Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $118,695,504 · related or exempt $118,695,504

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $8,225,192 · related or exempt $8,225,192

• 2c · Program service revenue: SERVICE FEES

  total $643,606 · related or exempt $643,606

• 3 · Investment income

  total $448,241 · excluded $448,241

• 5 · Royalties

  total $621 · excluded $621

• 7a · Gross sales of assets other than inventory

  securities $10,293

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

  securities $0

• 7c · Gain or loss

  securities $10,293

• 7d · Net gain or loss

  total $10,293 · related or exempt $10,293

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $19,849 · excluded $19,849

• 11e · Other revenue, total

  $19,849

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $53,650

• 4 · Benefits paid to or for members

  total $13,623,544

• 5 · Compensation of officers, directors and key employees

  total $520,180

• 7 · Other salaries and wages

  total $4,998,472

• 8 · Pension plan contributions

  total $632,744

• 9 · Other employee benefits

  total $1,328,661

• 10 · Payroll taxes

  total $247,967

• 20 · Interest

  total $866,414

• 22 · Depreciation, depletion and amortization

  total $9,923,554

• 24a · Other expenses: PURCHASED POWER

  total $91,949,247

• 24b · Other expenses: ADMIN & GENERAL EXPENSE

  total $2,711,867

• 24c · Other expenses: DISTRIBUTION EXPENSE

  total $2,529,847

• 24d · Other expenses: CONSUMER EXPENSE

  total $665,949

• 24e · All other expenses

  total $408,210

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $14,084,647 · end of year $11,487,890

• 2 · Savings and temporary cash investments

  beginning of year $3,000,000 · end of year $3,000,000

• 4 · Accounts receivable

  beginning of year $8,243,458 · end of year $6,916,718

• 8 · Inventories for sale or use

  beginning of year $6,716,212 · end of year $8,518,215

• 9 · Prepaid expenses and deferred charges

  beginning of year $231,792 · end of year $272,794

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

  $164,951,522

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

  $41,950,068

• 10c · Land, buildings and equipment, net

  beginning of year $121,449,730 · end of year $123,001,454

• 12 · Investments: other securities

  beginning of year $292,971 · end of year $293,757

• 13 · Investments: program-related

  beginning of year $53,567,478 · end of year $61,528,092

• 15 · Other assets

  beginning of year $11,143,019 · end of year $8,722,399

• 17 · Accounts payable and accrued expenses

  beginning of year $9,526,349 · end of year $7,689,806

• 21 · Escrow or custodial account liability

  beginning of year $89,856 · end of year $117,435

• 23 · Secured mortgages and notes payable

  beginning of year $21,708,227 · end of year $20,406,886

• 25 · Other liabilities

  beginning of year $18,122,663 · end of year $16,755,025

• 29 · Capital stock, trust principal or current funds

  beginning of year $90,530 · end of year $91,615

• 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 $169,191,682 · end of year $178,680,552

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 ENVIORNMENT. 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. BRADLEY BIERSTEDT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 47,398 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,679 TOTAL REPORTED IN COLUMN C $ 54,077 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (47,398) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,782 EXPENSE TO THE COOPERATIVE $ 38,461 PATRICK JANYSEK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,578 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,579 TOTAL REPORTED IN COLUMN C $ 36,157 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,578) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,281 EXPENSE TO THE COOPERATIVE $ 27,860 JOE ESCANDON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 16,502 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,272 TOTAL REPORTED IN COLUMN C $ 19,774 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (16,502) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 15,713 EXPENSE TO THE COOPERATIVE $ 18,985 RANDY ORTIZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 5,862 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,855 TOTAL REPORTED IN COLUMN C $ 8,717 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (5,862) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 12,468 EXPENSE TO THE COOPERATIVE $ 15,323 JESSE BENAVIDES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 3,158 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,081 TOTAL REPORTED IN COLUMN C $ 6,239 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (3,158) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 12,148 EXPENSE TO THE COOPERATIVE $ 15,229 RUDOLFO TORRES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 17,248 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,139 TOTAL REPORTED IN COLUMN C $ 20,387 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (17,248) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 15,074 EXPENSE TO THE COOPERATIVE $ 18,213