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Nonprofiteer
← NAKNEK ELECTRIC ASSOCIATION INC

Form 990 for tax year 2023

Filed by NAKNEK ELECTRIC ASSOCIATION INC.

Totals

Total revenue
$13,669,699
Total expenses
$13,286,370
Contributions and grants received
$466,250
Grants paid
$0
Program service revenue
$12,957,530
Investment income
$57,111
Other revenue
$188,808
Total assets, end of year
$46,961,445
Total liabilities, end of year
$31,281,556
Net assets or fund balances, end of year
$15,679,889
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.

  • 1e · Government grants (contributions)

    $466,250

  • 2a · Program service revenue: ELECTRIC REVENUES

    total $12,403,092 · related or exempt $12,403,092

  • 2b · Program service revenue: OTHER OPERATING REVENUES

    total $554,438 · related or exempt $554,438

  • 3 · Investment income

    total $57,111 · excluded $57,111

  • 11a · Other revenue: OTHER INCOME

    total $150,000 · related or exempt $150,000

  • 11b · Other revenue: GAIN ON INVESTMENT

    total $25,232 · related or exempt $25,232

  • 11c · Other revenue: PATRONAGE CAPITAL

    total $13,576 · related or exempt $13,576

  • 11e · Other revenue, total

    $188,808

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $235,267

  • 20 · Interest

    total $499,756

  • 22 · Depreciation, depletion and amortization

    total $1,307,925

  • 24a · Other expenses: FUEL COST

    total $5,576,380

  • 24b · Other expenses: POWER PRODUCTION

    total $2,344,520

  • 24c · Other expenses: GENERAL & ADMINISTRATIV

    total $1,396,283

  • 24d · Other expenses: OTHER EXPENSE

    total $825,506

  • 24e · All other expenses

    total $1,100,733

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,634,706 · end of year $1,795,718

  • 2 · Savings and temporary cash investments

    beginning of year $1,191,108 · end of year $20,329

  • 4 · Accounts receivable

    beginning of year $874,451 · end of year $849,326

  • 8 · Inventories for sale or use

    beginning of year $5,567,389 · end of year $4,899,839

  • 9 · Prepaid expenses and deferred charges

    beginning of year $17,778,992 · end of year $17,301,733

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

    $41,771,799

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

    $23,964,714

  • 10c · Land, buildings and equipment, net

    beginning of year $18,843,275 · end of year $17,807,085

  • 12 · Investments: other securities

    beginning of year $1,239,254 · end of year $3,767,429

  • 15 · Other assets

    beginning of year $602,171 · end of year $519,986

  • 17 · Accounts payable and accrued expenses

    beginning of year $506,697 · end of year $124,318

  • 23 · Secured mortgages and notes payable

    beginning of year $27,544,483 · end of year $25,968,078

  • 25 · Other liabilities

    beginning of year $5,424,685 · end of year $5,189,160

  • 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 $15,255,481 · end of year $15,679,889

Mission and programs · 2023

Mission

GENERATION AND SALE OF ELECTRICAL ENERGY TO THE COMMUNITIES OF NAKNEK, SOUTH NAKNEK AND KING SALMON, AK.

  • GENERATION AND SALE OF ELECTRICAL ENERGY TO THE COMMUNITIES OF NAKNEK, SOUTH NAKNEK AND KING SALMON, AK. AT DECEMBER 31, 2023, 1,041 ELECTRIC LINES WERE IN SERVICE.

As filed on the 2023 return.

Listed in Part VII

  • Tim McDermott

    PRESIDENT

    Total calculated
    $1,554
    From this org
    $1,050
    From related orgs
    $0
    Other
    $504
    Hours/week
    2

  • Nanci Lyon

    VICE-PRESIDENT

    Total calculated
    $1,329
    From this org
    $825
    From related orgs
    $0
    Other
    $504
    Hours/week
    1

  • Lisa Anderson

    SECRETARY/TREASURER

    Total calculated
    $2,004
    From this org
    $1,500
    From related orgs
    $0
    Other
    $504
    Hours/week
    1

  • Earl Hubb

    DIRECTOR

    Total calculated
    $1,254
    From this org
    $750
    From related orgs
    $0
    Other
    $504
    Hours/week
    1

  • Don Strand

    DIRECTOR

    Total calculated
    $351
    From this org
    $225
    From related orgs
    $0
    Other
    $126
    Hours/week
    1

  • Dan Seitz

    DIRECTOR

    Total calculated
    $3,954
    From this org
    $3,450
    From related orgs
    $0
    Other
    $504
    Hours/week
    1

  • Cathryn Stiles

    DIRECTOR

    Total calculated
    $3,194
    From this org
    $2,690
    From related orgs
    $0
    Other
    $504
    Hours/week
    1

  • Sylvia Alford

    DIRECTOR ELECTED

    Total calculated
    $1,119
    From this org
    $825
    From related orgs
    $0
    Other
    $294
    Hours/week
    1

  • Dianne King

    GENERAL MANAGER

    Total calculated
    $220,508
    From this org
    $166,823
    From related orgs
    $0
    Other
    $53,685
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $166,823
    Bonus
    $0
    Other
    $0
    Deferred
    $24,304
    Nontaxable benefits
    $29,381
    Filer's total
    $220,508

  • Jeffery Sinkular

    LINEMAN

    Total calculated
    $186,989
    From this org
    $137,526
    From related orgs
    $0
    Other
    $49,463
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,526
    Bonus
    $0
    Other
    $0
    Deferred
    $20,082
    Nontaxable benefits
    $29,381
    Filer's total
    $186,989

  • Michael James

    OPERATOR

    Total calculated
    $179,379
    From this org
    $128,828
    From related orgs
    $0
    Other
    $50,551
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,828
    Bonus
    $0
    Other
    $0
    Deferred
    $21,170
    Nontaxable benefits
    $29,381
    Filer's total
    $179,379

  • Kenneth Pulice

    OPERATIONS MANAGER

    Total calculated
    $162,251
    From this org
    $117,899
    From related orgs
    $0
    Other
    $44,352
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,899
    Bonus
    $0
    Other
    $0
    Deferred
    $14,971
    Nontaxable benefits
    $29,381
    Filer's total
    $162,251

  • Pero Skaric

    OPERATOR

    Total calculated
    $161,866
    From this org
    $114,498
    From related orgs
    $0
    Other
    $47,368
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,498
    Bonus
    $0
    Other
    $0
    Deferred
    $17,987
    Nontaxable benefits
    $29,381
    Filer's total
    $161,866

  • Ronald Zimin

    OPERATOR

    Total calculated
    $183,902
    From this org
    $134,087
    From related orgs
    $0
    Other
    $49,815
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,087
    Bonus
    $0
    Other
    $0
    Deferred
    $20,434
    Nontaxable benefits
    $29,381
    Filer's total
    $183,902

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 · 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 I, LINE 3
THE BOARD OF DIRECTORS, BY VOTE, SETS THE RATE OF COMPENSATION FOR THE GENERAL MANAGER.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2024
IRS schema version
2023v5.0
Source object
202441359349305214

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