Form 990 for tax year 2023
Filed by GRUNDY COUNTY RURAL ELECTRIC COOPERATIVE.
Totals
- Total revenue
- $10,250,490
- Total expenses
- $10,250,793
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $9,400,127
- Investment income
- $31,492
- Other revenue
- $818,871
- Total assets, end of year
- $27,173,178
- Total liabilities, end of year
- $13,952,742
- Net assets or fund balances, end of year
- $13,220,436
- 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 ELECTRICITY
total $9,400,127 · related or exempt $9,400,127
-
3 · Investment income
total $32,064 · excluded $32,064
-
7b · Less cost or other basis and sales expenses
other assets $572
-
7c · Gain or loss
other assets -$572
-
7d · Net gain or loss
total -$572 · excluded -$572
-
10a · Gross sales of inventory
-$5,427
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total -$5,427 · excluded -$5,427
-
11a · Other revenue: G & T CAPITAL CREDITS
total $783,541 · related or exempt $783,541
-
11b · Other revenue: OTHER CREDITS
total $41,062 · related or exempt $41,062
-
11c · Other revenue: K-1 INCOME/LOSS FROM ICR
total -$305 · unrelated business -$305
-
11e · Other revenue, total
$824,298
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $886,551
-
5 · Compensation of officers, directors and key employees
total $212,114
-
7 · Other salaries and wages
total $384,446
-
8 · Pension plan contributions
total $241,302
-
9 · Other employee benefits
total $444,448
-
10 · Payroll taxes
total $80,625
-
20 · Interest
total $366,387
-
22 · Depreciation, depletion and amortization
total $657,529
-
24a · Other expenses: COST OF POWER
total $6,437,628
-
24b · Other expenses: OPERATION
total $403,344
-
24c · Other expenses: DISTRIBUTION MAINTENANC
total $338,604
-
24d · Other expenses: SALES EXPENSE
total $167,849
-
24e · All other expenses
total -$370,034
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,734,161 · end of year $1,013,642
-
2 · Savings and temporary cash investments
beginning of year $299,534 · end of year $407,974
-
4 · Accounts receivable
beginning of year $787,878 · end of year $1,245,538
-
7 · Other notes and loans receivable
beginning of year $448,381 · end of year $335,928
-
8 · Inventories for sale or use
beginning of year $284,553 · end of year $155,483
-
9 · Prepaid expenses and deferred charges
beginning of year $77,350 · end of year $139,442
-
10a · Land, buildings and equipment: cost or other basis
$25,072,862
-
10b · Land, buildings and equipment: accumulated depreciation
$7,194,133
-
10c · Land, buildings and equipment, net
beginning of year $17,277,742 · end of year $17,878,729
-
12 · Investments: other securities
beginning of year $5,575,382 · end of year $5,996,442
-
17 · Accounts payable and accrued expenses
beginning of year $1,146,555 · end of year $721,954
-
23 · Secured mortgages and notes payable
beginning of year $12,611,565 · end of year $13,139,112
-
25 · Other liabilities
beginning of year $104,366 · end of year $91,676
-
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 $4,302,246 · end of year $5,069,312
-
31 · Retained earnings, endowment or other funds
beginning of year $8,320,249 · end of year $8,151,124
Mission and programs · 2023
Mission
PROVIDING DEPENDABLE, AFFORDABLE ELECTRIC SERVICE TO RURAL FAMILIES, FARMS AND INDUSTRIES IN GRUNDY, BLACK HAWK, MARSHALL, TAMA, BUTLER AND HARDIN COUNTIES.
Activities or mission (Part I)
SALE OF DEPENDABLE, RELIABLE ELECTRICITY AND SERVICES TO OUR MEMBERS.
-
SALE OF DEPENDABLE, RELIABLE ELECTRICITY AND SERVICES TO OUR MEMBERS.
As filed on the 2023 return.
Listed in Part VII
-
Nick StrohbehnNICK STROHBEHN
PRESIDENT
- Total calculated
- $12,520
- From this org
- $12,520
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4.3
-
Kevin PruisnerKEVIN PRUISNER
VICE PRESIDENT
- Total calculated
- $10,480
- From this org
- $10,480
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3.6
-
Matt KoprivaMATT KOPRIVA
SECRETARY
- Total calculated
- $9,375
- From this org
- $9,375
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1.9
-
Norbert BoyleNORBERT BOYLE
TREASURER
- Total calculated
- $9,950
- From this org
- $9,950
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2.9
-
Jason PaperJASON PAPER
ASST. TREASURER/SECRETARY
- Total calculated
- $4,220
- From this org
- $4,220
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1.1
-
Larry RohachLARRY ROHACH
DIRECTOR
- Total calculated
- $6,985
- From this org
- $6,985
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2.7
-
David SchmidtDAVID SCHMIDT
DIRECTOR
- Total calculated
- $4,310
- From this org
- $4,310
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2.3
-
Roger BrownROGER BROWN
DIRECTOR
- Total calculated
- $2,425
- From this org
- $2,425
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2.5
-
Michael GeerdesMICHAEL GEERDES
GENERAL MANAGER/CEO
- Total calculated
- $151,849
- From this org
- $100,389
- From related orgs
- $0
- Other
- $51,460
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $100,389
- Bonus
- $0
- Other
- $0
- Deferred
- $7,451
- Nontaxable benefits
- $44,009
- Filer's total
- $151,849
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
None.
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.
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
GRUNDY COUNTY INDUSTRIAL PARK LC
RELATED · INDUSTIAL PARK MANAGEMENT · IA · 50% owned · share of income -$284 · share of assets $255,701
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
NEW INITIATIVES INC
C · ECONOMIC DEVELOPMENT · IA · 100% owned · controlled entity
Directly controlled by GRUNDY COUNTY RURAL ELECTRIC COOPERATIVE
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 4 October 2024
- IRS schema version
- 2023v5.1
- Source object
- 202412909349301801
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