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Nonprofiteer
← LITTLE RIVER ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by LITTLE RIVER ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$34,226,448
Total expenses
$33,911,716
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$33,958,135
Investment income
$268,313
Other revenue
$0
Total assets, end of year
$80,487,337
Total liabilities, end of year
$51,161,705
Net assets or fund balances, end of year
$29,325,632
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$33,911,716

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: ELECTRIC REVENUE

    total $33,272,210 · related or exempt $33,272,210

  • 2b · Program service revenue: G & T CAPITAL CREDITS

    total $327,363 · related or exempt $327,363

  • 2c · Program service revenue: POLE RENTAL

    total $219,789 · excluded $219,789

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $92,354 · related or exempt $92,354

  • 2e · Program service revenue: OTHER

    total $46,419 · related or exempt $46,419

  • 3 · Investment income

    total $268,313 · excluded $268,313

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,840,557

  • 5 · Compensation of officers, directors and key employees

    total $633,429

  • 13 · Office expenses

    total $289,785

  • 20 · Interest

    total $1,356,656

  • 22 · Depreciation, depletion and amortization

    total $2,259,164

  • 24a · Other expenses: PURCHASED POWER

    total $18,052,394

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $2,989,120

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $2,665,853

  • 24d · Other expenses: ADMIN. & GENERAL EXP.

    total $1,118,380

  • 24e · All other expenses

    total $1,706,378

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,144,903 · end of year $3,351,045

  • 4 · Accounts receivable

    beginning of year $3,783,802 · end of year $4,161,224

  • 8 · Inventories for sale or use

    beginning of year $949,795 · end of year $1,112,705

  • 9 · Prepaid expenses and deferred charges

    beginning of year $281,925 · end of year $280,472

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

    $89,356,190

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

    $25,710,764

  • 10c · Land, buildings and equipment, net

    beginning of year $61,609,317 · end of year $63,645,426

  • 13 · Investments: program-related

    beginning of year $4,557,385 · end of year $4,912,685

  • 15 · Other assets

    end of year $3,023,780

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,231,501 · end of year $3,461,360

  • 23 · Secured mortgages and notes payable

    beginning of year $42,781,380 · end of year $45,958,320

  • 25 · Other liabilities

    beginning of year $1,739,341 · end of year $1,742,025

  • 29 · Capital stock, trust principal or current funds

    beginning of year $112,525 · end of year $114,075

  • 31 · Retained earnings, endowment or other funds

    beginning of year $26,462,380 · end of year $29,211,557

Mission and programs · 2024

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

    Expenses $33,911,716

  • N/A

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Travis Burriss

    PRESIDENT

    Total calculated
    $15,300
    From this org
    $15,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Terry Ricketts

    VICE PRESIDE

    Total calculated
    $21,150
    From this org
    $21,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.38

  • Patsy Wilson

    SECRETARY/TR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    11.85

  • Wayne Erwin

    TRUSTEE

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.77

  • Michael Johnson

    TRUSTEE

    Total calculated
    $9,900
    From this org
    $9,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.85

  • RN Parker

    TRUSTEE

    Total calculated
    $13,950
    From this org
    $13,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.31

  • Mike Price

    TRUSTEE

    Total calculated
    $9,450
    From this org
    $9,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.81

  • Sandy Campbell

    TRUSTEE

    Total calculated
    $6,300
    From this org
    $6,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.62

  • Wayne Gary

    TRUSTEE

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0

  • Chad Stone

    GM/CEO EFF 1

    Total calculated
    $209,030
    From this org
    $159,208
    From related orgs
    $0
    Other
    $49,822
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $153,565
    Bonus
    $2,262
    Other
    $3,381
    Deferred
    $42,479
    Nontaxable benefits
    $7,343
    Filer's total
    $209,030

  • Stephen Busbee

    OPERATION SE

    Total calculated
    $178,098
    From this org
    $133,259
    From related orgs
    $0
    Other
    $44,839
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $126,856
    Bonus
    $1,560
    Other
    $4,843
    Deferred
    $38,043
    Nontaxable benefits
    $6,796
    Filer's total
    $178,098

  • Bret Timmerman

    DISTR. SYS.

    Total calculated
    $183,972
    From this org
    $135,204
    From related orgs
    $0
    Other
    $48,768
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $131,489
    Bonus
    $1,491
    Other
    $2,224
    Deferred
    $34,969
    Nontaxable benefits
    $13,799
    Filer's total
    $183,972

  • Michael Hall

    ENGINEER SER

    Total calculated
    $179,295
    From this org
    $141,042
    From related orgs
    $0
    Other
    $38,253
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $130,520
    Bonus
    $4,666
    Other
    $5,856
    Deferred
    $38,253
    Nontaxable benefits
    not reported
    Filer's total
    $179,295

  • Dustin Laughlin

    DIST. SYS. F

    Total calculated
    $173,468
    From this org
    $130,950
    From related orgs
    $0
    Other
    $42,518
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $129,134
    Bonus
    $1,491
    Other
    $325
    Deferred
    $34,969
    Nontaxable benefits
    $7,549
    Filer's total
    $173,468

  • Tecie New

    MGR. OF FINA

    Total calculated
    $177,946
    From this org
    $134,510
    From related orgs
    $0
    Other
    $43,436
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $129,169
    Bonus
    $4,938
    Other
    $403
    Deferred
    $43,436
    Nontaxable benefits
    not reported
    Filer's total
    $177,946

  • Jeff Lewis

    GM/CEO THRU

    Total calculated
    $308,749
    From this org
    $227,609
    From related orgs
    $0
    Other
    $81,140
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $189,538
    Bonus
    not reported
    Other
    $38,071
    Deferred
    $70,641
    Nontaxable benefits
    $10,499
    Filer's total
    $308,749

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 committee
  • 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.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
24 March 2025
IRS schema version
2024v5.0
Source object
202520849349301322

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