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Nonprofiteer
← NEW ENTERPRISE RURAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by NEW ENTERPRISE RURAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$9,236,961
Total expenses
$8,941,204
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$9,002,768
Investment income
$10,738
Other revenue
$223,455
Total assets, end of year
$9,242,992
Total liabilities, end of year
$851,716
Net assets or fund balances, end of year
$8,391,276
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$8,941,204

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: PROVIDE ELECTRICITY TO

    total $9,002,768 · related or exempt $9,002,768

  • 3 · Investment income

    total $10,738 · excluded $10,738

  • 11a · Other revenue: CAPITAL CREDITS-ASSIGN

    total $223,455 · related or exempt $223,455

  • 11e · Other revenue, total

    $223,455

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $115,841

  • 5 · Compensation of officers, directors and key employees

    total $197,341

  • 7 · Other salaries and wages

    total $1,008,090

  • 8 · Pension plan contributions

    total $281,470

  • 9 · Other employee benefits

    total $248,626

  • 10 · Payroll taxes

    total $86,848

  • 11c · Fees: accounting

    total $13,875

  • 12 · Advertising and promotion

    total $12,290

  • 13 · Office expenses

    total $39,692

  • 17 · Travel

    total $64,341

  • 19 · Conferences, conventions and meetings

    total $17,198

  • 20 · Interest

    total $6,265

  • 22 · Depreciation, depletion and amortization

    total $283,261

  • 23 · Insurance

    total $60,670

  • 24a · Other expenses: COST OF SALES-ELECTRIC

    total $5,185,171

  • 24b · Other expenses: LINE MAINTENANCE

    total $919,962

  • 24c · Other expenses: OPERATION OF TRUCKS

    total $124,500

  • 24d · Other expenses: DUES

    total $113,862

  • 24e · All other expenses

    total $161,901

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,100 · end of year $1,100

  • 2 · Savings and temporary cash investments

    beginning of year $462,690 · end of year $299,032

  • 4 · Accounts receivable

    beginning of year $855,830 · end of year $1,052,754

  • 8 · Inventories for sale or use

    beginning of year $396,215 · end of year $415,168

  • 9 · Prepaid expenses and deferred charges

    beginning of year $39,048 · end of year $40,869

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

    $10,380,630

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

    $6,048,673

  • 10c · Land, buildings and equipment, net

    beginning of year $3,976,649 · end of year $4,331,957

  • 11 · Investments: publicly traded securities

    beginning of year $3,730 · end of year $3,730

  • 15 · Other assets

    beginning of year $2,965,964 · end of year $3,098,382

  • 17 · Accounts payable and accrued expenses

    beginning of year $486,205 · end of year $632,634

  • 24 · Unsecured notes and loans payable

    beginning of year $73,455 · end of year $174,877

  • 25 · Other liabilities

    beginning of year $46,092 · end of year $44,205

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $14,810 · end of year $14,855

  • 31 · Retained earnings, endowment or other funds

    beginning of year $8,080,664 · end of year $8,376,421

Mission and programs · 2023

Mission

PROVIDING AFFORDABLE ELECTRICITY TO MEMBERS

Activities or mission (Part I)

COOPERATIVE ELECTRIC ORGANIZATION PROVIDING RELIABLE ELECTRIC SERVICE TO MEMBERS AT THE LOWEST POSSIBLE COST

  • PROVIDING AFFORDABLE ELECTRICITY TO MORE THAN 3,600 MEMBERS AS ONE OF 750 DISTRIBUTION COOPERATIVES THROUGHOUT THE COUNTRY THAT HAVE CREATED AND ARE MEMBERS OF TOUCHSTONE ENERGY COOPERATIVE.

    Expenses $8,941,204

As filed on the 2023 return.

Listed in Part VII

  • Leroy Walls

    PRESIDENT

    Total calculated
    $3,825
    From this org
    $3,825
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Curtis Brant

    TREASURER

    Total calculated
    $5,865
    From this org
    $5,865
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • David Bequeath

    SECRETARY

    Total calculated
    $5,865
    From this org
    $5,865
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Tim Newman

    VICE PRESIDENT

    Total calculated
    $3,570
    From this org
    $3,570
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Brian McCoy

    DIRECTOR

    Total calculated
    $3,570
    From this org
    $3,570
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Mark Swope

    DIRECTOR

    Total calculated
    $5,865
    From this org
    $5,865
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Merle Helsel

    DIRECTOR & ASSISTANT SEC'Y

    Total calculated
    $5,355
    From this org
    $5,355
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Mark Morrison

    MANAGER/CEO

    Total calculated
    $163,426
    From this org
    $138,974
    From related orgs
    $0
    Other
    $24,452
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $138,974
    Bonus
    $0
    Other
    $0
    Deferred
    $4,060
    Nontaxable benefits
    $20,392
    Filer's total
    $163,426

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.

Provenance

Return type
form_990
Tax year
2023
Filed
22 July 2024
IRS schema version
2023v5.1
Source object
202432289349300443

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