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Nonprofiteer
← FEDERATED RURAL ELECTRIC ASSOCIATION

Form 990 for tax year 2023

Filed by FEDERATED RURAL ELECTRIC ASSOCIATION.

Totals

Total revenue
$43,636,170
Total expenses
$42,236,380
Contributions and grants received
$0
Grants paid
$19,296
Program service revenue
$41,594,550
Investment income
$338,641
Other revenue
$1,702,979
Total assets, end of year
$82,382,527
Total liabilities, end of year
$35,156,334
Net assets or fund balances, end of year
$47,226,193
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: ELECTRIC SALES

    total $39,292,768 · related or exempt $39,292,768

  • 2b · Program service revenue: BROADBAND REVENUE

    total $2,301,782 · related or exempt $714,863 · unrelated business $1,586,919

  • 3 · Investment income

    total $276,665 · excluded $276,665

  • 7a · Gross sales of assets other than inventory

    other assets $84,100

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

    other assets $22,124

  • 7c · Gain or loss

    other assets $61,976

  • 7d · Net gain or loss

    total $61,976 · excluded $61,976

  • 10a · Gross sales of inventory

    $168,111

  • 10b · Cost of goods sold

    $396,575

  • 10c · Net income from sales of inventory

    total -$228,464 · related or exempt -$228,464

  • 11a · Other revenue: CAPITAL CREDITS

    total $1,821,733 · related or exempt $1,821,733

  • 11b · Other revenue: PARTNERSHIP INCOME

    total $72,789 · unrelated business $72,789

  • 11c · Other revenue: CTV INCOME

    total $23,327 · related or exempt $19,364 · unrelated business $3,963

  • 11d · All other revenue

    total $13,594 · excluded $13,594

  • 11e · Other revenue, total

    $1,931,443

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $19,296

  • 4 · Benefits paid to or for members

    total $2,104,231

  • 5 · Compensation of officers, directors and key employees

    total $534,886

  • 7 · Other salaries and wages

    total $1,986,939

  • 8 · Pension plan contributions

    total $314,973

  • 10 · Payroll taxes

    total $190,932

  • 20 · Interest

    total $847,674

  • 22 · Depreciation, depletion and amortization

    total $2,133,542

  • 24a · Other expenses: COST OF POWER

    total $31,403,520

  • 24b · Other expenses: DISTRIBUTIONS - OPERATI

    total $1,223,464

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $1,220,510

  • 24d · Other expenses: ADMIN AND GENERAL

    total $1,217,760

  • 24e · All other expenses

    total -$961,347

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $106,176

  • 2 · Savings and temporary cash investments

    beginning of year $2,856,275 · end of year $2,926,965

  • 4 · Accounts receivable

    beginning of year $3,078,514 · end of year $3,099,752

  • 7 · Other notes and loans receivable

    end of year $621,299

  • 8 · Inventories for sale or use

    beginning of year $1,939,282 · end of year $1,915,788

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,180,818 · end of year $952,410

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

    $75,915,015

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

    $27,882,927

  • 10c · Land, buildings and equipment, net

    beginning of year $46,934,143 · end of year $48,032,088

  • 12 · Investments: other securities

    beginning of year $3,873,689 · end of year $2,126,055

  • 13 · Investments: program-related

    beginning of year $19,472,035 · end of year $20,708,297

  • 14 · Intangible assets

    end of year $1,520,899

  • 15 · Other assets

    beginning of year $1,746,404 · end of year $372,798

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,890,232 · end of year $4,360,724

  • 19 · Deferred revenue

    end of year $1,069,645

  • 23 · Secured mortgages and notes payable

    beginning of year $27,652,158 · end of year $27,231,208

  • 24 · Unsecured notes and loans payable

    beginning of year $600,000 · end of year $800,000

  • 25 · Other liabilities

    beginning of year $2,665,197 · end of year $1,694,757

  • 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 $6,121,270 · end of year $6,482,038

  • 31 · Retained earnings, endowment or other funds

    beginning of year $39,152,303 · end of year $40,744,155

Mission and programs · 2023

Mission

FEDERATED RURAL ELECTRIC ASSOCIATION IS COMMITTED TO PROVIDING SAFE, RELIABLE, AND AFFORDABLE ENERGY AND OTHER ESSENTIAL SERVICES TO OUR MEMBER-OWNERS, WHILE ENHANCING THE LIVES OF THOSE WE SERVE.

Activities or mission (Part I)

TO DISTRIBUTE ENERGY AND SERVICES IN A COST EFFECTIVE, RELIABLE, AND EFFICIENT MANNER.

  • TO PROVIDE RELIABLE ELECTRIC SERVICE TO OVER 5,275 MEMBERS. WITHOUT THE FORMATION OF THIS COOPERATIVE, THESE MEMBERS WOULD NOT HAVE RECEIVED ELECTRIC SERVICE IN 1935. SINCE THAT TIME WE HAVE CONSISTENTLY PROVIDED SERVICE TO ALL RURAL CUSTOMERS IN JACKSON AND MARTIN COUNTIES IN MINNESOTA AS WELL AS SOME SMALLER TOWNS. IN ADDITION, WE PROVIDE ELECTRIC SERVICE TO BOUNDARY CUSTOMERS OF 11 ADDITIONAL COUNTIES INCLUDING APPROXIMATELY 60 MEMBERS IN IOWA.

  • THE COOPERATIVE'S ACQUISITION OF A FIXED INTERNET COMPANY WITH 1,100 CUSTOMERS IN 2021 WAS THE START OF THE BROADBAND DIVISION "FEDERATED BROADBAND." INTERNET SERVICES WERE PROVIDED TO APPROXIMATELY 1,600 CUSTOMERS BY THE END OF 2023. THE COOPERATIVE WAS AWARDED TWO BROADBAND GRANTS TO BUILD FIBER TO THE HOME AND HELP SERVICE AREAS WITHIN AND OVERLAPPING THE ELECTRIC SERVICE TERRITORY.

As filed on the 2023 return.

Listed in Part VII

  • David Hansen

    PRESIDENT

    Total calculated
    $15,900
    From this org
    $15,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • David Meschke

    VICE PRESIDENT

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Darvin Voss

    SECRETARY/TREASURER

    Total calculated
    $15,900
    From this org
    $15,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Bruce Brockmann

    DIRECTOR

    Total calculated
    $12,300
    From this org
    $12,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Glenn Dicks

    DIRECTOR

    Total calculated
    $11,400
    From this org
    $11,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jon Saxen

    DIRECTOR

    Total calculated
    $10,650
    From this org
    $10,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Scott Thiesse

    DIRECTOR

    Total calculated
    $15,900
    From this org
    $15,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Scott Reimer

    GENERAL MANAGER

    Total calculated
    $287,089
    From this org
    $220,147
    From related orgs
    $0
    Other
    $66,942
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,025
    Bonus
    $0
    Other
    $2,122
    Deferred
    $35,328
    Nontaxable benefits
    $33,127
    Filer's total
    $288,602

  • Julie Resch

    CFO/OFFICE MANAGER

    Total calculated
    $152,242
    From this org
    $103,878
    From related orgs
    $0
    Other
    $48,364
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $103,472
    Bonus
    $0
    Other
    $406
    Deferred
    $17,453
    Nontaxable benefits
    $31,726
    Filer's total
    $153,057

  • Matt Madden

    OPERATIONS MANAGER

    Total calculated
    $160,098
    From this org
    $113,526
    From related orgs
    $0
    Other
    $46,572
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,305
    Bonus
    $0
    Other
    $1,221
    Deferred
    $18,593
    Nontaxable benefits
    $28,834
    Filer's total
    $160,953

  • Kollin Vandevere

    JACKSON AREA FOREMAN

    Total calculated
    $150,179
    From this org
    $105,508
    From related orgs
    $0
    Other
    $44,671
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $105,145
    Bonus
    $0
    Other
    $363
    Deferred
    $17,230
    Nontaxable benefits
    $28,199
    Filer's total
    $150,937

  • Brandon Clarke

    WELCOME FOREMAN

    Total calculated
    $154,514
    From this org
    $105,050
    From related orgs
    $0
    Other
    $49,464
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $104,687
    Bonus
    $0
    Other
    $363
    Deferred
    $17,808
    Nontaxable benefits
    $32,414
    Filer's total
    $155,272

  • Casey L Schoellermar

    LINEMAN

    Total calculated
    $151,232
    From this org
    $104,891
    From related orgs
    $0
    Other
    $46,341
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $104,550
    Bonus
    $0
    Other
    $341
    Deferred
    $17,358
    Nontaxable benefits
    $29,710
    Filer's total
    $151,959

  • Alex C Kunz

    LINEMAN

    Total calculated
    $132,318
    From this org
    $102,389
    From related orgs
    $0
    Other
    $29,929
    Hours/week
    40

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 · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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

The filer's explanations (Part III)

PART I, LINE 1A:
GROSS UPS: PERSONAL USE FRINGE AUTO BENEFIT FOR THE GENERAL MANAGER. BENEFIT WAS INCLUDED IN TAXABLE INCOME.
PART I, LINE 1B:
THE BOARD APPROVES THAT A VEHICLE IS PROVIDED TO THE GENERAL MANGER FOR BUSINESS TRAVEL.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
4 November 2024
IRS schema version
2023v5.1
Source object
202423119349303667

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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