Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $39,326,670 · related or exempt $39,326,670

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $1,770,421 · related or exempt $1,770,421

• 2c · Program service revenue: GENERATOR & ELECTRICIAN SALES

  total $309,991 · related or exempt $309,991

• 2d · Program service revenue: SERVICE FEES

  total $139,105 · related or exempt $139,105

• 3 · Investment income

  total $209,212 · excluded $209,212

• 6a · Gross rents

  real property $55,820 · personal property $15,728

• 6b · Less rental expenses

  real property $76,636 · personal property $6,074

• 6c · Rental income or loss

  real property -$20,816 · personal property $9,654

• 6d · Net rental income or loss

  total -$11,162 · unrelated business $9,654 · excluded -$20,816

• 7a · Gross sales of assets other than inventory

  other assets $122,861

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

  other assets $0

• 7c · Gain or loss

  other assets $122,861

• 7d · Net gain or loss

  total $122,861 · related or exempt $122,861

• 10a · Gross sales of inventory

  $5,062

• 10b · Cost of goods sold

  $5,922

• 10c · Net income from sales of inventory

  total -$860 · unrelated business -$860

• 11a · Other revenue: ADMIN & MANAGEMENT SERVICES

  total $121,141 · unrelated business $121,141

• 11b · Other revenue: OTHER NON-OPERATING INCOME

  total $300 · excluded $300

• 11e · Other revenue, total

  $121,441

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $19,341

• 4 · Benefits paid to or for members

  total $3,111,381

• 5 · Compensation of officers, directors and key employees

  total $1,164,976

• 7 · Other salaries and wages

  total $1,745,974

• 8 · Pension plan contributions

  total $401,585

• 9 · Other employee benefits

  total $616,264

• 10 · Payroll taxes

  total $175,344

• 20 · Interest

  total $2,030,428

• 22 · Depreciation, depletion and amortization

  total $2,950,555

• 24a · Other expenses: PURCHASED POWER

  total $26,969,936

• 24b · Other expenses: ADMIN & GENERAL EXPENSE

  total $1,111,272

• 24c · Other expenses: DISTRIBUTION EXPENSE

  total $691,072

• 24d · Other expenses: UNRELATED BUS. INC. TAX

  total $525

• 24e · All other expenses

  total $837,569

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $136,594 · end of year $496,075

• 4 · Accounts receivable

  beginning of year $3,609,762 · end of year $3,283,684

• 7 · Other notes and loans receivable

  beginning of year $416,682 · end of year $407,896

• 8 · Inventories for sale or use

  beginning of year $2,424,873 · end of year $1,956,556

• 9 · Prepaid expenses and deferred charges

  beginning of year $70,046 · end of year $79,054

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

  $86,676,311

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

  $13,852,219

• 10c · Land, buildings and equipment, net

  beginning of year $67,640,026 · end of year $72,824,092

• 11 · Investments: publicly traded securities

  beginning of year $4,974,021 · end of year $5,247,564

• 13 · Investments: program-related

  beginning of year $17,011,124 · end of year $18,670,244

• 15 · Other assets

  beginning of year $346,703 · end of year $304,305

• 17 · Accounts payable and accrued expenses

  beginning of year $6,126,156 · end of year $6,581,022

• 21 · Escrow or custodial account liability

  beginning of year $149,828 · end of year $162,957

• 23 · Secured mortgages and notes payable

  beginning of year $37,982,272 · end of year $42,291,194

• 25 · Other liabilities

  beginning of year $5,190,718 · end of year $5,296,742

• 29 · Capital stock, trust principal or current funds

  beginning of year $234,895 · end of year $235,370

• 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 $46,945,962 · end of year $48,702,185

The filer's explanations (Part III)

PART II, COLUMN C:

INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. JASON BOESCH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 128,612 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,531 TOTAL REPORTED IN COLUMN C $ 142,143 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (128,612) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 57,085 EXPENSE TO THE COOPERATIVE $ 70,616 DOUGLAS WORLEY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,524 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,832 TOTAL REPORTED IN COLUMN C $ 45,356 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,524) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 41,402 EXPENSE TO THE COOPERATIVE $ 51,234 JOSEPH SOULEK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 37,903 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,546 TOTAL REPORTED IN COLUMN C $ 47,449 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (37,903) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,334 EXPENSE TO THE COOPERATIVE $ 47,880 DAVID CHILDERS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,823 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,653 TOTAL REPORTED IN COLUMN C $ 44,476 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,823) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 36,981 EXPENSE TO THE COOPERATIVE $ 45,634 ROBIN POWELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 71,015 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,305 TOTAL REPORTED IN COLUMN C $ 77,320 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (71,015) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 26,565 EXPENSE TO THE COOPERATIVE $ 32,870 HEATH LAMBERT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,859 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,575 TOTAL REPORTED IN COLUMN C $ 35,434 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,859) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,219 EXPENSE TO THE COOPERATIVE $ 39,794 JAMES RIGDON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,697 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,556 TOTAL REPORTED IN COLUMN C $ 46,253 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,697) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,556 EXPENSE TO THE COOPERATIVE $ 29,112 TERRY GRACE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,364 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,063 TOTAL REPORTED IN COLUMN C $ 33,427 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,364) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,824 EXPENSE TO THE COOPERATIVE $ 29,887