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Nonprofiteer
← KENERGY CORP

Form 990 for tax year 2023

Filed by KENERGY CORP.

Totals

Total revenue
$347,286,846
Total expenses
$347,606,641
Contributions and grants received
$0
Grants paid
$38,317
Program service revenue
$344,126,401
Investment income
$541,305
Other revenue
$2,619,140
Total assets, end of year
$321,555,799
Total liabilities, end of year
$236,288,653
Net assets or fund balances, end of year
$85,267,146
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 $342,928,824 · related or exempt $342,928,824

  • 2b · Program service revenue: SERVICE FEES

    total $656,924 · related or exempt $656,924

  • 2c · Program service revenue: PATRONAGE DIVIDENDS

    total $540,653 · related or exempt $540,653

  • 3 · Investment income

    total $310,227 · excluded $310,227

  • 6a · Gross rents

    personal property $1,692,750

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $1,692,750

  • 6d · Net rental income or loss

    total $1,692,750 · unrelated business $1,692,750

  • 7a · Gross sales of assets other than inventory

    other assets $312,142

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

    other assets $81,064

  • 7c · Gain or loss

    other assets $231,078

  • 7d · Net gain or loss

    total $231,078 · related or exempt $231,078

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $924,487 · excluded $924,487

  • 11b · Other revenue: TELECOM REVENUE

    total $1,221 · unrelated business $1,221

  • 11c · Other revenue: MISCELLANEOUS NON-OPERATING INCOM

    total $682 · related or exempt $682

  • 11e · Other revenue, total

    $926,390

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $38,317

  • 5 · Compensation of officers, directors and key employees

    total $2,206,772

  • 7 · Other salaries and wages

    total $7,637,496

  • 8 · Pension plan contributions

    total $1,083,631

  • 9 · Other employee benefits

    total $1,370,904

  • 10 · Payroll taxes

    total $547,967

  • 20 · Interest

    total $4,208,342

  • 22 · Depreciation, depletion and amortization

    total $14,812,004

  • 24a · Other expenses: PURCHASED POWER

    total $300,514,192

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $10,897,001

  • 24c · Other expenses: BROADBAND EXPENSE

    total $1,522,632

  • 24d · Other expenses: ADMIN & GENERAL

    total $1,395,095

  • 24e · All other expenses

    total $1,372,288

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,477,202 · end of year $1,413,796

  • 4 · Accounts receivable

    beginning of year $32,625,169 · end of year $21,843,209

  • 8 · Inventories for sale or use

    beginning of year $9,428,758 · end of year $25,609,043

  • 9 · Prepaid expenses and deferred charges

    beginning of year $684,209 · end of year $684,767

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

    $427,596,000

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

    $175,560,976

  • 10c · Land, buildings and equipment, net

    beginning of year $204,790,872 · end of year $252,035,024

  • 13 · Investments: program-related

    beginning of year $6,160,185 · end of year $6,189,841

  • 15 · Other assets

    beginning of year $15,826,118 · end of year $13,780,119

  • 17 · Accounts payable and accrued expenses

    beginning of year $45,860,031 · end of year $45,642,402

  • 23 · Secured mortgages and notes payable

    beginning of year $140,754,335 · end of year $183,258,572

  • 25 · Other liabilities

    beginning of year $6,622,833 · end of year $7,387,679

  • 29 · Capital stock, trust principal or current funds

    beginning of year $231,750 · end of year $233,190

  • 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 $85,523,564 · end of year $85,033,956

Mission and programs · 2023

Mission

SAFELY PROVIDING RELIABLE ELECTRIC AND TECHNOLOGY SERVICES FOR OUR MEMBERS.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 59,510 ACTIVE SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Jonathan Ayer

    VICE CHAIRMAN

    Total calculated
    $12,100
    From this org
    $12,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Richard Basham

    DIRECTOR

    Total calculated
    $13,800
    From this org
    $13,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Susan Blanford

    DIRECTOR

    Total calculated
    $15,300
    From this org
    $15,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Larry Elder

    DIRECTOR

    Total calculated
    $14,100
    From this org
    $14,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Ryan Hammack

    DIRECTOR

    Total calculated
    $12,900
    From this org
    $12,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Michael Hazelwood

    DIRECTOR

    Total calculated
    $13,500
    From this org
    $13,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Eddie Leach

    DIRECTOR

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • William Reid

    CHAIRMAN

    Total calculated
    $15,300
    From this org
    $15,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Craig Roberts

    SECRETARY/TREASURER

    Total calculated
    $12,150
    From this org
    $12,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Robert White

    DIRECTOR

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Brent Wigginton

    DIRECTOR

    Total calculated
    $12,900
    From this org
    $12,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Jeff Hohn

    PRESIDENT & CEO (JAN-MAR)

    Total calculated
    $378,940
    From this org
    $244,815
    From related orgs
    $0
    Other
    $134,125
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $210,200
    Bonus
    $25,000
    Other
    $9,615
    Deferred
    $121,815
    Nontaxable benefits
    $12,310
    Filer's total
    $378,940

  • Timothy Lindahl

    PRESIDENT & CEO (MAR-DEC)

    Total calculated
    $298,874
    From this org
    $238,017
    From related orgs
    $0
    Other
    $60,857
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $206,275
    Bonus
    $150
    Other
    $31,592
    Deferred
    $37,228
    Nontaxable benefits
    $23,629
    Filer's total
    $298,874

  • Debra Hayden

    EXECUTIVE ASST. SECRETARY

    Total calculated
    $139,980
    From this org
    $104,392
    From related orgs
    $0
    Other
    $35,588
    Hours/week
    40

  • Travis Siewert

    VP - FINANCE & ACCOUNTING

    Total calculated
    $229,558
    From this org
    $177,744
    From related orgs
    $0
    Other
    $51,814
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $165,708
    Bonus
    $500
    Other
    $11,536
    Deferred
    $21,977
    Nontaxable benefits
    $29,837
    Filer's total
    $229,558

  • Rob Stumph

    VP - ENGINEERING

    Total calculated
    $453,143
    From this org
    $235,029
    From related orgs
    $0
    Other
    $218,114
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $210,327
    Bonus
    $500
    Other
    $24,202
    Deferred
    $194,660
    Nontaxable benefits
    $23,454
    Filer's total
    $453,143

  • Keith Ellis

    VP - ADMINISTRATIVE SERVICES

    Total calculated
    $290,818
    From this org
    $201,013
    From related orgs
    $0
    Other
    $89,805
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $174,548
    Bonus
    $500
    Other
    $25,965
    Deferred
    $57,990
    Nontaxable benefits
    $31,815
    Filer's total
    $290,818

  • Steve Thompson

    VP - REGULATORY/EXTERNAL AFFAIRS

    Total calculated
    $266,409
    From this org
    $197,058
    From related orgs
    $0
    Other
    $69,351
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,446
    Bonus
    $500
    Other
    $19,112
    Deferred
    $44,791
    Nontaxable benefits
    $24,560
    Filer's total
    $266,409

  • Michael Church

    OPERATIONS MANAGER

    Total calculated
    $234,510
    From this org
    $145,986
    From related orgs
    $0
    Other
    $88,524
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $137,206
    Bonus
    $500
    Other
    $8,280
    Deferred
    $64,254
    Nontaxable benefits
    $24,270
    Filer's total
    $234,510

  • Casey Baker

    OPERATIONS MANAGER

    Total calculated
    $199,927
    From this org
    $140,532
    From related orgs
    $0
    Other
    $59,395
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $136,333
    Bonus
    $500
    Other
    $3,699
    Deferred
    $39,542
    Nontaxable benefits
    $19,853
    Filer's total
    $199,927

  • Andrew Webster

    CREW LEADER

    Total calculated
    $174,751
    From this org
    $139,741
    From related orgs
    $0
    Other
    $35,010
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $138,815
    Bonus
    $500
    Other
    $426
    Deferred
    $7,879
    Nontaxable benefits
    $27,131
    Filer's total
    $174,751

  • Logan Harpole

    SERVICE TECHNICIAN

    Total calculated
    $172,209
    From this org
    $138,988
    From related orgs
    $0
    Other
    $33,221
    Hours/week
    58

    Schedule J breakdown matched by us

    Base
    $138,261
    Bonus
    $500
    Other
    $227
    Deferred
    $6,886
    Nontaxable benefits
    $26,335
    Filer's total
    $172,209

  • Thane Lacaze

    CREW LEADER

    Total calculated
    $170,495
    From this org
    $137,727
    From related orgs
    $0
    Other
    $32,768
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $136,842
    Bonus
    $500
    Other
    $385
    Deferred
    $6,365
    Nontaxable benefits
    $26,403
    Filer's total
    $170,495

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

  • 3 · Independent compensation consultant
  • 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 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. ROB STUMPH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 194,660 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (194,660) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 55,749 EXPENSE TO THE COOPERATIVE $ 55,749 JEFF HOHN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 121,815 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (121,815) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,239 EXPENSE TO THE COOPERATIVE $ 19,239 TIMOTHY LINDAHL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 37,228 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (37,228) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 48,098 EXPENSE TO THE COOPERATIVE $ 48,098 KEITH ELLIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,990 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,990) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 40,832 EXPENSE TO THE COOPERATIVE $ 40,832 STEVE THOMPSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 44,791 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (44,791) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 47,769 EXPENSE TO THE COOPERATIVE $ 47,769 MICHAEL CHURCH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 64,254 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (64,254) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,128 EXPENSE TO THE COOPERATIVE $ 37,128 TRAVIS SIEWERT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 21,977 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (21,977) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,478 EXPENSE TO THE COOPERATIVE $ 38,478 CASEY BAKER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,542 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,542) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 36,439 EXPENSE TO THE COOPERATIVE $ 36,439 ANDREW WEBSTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 7,879 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (7,879) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,887 EXPENSE TO THE COOPERATIVE $ 19,887 LOGAN HARPOLE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 6,886 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (6,886) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,009 EXPENSE TO THE COOPERATIVE $ 19,009 THANE LACAZE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 6,365 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (6,365) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,887 EXPENSE TO THE COOPERATIVE $ 19,887

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • KENECT INC

    C · FIBER AND BROADBAND ACCESS SUBLEASE · KY · 100% owned · share of income $32,791 · share of assets $57 · controlled entity

    Directly controlled by KENERGY CORP

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202443209349302494

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