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Nonprofiteer
← NATIONAL RURAL ELECTRIC COOPERATIVE

Form 990 for tax year 2024

Filed by NATIONAL RURAL ELECTRIC COOPERATIVE.

Totals

Total revenue
$838,293,694
Total expenses
$844,136,338
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$848,189,531
Investment income
-$9,895,837
Other revenue
$0
Total assets, end of year
$862,266,478
Total liabilities, end of year
$167,630,227
Net assets or fund balances, end of year
$694,636,251
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$844,136,338

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: INSURANCE

    total $848,189,531 · related or exempt $848,169,906 · unrelated business $19,625 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $18,239,084 · related or exempt $0 · unrelated business $0 · excluded $18,239,084

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $1,458,302,447

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

    securities $1,486,437,368

  • 7c · Gain or loss

    securities -$28,134,921 · other assets $0

  • 7d · Net gain or loss

    total -$28,134,921 · related or exempt $0 · unrelated business $0 · excluded -$28,134,921

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $805,354,568

  • 5 · Compensation of officers, directors and key employees

    total $69,168

  • 11b · Fees: legal

    total $11,115

  • 11c · Fees: accounting

    total $103,152

  • 11f · Fees: investment management

    total $606,169

  • 11g · Fees: other

    total $3,910,977

  • 13 · Office expenses

    total $18,264

  • 14 · Information technology

    total $545,764

  • 22 · Depreciation, depletion and amortization

    total $741,888

  • 23 · Insurance

    total $43,113

  • 24a · Other expenses: MANAGED CARE SERVICES

    total $32,732,160

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $159,326 · end of year $1,908,868

  • 2 · Savings and temporary cash investments

    beginning of year $1,558,541 · end of year $917,848

  • 4 · Accounts receivable

    beginning of year $7,023,487 · end of year $7,223,944

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $38,908 · end of year $36,441

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

    $20,822,294

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

    $12,891,600

  • 10c · Land, buildings and equipment, net

    beginning of year $4,135,489 · end of year $7,930,694

  • 11 · Investments: publicly traded securities

    beginning of year $724,297,377 · end of year $803,956,271

  • 12 · Investments: other securities

    beginning of year $38,145,807 · end of year $37,647,040

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $2,226,845 · end of year $2,645,372

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,628,581 · end of year $10,369,279

  • 19 · Deferred revenue

    beginning of year $779,437 · end of year $687,948

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $147,314,000 · end of year $156,573,000

  • 31 · Retained earnings, endowment or other funds

    beginning of year $610,863,762 · end of year $694,636,251

Mission and programs · 2024

Mission

PROVIDE HEALTH AND WELFARE BENEFITS TO MEMBERS OF THE NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION AND ITS MEMBERS.

Activities or mission (Part I)

A GROUP BENEFIT TRUST DESIGNED TO PROVIDE HEALTH AND WELFARE BENEFITS FOR MEMBERS OF NRECA.

  • TOTAL PROGRAM EXPENSES RELATED TO PROVIDING HEALTH AND WELFARE SERVICES TO MEMBERS.

    Expenses $844,136,338

As filed on the 2024 return.

Listed in Part VII

  • Bryan Case

    CHAIRMAN

    Total calculated
    $476,413
    From this org
    $0
    From related orgs
    $319,893
    Other
    $156,520
    Hours/week
    2 + 6 related

    Schedule J breakdown matched by us

    Base
    $0 + $319,893 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $112,072 related
    Nontaxable benefits
    $0 + $44,448 related
    Filer's total
    $0 + $476,413 related

  • Hunter Emory

    VICE CHAIRMAN (THRU 03/24)

    Total calculated
    $0
    Hours/week
    1

  • Mel Coleman

    VICE CHAIRMAN

    Total calculated
    $635,291
    From this org
    $0
    From related orgs
    $602,148
    Other
    $33,143
    Hours/week
    1 + 7 related

    Schedule J breakdown matched by us

    Base
    $0 + $472,948 related
    Bonus
    $0 + $101,742 related
    Other
    $0 + $27,458 related
    Deferred
    $0 + $10,350 related
    Nontaxable benefits
    $0 + $22,793 related
    Filer's total
    $0 + $635,291 related

  • Peter Baxter

    SENIOR VICE PRESIDENT

    Total calculated
    $1,375,081
    From this org
    $0
    From related orgs
    $1,235,344
    Other
    $139,737
    Hours/week
    20 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $706,246 related
    Bonus
    $0 + $417,200 related
    Other
    $0 + $111,898 related
    Deferred
    $0 + $99,890 related
    Nontaxable benefits
    $0 + $39,847 related
    Filer's total
    $0 + $1,375,081 related

  • David Spradlin

    MEMBER

    Total calculated
    $469,851
    From this org
    $0
    From related orgs
    $299,811
    Other
    $170,040
    Hours/week
    2 + 5 related

    Schedule J breakdown matched by us

    Base
    $0 + $299,811 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $162,040 related
    Nontaxable benefits
    $0 + $8,000 related
    Filer's total
    $0 + $469,851 related

  • Don Douglas

    MEMBER

    Total calculated
    $41,750
    From this org
    $0
    From related orgs
    $41,750
    Other
    $0
    Hours/week
    1 + 4 related

  • Gene Morris

    MEMBER (AS OF 03/24)

    Total calculated
    $91,682
    From this org
    $0
    From related orgs
    $91,682
    Other
    $0
    Hours/week
    1 + 5 related

  • James Webb

    MEMBER

    Total calculated
    $37,500
    From this org
    $0
    From related orgs
    $37,500
    Other
    $0
    Hours/week
    1 + 7 related

  • Jennifer Meason

    MEMBER (AS OF 03/24)

    Total calculated
    $514,000
    From this org
    $0
    From related orgs
    $338,630
    Other
    $175,370
    Hours/week
    1 + 6 related

    Schedule J breakdown matched by us

    Base
    $0 + $338,630 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $154,953 related
    Nontaxable benefits
    $0 + $20,417 related
    Filer's total
    $0 + $514,000 related

  • Lynn Jacobson

    MEMBER

    Total calculated
    $52,282
    From this org
    $0
    From related orgs
    $40,282
    Other
    $12,000
    Hours/week
    1 + 4 related

  • Randall Kleaving

    MEMBER (AS OF 03/24)

    Total calculated
    $54,800
    From this org
    $0
    From related orgs
    $54,800
    Other
    $0
    Hours/week
    2 + 6 related

  • Steven W Walter

    MEMBER (THRU 03/24)

    Total calculated
    $0
    Hours/week
    1

  • Timothy J Smith

    MEMBER (THRU 03/24)

    Total calculated
    $0
    Hours/week
    1

  • State Street Corporation

    INSTITUTIONAL TRUSTEE

    Total calculated
    $69,168
    From this org
    $69,168
    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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
THE FOLLOWING EMPLOYEE RECEIVED PAYMENTS FROM AN EXECUTIVE NONQUALIFIED RETIREMENT PLAN. THIS AMOUNT IS INCLUDED AND REPORTED IN PART II, COLUMN B(III): PETER BAXTER $72,057

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • ARKANSAS ELEC CO-OP CORP

    ELECTRIC COOP · AR · 0% owned · share of income $0 · share of assets $0

    Directly controlled by NA

  • ASSOCIATED ELECTRIC CO-OP INC

    ELECTRIC COOP · MO · 0% owned · share of income $0 · share of assets $0

    Directly controlled by NA

  • BIG RIVERS ELEC CORP

    ELECTRIC COOP · KY · 0% owned · share of income $0 · share of assets $0

    Directly controlled by NA

  • DESERT G AND T

    ELECTRIC COOP · UT · 0% owned · share of income $0 · share of assets $0

    Directly controlled by NA

  • HOOSIER ENERGY RURAL ELEC CO-OP INC

    ELECTRIC COOP · IN · 0% owned · share of income $0 · share of assets $0

    Directly controlled by NA

  • KAMO POWER

    ELECTRIC COOP · OK · 0% owned · share of income $0 · share of assets $0

    Directly controlled by NA

  • SEMINOLE ELEC CO-OP INC

    ELECTRIC COOP · FL · 0% owned · share of income $0 · share of assets $0

    Directly controlled by NA

  • SHO-ME POWER ELECTRIC COOPERATIVE

    ELECTRIC COOP · MO · 0% owned · share of income $0 · share of assets $0

    Directly controlled by NA

  • TRI-STATE G&T ASSOCIATION INC

    ELECTRIC COOP · CO · 0% owned · share of income $0 · share of assets $0

    Directly controlled by NA

  • WESTERN FARMERS EC

    ELECTRIC COOP · OK · 0% owned · share of income $0 · share of assets $0

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2024
Filed
18 November 2025
IRS schema version
2024v5.1
Source object
202513219349327466

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