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Nonprofiteer
← FANNIN CO ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by FANNIN CO ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$32,641,620
Total expenses
$31,860,412
Contributions and grants received
$0
Grants paid
$4,979
Program service revenue
$31,842,776
Investment income
$699,979
Other revenue
$98,865
Total assets, end of year
$87,054,901
Total liabilities, end of year
$57,878,085
Net assets or fund balances, end of year
$29,176,816
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 $30,537,753 · related or exempt $30,537,753

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $775,413 · related or exempt $775,413

  • 2c · Program service revenue: SERVICE FEES

    total $361,453 · related or exempt $361,453

  • 2d · Program service revenue: WHOLESALE TRANSMISSION ACCESS

    total $168,157 · related or exempt $168,157

  • 3 · Investment income

    total $578,496 · excluded $578,496

  • 7a · Gross sales of assets other than inventory

    other assets $121,483

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

    other assets $0

  • 7c · Gain or loss

    other assets $121,483

  • 7d · Net gain or loss

    total $121,483 · related or exempt $121,483

  • 11a · Other revenue: BOND SECURITIZATION P'SHIP INCOME

    total $80,829 · related or exempt $80,829

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $17,636 · excluded $17,636

  • 11c · Other revenue: MISCELLANEOUS REVENUE

    total $400 · related or exempt $400

  • 11e · Other revenue, total

    $98,865

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,979

  • 4 · Benefits paid to or for members

    total $1,183,625

  • 5 · Compensation of officers, directors and key employees

    total $721,749

  • 7 · Other salaries and wages

    total $2,027,264

  • 8 · Pension plan contributions

    total $380,742

  • 9 · Other employee benefits

    total $829,993

  • 10 · Payroll taxes

    total $370,838

  • 20 · Interest

    total $1,865,040

  • 22 · Depreciation, depletion and amortization

    total $2,449,619

  • 24a · Other expenses: PURCHASED POWER

    total $18,077,634

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $2,759,892

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $753,319

  • 24d · Other expenses: CONSUMER EXPENSE

    total $370,735

  • 24e · All other expenses

    total $64,983

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $545,963 · end of year $7,169,642

  • 2 · Savings and temporary cash investments

    beginning of year $21,430,903 · end of year $290,508

  • 4 · Accounts receivable

    beginning of year $901,468 · end of year $863,432

  • 8 · Inventories for sale or use

    beginning of year $191,991 · end of year $282,075

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,866,690 · end of year $1,760,925

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

    $90,341,189

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

    $24,007,297

  • 10c · Land, buildings and equipment, net

    beginning of year $47,719,294 · end of year $66,333,892

  • 13 · Investments: program-related

    beginning of year $7,836,736 · end of year $8,586,689

  • 15 · Other assets

    beginning of year $2,003,514 · end of year $1,767,738

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,914,366 · end of year $9,321,760

  • 21 · Escrow or custodial account liability

    beginning of year $66,153 · end of year $60,638

  • 23 · Secured mortgages and notes payable

    beginning of year $38,459,548 · end of year $40,112,505

  • 25 · Other liabilities

    beginning of year $7,201,725 · end of year $8,383,182

  • 29 · Capital stock, trust principal or current funds

    beginning of year $82,285 · end of year $84,000

  • 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 $27,772,482 · end of year $29,092,816

Mission and programs · 2023

Mission

NONE

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 11,920 ACTIVE SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Rodney Brent

    VICE-PRESIDENT

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Stephen Collida

    PRESIDENT

    Total calculated
    $7,400
    From this org
    $7,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.1

  • Scott Gibbs

    DIRECTOR

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.7

  • Robert Milton

    SECRETARY/TREASURER

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.8

  • John Skotnik

    DIRECTOR

    Total calculated
    $7,200
    From this org
    $7,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.6

  • Alfred Scott

    DIRECTOR

    Total calculated
    $7,300
    From this org
    $7,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.6

  • J Seth Mahler

    DIRECTOR

    Total calculated
    $7,200
    From this org
    $7,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • John Ed Shinpaugh

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $381,814
    From this org
    $267,291
    From related orgs
    $0
    Other
    $114,523
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $229,216
    Bonus
    $500
    Other
    $37,575
    Deferred
    $81,205
    Nontaxable benefits
    $33,318
    Filer's total
    $381,814

  • Karen Rintelmann

    CHIEF FINANCIAL OFFICER

    Total calculated
    $288,335
    From this org
    $212,161
    From related orgs
    $0
    Other
    $76,174
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $186,335
    Bonus
    $380
    Other
    $25,446
    Deferred
    $59,388
    Nontaxable benefits
    $16,786
    Filer's total
    $288,335

  • Tim Kidwell

    ASSISTANT MANAGER

    Total calculated
    $240,316
    From this org
    $166,629
    From related orgs
    $0
    Other
    $73,687
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,396
    Bonus
    $460
    Other
    $13,773
    Deferred
    $40,369
    Nontaxable benefits
    $33,318
    Filer's total
    $240,316

  • Barry Murchison

    ENGINEER MANAGER

    Total calculated
    $239,501
    From this org
    $147,308
    From related orgs
    $0
    Other
    $92,193
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,911
    Bonus
    $420
    Other
    $6,977
    Deferred
    $58,875
    Nontaxable benefits
    $33,318
    Filer's total
    $239,501

  • Rodney Gammons

    LINE SUPERINTENDENT

    Total calculated
    $211,118
    From this org
    $134,934
    From related orgs
    $0
    Other
    $76,184
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,462
    Bonus
    $940
    Other
    $3,532
    Deferred
    $69,921
    Nontaxable benefits
    $6,263
    Filer's total
    $211,118

  • Kaylen Fogelberg

    1ST CLASS LINEMAN

    Total calculated
    $161,388
    From this org
    $118,810
    From related orgs
    $0
    Other
    $42,578
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $118,061
    Bonus
    $520
    Other
    $229
    Deferred
    $11,018
    Nontaxable benefits
    $31,560
    Filer's total
    $161,388

  • Cory Patton

    LINE FOREMAN

    Total calculated
    $174,908
    From this org
    $120,200
    From related orgs
    $0
    Other
    $54,708
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,016
    Bonus
    $740
    Other
    $444
    Deferred
    $21,548
    Nontaxable benefits
    $33,160
    Filer's total
    $174,908

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 · Compensation committee
  • 3 · Form 990 of other organizations
  • 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 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. JOHN ED SHINPAUGH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 71,906 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,299 TOTAL REPORTED IN COLUMN C $ 81,205 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (71,906) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 47,538 EXPENSE TO THE COOPERATIVE $ 56,837 KAREN RINTELMANN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 51,841 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,547 TOTAL REPORTED IN COLUMN C $ 59,388 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (51,841) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,584 EXPENSE TO THE COOPERATIVE $ 46,131 TIM KIDWELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 34,143 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,226 TOTAL REPORTED IN COLUMN C $ 40,369 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (34,143) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,829 EXPENSE TO THE COOPERATIVE $ 38,055 BARRY MURCHISON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 53,148 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,727 TOTAL REPORTED IN COLUMN C $ 58,875 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (53,148) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,312 EXPENSE TO THE COOPERATIVE $ 35,039 RODNEY GAMMONS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 64,958 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,963 TOTAL REPORTED IN COLUMN C $ 69,921 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (64,958) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,374 EXPENSE TO THE COOPERATIVE $ 30,337 CORY PATTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 17,331 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,217 TOTAL REPORTED IN COLUMN C $ 21,548 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (17,331) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,423 EXPENSE TO THE COOPERATIVE $ 25,640 KAYLEN FOGELBERG: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 7,479 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,539 TOTAL REPORTED IN COLUMN C $ 11,018 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (7,479) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 17,978 EXPENSE TO THE COOPERATIVE $ 21,517

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.

Provenance

Return type
form_990
Tax year
2023
Filed
29 October 2024
IRS schema version
2023v5.1
Source object
202443189349305704

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