Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $20,901,401 · related or exempt $20,901,401

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $1,046,426 · related or exempt $1,046,426

• 2c · Program service revenue: SERVICE REVENUE

  total $74,897 · related or exempt $74,897

• 3 · Investment income

  total $108,728 · excluded $108,728

• 6a · Gross rents

  personal property $9,495

• 6c · Rental income or loss

  personal property $9,495

• 6d · Net rental income or loss

  total $9,495 · excluded $9,495

• 7a · Gross sales of assets other than inventory

  other assets $1,140

• 7c · Gain or loss

  other assets $1,140

• 7d · Net gain or loss

  total $1,140 · excluded $1,140

• 10a · Gross sales of inventory

  $442,047

• 10b · Cost of goods sold

  $276,935

• 10c · Net income from sales of inventory

  total $165,112 · excluded $165,112

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $19,451

• 4 · Benefits paid to or for members

  total $2,026,372

• 5 · Compensation of officers, directors and key employees

  total $549,919

• 7 · Other salaries and wages

  total $702,116

• 20 · Interest

  total $1,353,926

• 22 · Depreciation, depletion and amortization

  total $1,785,333

• 24a · Other expenses: COST OF POWER

  total $11,708,024

• 24b · Other expenses: DISTRIBUTION

  total $2,462,061

• 24c · Other expenses: CONSUMER EXPENSE

  total $1,143,178

• 24d · Other expenses: TAXES

  total $364,963

• 24e · All other expenses

  total $191,856

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,611,283 · end of year $416,561

• 2 · Savings and temporary cash investments

  beginning of year $1,936,708 · end of year $2,848,752

• 4 · Accounts receivable

  beginning of year $5,135,642 · end of year $4,144,349

• 9 · Prepaid expenses and deferred charges

  beginning of year $93,189 · end of year $84,609

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

  $74,738,108

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

  $12,298,593

• 10c · Land, buildings and equipment, net

  beginning of year $60,030,416 · end of year $62,439,515

• 12 · Investments: other securities

  beginning of year $8,478,655 · end of year $9,366,937

• 15 · Other assets

  beginning of year $33,822

• 17 · Accounts payable and accrued expenses

  beginning of year $1,974,832 · end of year $2,125,216

• 23 · Secured mortgages and notes payable

  beginning of year $38,865,316 · end of year $39,046,840

• 25 · Other liabilities

  beginning of year $3,029,779 · end of year $3,173,067

• 29 · Capital stock, trust principal or current funds

  beginning of year $39,665 · end of year $39,215

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $3,361,893 · end of year $3,449,901

• 31 · Retained earnings, endowment or other funds

  beginning of year $30,048,230 · end of year $31,466,484

The filer's explanations (Part III)

SCHEDULE J, PART III

PART III, COLUMN C. - INCLUDED IN THIS AMOUNT ARE THE EMPLOYER CONTRIBUTIONS TO THE DEFINED CONTRIBUTION PLAN (401K), CASH CONTRIBUTIONS TO THE MULTI-EMPLOYER NRECA R&S DEFINED BENEFIT PLAN, AND THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER THE NRECA R&S DEFINED BENEFIT PLAN. THE CHANGE FOR ACTUARIAL VALUE FOR EACH INDIVIDUAL PARTICIPANT IS BASED ON ACTUARIAL DATA AND ASSUMPTIONS. THE ACTUARIAL AMOUNTS INCLUDED IN THIS COLUMN ARE AS FOLLOWS: JEFF SIMPSON ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN 100,230 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,966 TOTAL REPORTED IN COLUMN C 104,196 LESS: ACTUARIAL INCREASE 100,230 ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 54,786 EXPENSE TO THE COOPERATIVE 58,752 MIKE WOLFE ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN 45,026 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,434 TOTAL REPORTED IN COLUMN C 47,460 LESS: ACTUARIAL INCREASE 45,026 ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,679 EXPENSE TO THE COOPERATIVE 36,113 KAREN RIVET ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN 25,487 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,100 TOTAL REPORTED IN COLUMN C 27,587 LESS: ACTUARIAL INCREASE 25,487 ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,842 EXPENSE TO THE COOPERATIVE 28,942 BARRY HOLT ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN 78,973 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,973 TOTAL REPORTED IN COLUMN C 80,946 LESS: ACTUARIAL INCREASE 78,973 ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,170 EXPENSE TO THE COOPERATIVE 29,143