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Nonprofiteer
← GRUNDY ELECTRIC COOPERATIVE INCORPORATED

Form 990 for tax year 2022

Filed by GRUNDY ELECTRIC COOPERATIVE INCORPORATED.

Totals

Total revenue
$15,443,021
Total expenses
$15,229,274
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$15,357,132
Investment income
$85,889
Other revenue
$0
Total assets, end of year
$57,314,779
Total liabilities, end of year
$36,136,736
Net assets or fund balances, end of year
$21,178,043
Program services expenses (Part IX)
$15,229,274
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$15,229,274

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: Electric Service

    total $14,380,575 · related or exempt $14,380,575

  • 2b · Program service revenue: Capital Credits

    total $495,785 · related or exempt $495,785

  • 2c · Program service revenue: Non-Operating Margins

    total $373,336 · related or exempt $373,336

  • 2d · Program service revenue: Merchandising

    total $67,720 · related or exempt $67,720

  • 2e · Program service revenue: Other Electric Revenue

    total $39,716 · related or exempt $39,716

  • 3 · Investment income

    total $85,889 · related or exempt $85,889

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $567,941 · program services $567,941

  • 5 · Compensation of officers, directors and key employees

    total $530,784 · program services $530,784

  • 20 · Interest

    total $974,229 · program services $974,229

  • 22 · Depreciation, depletion and amortization

    total $1,341,305 · program services $1,341,305

  • 24a · Other expenses: Purchased Power

    total $7,307,639 · program services $7,307,639

  • 24b · Other expenses: Distribution Expense-Ma

    total $1,724,405 · program services $1,724,405

  • 24c · Other expenses: Administrative Expenses

    total $949,459 · program services $949,459

  • 24d · Other expenses: Distribution Expense-Op

    total $894,206 · program services $894,206

  • 24e · All other expenses

    total $939,306 · program services $939,306

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,283,073 · end of year $280,897

  • 2 · Savings and temporary cash investments

    beginning of year $1,484,057 · end of year $1,644,527

  • 4 · Accounts receivable

    beginning of year $1,382,984 · end of year $1,510,928

  • 9 · Prepaid expenses and deferred charges

    beginning of year $676,609 · end of year $1,110,180

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

    $51,505,159

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

    $9,334,071

  • 10c · Land, buildings and equipment, net

    beginning of year $39,987,304 · end of year $42,171,088

  • 13 · Investments: program-related

    beginning of year $10,995,334 · end of year $10,597,159

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,557,386 · end of year $1,357,259

  • 23 · Secured mortgages and notes payable

    beginning of year $32,186,338 · end of year $33,209,069

  • 25 · Other liabilities

    beginning of year $1,351,501 · end of year $1,570,408

  • 29 · Capital stock, trust principal or current funds

    beginning of year $25,185 · end of year $25,345

  • 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 $20,688,951 · end of year $21,152,698

Mission and programs · 2022

Mission

Grundy Electric Cooperative is committed to providing the members with competitively priced, quality electric service. Through a highly-trained, efficient staff, the Cooperative strives to improve the quality of life for all members by participating in economic and community development activities as well as other services and programs to achieve this goal.

Activities or mission (Part I)

Committed to providing the members with competitively priced, quality electric service

  • Providing electric service to the membership of the Cooperative

    Expenses $15,229,274 · Revenue $15,443,021

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Scott Wilson

    CEO & Manager

    Total calculated
    $340,334
    From this org
    $204,703
    From related orgs
    $0
    Other
    $135,631
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $203,156
    Bonus
    $0
    Other
    $1,547
    Deferred
    $112,249
    Nontaxable benefits
    $23,382
    Filer's total
    $340,334

  • Keith Vandevender

    Area Supervisor

    Total calculated
    $148,379
    From this org
    $126,325
    From related orgs
    $0
    Other
    $22,054
    Hours/week
    55

  • Cathy McKay

    Office Manager

    Total calculated
    $192,578
    From this org
    $124,247
    From related orgs
    $0
    Other
    $68,331
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $121,721
    Bonus
    $0
    Other
    $2,526
    Deferred
    $45,572
    Nontaxable benefits
    $22,759
    Filer's total
    $192,578

  • Jeff Pash

    Operations Manager

    Total calculated
    $188,621
    From this org
    $120,585
    From related orgs
    $0
    Other
    $68,036
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $118,070
    Bonus
    $0
    Other
    $2,515
    Deferred
    $44,892
    Nontaxable benefits
    $23,144
    Filer's total
    $188,621

  • Troy Slagle

    IT Manager

    Total calculated
    $173,612
    From this org
    $105,907
    From related orgs
    $0
    Other
    $67,705
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $105,155
    Bonus
    $0
    Other
    $752
    Deferred
    $43,796
    Nontaxable benefits
    $23,909
    Filer's total
    $173,612

  • Scott Crawford

    Lead Lineman

    Total calculated
    $169,495
    From this org
    $104,892
    From related orgs
    $0
    Other
    $64,603
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $104,496
    Bonus
    $0
    Other
    $396
    Deferred
    $40,950
    Nontaxable benefits
    $23,653
    Filer's total
    $169,495

  • Hunter Boxley

    Area Supervisor

    Total calculated
    $120,725
    From this org
    $104,408
    From related orgs
    $0
    Other
    $16,317
    Hours/week
    44

  • Marvin Harding

    Secretary

    Total calculated
    $12,250
    From this org
    $12,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Alan Guernsey

    Director

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Adrian Cox

    Director

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Dan Lentz

    President

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Eric Woodard

    Director

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Joe Hartley

    Vice President

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Rodney Ewing

    Director

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Richard Moore

    Treasurer

    Total calculated
    $6,500
    From this org
    $6,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 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 3
The Board of directors approves the salary of the CEO annually, based on market conditions, a compensation survey and information about other electric cooperatives of similar size.

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.

  • Innovative Energy Solutions LLC

    C · Sale of Appliances and Internet Service Provider · MO · 100% owned · share of income $2,217,837 · share of assets $10,390,898

Provenance

Return type
form_990
Tax year
2022
Filed
19 October 2023
IRS schema version
2022v5.0
Source object
202343059349301319

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