Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $117,029,377 · related or exempt $117,029,377

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $2,476,147 · related or exempt $2,476,147

• 2c · Program service revenue: SERVICE FEES

  total $153,974 · related or exempt $153,974

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $200 · related or exempt $200

• 3 · Investment income

  total -$672,202 · excluded -$672,202

• 6a · Gross rents

  personal property $5,550

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $5,550

• 6d · Net rental income or loss

  total $5,550 · unrelated business $5,550

• 7a · Gross sales of assets other than inventory

  other assets $1,355

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

  other assets $2,710

• 7c · Gain or loss

  other assets -$1,355

• 7d · Net gain or loss

  total -$1,355 · related or exempt -$1,355

• 10a · Gross sales of inventory

  $74,873

• 10b · Cost of goods sold

  $100,814

• 10c · Net income from sales of inventory

  total -$25,941 · related or exempt -$25,941

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $186,325 · excluded $186,325

• 11e · Other revenue, total

  $186,325

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $28,375

• 4 · Benefits paid to or for members

  total $4,417,039

• 5 · Compensation of officers, directors and key employees

  total $837,670

• 7 · Other salaries and wages

  total $3,932,931

• 8 · Pension plan contributions

  total $776,588

• 9 · Other employee benefits

  total $707,311

• 10 · Payroll taxes

  total $329,376

• 20 · Interest

  total $1,115,443

• 22 · Depreciation, depletion and amortization

  total $4,912,020

• 24a · Other expenses: PURCHASED POWER

  total $92,922,062

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $3,236,376

• 24c · Other expenses: COST OF REMOVAL, NET

  total $2,580,124

• 24d · Other expenses: ADMIN & GENERAL EXPENSE

  total $1,899,302

• 24e · All other expenses

  total $1,457,458

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $731,420 · end of year $878,459

• 2 · Savings and temporary cash investments

  beginning of year $6,196,059 · end of year $26,566,095

• 4 · Accounts receivable

  beginning of year $16,687,633 · end of year $12,380,982

• 8 · Inventories for sale or use

  beginning of year $3,361,684 · end of year $4,201,657

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,489,574 · end of year $666,765

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

  $193,961,214

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

  $81,296,569

• 10c · Land, buildings and equipment, net

  beginning of year $108,399,088 · end of year $112,664,645

• 11 · Investments: publicly traded securities

  beginning of year $50,102,732 · end of year $50,572,871

• 12 · Investments: other securities

  beginning of year $675,287 · end of year $720,388

• 13 · Investments: program-related

  beginning of year $34,957,218 · end of year $37,330,641

• 15 · Other assets

  beginning of year $9,935,423 · end of year $10,495,207

• 17 · Accounts payable and accrued expenses

  beginning of year $8,286,880 · end of year $10,559,086

• 19 · Deferred revenue

  beginning of year $369 · end of year $1,174

• 23 · Secured mortgages and notes payable

  beginning of year $70,323,715 · end of year $86,012,495

• 25 · Other liabilities

  beginning of year $54,733,468 · end of year $58,147,834

• 29 · Capital stock, trust principal or current funds

  beginning of year $36,320 · end of year $36,400

• 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 $99,155,366 · end of year $101,720,721

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE TRUSTEES AND EMPLOYEES FOR THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL BUSINESS OF THE COOPERATIVE. NO REIMBURSEMENTS WERE REPORTED DURING 2022. HEALTH OR SOCIAL CLUB DUES - PURSUANT TO THE COOPERATIVE'S WELLNESS POLICY, THE COOPERATIVE WILL PAY UP TO $1,200 ANNUALLY FOR THE COST OF AN EMPLOYEE'S GYM MEMBERSHIP. THREE EMPLOYEES REPORTED ON THE 2022 FORM 990(FARIS, KIMBRO, AND JONES) RECEIVED THIS BENEFIT DURING THE YEAR.

PART I, LINE 4B

BOBBY FERRIS PARTICIPATES IN A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLAN. BENEFITS ACCRUED UNDER THE PLAN FOR THE YEAR WERE $9,542. THE VESTED BENEFITS PAID DURING THE YEAR 2022 WERE REPORTED ON COLUMN (B)"OTHER COMPENSATION", IN THE AMOUNT OF $86,247.

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. BOBBY FERRIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 148,966 ACCRUALS UNDER THE NQDC PLAN 9,542 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,150 TOTAL REPORTED IN COLUMN C $ 167,658 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (148,966) LESS: ACCRUAL UNDER THE NQDC PLAN (9,542) ADD: CASH CONTRIBUTION TO NQDC PLAN 30,500 ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 85,148 EXPENSE TO COOPERATIVE $ 124,798 MICHAEL FARIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 43,970 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,781 TOTAL REPORTED IN COLUMN C $ 48,751 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (43,970) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 43,909 EXPENSE TO COOPERATIVE $ 48,690 BOBBY KIMBRO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,854 TOTAL REPORTED IN COLUMN C $ 5,854 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 54,569 EXPENSE TO COOPERATIVE $ 60,423 DOUGLAS GRUENEWALD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,060 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,475 TOTAL REPORTED IN COLUMN C $ 60,535 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,060) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,146 EXPENSE TO COOPERATIVE $ 37,621 CHARLES ROBINSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,773 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,575 TOTAL REPORTED IN COLUMN C $ 32,348 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,773) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN -0- EXPENSE TO COOPERATIVE $ 4,575 DELTON JONES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,637 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,477 TOTAL REPORTED IN COLUMN C $ 30,114 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,637) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,949 EXPENSE TO COOPERATIVE $ 32,426