Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $71,829,081 · related or exempt $71,829,081

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $2,724,477 · related or exempt $2,724,477

• 2c · Program service revenue: SERVICE FEES

  total $16,320 · related or exempt $16,320

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $6,480 · related or exempt $6,480

• 3 · Investment income

  total $396,260 · related or exempt $5,701 · excluded $390,559

• 7a · Gross sales of assets other than inventory

  other assets $95,279

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

  other assets $59,711

• 7c · Gain or loss

  other assets $35,568

• 7d · Net gain or loss

  total $35,568 · related or exempt $35,568

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $35,672 · excluded $35,672

• 11e · Other revenue, total

  $35,672

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $7,015

• 4 · Benefits paid to or for members

  total $4,166,770

• 5 · Compensation of officers, directors and key employees

  total $1,086,231

• 7 · Other salaries and wages

  total $5,107,923

• 8 · Pension plan contributions

  total $814,337

• 9 · Other employee benefits

  total $1,055,518

• 10 · Payroll taxes

  total $412,148

• 20 · Interest

  total $1,869,263

• 22 · Depreciation, depletion and amortization

  total $6,564,986

• 24a · Other expenses: PURCHASED POWER

  total $49,716,309

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $1,683,957

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $1,631,621

• 24d · Other expenses: CONSUMER EXPENSE

  total $502,639

• 24e · All other expenses

  total $288,411

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,854,130 · end of year $7,581,457

• 2 · Savings and temporary cash investments

  beginning of year $12,512,559 · end of year $4,712,077

• 4 · Accounts receivable

  beginning of year $4,429,562 · end of year $3,841,001

• 7 · Other notes and loans receivable

  beginning of year $258,437 · end of year $226,229

• 8 · Inventories for sale or use

  beginning of year $7,712,088 · end of year $11,009,097

• 9 · Prepaid expenses and deferred charges

  beginning of year $665,322 · end of year $575,762

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

  $221,238,816

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

  $46,161,062

• 10c · Land, buildings and equipment, net

  beginning of year $173,913,198 · end of year $175,077,754

• 12 · Investments: other securities

  beginning of year $3,798 · end of year $3,798

• 13 · Investments: program-related

  beginning of year $21,862,426 · end of year $24,400,765

• 15 · Other assets

  beginning of year $0 · end of year $469,333

• 17 · Accounts payable and accrued expenses

  beginning of year $5,961,580 · end of year $7,211,328

• 23 · Secured mortgages and notes payable

  beginning of year $70,949,715 · end of year $72,865,104

• 25 · Other liabilities

  beginning of year $21,818,022 · end of year $21,895,570

• 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 $124,482,203 · end of year $125,925,271

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE THE TRUSTEES AND GENERAL MANAGER FOR THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL BUSINESS OF THE COOPERATIVE. DURING THE YEAR, NO INDIVIDUALS REPORTED ON FORM 990, PART VII RECEIVED THIS BENEFIT. HEALTH CLUB DUES - PURSUANT TO THE COOPERATIVE'S WELLNESS PROGRAM, THE COOPERATIVE WILL REIMBURSE 50% OF HEALTH CLUB DUES FOR EMPLOYEES. DURING THE YEAR, FOUR INDIVIDUALS REPORTED ON FORM 990, PART VII - (GWYNNE, DALEY, GEORGE, AND HORNER) - RECEIVED THIS BENEFIT.

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 AND REPRESENT THE TRUE COST TO THE COOPERATIVE. CHARLES PINSON JR.: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 191,652 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,400 TOTAL REPORTED IN COLUMN C $ 197,052 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (191,652) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 57,443 EXPENSE TO COOPERATIVE $ 62,843 MICHAEL ANDERSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 125,301 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,662 TOTAL REPORTED IN COLUMN C $ 128,963 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (125,301) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,524 EXPENSE TO COOPERATIVE $ 42,186 AARON HORNER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 79,148 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,664 TOTAL REPORTED IN COLUMN C $ 81,812 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (79,148) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,243 EXPENSE TO COOPERATIVE $ 30,907 WADE NELSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,898 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,016 TOTAL REPORTED IN COLUMN C $ 48,914 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,898) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,088 EXPENSE TO COOPERATIVE $ 35,104 PHILIP MCKEE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,736 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,986 TOTAL REPORTED IN COLUMN C $ 42,722 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,736) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,768 EXPENSE TO COOPERATIVE $ 34,754 NICHOLAS DALEY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,472 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,391 TOTAL REPORTED IN COLUMN C $ 10,863 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,472) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,649 EXPENSE TO COOPERATIVE $ 27,040 JARAD GEORGE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,605 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,373 TOTAL REPORTED IN COLUMN C $ 10,978 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,605) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,649 EXPENSE TO COOPERATIVE $ 27,022