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← FARMERS ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2023

Filed by FARMERS ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$11,204,866
Total expenses
$11,204,866
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$10,581,585
Investment income
$616,277
Other revenue
$7,004
Total assets, end of year
$47,967,681
Total liabilities, end of year
$27,422,867
Net assets or fund balances, end of year
$20,544,814
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: OPERATING REVENUE

    total $10,581,585 · related or exempt $10,581,585

  • 3 · Investment income

    total $616,277 · related or exempt $616,277

  • 11a · Other revenue: NON-OPERATING INCOME

    total $7,004 · related or exempt $7,004

  • 11e · Other revenue, total

    $7,004

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $728,065

  • 5 · Compensation of officers, directors and key employees

    total $433,665

  • 7 · Other salaries and wages

    total $133,175

  • 11g · Fees: other

    total $7,762,313

  • 20 · Interest

    total $870,435

  • 22 · Depreciation, depletion and amortization

    total $1,277,213

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $225,588 · end of year $273,051

  • 2 · Savings and temporary cash investments

    beginning of year $3,879,682 · end of year $1,605,596

  • 4 · Accounts receivable

    beginning of year $1,614,143 · end of year $1,234,001

  • 8 · Inventories for sale or use

    beginning of year $1,498,672 · end of year $1,501,844

  • 9 · Prepaid expenses and deferred charges

    beginning of year $18,292 · end of year $19,753

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

    $49,032,249

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

    $9,639,689

  • 10c · Land, buildings and equipment, net

    beginning of year $33,375,356 · end of year $39,392,560

  • 13 · Investments: program-related

    beginning of year $2,692,403 · end of year $3,929,600

  • 15 · Other assets

    beginning of year $36,017 · end of year $11,276

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,242,764 · end of year $1,084,070

  • 19 · Deferred revenue

    beginning of year $9,800

  • 23 · Secured mortgages and notes payable

    beginning of year $20,657,003 · end of year $24,758,963

  • 25 · Other liabilities

    beginning of year $1,467,870 · end of year $1,579,834

  • 29 · Capital stock, trust principal or current funds

    beginning of year $63,735 · end of year $63,915

  • 31 · Retained earnings, endowment or other funds

    beginning of year $19,898,981 · end of year $20,480,899

Mission and programs · 2023

Mission

TO MAKE ELECTRIC ENERGY AVAILABLE TO ITS MEMBERS AT THE LOWEST COST CONSISTENT WITH SOUND ECONOMY AND GOOD MANAGEMENT.

  • THE SALE OF LOW COST ELECTRICITY BENEFITS AN AVERAGE OF APPROXIMATELY 5,000 MEMBERS

As filed on the 2023 return.

Listed in Part VII

  • Larry Bright

    GENERAL MANA

    Total calculated
    $196,246
    From this org
    $153,602
    From related orgs
    $0
    Other
    $42,644
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,602
    Bonus
    not reported
    Other
    not reported
    Deferred
    $42,644
    Nontaxable benefits
    not reported
    Filer's total
    $196,246

  • Ronald Mark Bowen

    CONST SUPERI

    Total calculated
    $133,175
    From this org
    $101,550
    From related orgs
    $0
    Other
    $31,625
    Hours/week
    50

  • Candace Shirley

    DIRECTOR

    Total calculated
    $29,701
    From this org
    $29,701
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Scott Mears

    DIRECTOR

    Total calculated
    $26,518
    From this org
    $26,518
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Sam Houston

    VICE PRESIDE

    Total calculated
    $22,036
    From this org
    $22,036
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michael Honey

    DIRECTOR

    Total calculated
    $21,652
    From this org
    $21,652
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kenny Falwell

    PRESIDENT

    Total calculated
    $19,668
    From this org
    $19,668
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Buddy Hulett

    SECRETARY-TR

    Total calculated
    $3,677
    From this org
    $3,677
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Scott Foushee

    DIRECTOR

    Total calculated
    $3,519
    From this org
    $3,519
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 · 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.

  • FARMERS RURAL CONNECT LLC

    C CORP · FIBER · AR · 100% owned · share of income $65,872 · share of assets $843,719

Provenance

Return type
form_990
Tax year
2023
Filed
9 October 2024
IRS schema version
2023v5.0
Source object
202432839349302003

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