Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $67,984,575 · related or exempt $67,984,575

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $2,568,229 · related or exempt $2,568,229

• 2c · Program service revenue: SERVICE FEES

  total $996,490 · related or exempt $996,490

• 2d · Program service revenue: TRANSMISSION/WHEELING

  total $194,921 · related or exempt $194,921

• 3 · Investment income

  total $415,551 · excluded $415,551

• 6a · Gross rents

  real property $4,747

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $4,747

• 6d · Net rental income or loss

  total $4,747 · related or exempt $4,747

• 7a · Gross sales of assets other than inventory

  other assets $161,978

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

  other assets $1,244

• 7c · Gain or loss

  other assets $160,734

• 7d · Net gain or loss

  total $160,734 · related or exempt $160,734

• 10a · Gross sales of inventory

  $12,880

• 10b · Cost of goods sold

  $15,718

• 10c · Net income from sales of inventory

  total -$2,838 · related or exempt -$2,838

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $62,007 · excluded $62,007

• 11e · Other revenue, total

  $62,007

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $70,374

• 2 · Grants to domestic individuals

  total $10,000

• 4 · Benefits paid to or for members

  total $5,674,137

• 5 · Compensation of officers, directors and key employees

  total $1,701,169

• 7 · Other salaries and wages

  total $3,516,856

• 8 · Pension plan contributions

  total $885,147

• 9 · Other employee benefits

  total $979,795

• 10 · Payroll taxes

  total $290,474

• 20 · Interest

  total $3,680,001

• 22 · Depreciation, depletion and amortization

  total $5,465,527

• 24a · Other expenses: PURCHASED POWER

  total $43,862,114

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $3,005,348

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $1,561,141

• 24d · Other expenses: TRANSMISSION EXPENSE

  total $553,290

• 24e · All other expenses

  total $555,596

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,168,099 · end of year $4,534,386

• 2 · Savings and temporary cash investments

  beginning of year $5,012,210 · end of year $2,265,137

• 4 · Accounts receivable

  beginning of year $7,346,173 · end of year $7,666,372

• 7 · Other notes and loans receivable

  beginning of year $8,193 · end of year $4,156

• 8 · Inventories for sale or use

  beginning of year $4,745,901 · end of year $4,751,952

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,664,187 · end of year $1,305,831

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

  $196,300,071

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

  $67,321,966

• 10c · Land, buildings and equipment, net

  beginning of year $122,038,745 · end of year $128,978,105

• 13 · Investments: program-related

  beginning of year $39,104,853 · end of year $40,770,531

• 15 · Other assets

  beginning of year $862,257 · end of year $19,823

• 17 · Accounts payable and accrued expenses

  beginning of year $6,123,396 · end of year $6,267,467

• 23 · Secured mortgages and notes payable

  beginning of year $98,884,036 · end of year $97,405,993

• 25 · Other liabilities

  beginning of year $3,217,074 · end of year $4,736,206

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 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 $76,726,112 · end of year $81,886,627

The filer's explanations (Part III)

PART I, LINE 4B

DURING THE YEAR, SHANE LAWS RECEIVED $47,177 FROM A DEFERRED COMPENSATION PLAN.

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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. ANTHONY S. LAWS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 83,690 EMPLOYER CONTRIBUTION TO 401(K) PLAN 23,100 TOTAL REPORTED IN COLUMN C $ 106,790 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (83,690) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 104,955 EXPENSE TO THE COOPERATIVE $ 128,055 DENZIL MCGILL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 52,391 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,416 TOTAL REPORTED IN COLUMN C $ 64,807 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (52,391) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 56,324 EXPENSE TO THE COOPERATIVE $ 68,740 ANGELA UNRUH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 34,327 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,549 TOTAL REPORTED IN COLUMN C $ 47,876 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (34,327) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 60,928 EXPENSE TO THE COOPERATIVE $ 74,477 RYAN MILLER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 76,579 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,504 TOTAL REPORTED IN COLUMN C $ 87,083 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (76,579) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 47,260 EXPENSE TO THE COOPERATIVE $ 57,764 ERIC SPEER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 48,953 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,660 TOTAL REPORTED IN COLUMN C $ 57,613 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (48,953) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 39,011 EXPENSE TO THE COOPERATIVE $ 47,671 ROB HENRY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 34,075 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,686 TOTAL REPORTED IN COLUMN C $ 43,761 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (34,075) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 43,581 EXPENSE TO THE COOPERATIVE $ 53,267 TED MCATEE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 44,861 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,465 TOTAL REPORTED IN COLUMN C $ 51,326 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (44,861) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,764 EXPENSE TO THE COOPERATIVE $ 31,229 AMY GRASSER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 21,397 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,553 TOTAL REPORTED IN COLUMN C $ 30,950 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (21,397) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,907 EXPENSE TO THE COOPERATIVE $ 52,460