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Nonprofiteer
← ADAMS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2025

Filed by ADAMS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$91,057,639
Total expenses
$91,824,166
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$89,233,567
Investment income
$202,957
Other revenue
$1,621,115
Total assets, end of year
$265,520,173
Total liabilities, end of year
$152,051,684
Net assets or fund balances, end of year
$113,468,489
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: SALES OF ELECTRICITY

    total $88,015,176 · related or exempt $88,015,176

  • 2b · Program service revenue: CONTRIB. IN AID OF CONSTR

    total $967,972 · related or exempt $967,972

  • 2c · Program service revenue: PATRONAGE ALLOC. RECEIPTS

    total $250,419 · related or exempt $250,419

  • 3 · Investment income

    total $139,514 · excluded $139,514

  • 6a · Gross rents

    real property $34,200 · personal property $1,112,398

  • 6c · Rental income or loss

    real property $34,200 · personal property $1,112,398

  • 6d · Net rental income or loss

    total $1,146,598 · related or exempt $34,200 · unrelated business $1,200 · excluded $1,111,198

  • 7a · Gross sales of assets other than inventory

    other assets $79,222

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

    other assets $15,779

  • 7c · Gain or loss

    other assets $63,443

  • 7d · Net gain or loss

    total $63,443 · excluded $63,443

  • 11a · Other revenue: EQUITY EARNINGS FROM SUB

    total $467,709 · related or exempt $467,709

  • 11b · Other revenue: ADVERTISING FEE

    total $4,193 · unrelated business $4,193

  • 11c · Other revenue: OTHER INCOME

    total $2,615 · related or exempt $2,615

  • 11e · Other revenue, total

    $474,517

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $9,398,328

  • 5 · Compensation of officers, directors and key employees

    total $1,255,918

  • 7 · Other salaries and wages

    total $8,943,096

  • 8 · Pension plan contributions

    total $1,980,102

  • 9 · Other employee benefits

    total $371,202

  • 10 · Payroll taxes

    total $780,663

  • 11b · Fees: legal

    total $242,996

  • 17 · Travel

    total $948,713

  • 19 · Conferences, conventions and meetings

    total $101,919

  • 20 · Interest

    total $5,683,858

  • 22 · Depreciation, depletion and amortization

    total $7,794,372

  • 24a · Other expenses: COST OF POWER

    total $48,873,761

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $6,431,494

  • 24c · Other expenses: DISTRIBUTION OPERATION

    total $2,018,151

  • 24d · Other expenses: ADMIN & GENERAL

    total $1,586,696

  • 24e · All other expenses

    total -$4,587,103

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,835,752 · end of year $1,514,163

  • 2 · Savings and temporary cash investments

    beginning of year $75,873 · end of year $160,887

  • 4 · Accounts receivable

    beginning of year $11,269,234 · end of year $11,654,524

  • 8 · Inventories for sale or use

    beginning of year $4,138,146 · end of year $4,421,533

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,214,831 · end of year $2,938,063

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

    $254,787,302

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

    $51,588,156

  • 10c · Land, buildings and equipment, net

    beginning of year $195,285,369 · end of year $203,199,146

  • 11 · Investments: publicly traded securities

    beginning of year $6,378,452 · end of year $6,846,161

  • 13 · Investments: program-related

    beginning of year $34,138,673 · end of year $34,785,696

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,934,404 · end of year $10,528,809

  • 23 · Secured mortgages and notes payable

    beginning of year $129,516,550 · end of year $131,243,612

  • 25 · Other liabilities

    beginning of year $11,237,716 · end of year $10,279,263

  • 29 · Capital stock, trust principal or current funds

    beginning of year $435,000 · end of year $420,195

  • 31 · Retained earnings, endowment or other funds

    beginning of year $107,212,660 · end of year $113,048,294

Mission and programs · 2025

Mission

ADAMS ELECTRIC COOPERATIVE PROVIDES SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO OUR MEMBERS

  • THE SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS OF ADAMS ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 48,873,761 BENEFITS PAID TO MEMBERS 9,398,328 SALARIES AND WAGES 8,943,096

As filed on the 2025 return.

Listed in Part VII

  • Steven Rasmussen

    CEO / GM

    Total calculated
    $776,593
    From this org
    $608,318
    From related orgs
    $13,000
    Other
    $155,275
    Hours/week
    50 + 6 related

    Schedule J breakdown matched by us

    Base
    $545,106 + $13,000 related
    Bonus
    $23,500
    Other
    $39,712
    Deferred
    $138,364
    Nontaxable benefits
    $16,911
    Filer's total
    $763,593 + $13,000 related

  • Mike Feathers

    MANAGER OPER

    Total calculated
    $360,739
    From this org
    $229,932
    From related orgs
    $0
    Other
    $130,807
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $203,343
    Bonus
    $2,000
    Other
    $24,589
    Deferred
    $100,416
    Nontaxable benefits
    $30,391
    Filer's total
    $360,739

  • James Chiaruttini

    MGR LEGAL SE

    Total calculated
    $314,188
    From this org
    $238,627
    From related orgs
    $0
    Other
    $75,561
    Hours/week
    60 + 1 related

    Schedule J breakdown matched by us

    Base
    $214,147
    Bonus
    not reported
    Other
    $24,480
    Deferred
    $60,476
    Nontaxable benefits
    $15,085
    Filer's total
    $314,188

  • Jeffery Turner

    MGR ENG/MECH

    Total calculated
    $310,167
    From this org
    $230,503
    From related orgs
    $0
    Other
    $79,664
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $200,564
    Bonus
    not reported
    Other
    $29,939
    Deferred
    $50,547
    Nontaxable benefits
    $29,117
    Filer's total
    $310,167

  • Brian Shearer

    SENR. STAFF

    Total calculated
    $292,759
    From this org
    $179,984
    From related orgs
    $0
    Other
    $112,775
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $152,885
    Bonus
    not reported
    Other
    $27,099
    Deferred
    $82,875
    Nontaxable benefits
    $29,900
    Filer's total
    $292,759

  • Lisa Willet

    MGR HR

    Total calculated
    $291,183
    From this org
    $213,440
    From related orgs
    $0
    Other
    $77,743
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $192,856
    Bonus
    not reported
    Other
    $20,584
    Deferred
    $42,074
    Nontaxable benefits
    $35,669
    Filer's total
    $291,183

  • Michael Johnson

    MANAGER SAFE

    Total calculated
    $282,376
    From this org
    $206,871
    From related orgs
    $0
    Other
    $75,505
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $186,798
    Bonus
    not reported
    Other
    $20,073
    Deferred
    $46,533
    Nontaxable benefits
    $28,972
    Filer's total
    $282,376

  • Dale E Myers

    PRESIDENT

    Total calculated
    $39,750
    From this org
    $28,750
    From related orgs
    $11,000
    Other
    $0
    Hours/week
    11 + 3 related

  • Glenn E Bange

    SECRETARY

    Total calculated
    $37,600
    From this org
    $21,100
    From related orgs
    $13,000
    Other
    $3,500
    Hours/week
    11 + 3 related

  • Thomas J Knaub

    TREASURER

    Total calculated
    $34,550
    From this org
    $23,550
    From related orgs
    $11,000
    Other
    $0
    Hours/week
    11 + 2 related

  • S Eugene Herritt

    DIRECTOR

    Total calculated
    $33,100
    From this org
    $22,100
    From related orgs
    $11,000
    Other
    $0
    Hours/week
    9 + 3 related

  • David A Frey

    VICE PRESIDE

    Total calculated
    $24,975
    From this org
    $14,250
    From related orgs
    $0
    Other
    $10,725
    Hours/week
    11

  • Nadine M Hubner

    DIRECTOR

    Total calculated
    $23,800
    From this org
    $23,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Ray Schwartz

    DIRECTOR

    Total calculated
    $21,850
    From this org
    $21,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Jay Herman

    DIRECTOR

    Total calculated
    $21,100
    From this org
    $21,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • William French

    DIRECTOR

    Total calculated
    $19,225
    From this org
    $19,225
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

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 · Form 990 of other organizations
  • 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

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ADAMS UTILITY SERVICES COMPANY

    HOLDING CO · PA · controlled entity

Provenance

Return type
form_990
Tax year
2025
Filed
15 June 2026
IRS schema version
2025v4.0
Source object
202622669349301362

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