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Nonprofiteer
← CODINGTON-CLARK ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by CODINGTON-CLARK ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$15,232,648
Total expenses
$15,232,648
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$15,090,660
Investment income
$144,238
Other revenue
-$2,250
Total assets, end of year
$57,707,202
Total liabilities, end of year
$38,065,013
Net assets or fund balances, end of year
$19,642,189
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 $14,166,817 · related or exempt $14,166,817

  • 2b · Program service revenue: CO-OP CAPITAL CREDITS

    total $865,070 · related or exempt $865,070

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $58,773 · related or exempt $58,773

  • 3 · Investment income

    total $144,234 · excluded $144,234

  • 7a · Gross sales of assets other than inventory

    other assets $665

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

    other assets $661

  • 7c · Gain or loss

    other assets $4

  • 7d · Net gain or loss

    total $4 · excluded $4

  • 10a · Gross sales of inventory

    $235,960

  • 10b · Cost of goods sold

    $238,210

  • 10c · Net income from sales of inventory

    total -$2,250 · related or exempt -$2,250

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,356,510

  • 5 · Compensation of officers, directors and key employees

    total $598,076

  • 7 · Other salaries and wages

    total $942,331

  • 8 · Pension plan contributions

    total $218,571

  • 10 · Payroll taxes

    total $101,855

  • 11b · Fees: legal

    total $9,492

  • 11c · Fees: accounting

    total $29,132

  • 12 · Advertising and promotion

    total $1,541

  • 13 · Office expenses

    total $67,289

  • 14 · Information technology

    total $104,292

  • 16 · Occupancy

    total $2,980

  • 17 · Travel

    total $38,407

  • 20 · Interest

    total $865,333

  • 22 · Depreciation, depletion and amortization

    total $1,472,536

  • 24a · Other expenses: COST OF PURCHASED POWER

    total $8,865,139

  • 24b · Other expenses: DISTRIBUTION EXP: OPERA

    total $464,181

  • 24c · Other expenses: TAX EXPENSE - KWH

    total $248,052

  • 24d · Other expenses: ADMINISTRATIVE & GENERA

    total $177,991

  • 24e · All other expenses

    total -$331,060

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,631,625 · end of year $3,180,283

  • 4 · Accounts receivable

    beginning of year $794,481 · end of year $887,429

  • 8 · Inventories for sale or use

    beginning of year $1,270,007 · end of year $1,811,085

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,023 · end of year -$2,342

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

    $59,732,057

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

    $17,914,949

  • 10c · Land, buildings and equipment, net

    beginning of year $39,597,812 · end of year $41,817,108

  • 12 · Investments: other securities

    beginning of year $63,245 · end of year $93,190

  • 13 · Investments: program-related

    beginning of year $9,233,766 · end of year $9,842,151

  • 15 · Other assets

    beginning of year $78,981 · end of year $78,298

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,545,820 · end of year $1,486,921

  • 23 · Secured mortgages and notes payable

    beginning of year $29,067,695 · end of year $30,010,889

  • 24 · Unsecured notes and loans payable

    beginning of year $26,038 · end of year $2,041,913

  • 25 · Other liabilities

    beginning of year $4,372,972 · end of year $4,525,290

  • 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 $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $18,669,415 · end of year $19,642,189

Mission and programs · 2023

Mission

OUR PURPOSE IS TO PROVIDE ELECTRIC ENERGY TO THE MEMBERSHIP. WE WILL: PROVIDE EXEMPLARY PERSONAL SERVICE; PRUDENTLY MANAGE REVENUE AND EXPENSES; OPERATE AND MAINTAIN SAFE AND RELIABLE DISTRIBUTION FACILITIES; PROVIDE REASONABLY PRICED ELECTRIC ENERGY; ENHANCE COMMUNITY MEMBER RELATIONSHIPS; MAINTAIN A SAFE AND GRATIFYING WORK ENVIRONMENT FOR EMPLOYEES; AND EMBRACE CHANGE THAT BENEFITS THE MEMBERSHIP.

Activities or mission (Part I)

TO MAKE ELECTRIC ENERGY AVAILABLE TO OUR MEMBERS AT THE LOWEST POSSIBLE COST.

  • PROVIDED ELECTRIC SERVICE TO APROXIMATELY 2,531 MEMBERS. ADDED, RETIRED OR REPLACED APPROXIMATELY 27 MILES OF UNDERGROUND AND 18 MILES OF OVERHEAD LINE.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Benjamin Fleming

    PRESIDENT

    Total calculated
    $4,700
    From this org
    $4,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Alfred Schleusner

    VICE PRESIDENT

    Total calculated
    $3,400
    From this org
    $3,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Daniel Thyen

    SECRETARY

    Total calculated
    $5,700
    From this org
    $5,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Russell Foster

    TREASURER

    Total calculated
    $1,900
    From this org
    $1,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Russell Hurlbert

    DIRECTOR

    Total calculated
    $5,100
    From this org
    $5,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Michael Meland

    DIRECTOR

    Total calculated
    $3,300
    From this org
    $3,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • David Warkenthien

    DIRECTOR

    Total calculated
    $4,100
    From this org
    $4,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • John Rider

    DIRECTOR

    Total calculated
    $3,800
    From this org
    $3,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Roy Gjerde

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • David Eide

    GENERAL MANAGER

    Total calculated
    $252,125
    From this org
    $157,257
    From related orgs
    $0
    Other
    $94,868
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $157,149
    Bonus
    $108
    Other
    $0
    Deferred
    $63,627
    Nontaxable benefits
    $43,973
    Filer's total
    $264,857

  • Jared Terhark

    DISTRIBUTION SYSTEM MANAGER

    Total calculated
    $152,083
    From this org
    $107,977
    From related orgs
    $0
    Other
    $44,106
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $107,869
    Bonus
    $108
    Other
    $0
    Deferred
    $13,022
    Nontaxable benefits
    $40,300
    Filer's total
    $161,299

  • Jarod Sutten

    MEMBER SERVICES MANAGER

    Total calculated
    $146,808
    From this org
    $102,689
    From related orgs
    $0
    Other
    $44,119
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $102,581
    Bonus
    $108
    Other
    $0
    Deferred
    $13,035
    Nontaxable benefits
    $39,216
    Filer's total
    $154,940

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

The filer's explanations (Part III)

PART I, QUESTION 1 A&B:
THE COOPERATIVE HAS A WELLNESS PLAN WHICH OFFERS A COST SHARE BENEFIT OF WELLNESS CENTER DUES AND INITIATION FEES. THIS BENEFIT IS OFFERED TO ALL EMPLOYEES. EMPLOYEES ARE REIMBURSED FOR ANY INITIATION FEES IF A RECEIPT FROM THE WELLNESS CENTER IS PROVIDED. DUES ARE REIMBURSED VIA PAYROLL PROVIDED THE EMPLOYEES USE THE FACILITY A PREDETERMINED NUMBER OF TIMES THROUGHOUT THE YEAR.
PART I, QUESTION 3:
THE BOARD OF DIRECTORS REVIEW AND APPROVE THE COMPENSATION PLAN ANNUALLY. THE BOARD USES A MARKET SURVEY TO COMPARE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS TO ESTABLISH THE COMPENSATION OF THE GENERAL MANAGER.
PART II:
THE AMOUNT REPORTED IN COLUMN (C) RETIREMENT AND OTHER DEFERRED COMPENSATION INCLUDES THE ACTUARIAL VALUE OF THE RETIREMENT PLAN, NOT THE AMOUNT PAID BY THE COOPERATIVE.

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
9 July 2024
IRS schema version
2023v5.1
Source object
202402019349300410

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