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Nonprofiteer
← RACCOON VALLEY ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by RACCOON VALLEY ELECTRIC COOPERATIVE.

Totals

Total revenue
$16,500,789
Total expenses
$16,298,462
Contributions and grants received
$0
Grants paid
$15,038
Program service revenue
$16,412,189
Investment income
$49,476
Other revenue
$39,124
Total assets, end of year
$53,526,848
Total liabilities, end of year
$31,489,016
Net assets or fund balances, end of year
$22,037,832
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: SALE OF POWER

    total $15,026,577 · related or exempt $15,026,577

  • 2b · Program service revenue: CAPITAL CREDITS

    total $1,385,612 · related or exempt $1,385,612

  • 3 · Investment income

    total $49,476 · excluded $49,476

  • 10a · Gross sales of inventory

    $134,227

  • 10b · Cost of goods sold

    $95,103

  • 10c · Net income from sales of inventory

    total $39,124 · related or exempt $39,124

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $15,038

  • 4 · Benefits paid to or for members

    total $1,316,645

  • 5 · Compensation of officers, directors and key employees

    total $427,559

  • 7 · Other salaries and wages

    total $1,357,146

  • 8 · Pension plan contributions

    total $248,214

  • 10 · Payroll taxes

    total $125,878

  • 20 · Interest

    total $918,624

  • 22 · Depreciation, depletion and amortization

    total $1,298,168

  • 24a · Other expenses: COST OF POWER

    total $9,957,333

  • 24b · Other expenses: ADMIN & GENERAL

    total $989,338

  • 24c · Other expenses: DISTRIBUTION-OPERATIONS

    total $782,924

  • 24d · Other expenses: DISTRIBUTION-MAINTENANC

    total $651,762

  • 24e · All other expenses

    total -$1,790,167

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,272,804 · end of year $245,867

  • 4 · Accounts receivable

    beginning of year $1,516,528 · end of year $1,336,360

  • 7 · Other notes and loans receivable

    beginning of year $2,558,458 · end of year $7,757,415

  • 8 · Inventories for sale or use

    beginning of year $680,352 · end of year $827,323

  • 9 · Prepaid expenses and deferred charges

    beginning of year $292,080 · end of year $224,661

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

    $44,002,854

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

    $14,815,565

  • 10c · Land, buildings and equipment, net

    beginning of year $28,472,324 · end of year $29,187,289

  • 12 · Investments: other securities

    beginning of year $1,356,511 · end of year $1,596,697

  • 13 · Investments: program-related

    beginning of year $9,875,497 · end of year $10,577,499

  • 15 · Other assets

    beginning of year $1,773,737 · end of year $1,773,737

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,716,628 · end of year $1,557,707

  • 21 · Escrow or custodial account liability

    beginning of year $1,099 · end of year $3,185

  • 23 · Secured mortgages and notes payable

    beginning of year $22,469,656 · end of year $27,078,505

  • 24 · Unsecured notes and loans payable

    beginning of year $700,000 · end of year $1,100,000

  • 25 · Other liabilities

    beginning of year $1,806,277 · end of year $1,749,619

  • 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 $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $21,104,631 · end of year $22,037,832

Mission and programs · 2023

Mission

TO PROVIDE SAFE, RELIABLE AND COMPETITIVE SERVICES WHILE BEING A LEADER IN OUR COMMUNITY'S PROSPERITY AND GROWTH.

Activities or mission (Part I)

PROVIDE ELECTRIC SERVICE TO MEMBERS.

  • PROVIDE ELECTRIC SERVICE TO APPROXIMATELY 2,090 MEMBERS. REVENUE IS COLLECTED FROM THE MEMBERS AND OTHER RELATED SOURCES FOR THE SOLE PURPOSE OF COVERING THE COST OF ELECTRIC SERVICE PROVIDED; AND TO PROVIDE OPERATING RESERVES TO FUND THOSE ACTIVITIES. EXCESS REVENUES OVER THE COST OF OPERATIONS AND ALLOCATIONS TO RESERVES ARE RETURNED TO THE MEMBERS AS PATRONAGE CAPITAL.

As filed on the 2023 return.

Listed in Part VII

  • Mark Ludwig

    SECRETARY/TREASURER

    Total calculated
    $10,296
    From this org
    $10,296
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.4

  • Dave Schroeder

    DIRECTOR

    Total calculated
    $6,864
    From this org
    $6,864
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1

  • Steve Schable

    VICE PRESIDENT

    Total calculated
    $5,720
    From this org
    $5,720
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Karen Werner

    ASST SEC-TREAS.

    Total calculated
    $9,438
    From this org
    $9,438
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.4

  • David Onken

    PRESIDENT

    Total calculated
    $6,292
    From this org
    $6,292
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.4

  • Adam Handlos

    DIRECTOR

    Total calculated
    $2,860
    From this org
    $2,860
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.8

  • Jeff Cranston

    DIRECTOR

    Total calculated
    $7,436
    From this org
    $7,436
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.8

  • James Gossett

    CEO

    Total calculated
    $242,060
    From this org
    $171,878
    From related orgs
    $0
    Other
    $70,182
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,826
    Bonus
    $0
    Other
    $10,052
    Deferred
    $57,179
    Nontaxable benefits
    $15,008
    Filer's total
    $244,065

  • Eugene Handlos

    CFO

    Total calculated
    $158,406
    From this org
    $114,165
    From related orgs
    $0
    Other
    $44,241
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,956
    Bonus
    $2,500
    Other
    $709
    Deferred
    $16,733
    Nontaxable benefits
    $28,906
    Filer's total
    $159,804

  • Jack Scanlan

    LINE SUPERINTENDENT

    Total calculated
    $198,829
    From this org
    $119,665
    From related orgs
    $0
    Other
    $79,164
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,173
    Bonus
    $2,500
    Other
    $1,992
    Deferred
    $59,695
    Nontaxable benefits
    $20,844
    Filer's total
    $200,204

  • Ryan Galloway

    LINE FOREMAN

    Total calculated
    $124,194
    From this org
    $102,145
    From related orgs
    $0
    Other
    $22,049
    Hours/week
    40

  • Chad Lankford

    METER TECHNICIAN

    Total calculated
    $149,862
    From this org
    $101,261
    From related orgs
    $0
    Other
    $48,601
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $100,383
    Bonus
    $0
    Other
    $878
    Deferred
    $24,343
    Nontaxable benefits
    $25,418
    Filer's total
    $151,022

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
ALL EMPLOYEE'S ARE OFFERED GYM MEMBERSHIP REIMBURSEMENT UP TO A MAXIMUM OF $150 PER YEAR. SUBSTANTIATION OF EXPENSES IS REQUIRED PRIOR TO REIMBURSEMENT.
FORM 990 SCHEDULE J PART II COLUMN C
INCLUDED IN COLUMN C IS CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR JIM GOSSETT. CHANGE IN ACTUARIAL VALUE IN THE PLAN FOR MR. GOSSETT WAS $57,179. ACTUAL CONTRIBUTION EXPENSE FOR MR. GOSSETT WAS $28,245. INCLUDED IN COLUMN C IS CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR JACK SCANLAN. CHANGE IN ACTUARIAL VALUE IN THE PLAN FOR MR. SCANLAN WAS $59,695. ACTUAL CONTRIBUTION EXPENSE FOR MR. SCANLAN WAS $21,001. INCLUDED IN COLUMN C IS CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR EUGENE HANDLOS. CHANGE IN ACTUARIAL VALUE IN THE PLAN FOR MR. HANDLOS WAS $16,733. ACTUAL CONTRIBUTION EXPENSE FOR MR. HANDLOS WAS $20,449. INCLUDED IN COLUMN C IS CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR CHAD LANKFORD. CHANGE IN ACTUARIAL VALUE IN THE PLAN FOR MR. LANKFORD WAS $24,343. ACTUAL CONTRIBUTION EXPENSE FOR MR. LANKFORD WAS $17,547.

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.

  • RACCOON VALLEY VISIONARY CORPORATION

    C · ECONOMIC DEVELOPMENT · IA · 100% owned · share of income $48,205 · share of assets $3,430,756 · controlled entity

    Directly controlled by RACCOON VALLEY ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2024
IRS schema version
2023v5.0
Source object
202441499349300204

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