Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $34,413,386 · related or exempt $34,413,386

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $486,404 · related or exempt $486,404

• 2c · Program service revenue: SERVICE FEES

  total $294,381 · related or exempt $294,381

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $57,750 · related or exempt $57,750

• 3 · Investment income

  total $45,916 · excluded $45,916

• 6a · Gross rents

  personal property $382

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $382

• 6d · Net rental income or loss

  total $382 · related or exempt $382

• 10a · Gross sales of inventory

  $90,416

• 10b · Cost of goods sold

  $8,956

• 10c · Net income from sales of inventory

  total $81,460 · related or exempt $81,460

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $4,645 · excluded $4,645

• 11e · Other revenue, total

  $4,645

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $18,009

• 4 · Benefits paid to or for members

  total $903,998

• 5 · Compensation of officers, directors and key employees

  total $356,653

• 7 · Other salaries and wages

  total $2,027,382

• 8 · Pension plan contributions

  total $317,458

• 9 · Other employee benefits

  total $603,799

• 10 · Payroll taxes

  total $168,288

• 20 · Interest

  total $2,114,862

• 22 · Depreciation, depletion and amortization

  total $3,201,540

• 24a · Other expenses: PURCHASED POWER

  total $21,019,068

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $3,653,465

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $833,371

• 24d · Other expenses: CONSUMER EXPENSE

  total $355,334

• 24e · All other expenses

  total $9,326

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,648,824 · end of year $182,338

• 4 · Accounts receivable

  beginning of year $2,911,751 · end of year $2,304,041

• 8 · Inventories for sale or use

  beginning of year $2,014,247 · end of year $3,271,136

• 9 · Prepaid expenses and deferred charges

  beginning of year $4,469,498 · end of year $4,389,878

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

  $107,589,470

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

  $25,941,908

• 10c · Land, buildings and equipment, net

  beginning of year $77,186,521 · end of year $81,647,562

• 13 · Investments: program-related

  beginning of year $3,289,916 · end of year $3,464,534

• 15 · Other assets

  beginning of year $1,290,510 · end of year $651,791

• 17 · Accounts payable and accrued expenses

  beginning of year $3,538,923 · end of year $4,432,871

• 21 · Escrow or custodial account liability

  beginning of year $139,993 · end of year $156,615

• 23 · Secured mortgages and notes payable

  beginning of year $47,997,449 · end of year $47,223,996

• 25 · Other liabilities

  beginning of year $4,612,757 · end of year $7,508,729

• 29 · Capital stock, trust principal or current funds

  beginning of year $226,225 · end of year $237,450

• 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 $37,295,920 · end of year $36,351,619

The filer's explanations (Part III)

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 CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. GARY DON NIETSCHE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,832 TOTAL REPORTED IN COLUMN C 35,832 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,832) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,686 EXPENSE TO THE COOPERATIVE $ 37,686 LARRY SULAK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 54,698 TOTAL REPORTED IN COLUMN C 54,698 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (54,698) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,485 EXPENSE TO THE COOPERATIVE $ 24,485 ROBERT THOMAS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 47,103 TOTAL REPORTED IN COLUMN C 47,103 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (47,103) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,862 EXPENSE TO THE COOPERATIVE $ 21,862 LEO J. WICK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,922 TOTAL REPORTED IN COLUMN C 32,922 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,922) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 18,511 EXPENSE TO THE COOPERATIVE $ 18,511 LINDA GADDES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 24,998 TOTAL REPORTED IN COLUMN C 24,998 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (24,998) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,327 EXPENSE TO THE COOPERATIVE $ 25,327