Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $26,153,472 · related or exempt $26,153,472

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $2,658,310 · related or exempt $2,658,310

• 2c · Program service revenue: SERVICE FEES

  total $89,073 · related or exempt $89,073

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $82,161 · related or exempt $82,161

• 2e · Program service revenue: ELECTRIC WHEELING

  total $17,400 · related or exempt $17,400

• 3 · Investment income

  total $396,817 · excluded $396,817

• 6a · Gross rents

  personal property $7,380

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $7,380

• 6d · Net rental income or loss

  total $7,380 · unrelated business $7,380

• 7a · Gross sales of assets other than inventory

  securities $283,744

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

  securities $23,973

• 7c · Gain or loss

  securities $259,771

• 7d · Net gain or loss

  total $259,771 · related or exempt $259,771

• 10a · Gross sales of inventory

  $200,141

• 10b · Cost of goods sold

  $196,191

• 10c · Net income from sales of inventory

  total $3,950 · related or exempt $3,950

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $10,965 · excluded $10,965

• 11b · Other revenue: SCRAP SALES

  total $2,587 · related or exempt $2,587

• 11e · Other revenue, total

  $13,552

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $12,954

• 4 · Benefits paid to or for members

  total $4,514,774

• 5 · Compensation of officers, directors and key employees

  total $646,482

• 7 · Other salaries and wages

  total $1,796,272

• 8 · Pension plan contributions

  total $288,391

• 9 · Other employee benefits

  total $413,088

• 10 · Payroll taxes

  total $140,042

• 20 · Interest

  total $918,100

• 22 · Depreciation, depletion and amortization

  total $1,980,023

• 24a · Other expenses: PURCHASED POWER

  total $16,212,346

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $949,749

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $816,449

• 24d · Other expenses: OPERATING TAXES

  total $186,863

• 24e · All other expenses

  total $272,145

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $701,365 · end of year $754,723

• 2 · Savings and temporary cash investments

  beginning of year $2,264,635 · end of year $2,688,497

• 4 · Accounts receivable

  beginning of year $1,765,463 · end of year $1,117,039

• 8 · Inventories for sale or use

  beginning of year $700,328 · end of year $718,799

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,097,946 · end of year $2,836,940

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

  $72,221,774

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

  $33,330,096

• 10c · Land, buildings and equipment, net

  beginning of year $38,032,002 · end of year $38,891,678

• 13 · Investments: program-related

  beginning of year $24,747,310 · end of year $27,054,076

• 15 · Other assets

  beginning of year $16,331 · end of year $26,714

• 17 · Accounts payable and accrued expenses

  beginning of year $1,694,348 · end of year $1,512,363

• 19 · Deferred revenue

  beginning of year $105,733

• 21 · Escrow or custodial account liability

  beginning of year $66,006 · end of year $73,986

• 23 · Secured mortgages and notes payable

  beginning of year $26,059,005 · end of year $25,032,860

• 25 · Other liabilities

  beginning of year $3,302,004 · end of year $3,132,828

• 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 $40,098,284 · end of year $44,336,429

The filer's explanations (Part III)

PART I, LINE 1A

PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE DIRECTORS FOR THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL BUSINESS OF THE COOPERATIVE.

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 AND REPRESENT THE TRUE COST TO THE COOPERATIVE. DWAIN TIPTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 62,082 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,484 TOTAL REPORTED IN COLUMN C $ 65,566 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (62,082) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,334 EXPENSE TO THE COOPERATIVE $ 41,818 MARY ELLEN MCMANUS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,586 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,405 TOTAL REPORTED IN COLUMN C $ 28,991 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (28,991) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,486 EXPENSE TO THE COOPERATIVE $ 27,891

Disregarded entities

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

• RURAL ENERGY SOLUTIONS LLC

  ENERGY SERVICES · TX · income $82,161 · assets $288,693

  Directly controlled by SWISHER ELECTRIC COOPERATIVE INC