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Nonprofiteer
← WHETSTONE VALLEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by WHETSTONE VALLEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$11,362,354
Total expenses
$11,267,152
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$11,245,061
Investment income
$22,091
Other revenue
$95,202
Total assets, end of year
$39,780,870
Total liabilities, end of year
$25,895,093
Net assets or fund balances, end of year
$13,885,777
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 $10,408,641 · related or exempt $10,408,641

  • 2b · Program service revenue: CAPITAL CREDITS

    total $811,819 · related or exempt $811,819

  • 2f · All other program service revenue

    total $24,601 · related or exempt $24,601

  • 3 · Investment income

    total $22,091 · excluded $22,091

  • 10a · Gross sales of inventory

    $1,532,720

  • 10b · Cost of goods sold

    $1,437,518

  • 10c · Net income from sales of inventory

    total $95,202 · related or exempt $76,431 · unrelated business $18,771

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,046,374

  • 5 · Compensation of officers, directors and key employees

    total $260,028

  • 7 · Other salaries and wages

    total $1,643,053

  • 8 · Pension plan contributions

    total $313,495

  • 10 · Payroll taxes

    total $136,642

  • 20 · Interest

    total $716,181

  • 22 · Depreciation, depletion and amortization

    total $1,102,591

  • 24a · Other expenses: UBI TAX

    total $2,436

  • 24b · Other expenses: COST OF POWER

    total $5,558,243

  • 24c · Other expenses: ADMIN & GENERAL

    total $1,078,866

  • 24d · Other expenses: DISTRIBUTION-OPERATIONS

    total $723,331

  • 24e · All other expenses

    total -$1,314,088

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,761,867 · end of year $580,337

  • 4 · Accounts receivable

    beginning of year $1,033,842 · end of year $1,178,607

  • 7 · Other notes and loans receivable

    beginning of year $411,810 · end of year $336,230

  • 8 · Inventories for sale or use

    beginning of year $821,470 · end of year $965,688

  • 9 · Prepaid expenses and deferred charges

    beginning of year $433,818 · end of year $313,729

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

    $39,306,336

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

    $10,839,636

  • 10c · Land, buildings and equipment, net

    beginning of year $26,672,507 · end of year $28,466,700

  • 12 · Investments: other securities

    beginning of year $247,459 · end of year $495,616

  • 13 · Investments: program-related

    beginning of year $6,957,011 · end of year $7,443,963

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,128,837 · end of year $1,175,050

  • 23 · Secured mortgages and notes payable

    beginning of year $24,636,487 · end of year $24,095,008

  • 25 · Other liabilities

    beginning of year $355,067 · end of year $625,035

  • 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 $13,219,393 · end of year $13,885,777

Mission and programs · 2022

Mission

TO ENHANCE THE QUALITY OF LIFE IN OUR COMMUNITY BY PROVIDING THE HIGHEST LEVEL OF SERVICE, QUALITY AND VALUE IN ELECTRICITY, DISTRIBUTION AND SERVICES.

Activities or mission (Part I)

TO PROVIDE ELECTRICITY TO RURAL ELECTRIC COOPERATIVE MEMBERS.

  • PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 2,696 MEMBERS AND MAINTAINED 1,461 MILES OF LINE.

As filed on the 2022 return.

Listed in Part VII

  • Bill Tostenson

    PRESIDENT

    Total calculated
    $8,424
    From this org
    $8,424
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.2

  • Krista Atyeo-Gortmaker

    TREASURER

    Total calculated
    $7,403
    From this org
    $7,403
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Dale Jensen

    VICE PRESIDENT

    Total calculated
    $8,118
    From this org
    $8,118
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Tom Berens

    DIRECTOR

    Total calculated
    $4,192
    From this org
    $4,192
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4

  • Joel Adler

    DIRECTOR

    Total calculated
    $5,985
    From this org
    $5,985
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.8

  • Darren Strasser

    SECRETARY

    Total calculated
    $3,780
    From this org
    $3,780
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.8

  • David Behrns

    DIRECTOR

    Total calculated
    $7,560
    From this org
    $7,560
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.4

  • Paul Nelson

    DIRECTOR

    Total calculated
    $5,828
    From this org
    $5,828
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.9

  • Scott Niedert

    DIRECTOR

    Total calculated
    $5,355
    From this org
    $5,355
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4

  • David Page

    GENERAL MANAGER

    Total calculated
    $247,201
    From this org
    $138,724
    From related orgs
    $0
    Other
    $108,477
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $134,548
    Bonus
    $0
    Other
    $4,176
    Deferred
    $78,041
    Nontaxable benefits
    $30,436
    Filer's total
    $247,201

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 · 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)

SCHEDULE J, PART II, COLUMN (C)
COLUMN C FOR DAVID PAGE INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN FOR DAVID OF $73,748. THE ACTUAL CONTRIBUTION BY THE COOPERATIVE INTO THE DEFINED BENEFIT PLAN ON DAVID'S BEHALF IN 2022 WAS $34,107.

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
16 August 2023
IRS schema version
2022v5.0
Source object
202342309349300419

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