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Nonprofiteer
← LAMB COUNTY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by LAMB COUNTY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$41,506,938
Total expenses
$41,519,640
Contributions and grants received
$0
Grants paid
$16,483
Program service revenue
$41,426,677
Investment income
$61,831
Other revenue
$18,430
Total assets, end of year
$86,688,457
Total liabilities, end of year
$34,617,912
Net assets or fund balances, end of year
$52,070,545
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: SALES OF ELECTRICITY

    total $40,433,129 · related or exempt $40,433,129

  • 2b · Program service revenue: PATRONAGE CAPITAL

    total $992,053 · related or exempt $992,053

  • 2c · Program service revenue: OTHER PROGRAM REVENUE

    total $1,495 · related or exempt $1,495

  • 3 · Investment income

    total $61,831 · excluded $61,831

  • 6a · Gross rents

    personal property $6,991

  • 6b · Less rental expenses

    personal property $1,535

  • 6c · Rental income or loss

    personal property $5,456

  • 6d · Net rental income or loss

    total $5,456 · unrelated business $5,456

  • 10a · Gross sales of inventory

    $9,129

  • 10b · Cost of goods sold

    $7,242

  • 10c · Net income from sales of inventory

    total $1,887 · related or exempt $1,887

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $11,087 · excluded $11,087

  • 11e · Other revenue, total

    $11,087

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $16,483

  • 4 · Benefits paid to or for members

    total $2,074,045

  • 5 · Compensation of officers, directors and key employees

    total $360,416

  • 7 · Other salaries and wages

    total $2,636,606

  • 8 · Pension plan contributions

    total $177,331

  • 9 · Other employee benefits

    total $694,310

  • 10 · Payroll taxes

    total $221,248

  • 20 · Interest

    total $1,121,525

  • 22 · Depreciation, depletion and amortization

    total $2,624,296

  • 24a · Other expenses: PURCHASED POWER

    total $29,303,377

  • 24b · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,449,595

  • 24c · Other expenses: DISTRIBUTION EXPENSE

    total $775,705

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $39,037

  • 24e · All other expenses

    total $25,666

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $677,665 · end of year $332,045

  • 2 · Savings and temporary cash investments

    beginning of year $50,693 · end of year $3,005,647

  • 4 · Accounts receivable

    beginning of year $1,264,348 · end of year $1,538,648

  • 8 · Inventories for sale or use

    beginning of year $441,367 · end of year $423,820

  • 9 · Prepaid expenses and deferred charges

    beginning of year $219,532 · end of year $242,026

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

    $90,000,059

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

    $46,554,637

  • 10c · Land, buildings and equipment, net

    beginning of year $43,535,862 · end of year $43,445,422

  • 13 · Investments: program-related

    beginning of year $36,708,905 · end of year $36,689,756

  • 15 · Other assets

    beginning of year $2,335,064 · end of year $1,011,093

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,579,655 · end of year $2,665,365

  • 21 · Escrow or custodial account liability

    beginning of year $57,659 · end of year $44,351

  • 23 · Secured mortgages and notes payable

    beginning of year $29,944,221 · end of year $30,940,081

  • 25 · Other liabilities

    beginning of year $853,186 · end of year $968,115

  • 29 · Capital stock, trust principal or current funds

    beginning of year $11,805 · end of year $11,800

  • 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 $51,786,910 · end of year $52,058,745

Mission and programs · 2022

Mission

NONE

Activities or mission (Part I)

TO PROVIDE ELECTRIC ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.

  • SALES OF ELECTRIC POWER TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 11,627 ACTIVE SERVICES AT YEAR END.

As filed on the 2022 return.

Listed in Part VII

  • Marvin Matthews

    PRESIDENT

    Total calculated
    $26,390
    From this org
    $26,390
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.5 + 1 related

  • Kevin Humphreys

    SECRETARY/TREASURER

    Total calculated
    $26,640
    From this org
    $26,640
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 1 related

  • Doug Criswell

    VICE-PRESIDENT

    Total calculated
    $26,915
    From this org
    $26,915
    From related orgs
    $0
    Other
    $0
    Hours/week
    26.9 + 1 related

  • Danny West

    DIRECTOR

    Total calculated
    $26,957
    From this org
    $26,957
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.6 + 1 related

  • Paul Pinkert

    DIRECTOR

    Total calculated
    $26,873
    From this org
    $26,873
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2 + 1 related

  • Cole Garner

    DIRECTOR

    Total calculated
    $26,390
    From this org
    $26,390
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.3 + 1 related

  • Michael Ramage

    DIRECTOR

    Total calculated
    $26,340
    From this org
    $26,340
    From related orgs
    $0
    Other
    $0
    Hours/week
    3 + 1 related

  • Richard Moore

    GENERAL MANAGER/CEO

    Total calculated
    $173,911
    From this org
    $142,862
    From related orgs
    $0
    Other
    $31,049
    Hours/week
    60 + 1 related

    Schedule J breakdown matched by us

    Base
    $140,752
    Bonus
    $1,000
    Other
    $1,110
    Deferred
    $11,438
    Nontaxable benefits
    $19,611
    Filer's total
    $173,911

  • Tracy Bowman

    OFFICE MANAGER

    Total calculated
    $159,989
    From this org
    $137,219
    From related orgs
    $0
    Other
    $22,770
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,517
    Bonus
    $1,000
    Other
    $5,702
    Deferred
    $9,718
    Nontaxable benefits
    $13,052
    Filer's total
    $159,989

  • Kathryn Shipp

    ADMINISTRATIVE MANAGER

    Total calculated
    $157,273
    From this org
    $135,778
    From related orgs
    $0
    Other
    $21,495
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,425
    Bonus
    $1,000
    Other
    $2,353
    Deferred
    $9,943
    Nontaxable benefits
    $11,552
    Filer's total
    $157,273

  • Michael McDaniel

    OPERATIONS MANAGER

    Total calculated
    $154,928
    From this org
    $131,918
    From related orgs
    $0
    Other
    $23,010
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,826
    Bonus
    $1,000
    Other
    $7,092
    Deferred
    $9,292
    Nontaxable benefits
    $13,718
    Filer's total
    $154,928

  • James Ingle

    ENGINEERING MANAGER

    Total calculated
    $150,755
    From this org
    $127,950
    From related orgs
    $0
    Other
    $22,805
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $120,342
    Bonus
    $1,000
    Other
    $6,608
    Deferred
    $8,952
    Nontaxable benefits
    $13,853
    Filer's total
    $150,755

  • Floyd Trevino

    ENGINEERING TECH SUPPORT

    Total calculated
    $142,869
    From this org
    $122,104
    From related orgs
    $0
    Other
    $20,765
    Hours/week
    40

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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 1A
TRAVEL FOR COMPANIONS - PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE DIRECTORS AND EMPLOYEES FOR THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL BUSINESS OF THE COOPERATIVE. EIGHT INDIVIDUALS (CRISWELL, PINKERT, WEST, BOWMAN, INGLE, MCDANIEL, MOORE, SHIPP) REPORTED ON FORM 990, PART VII, RECEIVED THIS BENEFIT DURING THE YEAR. ADDITIONALLY, THE VALUE OF THE BENEFIT WAS INCLUDED IN THE RESPECTIVE REPORTABLE COMPENSATION OF EACH.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • RURAL VISION DEVELOPMENT CORPORATION

    C · WASTE MANAGEMENT ROLL OFF SERVICES · TX · 100% owned · share of income $16,402 · share of assets $269,019 · controlled entity

    Directly controlled by LAMB COUNTY ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202303199349320690

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