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Nonprofiteer
← ADAMS ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by ADAMS ELECTRIC COOPERATIVE.

Totals

Total revenue
$28,115,186
Total expenses
$28,115,186
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$28,075,371
Investment income
$39,815
Other revenue
$0
Total assets, end of year
$68,418,571
Total liabilities, end of year
$39,137,607
Net assets or fund balances, end of year
$29,280,964
Program services expenses (Part IX)
$28,115,186
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$28,115,186

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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 Energy

    total $26,789,702 · related or exempt $26,789,702

  • 2b · Program service revenue: Capital Credits

    total $1,180,084 · related or exempt $1,180,084

  • 2c · Program service revenue: Other Electric Revenues

    total $105,585 · related or exempt $105,585

  • 3 · Investment income

    total $39,815 · related or exempt $39,815

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,002,604 · program services $2,002,604

  • 5 · Compensation of officers, directors and key employees

    total $621,557 · program services $621,557

  • 20 · Interest

    total $1,712,649 · program services $1,712,649

  • 22 · Depreciation, depletion and amortization

    total $1,874,855 · program services $1,874,855

  • 24a · Other expenses: Purchased Power

    total $17,182,537 · program services $17,182,537

  • 24b · Other expenses: Distribution Expense

    total $2,530,284 · program services $2,530,284

  • 24c · Other expenses: Administrative

    total $974,038 · program services $974,038

  • 24d · Other expenses: Customer Accounts & Ser

    total $739,410 · program services $739,410

  • 24e · All other expenses

    total $477,252 · program services $477,252

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $92,179 · end of year $396,905

  • 2 · Savings and temporary cash investments

    beginning of year $361,635 · end of year $365,335

  • 4 · Accounts receivable

    beginning of year $2,690,208 · end of year $2,411,131

  • 7 · Other notes and loans receivable

    beginning of year $184,298 · end of year $221,575

  • 8 · Inventories for sale or use

    beginning of year $1,492,127 · end of year $1,688,013

  • 9 · Prepaid expenses and deferred charges

    beginning of year $180,419 · end of year $101,147

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

    $73,611,557

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

    $24,574,421

  • 10c · Land, buildings and equipment, net

    beginning of year $46,619,282 · end of year $49,037,136

  • 12 · Investments: other securities

    beginning of year $13,766,348 · end of year $14,197,329

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,777,804 · end of year $2,506,052

  • 20 · Tax-exempt bond liabilities

    beginning of year $615,150 · end of year $392,800

  • 23 · Secured mortgages and notes payable

    beginning of year $33,753,605 · end of year $35,793,669

  • 25 · Other liabilities

    beginning of year $527,068 · end of year $445,086

  • 29 · Capital stock, trust principal or current funds

    beginning of year $179,465 · end of year $180,730

  • 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 $27,533,404 · end of year $29,100,234

Mission and programs · 2023

Mission

To provide electric energy to our members on a cooperative basis

Activities or mission (Part I)

Provide electric service to over 8,900 members on a cooperative basis

  • Provide electric energy to cooperative members

    Expenses $28,115,186 · Revenue $28,115,186

As filed on the 2023 return.

Listed in Part VII

  • James Thompson

    General Manager

    Total calculated
    $318,496
    From this org
    $240,839
    From related orgs
    $0
    Other
    $77,657
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $229,033
    Bonus
    $0
    Other
    $11,806
    Deferred
    $64,622
    Nontaxable benefits
    $13,035
    Filer's total
    $318,496

  • Austin Aschemann

    Lineman

    Total calculated
    $144,091
    From this org
    $121,039
    From related orgs
    $0
    Other
    $23,052
    Hours/week
    45

  • Tim Brecht

    Mgr Eng & Ops

    Total calculated
    $195,336
    From this org
    $119,140
    From related orgs
    $0
    Other
    $76,196
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $117,449
    Bonus
    $0
    Other
    $1,691
    Deferred
    $48,108
    Nontaxable benefits
    $28,088
    Filer's total
    $195,336

  • Chad Reische

    Design/Const Supervisor

    Total calculated
    $155,610
    From this org
    $118,964
    From related orgs
    $0
    Other
    $36,646
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $118,732
    Bonus
    $0
    Other
    $232
    Deferred
    $24,751
    Nontaxable benefits
    $11,895
    Filer's total
    $155,610

  • Steven Jennings

    Manager of Finance

    Total calculated
    $134,636
    From this org
    $118,767
    From related orgs
    $0
    Other
    $15,869
    Hours/week
    45

  • Garrett Kestner

    Journeyman Lineman

    Total calculated
    $138,663
    From this org
    $115,747
    From related orgs
    $0
    Other
    $22,916
    Hours/week
    46

  • Gary Wagner

    Journeyman Lineman

    Total calculated
    $143,571
    From this org
    $114,287
    From related orgs
    $0
    Other
    $29,284
    Hours/week
    44

  • Tara Neisen

    Mgr of Finance & Accounting

    Total calculated
    $136,175
    From this org
    $91,963
    From related orgs
    $0
    Other
    $44,212
    Hours/week
    45

  • Rebecca Barlow

    President

    Total calculated
    $4,600
    From this org
    $4,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Eric Ewing

    Director

    Total calculated
    $4,000
    From this org
    $4,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Brent Clair

    Director

    Total calculated
    $4,000
    From this org
    $4,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Thomas Travis

    Treasurer

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Glen Koch

    Director

    Total calculated
    $3,550
    From this org
    $3,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Laura Meyer

    Vice-President

    Total calculated
    $3,200
    From this org
    $3,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kristina Farwell

    Secretary

    Total calculated
    $3,200
    From this org
    $3,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Rex Niekamp

    Director

    Total calculated
    $3,100
    From this org
    $3,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • James Ward

    Director

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

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 · Written employment contract
  • 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 3
The Board of Directors review compensation, based on industry surveys and employee performance before approving executive compensation.

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
2023
Filed
25 October 2024
IRS schema version
2023v5.1
Source object
202432999349300808

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