Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: WHOLESALE POWER

  total $750,690,867 · related or exempt $750,690,867

• 2b · Program service revenue: TRANSMISSION ACCESS & OTHER REV.

  total $15,651,311 · related or exempt $15,651,311

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $1,183,282 · related or exempt $1,183,282

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $17,063 · related or exempt $17,063

• 3 · Investment income

  total $4,970,033 · excluded $4,970,033

• 6a · Gross rents

  real property $841,567

• 6b · Less rental expenses

  real property $1,015,848

• 6c · Rental income or loss

  real property -$174,281

• 6d · Net rental income or loss

  total -$174,281 · excluded -$174,281

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $253,778

• 4 · Benefits paid to or for members

  total $21,411,539

• 5 · Compensation of officers, directors and key employees

  total $4,928,923

• 7 · Other salaries and wages

  total $12,663,961

• 8 · Pension plan contributions

  total $2,818,473

• 9 · Other employee benefits

  total $1,647,240

• 10 · Payroll taxes

  total $1,835,282

• 20 · Interest

  total $27,154,856

• 22 · Depreciation, depletion and amortization

  total $44,619,468

• 24a · Other expenses: PURCHASED POWER

  total $248,989,036

• 24b · Other expenses: FUEL EXPENSE

  total $202,924,338

• 24c · Other expenses: TRANSMISSION EXPENSE

  total $82,903,824

• 24d · Other expenses: PLANT OPERATIONS & MAIN

  total $64,324,209

• 24e · All other expenses

  total $44,028,646

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,014,488 · end of year $3,691,549

• 2 · Savings and temporary cash investments

  beginning of year $169,913,885 · end of year $211,966,231

• 4 · Accounts receivable

  beginning of year $29,160,647 · end of year $33,929,006

• 7 · Other notes and loans receivable

  beginning of year $48,484,888 · end of year $44,519,635

• 9 · Prepaid expenses and deferred charges

  beginning of year $183,970,015 · end of year $176,120,909

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

  $1,149,672,800

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

  $386,336,207

• 10c · Land, buildings and equipment, net

  beginning of year $779,062,725 · end of year $763,336,593

• 13 · Investments: program-related

  beginning of year $36,621,779 · end of year $38,276,262

• 15 · Other assets

  end of year $1,970,685

• 17 · Accounts payable and accrued expenses

  beginning of year $79,422,402 · end of year $86,443,380

• 23 · Secured mortgages and notes payable

  beginning of year $643,826,555 · end of year $611,248,946

• 24 · Unsecured notes and loans payable

  beginning of year $4,204,904 · end of year $12,010,109

• 25 · Other liabilities

  beginning of year $61,069,211 · end of year $97,622,658

• 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 $9,773,525 · end of year $9,521,547

• 31 · Retained earnings, endowment or other funds

  beginning of year $452,931,830 · end of year $456,964,230

The filer's explanations (Part III)

PART I, LINE 1A

AIR TRAVEL IS OCCASIONALLY CHARTED IN ORDER FOR DIRECTORS TO ATTEND BOARD MEETINGS. SUCH CHARTERED FLIGHTS ARE BOOKED WHEN SIMILAR TO OR ADVANTAGEOUS COMPARED TO COMMERCIAL FLIGHTS OR MILEAGE DUE TO THE SIGNIFICANT TRAVEL REQUIREMENTS OF VARIOUS MEMBER COOPERATIVES IN REMOTE PARTS OF TEXAS. MULTIPLE DIRECTORS PARTICIPATE IN A SINGLE CHARTERED FLIGHT. ANNUAL DUES ARE PAID FOR OFFICERS TO A 501(C)(7) RESTAURANT CLUB LOCATED IN DOWNTOWN AMARILLO (THE AMARILLO CLUB). MEMBERSHIP PROVIDES A CONVENIENT BUSINESS ENVIRONMENT TO CONDUCT MEETINGS. PURSUANT TO POLICY, GYM MEMBERSHIP DUES ARE ALSO PAID AS PART OF A WELLNESS PLAN. DURING 2022, 1 INDIVIDUAL REPORTED ON FORM 990,PART VII, SECTION A (EICHELMANN) RECEIVED THIS BENEFIT FOR A TOTAL COST OF $1,963. TAX GROSS UP PAYMENTS ARE INCLUDED IN COMPENSATION. SUCH GROSS-UP PAYMENTS ARE FOR CLUB MEMBERSHIP DUES AND THE OCCASIONAL GIFT CARD. 5 EMPLOYEES REPORTED ON FORM 990, PART VII, SECTION (CROSS, EICHELMANN, HENDERSON, MOORE, USLETON) A RECEIVED THIS BENEFIT DURING 2022 FOR A TOTAL COST OF $720.

PART I, LINE 4B

KARI HOLLANDSWORTH PARTICIPATES IN A SEPARATE SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLAN, KNOWN AS THE EXECUTIVE BENEFIT RESTORATION PLAN. TOTAL BENEFITS ACCRUED UNDER THE PLAN WERE $352,139. NO AMOUNTS WERE VESTED AND PAID DURING THE YEAR. JAMES GUY PARTICIPATES IN THE EXECUTIVE BENEFIT RESTORATION PLAN NQDC. TOTAL BENEFITS VESTED, PAID AND INCLUDED AS W-2 WAGES DURING THE YEAR WAS $18,249. NO AMOUNTS WERE VESTED AND PAID DURING THE YEAR. JOHN EICHELMANN ALSO PARTICIPATED IN THE EXECUTIVE BENEFIT RESTORATION NQDC PLAN. TOTAL BENEFITS VESTED, PAID, AND INCLUDED AS W-2 WAGES DURING THE YEAR WAS $116. NO AMOUNTS WERE VESTED AND PAID DURING THE YEAR.

PART II, COLUMN C:

AMOUNTS REPORTED IN PART II, COLUMN C INCLUDE THE EMPLOYER CONTRIBUTION TO A 401(K) DEFINED CONTRIBUTION PLAN. THIS IS AN ACTUAL EXPENSE TO THE COOPERATIVE. ALSO INCLUDED IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. FOR A MULI-EMPLOYER PLAN, THIS REPORTS CHANGES IN THE BENEFITS EARNED BUT IS NOT REPRESENTATIVE OF THE ACTUAL EXPENSE TO THE COOPERATIVE. CONTRIBUTIONS TO A MULTI-EMPLOYER PLAN, RATHER THAN THE ACTUARIAL INCREASE, ARE EXPENSED BY THE COOPERATIVE. WITH RESPECT TO THE ACTUARIAL INCREASE, 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.

Disregarded entities

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

• GSEC PROPERTIES LLC

  OFFICE BUILDING RENTAL · TX · income $841,566 · assets $13,478,910

  Directly controlled by GOLDEN SPREAD ELECTRIC COOPERATIVE INC

Related corporations and trusts

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

• GOLDEN SPREAD PANHANDLE WIND RANCH LLC

  C · WIND ENERGY PRODUCTION · TX · 100% owned · share of income $14,205,439 · share of assets $92,230,544 · controlled entity

  Directly controlled by GOLDEN SPREAD ELECTRIC COOPERATIVE INC