Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $103,167,168 · related or exempt $103,167,168

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $4,998,726 · related or exempt $4,998,726

• 2c · Program service revenue: SERVICE FEES

  total $167,527 · related or exempt $167,527

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $1,800 · related or exempt $1,800

• 3 · Investment income

  total $2,037,021 · excluded $2,037,021

• 6a · Gross rents

  personal property $8,630

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $8,630

• 6d · Net rental income or loss

  total $8,630 · unrelated business $8,630

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

  other assets $10,454

• 7c · Gain or loss

  other assets -$10,454

• 7d · Net gain or loss

  total -$10,454 · related or exempt -$10,454

• 10a · Gross sales of inventory

  $61,710

• 10b · Cost of goods sold

  $61,471

• 10c · Net income from sales of inventory

  total $239 · related or exempt $239

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $193,361 · excluded $193,361

• 11e · Other revenue, total

  $193,361

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $36,580

• 4 · Benefits paid to or for members

  total $9,502,205

• 5 · Compensation of officers, directors and key employees

  total $779,738

• 7 · Other salaries and wages

  total $4,552,046

• 8 · Pension plan contributions

  total $715,910

• 9 · Other employee benefits

  total $914,606

• 10 · Payroll taxes

  total $360,973

• 20 · Interest

  total $947,068

• 22 · Depreciation, depletion and amortization

  total $5,113,028

• 24a · Other expenses: PURCHASED POWER

  total $77,234,845

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $4,526,322

• 24c · Other expenses: COST OF REMOVAL, NET

  total $2,663,383

• 24d · Other expenses: ADMIN & GENERAL EXPENSE

  total $2,327,281

• 24e · All other expenses

  total $1,863,466

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $878,459 · end of year $434,775

• 2 · Savings and temporary cash investments

  beginning of year $26,566,095 · end of year $23,818,259

• 4 · Accounts receivable

  beginning of year $12,380,982 · end of year $8,131,969

• 8 · Inventories for sale or use

  beginning of year $4,201,657 · end of year $6,435,102

• 9 · Prepaid expenses and deferred charges

  beginning of year $666,765 · end of year $861,250

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

  $203,045,246

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

  $85,047,120

• 10c · Land, buildings and equipment, net

  beginning of year $112,664,645 · end of year $117,998,126

• 11 · Investments: publicly traded securities

  beginning of year $50,572,871 · end of year $49,114,129

• 12 · Investments: other securities

  beginning of year $720,388 · end of year $767,097

• 13 · Investments: program-related

  beginning of year $37,330,641 · end of year $42,200,496

• 15 · Other assets

  beginning of year $10,495,207 · end of year $11,270,869

• 17 · Accounts payable and accrued expenses

  beginning of year $10,559,086 · end of year $9,434,895

• 19 · Deferred revenue

  beginning of year $1,174 · end of year $707

• 23 · Secured mortgages and notes payable

  beginning of year $86,012,495 · end of year $83,336,017

• 25 · Other liabilities

  beginning of year $58,147,834 · end of year $61,473,604

• 29 · Capital stock, trust principal or current funds

  beginning of year $36,400 · end of year $36,360

• 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 $101,720,721 · end of year $106,750,489

The filer's explanations (Part III)

PART I, LINE 1A

HEALTH OR SOCIAL CLUB DUES - PURSUANT TO THE COOPERATIVE'S WELLNESS POLICY, THE COOPERATIVE WILL PAY UP TO $1,200 ANNUALLY FOR THE COST OF AN EMPLOYEE'S GYM MEMBERSHIP. TWO EMPLOYEES REPORTED ON PART VII OF THE 2023 FORM 990 (KIMBRO AND PANDO) RECEIVED THIS BENEFIT DURING THE YEAR.

PART I, LINE 4B

BOBBY FERRIS PARTICIPATES IN A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLAN. BENEFITS ACCRUED UNDER THE PLAN FOR THE YEAR WERE $11,131.

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. BOBBY FERRIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 104,306 ACCRUALS UNDER THE NQDC PLAN 11,131 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,900 TOTAL REPORTED IN COLUMN C $ 125,337 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (104,306) LESS: ACCRUAL UNDER THE NQDC PLAN (11,131) ADD: CASH CONTRIBUTION TO NQDC PLAN 3,340 ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 61,741 EXPENSE TO COOPERATIVE $ 74,981 BOBBY KIMBRO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 52,554 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,147 TOTAL REPORTED IN COLUMN C $ 58,701 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (52,554) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,312 EXPENSE TO COOPERATIVE $ 48,459 ALFREDO MELENDEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,548 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,003 TOTAL REPORTED IN COLUMN C $ 61,551 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,548) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,603 EXPENSE TO COOPERATIVE $ 32,606 DOUGLAS GRUENEWALD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 47,698 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,648 TOTAL REPORTED IN COLUMN C $ 51,346 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (47,698) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 26,363 EXPENSE TO COOPERATIVE $ 30,011 KYLE COLEMAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 49,600 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,994 TOTAL REPORTED IN COLUMN C $ 53,594 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (49,600) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,777 EXPENSE TO COOPERATIVE $ 29,771 ARTHUR PANDO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,070 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,408 TOTAL REPORTED IN COLUMN C $ 29,478 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,070) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,525 EXPENSE TO COOPERATIVE $ 27,933