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Nonprofiteer
← RACCOON VALLEY ELECTRIC COOPERATIVE

Form 990 for tax year 2024

Filed by RACCOON VALLEY ELECTRIC COOPERATIVE.

Totals

Total revenue
$17,040,958
Total expenses
$16,110,886
Contributions and grants received
$0
Grants paid
$14,188
Program service revenue
$16,877,564
Investment income
$101,168
Other revenue
$62,226
Total assets, end of year
$54,111,775
Total liabilities, end of year
$30,376,339
Net assets or fund balances, end of year
$23,735,436
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: SALE OF POWER

    total $15,702,219 · related or exempt $15,702,219

  • 2b · Program service revenue: CAPITAL CREDITS

    total $1,175,345 · related or exempt $1,175,345

  • 3 · Investment income

    total $103,536 · excluded $103,536

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

    other assets $2,368

  • 7c · Gain or loss

    other assets -$2,368

  • 7d · Net gain or loss

    total -$2,368 · excluded -$2,368

  • 10a · Gross sales of inventory

    $153,278

  • 10b · Cost of goods sold

    $91,052

  • 10c · Net income from sales of inventory

    total $62,226 · related or exempt $62,226

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $14,188

  • 4 · Benefits paid to or for members

    total $1,000,000

  • 5 · Compensation of officers, directors and key employees

    total $437,767

  • 7 · Other salaries and wages

    total $1,385,514

  • 8 · Pension plan contributions

    total $259,869

  • 10 · Payroll taxes

    total $129,445

  • 20 · Interest

    total $946,326

  • 22 · Depreciation, depletion and amortization

    total $1,370,443

  • 24a · Other expenses: COST OF POWER

    total $9,888,428

  • 24b · Other expenses: ADMIN & GENERAL

    total $1,030,746

  • 24c · Other expenses: DISTRIBUTION-OPERATIONS

    total $878,263

  • 24d · Other expenses: DISTRIBUTION-MAINTENANC

    total $563,600

  • 24e · All other expenses

    total -$1,793,703

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $245,867 · end of year $485,653

  • 4 · Accounts receivable

    beginning of year $1,336,360 · end of year $1,538,974

  • 7 · Other notes and loans receivable

    beginning of year $7,757,415 · end of year $6,987,781

  • 8 · Inventories for sale or use

    beginning of year $827,323 · end of year $736,888

  • 9 · Prepaid expenses and deferred charges

    beginning of year $224,661 · end of year $144,178

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

    $45,304,263

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

    $15,847,385

  • 10c · Land, buildings and equipment, net

    beginning of year $29,187,289 · end of year $29,456,878

  • 12 · Investments: other securities

    beginning of year $1,596,697 · end of year $1,809,633

  • 13 · Investments: program-related

    beginning of year $10,577,499 · end of year $11,178,064

  • 15 · Other assets

    beginning of year $1,773,737 · end of year $1,773,726

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,557,707 · end of year $1,644,672

  • 21 · Escrow or custodial account liability

    beginning of year $3,185 · end of year $3,205

  • 23 · Secured mortgages and notes payable

    beginning of year $27,078,505 · end of year $26,682,421

  • 24 · Unsecured notes and loans payable

    beginning of year $1,100,000 · end of year $300,000

  • 25 · Other liabilities

    beginning of year $1,749,619 · end of year $1,746,041

  • 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 $22,037,832 · end of year $23,735,436

Mission and programs · 2024

Mission

TO PROVIDE SAFE, RELIABLE AND COMPETITIVE SERVICES WHILE BEING A LEADER IN OUR COMMUNITY'S PROSPERITY AND GROWTH.

Activities or mission (Part I)

PROVIDE ELECTRIC SERVICE TO MEMBERS.

  • PROVIDE ELECTRIC SERVICE TO APPROXIMATELY 2,101 MEMBERS. REVENUE IS COLLECTED FROM THE MEMBERS AND OTHER RELATED SOURCES FOR THE SOLE PURPOSE OF COVERING THE COST OF ELECTRIC SERVICE PROVIDED; AND TO PROVIDE OPERATING RESERVES TO FUND THOSE ACTIVITIES. EXCESS REVENUES OVER THE COST OF OPERATIONS AND ALLOCATIONS TO RESERVES ARE RETURNED TO THE MEMBERS AS PATRONAGE CAPITAL.

As filed on the 2024 return.

Listed in Part VII

  • Mark Ludwig

    SECRETARY/TREASURER

    Total calculated
    $11,850
    From this org
    $11,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.9

  • Dave Schroeder

    DIRECTOR

    Total calculated
    $6,300
    From this org
    $6,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.8

  • Steve Schable

    VICE PRESIDENT

    Total calculated
    $7,200
    From this org
    $7,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.7

  • Karen Werner

    ASST SEC-TREAS.

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • David Onken

    PRESIDENT

    Total calculated
    $6,600
    From this org
    $6,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.9

  • Adam Handlos

    DIRECTOR

    Total calculated
    $4,500
    From this org
    $4,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.4

  • Jeff Cranston

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.6

  • James Gossett

    CEO

    Total calculated
    $251,648
    From this org
    $180,465
    From related orgs
    $0
    Other
    $71,183
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,097
    Bonus
    $0
    Other
    $10,368
    Deferred
    $57,747
    Nontaxable benefits
    $15,600
    Filer's total
    $253,812

  • Eugene Handlos

    CFO

    Total calculated
    $158,938
    From this org
    $129,536
    From related orgs
    $0
    Other
    $29,402
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,691
    Bonus
    $0
    Other
    $845
    Deferred
    $19,346
    Nontaxable benefits
    $11,558
    Filer's total
    $160,440

  • Jack Scanlan

    LINE SUPERINTENDENT

    Total calculated
    $194,680
    From this org
    $117,067
    From related orgs
    $0
    Other
    $77,613
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,831
    Bonus
    $0
    Other
    $2,236
    Deferred
    $54,619
    Nontaxable benefits
    $24,497
    Filer's total
    $196,183

  • Ryan Galloway

    LINE FOREMAN

    Total calculated
    $127,256
    From this org
    $105,883
    From related orgs
    $0
    Other
    $21,373
    Hours/week
    40

  • Chad Lankford

    METER TECHNICIAN

    Total calculated
    $158,369
    From this org
    $106,864
    From related orgs
    $0
    Other
    $51,505
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $105,632
    Bonus
    $0
    Other
    $1,232
    Deferred
    $26,011
    Nontaxable benefits
    $26,775
    Filer's total
    $159,650

  • Mitchell McKeever

    OPERATIONS SUPERINTENDENT

    Total calculated
    $175,311
    From this org
    $105,177
    From related orgs
    $0
    Other
    $70,134
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $100,805
    Bonus
    $1,500
    Other
    $2,872
    Deferred
    $58,595
    Nontaxable benefits
    $12,834
    Filer's total
    $176,606

  • Terry Vauble

    LINE FOREMAN

    Total calculated
    $173,928
    From this org
    $104,770
    From related orgs
    $0
    Other
    $69,158
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $101,866
    Bonus
    $0
    Other
    $2,904
    Deferred
    $50,130
    Nontaxable benefits
    $20,335
    Filer's total
    $175,235

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 2 · Substantiation required before reimbursing expenses
  • 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 1A
ALL EMPLOYEE'S ARE OFFERED GYM MEMBERSHIP REIMBURSEMENT UP TO A MAXIMUM OF $177 PER YEAR. SUBSTANTIATION OF EXPENSES IS REQUIRED PRIOR TO REIMBURSEMENT.
FORM 990 SCHEDULE J PART II COLUMN C
INCLUDED IN COLUMN C IS CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR JAMES GOSSETT. CHANGE IN ACTUARIAL VALUE IN THE PLAN FOR MR. GOSSETT WAS $57,747. ACTUAL CONTRIBUTION EXPENSE FOR MR. GOSSETT WAS $29,412. INCLUDED IN COLUMN C IS CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR JACK SCANLAN. CHANGE IN ACTUARIAL VALUE IN THE PLAN FOR MR. SCANLAN WAS $54,619. ACTUAL CONTRIBUTION EXPENSE FOR MR. SCANLAN WAS $20,272. INCLUDED IN COLUMN C IS CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR EUGENE HANDLOS. CHANGE IN ACTUARIAL VALUE IN THE PLAN FOR MR. HANDLOS WAS $19,346. ACTUAL CONTRIBUTION EXPENSE FOR MR. HANDLOS WAS $21,246. INCLUDED IN COLUMN C IS CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR CHAD LANKFORD. CHANGE IN ACTUARIAL VALUE IN THE PLAN FOR MR. LANKFORD WAS $26,011. ACTUAL CONTRIBUTION EXPENSE FOR MR. LANKFORD WAS $18,624. INCLUDED IN COLUMN C IS CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR MITCHELL MCKEEVER. CHANGE IN ACTUARIAL VALUE IN THE PLAN FOR MR. MCKEEVER WAS $58,595. ACTUAL CONTRIBUTION EXPENSE FOR MR. MCKEEVER WAS $30,196. INCLUDED IN COLUMN C IS CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR TERRY VAUBLE. CHANGE IN ACTUARIAL VALUE IN THE PLAN FOR MR. VAUBLE WAS $50,130. ACTUAL CONTRIBUTION EXPENSE FOR MR. LANKFORD WAS $18,015.

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • RACCOON VALLEY VISIONARY CORPORATION

    C · ECONOMIC DEVELOPMENT · IA · 100% owned · share of income $36,473 · share of assets $3,413,819 · controlled entity

    Directly controlled by RACCOON VALLEY ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2024
Filed
16 June 2025
IRS schema version
2024v5.1
Source object
202541709349301614

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