Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $84,750,737 · related or exempt $84,750,737

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $1,699,869 · related or exempt $1,699,869

• 3 · Investment income

  total $134,072 · excluded $134,072

• 7a · Gross sales of assets other than inventory

  other assets $117,467

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

  other assets $0

• 7c · Gain or loss

  other assets $117,467

• 7d · Net gain or loss

  total $117,467 · related or exempt $117,467

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $14,240 · excluded $14,240

• 11e · Other revenue, total

  $14,240

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $11,529

• 4 · Benefits paid to or for members

  total $6,447,232

• 5 · Compensation of officers, directors and key employees

  total $496,063

• 7 · Other salaries and wages

  total $3,015,837

• 8 · Pension plan contributions

  total $523,175

• 9 · Other employee benefits

  total $666,554

• 10 · Payroll taxes

  total $254,138

• 20 · Interest

  total $258,933

• 22 · Depreciation, depletion and amortization

  total $3,974,445

• 24a · Other expenses: PURCHASED POWER

  total $67,531,518

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $1,377,625

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $1,298,693

• 24d · Other expenses: OPERATING TAXES

  total $565,812

• 24e · All other expenses

  total $294,831

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $675,554 · end of year $706,624

• 2 · Savings and temporary cash investments

  beginning of year $4,750,000 · end of year $5,550,000

• 4 · Accounts receivable

  beginning of year $3,677,272 · end of year $3,041,286

• 8 · Inventories for sale or use

  beginning of year $1,153,295 · end of year $1,717,269

• 9 · Prepaid expenses and deferred charges

  beginning of year $10,761,126 · end of year $9,124,874

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

  $106,829,084

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

  $61,889,283

• 10c · Land, buildings and equipment, net

  beginning of year $45,040,198 · end of year $44,939,801

• 12 · Investments: other securities

  beginning of year $1,126 · end of year $1,126

• 13 · Investments: program-related

  beginning of year $65,507,213 · end of year $65,518,076

• 15 · Other assets

  beginning of year $415,597 · end of year $271,244

• 17 · Accounts payable and accrued expenses

  beginning of year $3,555,049 · end of year $3,830,960

• 21 · Escrow or custodial account liability

  beginning of year $68,614 · end of year $63,599

• 23 · Secured mortgages and notes payable

  beginning of year $11,933,882 · end of year $10,069,242

• 25 · Other liabilities

  beginning of year $7,041,402 · end of year $6,953,037

• 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 $109,382,434 · end of year $109,953,462

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - THE COOPERATIVE WILL PAY FOR THE TRAVEL EXPENSES OF EACH DIRECTOR'S SPOUSE TO ACCOMPANY THEM DURING A BUSINESS TRIP FOR THE BENEFIT OF THE COOPERATIVE. FIVE INDIVIDUALS REPORTED ON FORM 990, PART VII (CHRISTIAN, HOELTING, BETZEN, CARLSON, AND BOOZER) RECEIVED THIS BENEFIT DURING THE YEAR.

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. 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. TIMOTHY BURKHALTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,744 EMPLOYER CONTRIBUTION TO 401(K) PLAN 16,800 TOTAL REPORTED IN COLUMN C $ 59,544 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (42,744) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,757 EXPENSE TO THE COOPERATIVE $ 39,557 JANIE ALEJANDRE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,677 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,636 TOTAL REPORTED IN COLUMN C $ 52,313 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,677) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 17,118 EXPENSE TO THE COOPERATIVE $ 29,754 JOHNNY BELTRAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 23,049 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,981 TOTAL REPORTED IN COLUMN C $ 34,030 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (23,049) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 14,315 EXPENSE TO THE COOPERATIVE $ 25,296 WILLIAM STEFFENS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 16,373 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,627 TOTAL REPORTED IN COLUMN C $ 25,000 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (16,373) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 11,228 EXPENSE TO THE COOPERATIVE $ 19,855 JERRY BAIRD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 12,504 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,504 TOTAL REPORTED IN COLUMN C $ 22,008 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (12,504) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 12,357 EXPENSE TO THE COOPERATIVE $ 21,861 BEAU HARMON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,636 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,467 TOTAL REPORTED IN COLUMN C $ 20,103 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,636) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 12,357 EXPENSE TO THE COOPERATIVE $ 21,824