Form 990 for tax year 2024
Filed by INTER-COUNTY ENERGY COOPERATIVE CORPORATION.
Totals
- Total revenue
- $70,990,462
- Total expenses
- $70,990,462
- Contributions and grants received
- $0
- Grants paid
- $6,000
- Program service revenue
- $69,412,926
- Investment income
- $172,554
- Other revenue
- $1,404,982
- Total assets, end of year
- $158,470,637
- Total liabilities, end of year
- $94,942,865
- Net assets or fund balances, end of year
- $63,527,772
- Program services expenses (Part IX)
- $70,990,462
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $70,990,462
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: PROVIDE ELECTRIC SERVICE
total $69,412,626 · related or exempt $69,412,626
-
2b · Program service revenue: ELECTRIC MERCHANDISE
total $300 · related or exempt $300
-
3 · Investment income
total $172,554 · excluded $172,554
-
11a · Other revenue: JOINT USE ATTACHMENTS
total $707,834 · excluded $707,834
-
11b · Other revenue: CAPITAL CREDITS ALLOCATED
total $346,017 · related or exempt $346,017
-
11c · Other revenue: G&T CAPITAL CREDITS
total $308,515 · related or exempt $308,515
-
11d · All other revenue
total $42,616 · excluded $42,616
-
11e · Other revenue, total
$1,404,982
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $6,000 · program services $6,000
-
4 · Benefits paid to or for members
total $3,028,042 · program services $3,028,042
-
5 · Compensation of officers, directors and key employees
total $345,708 · program services $345,708
-
7 · Other salaries and wages
total $6,029,255 · program services $6,029,255
-
8 · Pension plan contributions
total $1,212,757 · program services $1,212,757
-
9 · Other employee benefits
total $996,368 · program services $996,368
-
10 · Payroll taxes
total $460,062 · program services $460,062
-
11b · Fees: legal
total $48,235 · program services $48,235
-
11c · Fees: accounting
total $17,250 · program services $17,250
-
12 · Advertising and promotion
total $100 · program services $100
-
13 · Office expenses
total $293,548 · program services $293,548
-
20 · Interest
total $2,144,594 · program services $2,144,594
-
22 · Depreciation, depletion and amortization
total $5,301,366 · program services $5,301,366
-
23 · Insurance
total $376,550 · program services $376,550
-
24a · Other expenses: COST OF POWER
total $48,493,552 · program services $48,493,552
-
24b · Other expenses: DISTRIBUTION - MAINTENA
total $3,898,348 · program services $3,898,348
-
24c · Other expenses: DISTRIBUTION - OPERATIO
total $3,332,758 · program services $3,332,758
-
24d · Other expenses: ADMINISTRATIVE AND GENE
total $2,481,792 · program services $2,481,792
-
24e · All other expenses
total -$7,475,823 · program services -$7,475,823
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,699,405 · end of year $1,881,448
-
4 · Accounts receivable
beginning of year $7,409,491 · end of year $6,552,827
-
8 · Inventories for sale or use
beginning of year $2,104,154 · end of year $1,616,700
-
9 · Prepaid expenses and deferred charges
beginning of year $263,697 · end of year $274,322
-
10a · Land, buildings and equipment: cost or other basis
$163,501,746
-
10b · Land, buildings and equipment: accumulated depreciation
$51,535,565
-
10c · Land, buildings and equipment, net
beginning of year $103,464,223 · end of year $111,966,181
-
12 · Investments: other securities
beginning of year $3,000,000 · end of year $54,371
-
13 · Investments: program-related
beginning of year $34,778,563 · end of year $35,329,822
-
15 · Other assets
beginning of year $602,386 · end of year $794,966
-
17 · Accounts payable and accrued expenses
beginning of year $7,043,167 · end of year $6,139,472
-
23 · Secured mortgages and notes payable
beginning of year $80,976,746 · end of year $81,927,547
-
25 · Other liabilities
beginning of year $6,683,740 · end of year $6,875,846
-
29 · Capital stock, trust principal or current funds
beginning of year $1,126,755 · end of year $1,142,200
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year -$408,595 · end of year -$393,013
-
31 · Retained earnings, endowment or other funds
beginning of year $59,900,106 · end of year $62,778,585
Mission and programs · 2024
Mission
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 28,017 CUSTOMERS PER MONTH.
-
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE APPROXIMATELY 28,017 CONSUMERS PER MONTH.
Expenses $70,990,462 · Grants $6,000 · Revenue $70,067,458
As filed on the 2024 return.
Listed in Part VII
-
Joe SpaldingJOE SPALDING
CHAIRMAN
- Total calculated
- $19,518
- From this org
- $19,518
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
Jason ToddJASON TODD
VICE CHAIRMAN
- Total calculated
- $22,581
- From this org
- $22,581
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
James Kevin PrestonJAMES KEVIN PRESTON
SEC/TREAS
- Total calculated
- $21,781
- From this org
- $21,781
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
William GogginWILLIAM GOGGIN
DIRECTOR
- Total calculated
- $17,209
- From this org
- $17,209
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3
-
William PeytonWILLIAM PEYTON
DIRECTOR
- Total calculated
- $12,575
- From this org
- $12,575
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Louis KerrickLOUIS KERRICK
DIRECTOR
- Total calculated
- $19,110
- From this org
- $19,110
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Jerry CarterJERRY CARTER
PRESIDENT/CEO
- Total calculated
- $303,908
- From this org
- $232,935
- From related orgs
- $0
- Other
- $70,973
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $232,935
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $70,973
- Filer's total
- $303,908
-
Alyssa KurtzALYSSA KURTZ
CFO
- Total calculated
- $162,504
- From this org
- $127,233
- From related orgs
- $0
- Other
- $35,271
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $127,233
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $35,271
- Filer's total
- $162,504
-
David PhelpsDAVID PHELPS
VP OPERATIONS
- Total calculated
- $213,860
- From this org
- $162,506
- From related orgs
- $0
- Other
- $51,354
- Hours/week
- 48
Schedule J breakdown matched by us
- Base
- $162,506
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $51,354
- Filer's total
- $213,860
-
Dan HitchcockDAN HITCHCOCK
VP, MEMBER SERVICES
- Total calculated
- $182,127
- From this org
- $137,325
- From related orgs
- $0
- Other
- $44,802
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $137,325
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $44,802
- Filer's total
- $182,127
-
Colby GriderCOLBY GRIDER
LINE TECH FIRST CLASS
- Total calculated
- $183,340
- From this org
- $140,512
- From related orgs
- $0
- Other
- $42,828
- Hours/week
- 53
Schedule J breakdown matched by us
- Base
- $140,512
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $42,828
- Filer's total
- $183,340
-
David HorneDAVID HORNE
1ST CLASS LINE ENG TECH
- Total calculated
- $181,299
- From this org
- $153,502
- From related orgs
- $0
- Other
- $27,797
- Hours/week
- 56
Schedule J breakdown matched by us
- Base
- $153,502
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $27,797
- Filer's total
- $181,299
-
Kasey WallsKASEY WALLS
CREW LEADER
- Total calculated
- $184,136
- From this org
- $140,078
- From related orgs
- $0
- Other
- $44,058
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $140,078
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $44,058
- Filer's total
- $184,136
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.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 30 April 2025
- IRS schema version
- 2024v5.1
- Source object
- 202541279349301524
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