Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $39,556,166 · related or exempt $39,556,166

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $1,536,551 · related or exempt $1,536,551

• 2c · Program service revenue: GENERATOR & ELECTRICIAN SALES

  total $257,880 · related or exempt $257,880

• 2d · Program service revenue: SERVICE FEES

  total $135,148 · related or exempt $135,148

• 3 · Investment income

  total $250,904 · excluded $250,904

• 6a · Gross rents

  real property $75,260 · personal property $14,760

• 6b · Less rental expenses

  real property $75,500 · personal property $0

• 6c · Rental income or loss

  real property -$240 · personal property $14,760

• 6d · Net rental income or loss

  total $14,520 · unrelated business $14,760 · excluded -$240

• 7a · Gross sales of assets other than inventory

  other assets $41,032

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

  other assets $7,391

• 7c · Gain or loss

  other assets $33,641

• 7d · Net gain or loss

  total $33,641 · related or exempt $33,641

• 10a · Gross sales of inventory

  $3,943

• 10b · Cost of goods sold

  $6,395

• 10c · Net income from sales of inventory

  total -$2,452 · unrelated business -$2,452

• 11a · Other revenue: ADMIN & MANAGEMENT SERVICES

  total $164,398 · unrelated business $164,398

• 11b · Other revenue: OTHER NON-OPERATING INCOME

  total $240 · excluded $240

• 11e · Other revenue, total

  $164,638

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $16,347

• 4 · Benefits paid to or for members

  total $3,222,715

• 5 · Compensation of officers, directors and key employees

  total $1,120,455

• 7 · Other salaries and wages

  total $1,878,013

• 8 · Pension plan contributions

  total $438,230

• 9 · Other employee benefits

  total $687,637

• 10 · Payroll taxes

  total $183,941

• 20 · Interest

  total $2,339,816

• 22 · Depreciation, depletion and amortization

  total $3,163,283

• 24a · Other expenses: PURCHASED POWER

  total $26,038,579

• 24b · Other expenses: ADMIN & GENERAL EXPENSE

  total $1,062,428

• 24c · Other expenses: DISTRIBUTION EXPENSE

  total $754,983

• 24d · Other expenses: UNRELATED BUS. INC. TAX

  total $525

• 24e · All other expenses

  total $905,080

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $496,075 · end of year $254,205

• 4 · Accounts receivable

  beginning of year $3,283,684 · end of year $3,555,851

• 7 · Other notes and loans receivable

  beginning of year $407,896 · end of year $368,632

• 8 · Inventories for sale or use

  beginning of year $1,956,556 · end of year $1,619,686

• 9 · Prepaid expenses and deferred charges

  beginning of year $79,054 · end of year $96,900

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

  $91,598,182

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

  $15,074,812

• 10c · Land, buildings and equipment, net

  beginning of year $72,824,092 · end of year $76,523,370

• 11 · Investments: publicly traded securities

  beginning of year $5,247,564 · end of year $5,468,003

• 13 · Investments: program-related

  beginning of year $18,670,244 · end of year $20,097,326

• 15 · Other assets

  beginning of year $304,305 · end of year $5,552

• 17 · Accounts payable and accrued expenses

  beginning of year $6,581,022 · end of year $5,143,609

• 21 · Escrow or custodial account liability

  beginning of year $162,957 · end of year $175,513

• 23 · Secured mortgages and notes payable

  beginning of year $42,291,194 · end of year $46,408,250

• 25 · Other liabilities

  beginning of year $5,296,742 · end of year $5,126,776

• 29 · Capital stock, trust principal or current funds

  beginning of year $235,370 · end of year $237,270

• 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 $48,702,185 · end of year $50,898,107

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. JASON BOESCH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 138,897 EMPLOYER CONTRIBUTION TO 401(K) PLAN 14,448 TOTAL REPORTED IN COLUMN C $ 153,345 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (138,897) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 58,658 EXPENSE TO THE COOPERATIVE $ 73,106 DOUGLAS WORLEY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,639 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,304 TOTAL REPORTED IN COLUMN C $ 46,943 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,639) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 41,497 EXPENSE TO THE COOPERATIVE $ 51,801 DAVID CHILDERS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 37,235 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,825 TOTAL REPORTED IN COLUMN C $ 46,060 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (37,235) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,066 EXPENSE TO THE COOPERATIVE $ 45,891 HEATH LAMBERT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 29,605 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,994 TOTAL REPORTED IN COLUMN C $ 37,599 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (29,605) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,293 EXPENSE TO THE COOPERATIVE $ 40,287 JAMES RIGDON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 37,838 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,313 TOTAL REPORTED IN COLUMN C $ 45,151 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (37,838) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,607 EXPENSE TO THE COOPERATIVE $ 29,920 JOEL GARZA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 19,566 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,007 TOTAL REPORTED IN COLUMN C $ 25,573 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (19,566) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,981 EXPENSE TO THE COOPERATIVE $ 35,988 TERRY GRACE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,145 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,466 TOTAL REPORTED IN COLUMN C $ 33,611 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,145) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,872 EXPENSE TO THE COOPERATIVE $ 30,338 JOSEPH SOULEK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,467 TOTAL REPORTED IN COLUMN C $ 7,467 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (-0-) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 16,009 EXPENSE TO THE COOPERATIVE $ 23,476