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Nonprofiteer
← LOWER VALLEY ENERGY INC

Form 990 for tax year 2023

Filed by LOWER VALLEY ENERGY INC.

Totals

Total revenue
$77,896,056
Total expenses
$73,112,349
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$77,003,663
Investment income
$796,197
Other revenue
$96,196
Total assets, end of year
$325,927,439
Total liabilities, end of year
$214,881,730
Net assets or fund balances, end of year
$111,045,709
Program services expenses (Part IX)
$73,112,349
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$73,112,349

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: Retail Sales of Energy

    total $71,812,473 · related or exempt $71,812,473

  • 2b · Program service revenue: Service Related Revenue

    total $198,526 · related or exempt $198,526

  • 2c · Program service revenue: Patronage Capital

    total $321,900 · related or exempt $321,900

  • 2d · Program service revenue: Rental Income

    total $4,032,430 · related or exempt $3,823,150 · excluded $209,280

  • 2e · Program service revenue: Other Non-Operating

    total $629,657 · related or exempt $629,657

  • 2f · All other program service revenue

    total $8,677 · related or exempt $8,677

  • 3 · Investment income

    total $796,197 · excluded $796,197

  • 11a · Other revenue: Gain on Disp of Propert

    total $96,196 · related or exempt $96,196

  • 11e · Other revenue, total

    $96,196

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,451,861 · program services $2,451,861

  • 5 · Compensation of officers, directors and key employees

    total $1,021,494 · program services $1,021,494

  • 7 · Other salaries and wages

    total $8,036,618 · program services $8,036,618

  • 8 · Pension plan contributions

    total $1,630,326 · program services $1,630,326

  • 9 · Other employee benefits

    total $1,705,003 · program services $1,705,003

  • 10 · Payroll taxes

    total $714,674 · program services $714,674

  • 11b · Fees: legal

    total $88,750 · program services $88,750

  • 11c · Fees: accounting

    total $20,757 · program services $20,757

  • 20 · Interest

    total $7,090,411 · program services $7,090,411

  • 22 · Depreciation, depletion and amortization

    total $6,734,891 · program services $6,734,891

  • 23 · Insurance

    total $491,651 · program services $491,651

  • 24a · Other expenses: Purchased Power & Gas

    total $37,630,499 · program services $37,630,499

  • 24b · Other expenses: Transmission O&M

    total $4,384,939 · program services $4,384,939

  • 24c · Other expenses: Distribution O&M

    total $1,617,772 · program services $1,617,772

  • 24d · Other expenses: Administrative & General

    total $2,178,505 · program services $2,178,505

  • 24e · All other expenses

    total -$2,685,802 · program services -$2,685,802

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,902,303 · end of year $2,436,454

  • 2 · Savings and temporary cash investments

    beginning of year $2,725,793 · end of year $594,217

  • 4 · Accounts receivable

    beginning of year $8,959,628 · end of year $7,911,570

  • 7 · Other notes and loans receivable

    beginning of year $515,904 · end of year $984,370

  • 8 · Inventories for sale or use

    beginning of year $4,086,117 · end of year $10,973,343

  • 9 · Prepaid expenses and deferred charges

    beginning of year $79,692,513 · end of year $69,457,694

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

    $140,018,612

  • 10c · Land, buildings and equipment, net

    beginning of year $115,103,085 · end of year $140,018,612

  • 12 · Investments: other securities

    beginning of year $9,952,677 · end of year $8,968,290

  • 15 · Other assets

    beginning of year $85,182,168 · end of year $84,582,889

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,299,773 · end of year $7,437,382

  • 23 · Secured mortgages and notes payable

    beginning of year $178,075,954 · end of year $184,463,433

  • 25 · Other liabilities

    beginning of year $20,013,767 · end of year $22,980,915

  • 31 · Retained earnings, endowment or other funds

    beginning of year $104,730,694 · end of year $111,045,709

Mission and programs · 2023

Mission

The organization provides electricity and natural gas to rural members on a not-for-profit cooperative basis.

  • During the year, the cooperative provided electricity and natural gas utility service to its members.

    Expenses $73,112,349 · Revenue $77,896,055

As filed on the 2023 return.

Listed in Part VII

  • James R Webb

    PresidentChief Executive Off

    Total calculated
    $477,767
    From this org
    $477,767
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $428,455
    Bonus
    not reported
    Other
    $49,312
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $477,767

  • Richard Knori

    Director of Engineering

    Total calculated
    $307,003
    From this org
    $307,003
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $265,697
    Bonus
    not reported
    Other
    $41,306
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $307,003

  • Mallory Winters

    Electric Foreman

    Total calculated
    $262,019
    From this org
    $262,019
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $180,887
    Bonus
    not reported
    Other
    $81,132
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $262,019

  • Craig Coles

    Director of Gas Operations

    Total calculated
    $252,749
    From this org
    $252,749
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $168,311
    Bonus
    not reported
    Other
    $84,438
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $252,749

  • Jon Hougland

    Staff Assistant

    Total calculated
    $231,805
    From this org
    $231,805
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $185,648
    Bonus
    not reported
    Other
    $46,157
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $231,805

  • Kyle Thurston

    Lineman

    Total calculated
    $218,229
    From this org
    $218,229
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $153,807
    Bonus
    not reported
    Other
    $64,422
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $218,229

  • Larry Bowlin

    Foreman

    Total calculated
    $214,774
    From this org
    $214,774
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $167,582
    Bonus
    not reported
    Other
    $47,192
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $214,774

  • Anna Helm

    Finance Manager

    Total calculated
    $186,747
    From this org
    $186,747
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $115,710
    Bonus
    not reported
    Other
    $71,037
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $186,747

  • Ray Elser

    SecretaryTreasurerDirector

    Total calculated
    $23,825
    From this org
    $23,825
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Bob McLaurin

    Director

    Total calculated
    $17,950
    From this org
    $17,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Ted Ladd

    Vice-ChairDirector

    Total calculated
    $17,100
    From this org
    $17,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Fred Brog

    Director

    Total calculated
    $16,500
    From this org
    $16,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Nancy Winters

    Director

    Total calculated
    $15,800
    From this org
    $15,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Dan Dockstader

    ChairmanDirector

    Total calculated
    $14,500
    From this org
    $14,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Scott Anderson

    Director

    Total calculated
    $13,250
    From this org
    $13,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

    Schedule J breakdown matched by us

    Base
    $13,250
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $13,250

  • Max Moran

    Director

    Total calculated
    $6,250
    From this org
    $6,250
    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 · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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

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
2023
Filed
29 August 2024
IRS schema version
2023v5.1
Source object
202422509349300522

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