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Nonprofiteer
← FARMERS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by FARMERS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$33,398,741
Total expenses
$31,938,367
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$32,906,603
Investment income
$492,138
Other revenue
$0
Total assets, end of year
$111,349,834
Total liabilities, end of year
$64,980,463
Net assets or fund balances, end of year
$46,369,371
Program services expenses (Part IX)
$31,938,367
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$31,938,367

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: Sales of Energy

    total $31,611,048 · related or exempt $31,611,048

  • 2b · Program service revenue: Capital Credits

    total $1,087,048 · related or exempt $1,087,048

  • 2c · Program service revenue: Other Electric Revenue

    total $208,507 · related or exempt $208,507

  • 3 · Investment income

    total $492,138 · related or exempt $492,138

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,641,351 · program services $1,641,351

  • 5 · Compensation of officers, directors and key employees

    total $550,613 · program services $550,613

  • 20 · Interest

    total $1,958,938 · program services $1,958,938

  • 22 · Depreciation, depletion and amortization

    total $3,227,366 · program services $3,227,366

  • 24a · Other expenses: Cost of Purchased Power

    total $17,759,381 · program services $17,759,381

  • 24b · Other expenses: Distribution Maintenanc

    total $3,047,194 · program services $3,047,194

  • 24c · Other expenses: Distribution Operation

    total $1,759,562 · program services $1,759,562

  • 24d · Other expenses: General and Administrat

    total $1,181,728 · program services $1,181,728

  • 24e · All other expenses

    total $812,234 · program services $812,234

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,604,154 · end of year $5,658,341

  • 4 · Accounts receivable

    beginning of year $3,961,547 · end of year $3,681,972

  • 9 · Prepaid expenses and deferred charges

    beginning of year $97,873 · end of year $41,563

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

    $102,952,587

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

    $21,615,531

  • 10c · Land, buildings and equipment, net

    beginning of year $79,720,374 · end of year $81,337,056

  • 12 · Investments: other securities

    beginning of year $239,416 · end of year $227,422

  • 13 · Investments: program-related

    beginning of year $20,342,669 · end of year $20,403,480

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,363,424 · end of year $2,450,095

  • 19 · Deferred revenue

    beginning of year $3,836,878 · end of year $3,442,205

  • 23 · Secured mortgages and notes payable

    beginning of year $61,289,946 · end of year $58,171,364

  • 25 · Other liabilities

    beginning of year $804,653 · end of year $916,799

  • 29 · Capital stock, trust principal or current funds

    beginning of year $284,726 · end of year $287,591

  • 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 $44,386,406 · end of year $46,081,780

Mission and programs · 2023

Mission

Distribution and sale of electricity to over 13,000 meters of cooperative member/owners. Margins are allocated annualy to the membership.

Activities or mission (Part I)

To safely provide its members with reliable electricity

  • Distribution and sale of electricity to cooperative member/owners

    Expenses $31,938,367 · Revenue $33,398,741

As filed on the 2023 return.

Listed in Part VII

  • Troy Hermanson

    Operations Manager

    Total calculated
    $195,795
    From this org
    $144,944
    From related orgs
    $0
    Other
    $50,851
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $144,944
    Bonus
    $0
    Other
    $0
    Deferred
    $32,799
    Nontaxable benefits
    $18,052
    Filer's total
    $195,795

  • Aaron Wagers

    Lead Lineman

    Total calculated
    $190,411
    From this org
    $120,513
    From related orgs
    $0
    Other
    $69,898
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $120,513
    Bonus
    $0
    Other
    $0
    Deferred
    $51,853
    Nontaxable benefits
    $18,045
    Filer's total
    $190,411

  • Rodney Cotton

    General Manager

    Total calculated
    $185,970
    From this org
    $119,500
    From related orgs
    $0
    Other
    $66,470
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $119,500
    Bonus
    $0
    Other
    $0
    Deferred
    $45,040
    Nontaxable benefits
    $21,430
    Filer's total
    $185,970

  • Lacey Capps

    CFO

    Total calculated
    $151,018
    From this org
    $115,370
    From related orgs
    $0
    Other
    $35,648
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $115,370
    Bonus
    $0
    Other
    $0
    Deferred
    $14,596
    Nontaxable benefits
    $21,052
    Filer's total
    $151,018

  • Garry Widner

    Substation Serviceman

    Total calculated
    $180,227
    From this org
    $113,745
    From related orgs
    $0
    Other
    $66,482
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $113,745
    Bonus
    $0
    Other
    $0
    Deferred
    $55,943
    Nontaxable benefits
    $10,539
    Filer's total
    $180,227

  • Eric Adams

    Journeyman Lineman

    Total calculated
    $130,462
    From this org
    $111,178
    From related orgs
    $0
    Other
    $19,284
    Hours/week
    45

  • Jason Howe

    Substation Serviceman

    Total calculated
    $151,591
    From this org
    $110,240
    From related orgs
    $0
    Other
    $41,351
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $110,240
    Bonus
    $0
    Other
    $0
    Deferred
    $30,812
    Nontaxable benefits
    $10,539
    Filer's total
    $151,591

  • Donald Smith

    CEO

    Total calculated
    $107,407
    From this org
    $78,121
    From related orgs
    $0
    Other
    $29,286
    Hours/week
    50

  • Glen Waters

    President

    Total calculated
    $17,500
    From this org
    $17,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Arzy Bisbee Jr

    Secretary

    Total calculated
    $14,500
    From this org
    $14,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Warren Hoyt

    Treasurer

    Total calculated
    $14,500
    From this org
    $14,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Larry Muck

    Vice-President

    Total calculated
    $14,000
    From this org
    $14,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Toni Cox

    Secretary

    Total calculated
    $14,000
    From this org
    $14,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • W D Richards

    Director

    Total calculated
    $12,500
    From this org
    $12,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Leroy Kern

    President

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Stanley Switzer

    Director

    Total calculated
    $3,718
    From this org
    $3,718
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • James Burk

    Director

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Randy Railsback

    Director

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

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 · 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

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.

  • FEC Development Inc

    C · Economic Developemnt · MO · 100% owned

  • FEC Services Inc

    C · Holding Company · MO · 100% owned

Provenance

Return type
form_990
Tax year
2023
Filed
22 October 2024
IRS schema version
2023v5.1
Source object
202442999349300909

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