Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRICITY SOLD TO MEMBERS

  total $235,126,373 · related or exempt $235,126,373 · unrelated business $0 · excluded $0

• 2b · Program service revenue: PROGRAM RELATED INVESTMENT INCOME

  total $10,654,546 · related or exempt $10,654,546 · unrelated business $0 · excluded $0

• 2c · Program service revenue: POLE RENTAL

  total $664,844 · related or exempt $0 · unrelated business $0 · excluded $664,844

• 2d · Program service revenue: TOWER & BUILDING RENTAL

  total $105,513 · related or exempt $0 · unrelated business $105,513 · excluded $0

• 2e · Program service revenue: FIBER OPTIC ROU ASSET

  total $8,286,429 · related or exempt $8,286,429 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $1,060,885 · related or exempt $0 · unrelated business $0 · excluded $1,060,885

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6a · Gross rents

  real property $46,912 · personal property $0

• 6b · Less rental expenses

  real property $46,912 · personal property $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 7a · Gross sales of assets other than inventory

  securities $0 · other assets $432,036

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

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $0 · other assets $432,036

• 7d · Net gain or loss

  total $432,036 · related or exempt $432,036 · unrelated business $0 · excluded $0

• 11a · Other revenue: PPPL FORGIVENESS

  total $6,115,860 · related or exempt $6,115,860 · unrelated business $0 · excluded $0

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $6,115,860

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $11,177,265

• 5 · Compensation of officers, directors and key employees

  total $2,000,693

• 20 · Interest

  total $14,388,153

• 22 · Depreciation, depletion and amortization

  total $23,039,500

• 24a · Other expenses: PURCHASED ELECTRIC POWER

  total $144,714,499

• 24b · Other expenses: OPERATIONS & MAINTENANCE EXPENSE

  total $41,986,241

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $8,782,803

• 24d · Other expenses: MEMBER SERVICE EXPENSE

  total $9,291,780

• 24e · All other expenses

  total $7,065,552

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,689,818 · end of year $394,462

• 2 · Savings and temporary cash investments

  beginning of year $1,044,061 · end of year $995,887

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $31,938,341 · end of year $41,087,936

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $1,725,678 · end of year $1,423,931

• 8 · Inventories for sale or use

  beginning of year $12,200,031 · end of year $16,579,222

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,249,309 · end of year $4,589,510

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

  $853,352,303

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

  $191,244,510

• 10c · Land, buildings and equipment, net

  beginning of year $593,183,915 · end of year $662,107,793

• 11 · Investments: publicly traded securities

  beginning of year $2,373,774 · end of year $0

• 12 · Investments: other securities

  beginning of year $820,634 · end of year $615,271

• 13 · Investments: program-related

  beginning of year $139,279,736 · end of year $147,494,295

• 14 · Intangible assets

  beginning of year $2,165,617 · end of year $2,663,699

• 15 · Other assets

  end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $47,321,607 · end of year $46,642,147

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $0 · end of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $506,267,365 · end of year $573,947,325

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $8,424,786 · end of year $7,296,648

• 29 · Capital stock, trust principal or current funds

  beginning of year $519,740 · end of year $519,740

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

  beginning of year $10,873,860 · end of year $12,989,517

• 31 · Retained earnings, endowment or other funds

  beginning of year $221,263,556 · end of year $236,556,629

The filer's explanations (Part III)

Schedule J, Part I, Line 3

Amounts listed for CEO, CFO and all employees on Part VII in column F include (per 990 instructions) amounts associated with health care employer premiums, excess life insurance premiums, and employer contributions to a qualified 401k plan. It should be noted that these benefits are available to all employees of Great Lakes Energy and therefore these are not discriminatory benefits. Amounts included for actuarial increase in defined benefit pension plans are also included as Other Compensation and were provided to Great Lakes Energy by the National Rural Electric Cooperative Association (NRECA) which administers the multi-employer pension plan. It should be noted that these actuarial amounts are much higher than the actual cash paid to the plan. The actual cash paid to the plan for the employees listed was 49% less than the actuarial value as reported in column F as Other Compensation. The 49% difference is due to the multi-employer basis of the NRECA defined benefit pension plan. This benefit is also available to all Great Lakes Energy employees and is nondiscriminatory.

Related corporations and trusts

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

• Great Lakes Energy Connections Inc

  C · Fiber internet · MI · 100% owned

  Directly controlled by Great Lakes Energy Cooperative