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Nonprofiteer
← WELLS RURAL ELECTRIC CO

Form 990 for tax year 2024

Filed by WELLS RURAL ELECTRIC CO.

Totals

Total revenue
$44,088,529
Total expenses
$40,858,420
Contributions and grants received
$0
Grants paid
$42,681
Program service revenue
$40,833,653
Investment income
$635,842
Other revenue
$2,619,034
Total assets, end of year
$74,823,928
Total liabilities, end of year
$34,077,227
Net assets or fund balances, end of year
$40,746,701
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 $39,670,616 · related or exempt $39,670,616

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $318,241 · related or exempt $318,241

  • 2c · Program service revenue: TRANSMISSION LEASE

    total $301,500 · related or exempt $301,500

  • 2d · Program service revenue: ELECTRIC WIRING

    total $247,711 · related or exempt $247,711

  • 2e · Program service revenue: SERVICE & OTHER FEES

    total $177,417 · related or exempt $177,417

  • 2f · All other program service revenue

    total $118,168 · related or exempt $118,168

  • 3 · Investment income

    total $635,842 · excluded $635,842

  • 11a · Other revenue: POWER SUPPLIER DISTRIBUTION

    total $2,563,782 · excluded $2,563,782

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $54,820 · excluded $54,820

  • 11c · Other revenue: SECURITY & MONITORING

    total $432 · unrelated business $432

  • 11e · Other revenue, total

    $2,619,034

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $42,681

  • 4 · Benefits paid to or for members

    total $1,194,001

  • 5 · Compensation of officers, directors and key employees

    total $1,944,894

  • 7 · Other salaries and wages

    total $2,611,558

  • 8 · Pension plan contributions

    total $382,283

  • 9 · Other employee benefits

    total $1,121,503

  • 10 · Payroll taxes

    total $286,193

  • 20 · Interest

    total $563,339

  • 22 · Depreciation, depletion and amortization

    total $3,684,074

  • 24a · Other expenses: PURCHASED POWER

    total $25,277,314

  • 24b · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,799,098

  • 24c · Other expenses: DISTRIBUTION EXPENSE

    total $972,951

  • 24d · Other expenses: CONSUMER EXPENSE

    total $626,726

  • 24e · All other expenses

    total $351,805

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,683,517 · end of year $608,929

  • 2 · Savings and temporary cash investments

    beginning of year $14,817,883 · end of year $15,982,180

  • 4 · Accounts receivable

    beginning of year $3,590,370 · end of year $3,873,648

  • 8 · Inventories for sale or use

    beginning of year $1,497,691 · end of year $1,604,642

  • 9 · Prepaid expenses and deferred charges

    beginning of year $787,116 · end of year $586,775

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

    $104,711,840

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

    $55,644,813

  • 10c · Land, buildings and equipment, net

    beginning of year $47,298,353 · end of year $49,067,027

  • 13 · Investments: program-related

    beginning of year $2,546,298 · end of year $2,761,867

  • 15 · Other assets

    beginning of year $481,630 · end of year $338,860

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,551,600 · end of year $3,159,392

  • 23 · Secured mortgages and notes payable

    beginning of year $16,597,921 · end of year $15,874,290

  • 25 · Other liabilities

    beginning of year $17,436,448 · end of year $15,043,545

  • 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 $37,116,889 · end of year $40,746,701

Mission and programs · 2024

Mission

WELLS RURAL ELECTRIC COMPANY IMPROVES THE QUALITY OF LIFE OF THE COMMUNITIES WE SERVE BY MEETING THE CHANGING NEEDS OF OUR MEMBERS THROUGH THE GUIDING PRINCIPLES OF OUR LOCALLY CONTROLLED COOPERATIVE.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 6,335 ACTIVE SERVICES AT YEAR END.

As filed on the 2024 return.

Listed in Part VII

  • Gerald Anderson

    DIRECTOR

    Total calculated
    $44,012
    From this org
    $44,012
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.7

  • M Jonathan Dahl

    VICE PRESIDENT

    Total calculated
    $24,625
    From this org
    $24,625
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.7

  • Kirk Dahl

    DIRECTOR

    Total calculated
    $16,800
    From this org
    $16,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Scott Egbert

    PRESIDENT

    Total calculated
    $46,192
    From this org
    $46,192
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.9

  • Cameron Huff

    DIRECTOR

    Total calculated
    $21,925
    From this org
    $21,925
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Tony Macias

    DIRECTOR

    Total calculated
    $18,850
    From this org
    $18,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.4

  • Ouida Madison

    DIRECTOR

    Total calculated
    $22,350
    From this org
    $22,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Alfred Montes De Oca

    DIRECTOR

    Total calculated
    $16,800
    From this org
    $16,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6

  • Jim Whited

    SECRETARY/TREASURER

    Total calculated
    $16,800
    From this org
    $16,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Robert Wilcox

    DIRECTOR

    Total calculated
    $25,908
    From this org
    $25,908
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.6

  • Bruce Widmer

    DIRECTOR

    Total calculated
    $17,250
    From this org
    $17,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Clay R Fitch

    EMERITUS CEO

    Total calculated
    $368,507
    From this org
    $257,318
    From related orgs
    $0
    Other
    $111,189
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,136
    Bonus
    $0
    Other
    $42,182
    Deferred
    $79,691
    Nontaxable benefits
    $31,498
    Filer's total
    $368,507

  • Thad Ballard

    CEO

    Total calculated
    $353,013
    From this org
    $212,214
    From related orgs
    $0
    Other
    $140,799
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,168
    Bonus
    $1,800
    Other
    $30,246
    Deferred
    $100,091
    Nontaxable benefits
    $40,708
    Filer's total
    $353,013

  • Jeffery Cromie

    DIRECTOR OF STRATEGY/BUS. DEV

    Total calculated
    $246,674
    From this org
    $168,986
    From related orgs
    $0
    Other
    $77,688
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,136
    Bonus
    $2,200
    Other
    $13,650
    Deferred
    $73,764
    Nontaxable benefits
    $3,924
    Filer's total
    $246,674

  • Cynthia Good

    DIRECTOR OF ACCT, FINANCE,HR

    Total calculated
    $256,225
    From this org
    $155,267
    From related orgs
    $0
    Other
    $100,958
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,923
    Bonus
    $2,000
    Other
    $9,344
    Deferred
    $82,285
    Nontaxable benefits
    $18,673
    Filer's total
    $256,225

  • Ryan Brodsho

    DIRECTOR OF PLANNING

    Total calculated
    $269,550
    From this org
    $167,545
    From related orgs
    $0
    Other
    $102,005
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,784
    Bonus
    $1,500
    Other
    $1,261
    Deferred
    $65,461
    Nontaxable benefits
    $36,544
    Filer's total
    $269,550

  • Mike Girolamo

    DIRECTOR OF OPERATIONS

    Total calculated
    $179,413
    From this org
    $140,639
    From related orgs
    $0
    Other
    $38,774
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,846
    Bonus
    $0
    Other
    $2,793
    Deferred
    $21,675
    Nontaxable benefits
    $17,099
    Filer's total
    $179,413

  • Kyle Murphy

    FOREMAN

    Total calculated
    $246,181
    From this org
    $183,997
    From related orgs
    $0
    Other
    $62,184
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $182,212
    Bonus
    $100
    Other
    $1,685
    Deferred
    $25,157
    Nontaxable benefits
    $37,027
    Filer's total
    $246,181

  • Zane Peters

    TROUBLEMAN

    Total calculated
    $247,058
    From this org
    $176,363
    From related orgs
    $0
    Other
    $70,695
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $173,243
    Bonus
    $100
    Other
    $3,020
    Deferred
    $32,788
    Nontaxable benefits
    $37,907
    Filer's total
    $247,058

  • James Wines

    FOREMAN

    Total calculated
    $222,838
    From this org
    $165,158
    From related orgs
    $0
    Other
    $57,680
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $163,207
    Bonus
    $100
    Other
    $1,851
    Deferred
    $18,754
    Nontaxable benefits
    $38,926
    Filer's total
    $222,838

  • Jacob Manning

    FOREMAN

    Total calculated
    $226,860
    From this org
    $157,131
    From related orgs
    $0
    Other
    $69,729
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $156,000
    Bonus
    $100
    Other
    $1,031
    Deferred
    $30,822
    Nontaxable benefits
    $38,907
    Filer's total
    $226,860

  • Todd Brethauer

    SUBSTATION FOREMAN

    Total calculated
    $239,663
    From this org
    $158,877
    From related orgs
    $0
    Other
    $80,786
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $154,472
    Bonus
    $0
    Other
    $4,405
    Deferred
    $50,633
    Nontaxable benefits
    $30,153
    Filer's total
    $239,663

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. CLAY R. FITCH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 77,518 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,173 TOTAL REPORTED IN COLUMN C $ 79,691 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (77,518) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 91,675 EXPENSE TO COOPERATIVE $ 93,848 THAD BALLARD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 98,229 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,862 TOTAL REPORTED IN COLUMN C $100,091 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (98,229) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 116,169 EXPENSE TO COOPERATIVE $118,031 RYAN BRODSHO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 63,796 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,665 TOTAL REPORTED IN COLUMN C $ 65,461 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (63,796) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 75,447 EXPENSE TO COOPERATIVE $ 77,112 CYNTHIA GOOD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 80,807 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,478 TOTAL REPORTED IN COLUMN C $ 82,285 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (80,807) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 95,565 EXPENSE TO COOPERATIVE $ 97,043 ZANE PETERS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,462 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,326 TOTAL REPORTED IN COLUMN C $ 32,788 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,462) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,208 EXPENSE TO COOPERATIVE $ 38,534 JEFFERY CROMIE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 72,193 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,571 TOTAL REPORTED IN COLUMN C $ 73,764 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (72,193) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 85,378 EXPENSE TO COOPERATIVE $ 86,949 KYLE MURPHY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 23,805 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,352 TOTAL REPORTED IN COLUMN C $ 25,157 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (23,805) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,153 EXPENSE TO COOPERATIVE $ 29,505 TODD BRETHAUER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 49,281 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,352 TOTAL REPORTED IN COLUMN C $ 50,633 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (49,281) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 58,281 EXPENSE TO COOPERATIVE $ 59,633 JACOB MANNING: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 29,470 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,352 TOTAL REPORTED IN COLUMN C $ 30,822 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (29,470) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,852 EXPENSE TO COOPERATIVE $ 36,204 JAMES WINES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 5,234 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,520 TOTAL REPORTED IN COLUMN C $ 18,754 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (5,234) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN -0- EXPENSE TO COOPERATIVE $ 13,520 MIKE GIROLAMO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 7,650 EMPLOYER CONTRIBUTION TO 401(K) PLAN 14,025 TOTAL REPORTED IN COLUMN C $ 21,675 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (7,650) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 9,047 EXPENSE TO COOPERATIVE $ 23,072

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

  • ELKO COUNTY SCHOOL DISTRICT

    $9,707

    2024 SPONSOR DONATIONS

  • ELKO COUNTY 4H SALE BOARD

    $9,094

    LIVESTOCK SALE

  • CITY OF WELLS

    $6,236

    CAR SHOW AND GOLF SPONSORSHIP

  • WELLS FAMILY RESOURCE CENTER

    $5,855

    2024 DONATIONS

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.

  • NEXT DOLLAR CHARITABLE FOUNDATION

    501(C)(3) · TO PROVIDE CHARITABLE GRANTS IN THE COOPERATIVE'S AREA. · NV · controlled entity

    Directly controlled by WELLS RURAL ELECTRIC COMPANY

Provenance

Return type
form_990
Tax year
2024
Filed
16 November 2025
IRS schema version
2024v5.2
Source object
202533219349319963

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