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Nonprofiteer
← NOLIN RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2022

Filed by NOLIN RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$102,908,461
Total expenses
$102,908,461
Contributions and grants received
$0
Grants paid
$21,700
Program service revenue
$91,878,800
Investment income
$742,141
Other revenue
$10,287,520
Total assets, end of year
$173,608,448
Total liabilities, end of year
$80,769,469
Net assets or fund balances, end of year
$92,838,979
Program services expenses (Part IX)
$102,908,461
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$89,601,237

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: SALE ELECTRICITY

    total $91,872,800 · related or exempt $91,872,800

  • 2b · Program service revenue: OTHER ELECTRIC REVENUES

    total $6,000 · related or exempt $6,000

  • 3 · Investment income

    total $743,998 · excluded $743,998

  • 7a · Gross sales of assets other than inventory

    securities $129,643

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

    securities $131,500

  • 7c · Gain or loss

    securities -$1,857

  • 7d · Net gain or loss

    total -$1,857 · related or exempt -$1,857

  • 11a · Other revenue: OTHER INCOME

    total $7,500,000 · related or exempt $7,500,000

  • 11b · Other revenue: G&T CAPITAL CREDIT

    total $2,182,023 · related or exempt $2,182,023

  • 11c · Other revenue: PATRONAGE CAPITAL ASSIGND

    total $323,505 · related or exempt $323,505

  • 11d · All other revenue

    total $281,992 · excluded $281,992

  • 11e · Other revenue, total

    $10,287,520

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $21,700 · program services $21,700

  • 4 · Benefits paid to or for members

    total $13,307,225 · program services $13,307,225

  • 5 · Compensation of officers, directors and key employees

    total $353,717 · program services $353,717

  • 7 · Other salaries and wages

    total $8,144,236 · program services $8,144,236

  • 8 · Pension plan contributions

    total $2,013,525 · program services $2,013,525

  • 9 · Other employee benefits

    total $1,403,007 · program services $1,403,007

  • 10 · Payroll taxes

    total $2,226,836 · program services $2,226,836

  • 11b · Fees: legal

    total $76,497 · program services $76,497

  • 11c · Fees: accounting

    total $22,000 · program services $22,000

  • 13 · Office expenses

    total $155,987 · program services $155,987

  • 20 · Interest

    total $2,248,655 · program services $2,248,655

  • 22 · Depreciation, depletion and amortization

    total $4,843,756 · program services $4,843,756

  • 23 · Insurance

    total $249,391 · program services $249,391

  • 24a · Other expenses: COST OF POWER

    total $65,721,695 · program services $65,721,695

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $5,022,514 · program services $5,022,514

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $4,307,757 · program services $4,307,757

  • 24d · Other expenses: ADMINISTRATIVE AND GENE

    total $4,207,977 · program services $4,207,977

  • 24e · All other expenses

    total -$11,418,014 · program services -$11,418,014

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,943,856 · end of year $16,964,991

  • 4 · Accounts receivable

    beginning of year $9,845,789 · end of year $11,661,886

  • 7 · Other notes and loans receivable

    beginning of year $17,986,961 · end of year $13,712,004

  • 8 · Inventories for sale or use

    beginning of year $1,071,959 · end of year $1,600,750

  • 9 · Prepaid expenses and deferred charges

    beginning of year $100,636 · end of year $10,704

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

    $139,636,562

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

    $62,511,590

  • 10c · Land, buildings and equipment, net

    beginning of year $75,293,770 · end of year $77,124,972

  • 13 · Investments: program-related

    beginning of year $51,418,367 · end of year $52,502,459

  • 15 · Other assets

    beginning of year $398,903 · end of year $30,682

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,725,624 · end of year $9,261,344

  • 23 · Secured mortgages and notes payable

    beginning of year $66,021,894 · end of year $60,236,029

  • 25 · Other liabilities

    beginning of year $10,784,279 · end of year $11,272,096

  • 29 · Capital stock, trust principal or current funds

    beginning of year $256,145 · end of year $252,920

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

    beginning of year -$1,550,338 · end of year -$1,388,302

  • 31 · Retained earnings, endowment or other funds

    beginning of year $85,822,637 · end of year $93,974,361

Mission and programs · 2022

Mission

PROVIDE ELECTRIC SERVICE ON A PATRONAGE BASIS TO A MONTHLY AVERAGE OF 36,794 CONSUMERS.

  • PROVIDE ELECTRIC SERVICE ON A PATRONAGE BASIS TO A MONTHLY AVERAGE OF 36,794 CONSUMERS.

    Expenses $89,601,237 · Revenue $101,882,471

  • Grants $21,700

As filed on the 2022 return.

Listed in Part VII

  • David Brown

    CHAIRMAN

    Total calculated
    $20,783
    From this org
    $20,783
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.14

  • Gene Straney

    VICE CHAIRMAN

    Total calculated
    $19,800
    From this org
    $19,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.53

  • Al Rosenberger

    SEC/TREAS

    Total calculated
    $19,746
    From this org
    $19,746
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.28

  • Lawrence Ireland

    DIRECTOR

    Total calculated
    $18,536
    From this org
    $18,536
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.11

  • Linda Grimes

    DIRECTOR

    Total calculated
    $27,183
    From this org
    $27,183
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.36

  • Raymond Thomas

    DIRECTOR

    Total calculated
    $22,783
    From this org
    $22,783
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.76

  • Greg Lee

    PRESIDENT/CEO

    Total calculated
    $247,398
    From this org
    $224,887
    From related orgs
    $0
    Other
    $22,511
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,887
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $22,511
    Filer's total
    $247,398

  • Sara Roberson

    VP, ADMINISTRATION/FINANCE

    Total calculated
    $173,569
    From this org
    $148,225
    From related orgs
    $0
    Other
    $25,344
    Hours/week
    42.19

    Schedule J breakdown matched by us

    Base
    $148,225
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $25,344
    Filer's total
    $173,569

  • David Cox

    VP INFORMATION TECHNOLOGY

    Total calculated
    $162,193
    From this org
    $137,286
    From related orgs
    $0
    Other
    $24,907
    Hours/week
    40.42

    Schedule J breakdown matched by us

    Base
    $137,286
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $24,907
    Filer's total
    $162,193

  • Andrew Patterson

    MGR OF OPERATIONS

    Total calculated
    $151,274
    From this org
    $134,774
    From related orgs
    $0
    Other
    $16,500
    Hours/week
    40.84

    Schedule J breakdown matched by us

    Base
    $134,774
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $16,500
    Filer's total
    $151,274

  • Chelsea Faber

    VP CORPORATE SERVICES

    Total calculated
    $159,857
    From this org
    $135,141
    From related orgs
    $0
    Other
    $24,716
    Hours/week
    41.16

    Schedule J breakdown matched by us

    Base
    $135,141
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $24,716
    Filer's total
    $159,857

  • Russ Stanger

    LEAD FOREMAN

    Total calculated
    $160,500
    From this org
    $137,175
    From related orgs
    $0
    Other
    $23,325
    Hours/week
    51

    Schedule J breakdown matched by us

    Base
    $137,175
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $23,325
    Filer's total
    $160,500

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 · Compensation survey or study
  • 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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • WIDE OPEN UTILITY SERVICE LLC

    UTILITY SERVICE · KY · assets $1,850,872

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • ENVISION ENERGY SERVICES LLC

    RELATED · ENERGY CONSULTING · KY · 10% owned · share of income $11,319 · share of assets $59,617

Provenance

Return type
form_990
Tax year
2022
Filed
2 May 2023
IRS schema version
2022v5.0
Source object
202321309349301702

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