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Nonprofiteer
← NEW ENTERPRISE RURAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by NEW ENTERPRISE RURAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$9,051,973
Total expenses
$8,057,748
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$8,483,398
Investment income
$12,173
Other revenue
$556,402
Total assets, end of year
$8,701,226
Total liabilities, end of year
$605,752
Net assets or fund balances, end of year
$8,095,474
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$9,926,075

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: PROVIDE ELECTRICITY TO

    total $8,483,398 · related or exempt $8,483,398

  • 3 · Investment income

    total $12,173 · excluded $12,173

  • 11a · Other revenue: CAPITAL CREDITS-ASSIGN

    total $556,402 · related or exempt $556,402

  • 11e · Other revenue, total

    $556,402

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $146,064

  • 5 · Compensation of officers, directors and key employees

    total $175,571

  • 7 · Other salaries and wages

    total $928,994

  • 8 · Pension plan contributions

    total $307,583

  • 9 · Other employee benefits

    total $215,720

  • 10 · Payroll taxes

    total $80,755

  • 11c · Fees: accounting

    total $13,960

  • 12 · Advertising and promotion

    total $16,679

  • 13 · Office expenses

    total $36,151

  • 17 · Travel

    total $53,669

  • 19 · Conferences, conventions and meetings

    total $17,866

  • 20 · Interest

    total $3,044

  • 22 · Depreciation, depletion and amortization

    total $251,012

  • 23 · Insurance

    total $58,149

  • 24a · Other expenses: COST OF SALES-ELECTRIC

    total $4,565,078

  • 24b · Other expenses: LINE MAINTENANCE

    total $812,395

  • 24c · Other expenses: OPERATION OF TRUCKS

    total $122,511

  • 24d · Other expenses: DUES

    total $103,602

  • 24e · All other expenses

    total $148,945

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

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

  • 2 · Savings and temporary cash investments

    beginning of year $417,385 · end of year $462,690

  • 4 · Accounts receivable

    beginning of year $855,407 · end of year $855,830

  • 8 · Inventories for sale or use

    beginning of year $400,716 · end of year $396,215

  • 9 · Prepaid expenses and deferred charges

    beginning of year $80,732 · end of year $39,048

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

    $9,742,061

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

    $5,765,412

  • 10c · Land, buildings and equipment, net

    beginning of year $3,529,713 · end of year $3,976,649

  • 11 · Investments: publicly traded securities

    beginning of year $7,172 · end of year $3,730

  • 15 · Other assets

    beginning of year $0 · end of year $2,965,964

  • 17 · Accounts payable and accrued expenses

    beginning of year $484,583 · end of year $486,205

  • 24 · Unsecured notes and loans payable

    beginning of year $120,509 · end of year $73,455

  • 25 · Other liabilities

    beginning of year $67,593 · end of year $46,092

  • 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 $14,745 · end of year $14,810

  • 31 · Retained earnings, endowment or other funds

    beginning of year $4,604,795 · end of year $8,080,664

Mission and programs · 2022

Mission

PROVIDING AFFORDABLE ELECTRICITY TO MEMBERS

Activities or mission (Part I)

COOPERATIVE ELECTRIC ORGANIZATION PROVIDING RELIABLE ELECTRIC SERVICE TO MEMBERS AT THE LOWEST POSSIBLE COST

  • PROVIDING AFFORDABLE ELECTRICITY TO MORE THAN 3,600 MEMBERS AS ONE OF 750 DISTRIBUTION COOPERATIVES THROUGHOUT THE COUNTRY THAT HAVE CREATED AND ARE MEMBERS OF TOUCHSTONE ENERGY COOPERATIVE.

    Expenses $9,926,075

As filed on the 2022 return.

Listed in Part VII

  • Leroy Walls

    PRESIDENT

    Total calculated
    $4,080
    From this org
    $4,080
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Curtis Brant

    TREASURER

    Total calculated
    $5,355
    From this org
    $5,355
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • David Bequeath

    SECRETARY

    Total calculated
    $5,355
    From this org
    $5,355
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Tim Newman

    VICE PRESIDENT

    Total calculated
    $5,100
    From this org
    $5,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Brian McCoy

    DIRECTOR

    Total calculated
    $2,295
    From this org
    $2,295
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Robert Guyer

    DIRECTOR

    Total calculated
    $1,020
    From this org
    $1,020
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Merle Helsel

    DIRECTOR & ASSISTANT SEC'Y

    Total calculated
    $6,885
    From this org
    $6,885
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Mark Morrison

    MANAGER/CEO

    Total calculated
    $145,481
    From this org
    $124,304
    From related orgs
    $0
    Other
    $21,177
    Hours/week
    50

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.

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

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
2022
Filed
24 August 2023
IRS schema version
2022v5.0
Source object
202312499349301851

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