Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALE OF POWER

  total $14,582,970 · related or exempt $14,582,970

• 2b · Program service revenue: CAPITAL CREDITS

  total $728,375 · related or exempt $728,375

• 3 · Investment income

  total $238,109 · excluded $238,109

• 7a · Gross sales of assets other than inventory

  other assets $18,500

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

  other assets $9,500

• 7c · Gain or loss

  other assets $9,000

• 7d · Net gain or loss

  total $9,000 · excluded $9,000

• 10a · Gross sales of inventory

  $69,805

• 10b · Cost of goods sold

  $81,103

• 10c · Net income from sales of inventory

  total -$11,298 · related or exempt -$11,298

• 11a · Other revenue: EXTRAORDINARY REVENUE

  total $50,000 · related or exempt $50,000

• 11d · All other revenue

  total $1,946 · related or exempt $1,946

• 11e · Other revenue, total

  $51,946

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $15,850

• 4 · Benefits paid to or for members

  total $1,841,065

• 5 · Compensation of officers, directors and key employees

  total $408,598

• 7 · Other salaries and wages

  total $1,584,260

• 8 · Pension plan contributions

  total $360,727

• 10 · Payroll taxes

  total $139,894

• 20 · Interest

  total $759,737

• 22 · Depreciation, depletion and amortization

  total $1,420,579

• 24a · Other expenses: COST OF POWER

  total $7,676,790

• 24b · Other expenses: DISTRIBUTION-OPERATIONS

  total $1,436,157

• 24c · Other expenses: ADMIN & GENERAL

  total $1,005,061

• 24d · Other expenses: DISTRIBUTION-MAINTENANC

  total $857,343

• 24e · All other expenses

  total -$2,111,101

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $5,896,328 · end of year $2,295,944

• 4 · Accounts receivable

  beginning of year $1,303,433 · end of year $1,598,994

• 7 · Other notes and loans receivable

  beginning of year $960,193 · end of year $1,496,308

• 8 · Inventories for sale or use

  beginning of year $945,120 · end of year $891,291

• 9 · Prepaid expenses and deferred charges

  beginning of year $122,195 · end of year $124,454

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

  $48,800,167

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

  $14,591,643

• 10c · Land, buildings and equipment, net

  beginning of year $31,651,526 · end of year $34,208,524

• 13 · Investments: program-related

  beginning of year $6,976,252 · end of year $7,338,482

• 15 · Other assets

  beginning of year $5,534 · end of year $5,935

• 17 · Accounts payable and accrued expenses

  beginning of year $1,203,192 · end of year $1,390,378

• 23 · Secured mortgages and notes payable

  beginning of year $21,976,530 · end of year $20,590,421

• 25 · Other liabilities

  beginning of year $116,592 · end of year $117,267

• 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 $24,564,267 · end of year $25,861,866

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART II, COLUMN C:

PART II, COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN OF $28,353 FOR HOLI WESTON AND $46,156 FOR JAMES KINTIGH. THE ACTUAL CONTRIBUTION TO THE DEFINED BENEFIT PLAN FOR HOLI WESTON WAS $27,757 AND $19,686 FOR JAMES KINTIGH.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• SOUTHWEST IOWA FARMERS SERVICE INC

  C · INACTIVE · IA · 100% owned · controlled entity

  Directly controlled by FARMERS ELECTRIC COOPERATIVE INC