Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Sales of Electricity

  total $228,115,099 · related or exempt $228,115,099

• 2b · Program service revenue: Patronage Capital

  total $4,381,879 · related or exempt $4,381,879

• 3 · Investment income

  total $201,023 · excluded $201,023

• 6a · Gross rents

  personal property $11,037,506

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $11,037,506

• 6d · Net rental income or loss

  total $11,037,506 · unrelated business $6,372,640 · excluded $4,664,866

• 7a · Gross sales of assets other than inventory

  other assets $88,229

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

  other assets $0

• 7c · Gain or loss

  other assets $88,229

• 7d · Net gain or loss

  total $88,229 · excluded $88,229

• 10b · Cost of goods sold

  $35

• 10c · Net income from sales of inventory

  total -$35 · related or exempt -$35

• 11a · Other revenue: Loss on investment in

  total -$2,812,851 · excluded -$2,812,851

• 11e · Other revenue, total

  -$2,812,851

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $12,758,534

• 5 · Compensation of officers, directors and key employees

  total $1,980,610

• 20 · Interest

  total $8,731,228

• 22 · Depreciation, depletion and amortization

  total $17,229,441

• 24a · Other expenses: Cost of Power

  total $150,483,112

• 24b · Other expenses: Dist Exp - Maintenance

  total $20,939,519

• 24c · Other expenses: Dist Exp - Operations

  total $9,328,658

• 24d · Other expenses: Admin & Gen Expenses

  total $9,256,444

• 24e · All other expenses

  total $10,303,304

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,526,110 · end of year $5,052,750

• 4 · Accounts receivable

  beginning of year $45,370,580 · end of year $34,973,551

• 8 · Inventories for sale or use

  beginning of year $5,679,911 · end of year $5,856,566

• 9 · Prepaid expenses and deferred charges

  beginning of year $837,292 · end of year $2,347,100

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

  $558,052,713

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

  $135,320,690

• 10c · Land, buildings and equipment, net

  beginning of year $390,003,103 · end of year $422,732,023

• 13 · Investments: program-related

  beginning of year $82,608,153 · end of year $80,772,530

• 15 · Other assets

  beginning of year $7,893,733 · end of year $7,353,387

• 17 · Accounts payable and accrued expenses

  beginning of year $130,074,703 · end of year $154,348,037

• 23 · Secured mortgages and notes payable

  beginning of year $127,595,825 · end of year $121,495,666

• 25 · Other liabilities

  beginning of year $57,887,063 · end of year $53,716,391

• 29 · Capital stock, trust principal or current funds

  beginning of year $502,790 · end of year $509,140

• 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 $219,858,501 · end of year $229,018,673

The filer's explanations (Part III)

Part I, Line 4b

Employees listed on Schedule J participated in a 457b plan but didn't receive payments in 2023.

Related corporations and trusts

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

• CoastConnect LLC

  C · Internet · MS · 100% owned · share of income $15,016,409 · share of assets $19,384,379 · controlled entity

  Directly controlled by Coast Electric Power Association