Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $4,398,502 · related or exempt $4,398,502

• 2b · Program service revenue: SALES OF NATURAL GAS

  total $853,883 · related or exempt $853,883

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $47,708 · related or exempt $47,708

• 2d · Program service revenue: SERVICE FEES

  total $19,750 · related or exempt $19,750

• 3 · Investment income

  total $123,396 · related or exempt $123,396

• 7a · Gross sales of assets other than inventory

  other assets $2,260

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

  other assets $2,500

• 7c · Gain or loss

  other assets -$240

• 7d · Net gain or loss

  total -$240 · related or exempt -$240

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $29,571 · excluded $29,571

• 11e · Other revenue, total

  $29,571

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $549,406

• 7 · Other salaries and wages

  total $562,009

• 8 · Pension plan contributions

  total $66,107

• 9 · Other employee benefits

  total $79,184

• 10 · Payroll taxes

  total $50,322

• 20 · Interest

  total $83,085

• 22 · Depreciation, depletion and amortization

  total $411,682

• 24a · Other expenses: PURCHASED POWER

  total $3,086,072

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $418,906

• 24c · Other expenses: CONSUMER ACCOUNTS

  total $233,737

• 24d · Other expenses: ADMINISTRATIVE & GENERA

  total $68,073

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $158,608 · end of year $463,645

• 2 · Savings and temporary cash investments

  beginning of year $1,438,141 · end of year $1,503,376

• 4 · Accounts receivable

  beginning of year $552,639 · end of year $399,152

• 7 · Other notes and loans receivable

  beginning of year $1,976 · end of year $380

• 8 · Inventories for sale or use

  beginning of year $251,409 · end of year $355,248

• 9 · Prepaid expenses and deferred charges

  beginning of year $398,135 · end of year $252,898

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

  $13,730,386

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

  $7,939,587

• 10c · Land, buildings and equipment, net

  beginning of year $5,722,910 · end of year $5,790,799

• 13 · Investments: program-related

  beginning of year $3,174,048 · end of year $3,205,980

• 15 · Other assets

  beginning of year $114,739 · end of year $114,816

• 17 · Accounts payable and accrued expenses

  beginning of year $586,298 · end of year $506,740

• 23 · Secured mortgages and notes payable

  beginning of year $1,394,013 · end of year $1,688,348

• 25 · Other liabilities

  beginning of year $430,471 · end of year $548,656

• 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 $9,401,823 · end of year $9,342,550

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. STEVEN LUNT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 82,334 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,595 TOTAL REPORTED IN COLUMN C $ 91,929 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (82,334) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,390 EXPENSE TO THE COOPERATIVE $ 40,985 MICHAEL STRAIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 53,344 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,738 TOTAL REPORTED IN COLUMN C $ 61,082 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (53,344) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN -0- EXPENSE TO THE COOPERATIVE $ 7,738

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• AZNEX COOPERATIVE SERVICES INC

  C · INACTIVE · AZ · 100% owned · controlled entity

  Directly controlled by DUNCAN VALLEY ELECTRIC COOPERATIVE INC