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Nonprofiteer
← LAMB COUNTY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by LAMB COUNTY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$38,220,535
Total expenses
$38,466,048
Contributions and grants received
$0
Grants paid
$18,389
Program service revenue
$37,803,648
Investment income
$307,644
Other revenue
$109,243
Total assets, end of year
$91,000,300
Total liabilities, end of year
$34,082,865
Net assets or fund balances, end of year
$56,917,435
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 $32,872,264 · related or exempt $32,872,264

  • 2b · Program service revenue: PATRONAGE CAPITAL

    total $4,929,972 · related or exempt $4,929,972

  • 2c · Program service revenue: OTHER PROGRAM REVENUE

    total $1,412 · related or exempt $1,412

  • 3 · Investment income

    total $307,644 · excluded $307,644

  • 6a · Gross rents

    personal property $6,306

  • 6b · Less rental expenses

    personal property $1,424

  • 6c · Rental income or loss

    personal property $4,882

  • 6d · Net rental income or loss

    total $4,882 · unrelated business $4,882

  • 10a · Gross sales of inventory

    $24,248

  • 10b · Cost of goods sold

    $797

  • 10c · Net income from sales of inventory

    total $23,451 · related or exempt $23,451

  • 11a · Other revenue: MISC. NONOPERATING REVENUES

    total $69,715 · related or exempt $69,715

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $11,195 · excluded $11,195

  • 11e · Other revenue, total

    $80,910

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $18,389

  • 4 · Benefits paid to or for members

    total $6,883,226

  • 5 · Compensation of officers, directors and key employees

    total $383,579

  • 7 · Other salaries and wages

    total $2,799,821

  • 8 · Pension plan contributions

    total $179,236

  • 9 · Other employee benefits

    total $704,023

  • 10 · Payroll taxes

    total $232,056

  • 20 · Interest

    total $1,225,666

  • 22 · Depreciation, depletion and amortization

    total $2,737,551

  • 24a · Other expenses: PURCHASED POWER

    total $20,866,339

  • 24b · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,371,446

  • 24c · Other expenses: DISTRIBUTION EXPENSE

    total $1,010,384

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $32,060

  • 24e · All other expenses

    total $22,272

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $332,045 · end of year $829,145

  • 2 · Savings and temporary cash investments

    beginning of year $3,005,647 · end of year $3,592,678

  • 4 · Accounts receivable

    beginning of year $1,538,648 · end of year $1,212,100

  • 8 · Inventories for sale or use

    beginning of year $423,820 · end of year $454,943

  • 9 · Prepaid expenses and deferred charges

    beginning of year $242,026 · end of year $256,545

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

    $93,002,065

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

    $49,008,663

  • 10c · Land, buildings and equipment, net

    beginning of year $43,445,422 · end of year $43,993,402

  • 13 · Investments: program-related

    beginning of year $36,689,756 · end of year $40,581,020

  • 15 · Other assets

    beginning of year $1,011,093 · end of year $80,467

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,665,365 · end of year $2,231,807

  • 21 · Escrow or custodial account liability

    beginning of year $44,351 · end of year $42,331

  • 23 · Secured mortgages and notes payable

    beginning of year $30,940,081 · end of year $29,331,813

  • 25 · Other liabilities

    beginning of year $968,115 · end of year $2,476,914

  • 29 · Capital stock, trust principal or current funds

    beginning of year $11,800 · end of year $11,760

  • 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 $52,058,745 · end of year $56,905,675

Mission and programs · 2023

Mission

NONE

Activities or mission (Part I)

TO PROVIDE ELECTRIC ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.

  • SALES OF ELECTRIC POWER TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 11,643 ACTIVE SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Marvin Matthews

    PRESIDENT

    Total calculated
    $28,045
    From this org
    $28,045
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.6 + 1 related

  • Kevin Humphreys

    SECRETARY/TREASURER

    Total calculated
    $28,134
    From this org
    $28,134
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.7 + 1 related

  • Doug Criswell

    VICE-PRESIDENT

    Total calculated
    $31,821
    From this org
    $31,821
    From related orgs
    $0
    Other
    $0
    Hours/week
    24.3 + 1 related

  • Danny West

    DIRECTOR

    Total calculated
    $29,576
    From this org
    $29,576
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.3 + 1 related

  • Paul Pinkert

    DIRECTOR

    Total calculated
    $27,860
    From this org
    $27,860
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.3 + 1 related

  • Cole Garner

    DIRECTOR

    Total calculated
    $28,732
    From this org
    $28,732
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.6 + 1 related

  • Michael Ramage

    DIRECTOR

    Total calculated
    $30,350
    From this org
    $30,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    4 + 1 related

  • Richard Moore

    GENERAL MANAGER/CEO

    Total calculated
    $179,061
    From this org
    $147,917
    From related orgs
    $0
    Other
    $31,144
    Hours/week
    62 + 1 related

    Schedule J breakdown matched by us

    Base
    $145,733
    Bonus
    $1,000
    Other
    $1,184
    Deferred
    $11,906
    Nontaxable benefits
    $19,238
    Filer's total
    $179,061

  • Tracy Bowman

    OFFICE MANAGER

    Total calculated
    $161,152
    From this org
    $138,094
    From related orgs
    $0
    Other
    $23,058
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,384
    Bonus
    $1,000
    Other
    $6,710
    Deferred
    $10,051
    Nontaxable benefits
    $13,007
    Filer's total
    $161,152

  • James Ingle

    ENGINEERING MANAGER

    Total calculated
    $154,608
    From this org
    $131,590
    From related orgs
    $0
    Other
    $23,018
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,723
    Bonus
    $1,000
    Other
    $6,867
    Deferred
    $9,344
    Nontaxable benefits
    $13,674
    Filer's total
    $154,608

  • Michael McDaniel

    OPERATIONS MANAGER

    Total calculated
    $157,664
    From this org
    $134,363
    From related orgs
    $0
    Other
    $23,301
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,046
    Bonus
    $1,000
    Other
    $7,317
    Deferred
    $9,627
    Nontaxable benefits
    $13,674
    Filer's total
    $157,664

  • Kathryn Shipp

    ADMINISTRATIVE MANAGER

    Total calculated
    $174,288
    From this org
    $150,973
    From related orgs
    $0
    Other
    $23,315
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,156
    Bonus
    $1,000
    Other
    $7,817
    Deferred
    $10,308
    Nontaxable benefits
    $13,007
    Filer's total
    $174,288

  • Floyd Trevino

    ENGINEERING TECH SUPPORT

    Total calculated
    $147,626
    From this org
    $125,127
    From related orgs
    $0
    Other
    $22,499
    Hours/week
    40

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 · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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 I, LINE 1A
TRAVEL FOR COMPANIONS - PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE DIRECTORS AND EMPLOYEES FOR THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL BUSINESS OF THE COOPERATIVE. TWO INDIVIDUALS (INGLE AND MOORE) REPORTED ON FORM 990, PART VII, RECEIVED THIS BENEFIT DURING THE YEAR. ADDITIONALLY, THE VALUE OF THE BENEFIT WAS INCLUDED IN THE RESPECTIVE REPORTABLE COMPENSATION OF EACH.

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.

  • RURAL VISION DEVELOPMENT CORPORATION

    C · WASTE MANAGEMENT ROLL OFF SERVICES · TX · 100% owned · share of income $9,021 · share of assets $269,296 · controlled entity

    Directly controlled by LAMB COUNTY ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2023
Filed
26 September 2024
IRS schema version
2023v5.1
Source object
202423179349302992

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