Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC SALES

  total $238,119,903 · related or exempt $238,119,903

• 2b · Program service revenue: OTHER ELECTRIC INCOME

  total $3,897,285 · related or exempt $3,897,285

• 2c · Program service revenue: POLE RENTALS

  total $1,756,384 · excluded $1,756,384

• 3 · Investment income

  total $150,933 · excluded $150,933

• 10a · Gross sales of inventory

  $5,185

• 10b · Cost of goods sold

  $4,040

• 10c · Net income from sales of inventory

  total $1,145 · related or exempt $1,145

• 11a · Other revenue: MISCELLANEOUS

  total $340,162 · related or exempt $340,162

• 11e · Other revenue, total

  $340,162

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,122,716 · program services $1,122,716

• 7 · Other salaries and wages

  total $8,205,833 · program services $8,205,833

• 8 · Pension plan contributions

  total $1,699,001 · program services $1,699,001

• 9 · Other employee benefits

  total $2,866,986 · program services $2,866,986

• 10 · Payroll taxes

  total $751,487 · program services $751,487

• 11a · Fees: management

  total $53,185 · program services $53,185

• 11b · Fees: legal

  total $63,255 · program services $63,255

• 11c · Fees: accounting

  total $31,420 · program services $31,420

• 11f · Fees: investment management

  total $27,285 · program services $27,285

• 11g · Fees: other

  total $52,272 · program services $52,272

• 12 · Advertising and promotion

  total $105,607 · program services $105,607

• 13 · Office expenses

  total $1,109,369 · program services $1,109,369

• 14 · Information technology

  total $1,186,077 · program services $1,186,077

• 16 · Occupancy

  total $3,064,587 · program services $3,064,587

• 17 · Travel

  total $1,770,410 · program services $1,770,410

• 19 · Conferences, conventions and meetings

  total $350,469 · program services $350,469

• 20 · Interest

  total $4,596,524 · program services $4,596,524

• 22 · Depreciation, depletion and amortization

  total $14,076,597 · program services $14,076,597

• 23 · Insurance

  total $171,043 · program services $171,043

• 24a · Other expenses: PURCHASED POWER

  total $181,714,139 · program services $181,714,139

• 24b · Other expenses: UTILITY TAXES

  total $6,534,860 · program services $6,534,860

• 24c · Other expenses: MAINTENANCE

  total $3,815,654 · program services $3,815,654

• 24d · Other expenses: OPERATIONS

  total $732,795 · program services $732,795

• 24e · All other expenses

  total $16,732 · program services $16,732

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,199,385 · end of year $1,959,126

• 2 · Savings and temporary cash investments

  beginning of year $14,122,456 · end of year $18,685,815

• 4 · Accounts receivable

  beginning of year $27,018,852 · end of year $23,847,231

• 8 · Inventories for sale or use

  beginning of year $14,480,017 · end of year $19,075,851

• 9 · Prepaid expenses and deferred charges

  beginning of year $577,379 · end of year $567,397

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

  $451,004,567

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

  $179,799,978

• 10c · Land, buildings and equipment, net

  beginning of year $252,573,894 · end of year $271,204,589

• 13 · Investments: program-related

  beginning of year $10,134,277 · end of year $10,738,563

• 14 · Intangible assets

  beginning of year $318,731 · end of year $218,080

• 15 · Other assets

  beginning of year $1,254,948 · end of year $1,199,053

• 17 · Accounts payable and accrued expenses

  beginning of year $38,133,342 · end of year $37,182,119

• 23 · Secured mortgages and notes payable

  beginning of year $108,465,083 · end of year $131,034,307

• 24 · Unsecured notes and loans payable

  beginning of year $6,000,000 · end of year $0

• 25 · Other liabilities

  beginning of year $12,356,108 · end of year $11,824,404

• 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 $156,725,406 · end of year $167,454,875

The filer's explanations (Part III)

PART I, LINE 3

THE BOARD OF DIRECTORS UTILIZES A COMPENSATION COMMITTEE TO MAKE A RECOMMENDATION TO THE FULL BOARD REGARDING THE CEO'S COMPENSATION. RELEVANT INFORMATION SUCH AS CURRENT COMPENSATION AND BENEFITS, SURVEY DATA, ETC. IS PROVIDED TO THE BOARD. THE ORGANIZATION HAS A WRITTEN EMPLOYMENT CONTRACT THAT INCLUDES EXPLANATIONS OF THE CEO'S DUTIES, COMPENSATION, BENEFITS, AND OTHER RELEVANT DETAILS. THE ORGANIZATION USES COMPENSATION SURVEY DATA FROM TWO SOURCES: (1) NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION, AND (2) TENNESSEE VALLEY PUBLIC POWER ASSOCIATION. THE BOARD OF DIRECTORS CONDUCTS AN ANNUAL PERFORMANCE APPRAISAL AND FROM THAT DETERMINES ANY ADJUSTMENTS TO THE CEO'S COMPENSATION.

Related corporations and trusts

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

• MILLENNIUM ENERGY INC

  C · SALE & DISTRIBUTION OF NATURAL GAS · KY · 100% owned · share of income $317,829 · share of assets $1,540,341 · controlled entity

  Directly controlled by WARREN RURAL ELECTRIC CO-OP CORP

• PROPANE ENERGY SERVICES INC

  C · SALES - PROPANE · KY · 100% owned · share of income $2,168,917 · share of assets $3,674,828 · controlled entity

  Directly controlled by WARREN RURAL ELECTRIC CO-OP CORP

• ELECTRIC POWER SERVICES INC

  C · HOLDING COMPANY · KY · 100% owned · controlled entity

  Directly controlled by WARREN RURAL ELECTRIC CO-OP CORP