Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $768,768,357 · related or exempt $768,768,357

• 2b · Program service revenue: SERVICE FEES

  total $7,177,869 · related or exempt $7,177,869

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $709,831 · related or exempt $709,831

• 3 · Investment income

  total $1,711,012 · related or exempt $659,652 · excluded $1,051,360

• 6a · Gross rents

  real property $1,964,397 · personal property $44,100

• 6b · Less rental expenses

  real property $655,508 · personal property $0

• 6c · Rental income or loss

  real property $1,308,889 · personal property $44,100

• 6d · Net rental income or loss

  total $1,352,989 · related or exempt $1,046,373 · unrelated business $47,893 · excluded $258,723

• 7a · Gross sales of assets other than inventory

  other assets $843,257

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

  other assets $276,389

• 7c · Gain or loss

  other assets $566,868

• 7d · Net gain or loss

  total $566,868 · related or exempt $566,868

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $508,028 · excluded $508,028

• 11e · Other revenue, total

  $508,028

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $67,194

• 4 · Benefits paid to or for members

  total $46,959,224

• 5 · Compensation of officers, directors and key employees

  total $4,778,867

• 7 · Other salaries and wages

  total $24,658,763

• 8 · Pension plan contributions

  total $3,234,944

• 9 · Other employee benefits

  total $6,137,763

• 10 · Payroll taxes

  total $2,134,879

• 20 · Interest

  total $54,897,025

• 22 · Depreciation, depletion and amortization

  total $42,004,780

• 24a · Other expenses: PURCHASED POWER

  total $551,615,366

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $16,887,162

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $10,941,845

• 24d · Other expenses: UBIT EXPENSE

  total $4,973

• 24e · All other expenses

  total $14,673,192

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $70,695,528 · end of year $40,446,678

• 2 · Savings and temporary cash investments

  beginning of year $4,600,000 · end of year $23,048,152

• 4 · Accounts receivable

  beginning of year $39,582,256 · end of year $37,561,860

• 9 · Prepaid expenses and deferred charges

  beginning of year $552,162,430 · end of year $541,581,764

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

  $1,459,577,545

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

  $376,027,251

• 10c · Land, buildings and equipment, net

  beginning of year $984,618,348 · end of year $1,083,550,294

• 12 · Investments: other securities

  beginning of year $118,787,572 · end of year $123,227,873

• 13 · Investments: program-related

  beginning of year $248,374,296 · end of year $248,868,753

• 15 · Other assets

  beginning of year $24,142,164 · end of year $9,248,122

• 17 · Accounts payable and accrued expenses

  beginning of year $73,245,291 · end of year $80,773,165

• 21 · Escrow or custodial account liability

  beginning of year $539,263 · end of year $122,216

• 23 · Secured mortgages and notes payable

  beginning of year $1,123,083,260 · end of year $1,152,896,990

• 25 · Other liabilities

  beginning of year $67,714,982 · end of year $62,260,824

• 29 · Capital stock, trust principal or current funds

  beginning of year $3,872,185 · end of year $4,060,670

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

  beginning of year $148,969,851 · end of year $148,969,851

• 31 · Retained earnings, endowment or other funds

  beginning of year $625,537,762 · end of year $658,449,780

The filer's explanations (Part III)

PART I, LINES 4A-B

THE FOLLOWING INDIVIDUAL RECEIVED A SEVERANCE PAYMENT THAT IS INCLUDED IN OTHER REPORTABLE COMPENSATION IN PART II, COLUMN B (III): ROBBY HAMLIN $151,972 THE FOLLOWING INDIVIDUAL PARTICIPATES IN A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATON (NQDC) PLAN, AND THE AMOUNT LISTED REPRESENTS THE ACTUARIAL INCREASE OF UNVESTED BENEFITS ASSOCIATED WITH PARTICIPATION IN THE PLAN: DONALD CLARY $ 136,194 TOTAL BENEFITS PAID AND INCLUDED AS W-2 WAGES DURING THE YEAR WERE $692,750.

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. DONALD CLARY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 136,194 ACTUARIAL INCREASE IN NQDC PLAN 136,194 401(K) EMPLOYER CONTRIBUTION 9,900 TOTAL COLUMN C $ 282,288 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT & NQDC PLANS (272,388) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT & NQDC PLANS 98,123 EXPENSE TO THE COOPERATIVE $ 108,023 PHILIP HASSEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 150,150 401(K) EMPLOYER CONTRIBUTION 8,712 TOTAL COLUMN C $ 158,862 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (150,150) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,819 EXPENSE TO THE COOPERATIVE $ 54,531 DENISE SMITHERS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 84,069 401(K) EMPLOYER CONTRIBUTION 9,900 TOTAL COLUMN C $ 93,969 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (84,069) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,593 EXPENSE TO THE COOPERATIVE $ 62,493 BRENT BISHOP: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 68,137 401(K) EMPLOYER CONTRIBUTION 9,868 TOTAL COLUMN C $ 78,005 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (68,137) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,074 EXPENSE TO THE COOPERATIVE $ 61,942 JEFFREY MCNEAL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 65,265 401(K) EMPLOYER CONTRIBUTION 9,673 TOTAL COLUMN C $ 74,938 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (65,265) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 51,166 EXPENSE TO THE COOPERATIVE $ 60,839 GREG WARD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 67,040 401(K) EMPLOYER CONTRIBUTION 9,591 TOTAL COLUMN C $ 76,631 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (67,040) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 50,672 EXPENSE TO THE COOPERATIVE $ 60,263 GARY FRANZEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 65,193 401(K) EMPLOYER CONTRIBUTION 8,794 TOTAL COLUMN C $ 73,987 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (65,193) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,819 EXPENSE TO THE COOPERATIVE $ 54,613 DYAN JAMES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 25,224 401(K) EMPLOYER CONTRIBUTION 8,712 TOTAL COLUMN C $ 33,936 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (25,224) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,819 EXPENSE TO THE COOPERATIVE $ 54,531 CHARLES TURNER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 40,501 401(K) EMPLOYER CONTRIBUTION 6,243 TOTAL COLUMN C $ 46,744 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,501) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 59,864 EXPENSE TO THE COOPERATIVE $ 66,107 GREG RICE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 46,541 401(K) EMPLOYER CONTRIBUTION 5,669 TOTAL COLUMN C $ 52,210 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (46,541) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 64,712 EXPENSE TO THE COOPERATIVE $ 70,381 ROBBY HAMLIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 54,557 401(K) EMPLOYER CONTRIBUTION 926 TOTAL COLUMN C $ 55,483 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (54,557) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 4,100 EXPENSE TO THE COOPERATIVE $ 5,026 JACKIE GRASS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,373 401(K) EMPLOYER CONTRIBUTION 5,904 TOTAL COLUMN C $ 32,277 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,373) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 57,501 EXPENSE TO THE COOPERATIVE $ 63,405 CHAD LUIG: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 17,959 401(K) EMPLOYER CONTRIBUTION 5,842 TOTAL COLUMN C $ 23,801 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (17,959) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 65,649 EXPENSE TO THE COOPERATIVE $ 71,491 PETER NYLEC: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 11,249 401(K) EMPLOYER CONTRIBUTION 5,837 TOTAL COLUMN C $ 17,086 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (11,249) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 46,680 EXPENSE TO THE COOPERATIVE $ 52,517

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• QUAIL RUN REALTY LLC

  REAL ESTATE · TX · income $153,767 · assets $1,239,796

  Directly controlled by DENTON COUNTY ELECTRIC COOPERATIVE INC

• COSERV PROPERTY HOLDINGS LLC

  REAL ESTATE · TX · income $337,998 · assets $5,059,853

  Directly controlled by DENTON COUNTY ELECTRIC COOPERATIVE INC

• COSERV SECURITIZATION 2022 LLC

  SECURITIZED BOND ISSUANCE · DE · income $29,007,532 · assets $479,419,421

  Directly controlled by DENTON COUNTY ELECTRIC COOPERATIVE INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• COSERV UTILITIES SERVICES INC

  C · GP FOR COSERV INVESTMENTS · TX · 100% owned · share of assets $1,228,783 · controlled entity

  Directly controlled by DENTON COUNTY ELECTRIC COOPERATIVE INC

• COSERV INVESTMENTS LP

  C · INVESTMENTS · TX · 100% owned · share of income $100,499,180 · share of assets $387,718,539 · controlled entity

  Directly controlled by DENTON COUNTY ELECTRIC COOPERATIVE INC