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Nonprofiteer
← CUMBERLAND VALLEY ELECTRIC CO-OP CORP

Form 990 for tax year 2023

Filed by CUMBERLAND VALLEY ELECTRIC CO-OP CORP.

Totals

Total revenue
$59,924,348
Total expenses
$59,924,348
Contributions and grants received
$0
Grants paid
$7,000
Program service revenue
$57,000,633
Investment income
$562,638
Other revenue
$2,361,077
Total assets, end of year
$127,328,727
Total liabilities, end of year
$66,100,511
Net assets or fund balances, end of year
$61,228,216
Program services expenses (Part IX)
$59,924,348
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$59,924,348

Program services were 100.0% 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: ELECTRIC SERVICE

    total $57,000,633 · related or exempt $57,000,633

  • 3 · Investment income

    total $562,638 · excluded $562,638

  • 11a · Other revenue: JOINT USE RENT ATTACHMENT

    total $1,484,253 · excluded $1,484,253

  • 11b · Other revenue: G&T CAPITAL CREDITS

    total $739,072 · related or exempt $739,072

  • 11c · Other revenue: PATRONAGE CAPITAL ALLOCAT

    total $137,752 · related or exempt $137,752

  • 11e · Other revenue, total

    $2,361,077

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $7,000 · program services $7,000

  • 4 · Benefits paid to or for members

    total $712,618 · program services $712,618

  • 5 · Compensation of officers, directors and key employees

    total $277,657 · program services $277,657

  • 7 · Other salaries and wages

    total $4,253,613 · program services $4,253,613

  • 8 · Pension plan contributions

    total $652,414 · program services $652,414

  • 9 · Other employee benefits

    total $1,036,835 · program services $1,036,835

  • 10 · Payroll taxes

    total $337,417 · program services $337,417

  • 11b · Fees: legal

    total $53,659 · program services $53,659

  • 11c · Fees: accounting

    total $18,350 · program services $18,350

  • 13 · Office expenses

    total $244,772 · program services $244,772

  • 20 · Interest

    total $2,027,870 · program services $2,027,870

  • 22 · Depreciation, depletion and amortization

    total $4,344,707 · program services $4,344,707

  • 23 · Insurance

    total $273,180 · program services $273,180

  • 24a · Other expenses: PURCHASE POWER

    total $43,384,255 · program services $43,384,255

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $3,841,379 · program services $3,841,379

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $1,851,617 · program services $1,851,617

  • 24d · Other expenses: DISTRIBUTION - OPERATIO

    total $1,811,290 · program services $1,811,290

  • 24e · All other expenses

    total -$5,204,285 · program services -$5,204,285

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,187,091 · end of year $1,201,904

  • 2 · Savings and temporary cash investments

    beginning of year $10,459,300 · end of year $7,504,300

  • 4 · Accounts receivable

    beginning of year $7,476,134 · end of year $6,625,332

  • 8 · Inventories for sale or use

    beginning of year $1,526,817 · end of year $1,011,551

  • 9 · Prepaid expenses and deferred charges

    beginning of year $50,653 · end of year $52,378

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

    $123,177,245

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

    $49,264,208

  • 10c · Land, buildings and equipment, net

    beginning of year $72,139,921 · end of year $73,913,037

  • 13 · Investments: program-related

    beginning of year $36,022,242 · end of year $36,745,710

  • 15 · Other assets

    beginning of year $335,499 · end of year $274,515

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,631,183 · end of year $4,747,599

  • 23 · Secured mortgages and notes payable

    beginning of year $53,718,903 · end of year $51,651,280

  • 25 · Other liabilities

    beginning of year $10,085,001 · end of year $9,701,632

  • 29 · Capital stock, trust principal or current funds

    beginning of year $444,180 · end of year $448,630

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year -$427,469 · end of year $305,596

  • 31 · Retained earnings, endowment or other funds

    beginning of year $59,745,859 · end of year $60,473,990

Mission and programs · 2023

Mission

PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF 24,131 CONSUMERS MONTHLY.

  • PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF 24,131 CONSUMERS MONTHLY.

    Expenses $59,924,348 · Revenue $57,877,457

As filed on the 2023 return.

Listed in Part VII

  • Vernon Shelley

    CHAIRMAN

    Total calculated
    $12,300
    From this org
    $12,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • James Lewis

    DIRECTOR

    Total calculated
    $12,374
    From this org
    $12,374
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Lansford Lay

    SEC/TREAS

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kevin Moses

    DIRECTOR

    Total calculated
    $15,941
    From this org
    $15,941
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Elbert Hampton

    VICE CHAIRMAN

    Total calculated
    $12,340
    From this org
    $12,340
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ted Hampton

    GENERAL MANAGER

    Total calculated
    $297,061
    From this org
    $205,962
    From related orgs
    $0
    Other
    $91,099
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,962
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $91,099
    Filer's total
    $297,061

  • Gary Brock

    SERVICEMAN

    Total calculated
    $188,190
    From this org
    $161,530
    From related orgs
    $0
    Other
    $26,660
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,530
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $26,660
    Filer's total
    $188,190

  • Stephen Hampton

    SUPERINTENDENT

    Total calculated
    $221,103
    From this org
    $152,380
    From related orgs
    $0
    Other
    $68,723
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,380
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $68,723
    Filer's total
    $221,103

  • Robert Tolliver

    OFFICE MANAGER

    Total calculated
    $211,040
    From this org
    $138,616
    From related orgs
    $0
    Other
    $72,424
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,616
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $72,424
    Filer's total
    $211,040

  • John Ferguson

    SERVICEMAN

    Total calculated
    $164,482
    From this org
    $140,081
    From related orgs
    $0
    Other
    $24,401
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,081
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $24,401
    Filer's total
    $164,482

  • Donald Lawson

    SERVICEMAN

    Total calculated
    $165,043
    From this org
    $138,258
    From related orgs
    $0
    Other
    $26,785
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,258
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $26,785
    Filer's total
    $165,043

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 · 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.

Provenance

Return type
form_990
Tax year
2023
Filed
5 November 2024
IRS schema version
2023v5.1
Source object
202443199349300439

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