632
    Bonus
    not reported
    Other
    not reported
    Deferred
    $120,227
    Nontaxable benefits
    $13,648
    Filer's total
    $232,507

  • Aubrie Megginson

    MGR FINANCE

    Total calculated
    $120,826
    From this org
    $84,834
    From related orgs
    $0
    Other
    $35,992
    Hours/week
    45

  • Sean R Middleton

    PRESIDENT/CE

    Total calculated
    $26,161
    From this org
    $17,259
    From related orgs
    $0
    Other
    $8,902
    Hours/week
    50

  • Thomas Hart

    DIRECTOR

    Total calculated
    $18,459
    From this org
    $18,459
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Cassie Eigenmann

    DIRECTOR

    Total calculated
    $18,228
    From this org
    $18,228
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Melvin Repscher

    DIRECTOR

    Total calculated
    $17,871
    From this org
    $17,871
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jimmy Ayers

    DIRECTOR

    Total calculated
    $15,245
    From this org
    $15,245
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Chris Wilcox

    DIRECTOR

    Total calculated
    $14,020
    From this org
    $14,020
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Clayton Bloome

    DIRECTOR

    Total calculated
    $11,206
    From this org
    $11,206
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Andy Goleman

    DIRECTOR

    Total calculated
    $11,206
    From this org
    $11,206
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Lou Weitekamp

    DIRECTOR

    Total calculated
    $10,796
    From this org
    $10,796
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Gary Niemyer

    DIRECTOR

    Total calculated
    $10,161
    From this org
    $10,161
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

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 · 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
3 October 2023
IRS schema version
2022v5.0
Source object
202302769349301460

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