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Nonprofiteer
← CENTRAL RURAL ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by CENTRAL RURAL ELECTRIC COOPERATIVE.

Totals

Total revenue
$77,622,846
Total expenses
$81,552,591
Contributions and grants received
$0
Grants paid
$15,937
Program service revenue
$69,938,099
Investment income
$409,023
Other revenue
$7,275,724
Total assets, end of year
$303,773,578
Total liabilities, end of year
$217,304,142
Net assets or fund balances, end of year
$86,469,436
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SALES OF ELECTRICITY

    total $66,360,577 · related or exempt $66,360,577

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $3,364,967 · related or exempt $3,364,967

  • 2c · Program service revenue: SERVICE FEES & OTHER CHARGES

    total $168,952 · related or exempt $168,952

  • 2d · Program service revenue: SOLAR & OTHER PROGRAM REVENUE

    total $43,603 · related or exempt $43,603

  • 3 · Investment income

    total $409,023 · excluded $409,023

  • 6a · Gross rents

    real property $64,980 · personal property $3,240

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $64,980 · personal property $3,240

  • 6d · Net rental income or loss

    total $68,220 · related or exempt $64,980 · unrelated business $3,240

  • 11a · Other revenue: BROADBAND REVENUE

    total $7,111,387 · unrelated business $7,111,387

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $81,748 · excluded $81,748

  • 11c · Other revenue: MISC NON-OPERATING REVENUE

    total $14,369 · related or exempt $14,369

  • 11e · Other revenue, total

    $7,207,504

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $15,937

  • 4 · Benefits paid to or for members

    total $5,654,267

  • 5 · Compensation of officers, directors and key employees

    total $906,470

  • 7 · Other salaries and wages

    total $5,909,114

  • 8 · Pension plan contributions

    total $1,109,545

  • 9 · Other employee benefits

    total $1,603,728

  • 10 · Payroll taxes

    total $477,884

  • 20 · Interest

    total $6,112,664

  • 22 · Depreciation, depletion and amortization

    total $8,874,023

  • 24a · Other expenses: PURCHASED POWER

    total $39,081,496

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $4,719,691

  • 24c · Other expenses: COST OF INTERNET SALES

    total $2,312,642

  • 24d · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,909,564

  • 24e · All other expenses

    total $2,865,566

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,099,129 · end of year $1,912,984

  • 2 · Savings and temporary cash investments

    beginning of year $7,301,966 · end of year $5,588,519

  • 4 · Accounts receivable

    beginning of year $6,272,470 · end of year $4,748,696

  • 7 · Other notes and loans receivable

    end of year $21,120

  • 8 · Inventories for sale or use

    beginning of year $6,046,281 · end of year $5,488,943

  • 9 · Prepaid expenses and deferred charges

    beginning of year $777,517 · end of year $702,826

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

    $319,309,758

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

    $78,020,727

  • 10c · Land, buildings and equipment, net

    beginning of year $186,535,266 · end of year $241,289,031

  • 13 · Investments: program-related

    beginning of year $38,777,286 · end of year $41,438,981

  • 15 · Other assets

    beginning of year $2,983,821 · end of year $2,582,478

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,915,178 · end of year $9,382,254

  • 23 · Secured mortgages and notes payable

    beginning of year $143,925,257 · end of year $194,233,563

  • 25 · Other liabilities

    beginning of year $15,571,226 · end of year $13,688,325

  • 29 · Capital stock, trust principal or current funds

    beginning of year $874,265 · end of year $894,985

  • 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 $83,507,810 · end of year $85,574,451

Mission and programs · 2023

Mission

EMPOWERING OUR MEMBERS AND COMMUNITIES.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • SALE OF ELECTRIC POWER TO MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 24,283 ACTIVE SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • James Wells

    VICE PRESIDENT

    Total calculated
    $28,500
    From this org
    $28,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.9

  • Carol Dvorak

    PRESIDENT

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.8

  • Gary McCune

    TRUSTEE (JAN-OCT)

    Total calculated
    $22,000
    From this org
    $22,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.8

  • John Greg Tytenciz

    SECRETARY/TREASURER

    Total calculated
    $19,250
    From this org
    $19,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.2

  • Sid Sperry

    TRUSTEE

    Total calculated
    $18,500
    From this org
    $18,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.1

  • Bill Davis

    TRUSTEE (JAN-OCT)

    Total calculated
    $9,500
    From this org
    $9,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.4

  • Ken Starks

    TRUSTEE (MAY-DEC)

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Mark Pittman

    TRUSTEE (JAN-FEB)

    Total calculated
    $4,500
    From this org
    $4,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Randy Ethridge

    TRUSTEE (OCT-DEC)

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.7

  • Randy Wedel

    TRUSTEE (OCT-DEC)

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Hunter Robinson

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $572,165
    From this org
    $305,838
    From related orgs
    $0
    Other
    $266,327
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $286,572
    Bonus
    $0
    Other
    $19,266
    Deferred
    $238,390
    Nontaxable benefits
    $27,937
    Filer's total
    $572,165

  • Sondra White

    VP OF FINANCE

    Total calculated
    $193,555
    From this org
    $156,128
    From related orgs
    $0
    Other
    $37,427
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $152,298
    Bonus
    $0
    Other
    $3,830
    Deferred
    $20,625
    Nontaxable benefits
    $16,802
    Filer's total
    $193,555

  • Mark Prather

    PRESIDENT OF FIBER & TECHNOLOGY

    Total calculated
    $221,127
    From this org
    $149,992
    From related orgs
    $0
    Other
    $71,135
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $144,219
    Bonus
    $0
    Other
    $5,773
    Deferred
    $39,098
    Nontaxable benefits
    $32,037
    Filer's total
    $221,127

  • Yuvaraj Kondaswamy

    SYSTEM PLANNING ENGINEER

    Total calculated
    $188,706
    From this org
    $135,231
    From related orgs
    $0
    Other
    $53,475
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,312
    Bonus
    $762
    Other
    $3,157
    Deferred
    $20,435
    Nontaxable benefits
    $33,040
    Filer's total
    $188,706

  • Michelle Phelps

    DIRECTOR OF HUMAN RESOURCES

    Total calculated
    $189,397
    From this org
    $130,004
    From related orgs
    $0
    Other
    $59,393
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,040
    Bonus
    $762
    Other
    $3,202
    Deferred
    $30,833
    Nontaxable benefits
    $28,560
    Filer's total
    $189,397

  • Lee Linsenmeyer

    LINEMAN

    Total calculated
    $177,573
    From this org
    $135,831
    From related orgs
    $0
    Other
    $41,742
    Hours/week
    52.2

    Schedule J breakdown matched by us

    Base
    $132,417
    Bonus
    $1,282
    Other
    $2,132
    Deferred
    $16,174
    Nontaxable benefits
    $25,568
    Filer's total
    $177,573

  • Michael Musil

    LINEMAN

    Total calculated
    $182,561
    From this org
    $135,666
    From related orgs
    $0
    Other
    $46,895
    Hours/week
    54.8

    Schedule J breakdown matched by us

    Base
    $132,052
    Bonus
    $762
    Other
    $2,852
    Deferred
    $16,262
    Nontaxable benefits
    $30,633
    Filer's total
    $182,561

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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. 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. HUNTER ROBINSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 229,145 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,245 TOTAL REPORTED IN COLUMN C $ 238,390 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (229,145) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 65,416 EXPENSE TO THE COOPERATIVE $ 74,661 MARK PRATHER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 34,421 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,677 TOTAL REPORTED IN COLUMN C $ 39,098 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (34,421) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,704 EXPENSE TO THE COOPERATIVE $ 43,381 SONDRA WHITE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 15,848 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,777 TOTAL REPORTED IN COLUMN C $ 20,625 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (15,848) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 36,035 EXPENSE TO THE COOPERATIVE $ 40,812 MICHELLE PHELPS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,817 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,016 TOTAL REPORTED IN COLUMN C $ 30,833 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,817) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,156 EXPENSE TO THE COOPERATIVE $ 33,172 YUVARAJ KONDASWAMY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 16,125 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,310 TOTAL REPORTED IN COLUMN C $ 20,435 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (16,125) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,982 EXPENSE TO THE COOPERATIVE $ 37,292 MICHAEL MUSIL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 13,565 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,697 TOTAL REPORTED IN COLUMN C $ 16,262 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (13,565) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,158 EXPENSE TO THE COOPERATIVE $ 24,855 LEE LINSENMEYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 13,382 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,792 TOTAL REPORTED IN COLUMN C $ 16,174 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (13,382) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,775 EXPENSE TO THE COOPERATIVE $ 25,567

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

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

  • INNOVATION POINTE LLC

    SOFTWARE · OK · income $130,935 · assets $1,351,445

    Directly controlled by CENTRAL RURAL ELECTRIC COOPERATIVE INC

  • CENTRANET LLC

    BROADBAND · OK · income $7,111,387 · assets $2,875,593

    Directly controlled by CENTRAL RURAL ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2023
Filed
26 November 2024
IRS schema version
2023v5.1
Source object
202413319349300001

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