Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $22,084,604 · related or exempt $22,084,604

• 2b · Program service revenue: SALES OF WATER

  total $1,517,583 · related or exempt $1,517,583

• 2c · Program service revenue: TRANSMISSION & WHEELING SERVICES

  total $1,378,804 · related or exempt $1,378,804

• 2d · Program service revenue: SERVICE FEES

  total $779,440 · related or exempt $779,440

• 2e · Program service revenue: PATRONAGE DIVIDENDS

  total $358,277 · related or exempt $358,277

• 3 · Investment income

  total $22,372 · excluded $22,372

• 6a · Gross rents

  real property $1,631

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $1,631

• 6d · Net rental income or loss

  total $1,631 · excluded $1,631

• 7a · Gross sales of assets other than inventory

  other assets $90,056

• 7b · Less cost or other basis and sales expenses

  other assets $53,573

• 7c · Gain or loss

  other assets $36,483

• 7d · Net gain or loss

  total $36,483 · related or exempt $36,483

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $280,130 · excluded $280,130

• 11b · Other revenue: MISC NON-OPERATING INCOME

  total $9,261 · related or exempt $9,261

• 11e · Other revenue, total

  $289,391

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $506,631

• 7 · Other salaries and wages

  total $2,324,026

• 8 · Pension plan contributions

  total $632,960

• 9 · Other employee benefits

  total $382,220

• 10 · Payroll taxes

  total $177,983

• 20 · Interest

  total $1,509,670

• 22 · Depreciation, depletion and amortization

  total $2,025,392

• 24a · Other expenses: PURCHASED POWER

  total $16,487,692

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $1,785,593

• 24c · Other expenses: ADMINISTRATIVE AND GENE

  total $1,479,578

• 24d · Other expenses: CONSUMER EXPENSE

  total $252,596

• 24e · All other expenses

  total $33,812

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  end of year $774,164

• 4 · Accounts receivable

  beginning of year $2,747,773 · end of year $1,069,298

• 7 · Other notes and loans receivable

  beginning of year $347,222 · end of year $291,667

• 8 · Inventories for sale or use

  beginning of year $1,662,418 · end of year $2,138,051

• 9 · Prepaid expenses and deferred charges

  beginning of year $625,345 · end of year $892,501

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

  $76,325,044

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

  $33,674,275

• 10c · Land, buildings and equipment, net

  beginning of year $38,760,677 · end of year $42,650,769

• 13 · Investments: program-related

  beginning of year $14,558,766 · end of year $14,839,750

• 15 · Other assets

  beginning of year $4,505,589 · end of year $5,006,022

• 17 · Accounts payable and accrued expenses

  beginning of year $2,708,400 · end of year $3,604,766

• 23 · Secured mortgages and notes payable

  beginning of year $25,169,437 · end of year $29,111,336

• 25 · Other liabilities

  beginning of year $6,361,654 · end of year $6,890,346

• 29 · Capital stock, trust principal or current funds

  beginning of year $29,040 · end of year $29,460

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

  beginning of year $6,457 · end of year $6,690

• 31 · Retained earnings, endowment or other funds

  beginning of year $28,932,802 · end of year $28,019,624

The filer's explanations (Part III)

PART II, COLUMN C:

INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. PHILLIP COOK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,576 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,042 TOTAL REPORTED IN COLUMN C $ 35,618 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,576) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 39,314 EXPENSE TO THE COOPERATIVE $ 44,356 THAN ASHBY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,511 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,997 TOTAL REPORTED IN COLUMN C $ 31,508 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,511) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,121 EXPENSE TO THE COOPERATIVE $ 49,118 RUSTY SHERMAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 48,255 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,931 TOTAL REPORTED IN COLUMN C $ 52,186 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (48,255) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 44,300 EXPENSE TO THE COOPERATIVE $ 48,231 JOSEPH BINGHAM: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 33,456 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,782 TOTAL REPORTED IN COLUMN C $ 37,238 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (33,456) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,129 EXPENSE TO THE COOPERATIVE $ 45,911 VICTOR TRUJILLO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 19,600 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,196 TOTAL REPORTED IN COLUMN C $ 22,796 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (19,600) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,887 EXPENSE TO THE COOPERATIVE $ 41,083 MYLES RAY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 52,060 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,093 TOTAL REPORTED IN COLUMN C $ 55,153 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (52,060) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,887 EXPENSE TO THE COOPERATIVE $ 40,980 FRANCISCO MACARIO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 17,434 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,801 TOTAL REPORTED IN COLUMN C $ 20,235 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (17,434) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,435 EXPENSE TO THE COOPERATIVE $ 37,236