Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: POWER SALES

  total $21,137,439 · related or exempt $21,137,439

• 2b · Program service revenue: OTHER SERVICE REVENUE

  total $215,411 · related or exempt $215,411

• 3 · Investment income

  total $132,330 · excluded $132,330

• 7a · Gross sales of assets other than inventory

  other assets $4,472

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

  other assets $0

• 7c · Gain or loss

  other assets $4,472

• 7d · Net gain or loss

  total $4,472 · related or exempt $4,472

• 11a · Other revenue: OTHER INCOME

  total $6,556 · excluded $6,556

• 11e · Other revenue, total

  $6,556

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $591,950

• 7 · Other salaries and wages

  total $2,278,003

• 8 · Pension plan contributions

  total $635,047

• 9 · Other employee benefits

  total $279,801

• 10 · Payroll taxes

  total $985

• 11g · Fees: other

  total $150,609

• 13 · Office expenses

  total $297,834

• 19 · Conferences, conventions and meetings

  total $131,529

• 20 · Interest

  total $95,901

• 22 · Depreciation, depletion and amortization

  total $1,856,356

• 23 · Insurance

  total $37,300

• 24a · Other expenses: PURCHASED POWER

  total $10,631,046

• 24b · Other expenses: OTHER EXPENSES

  total $1,569,417

• 24c · Other expenses: CUSTOMER RECORDS AND CO

  total $666,434

• 24d · Other expenses: TAXES

  total $194,590

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,439,231 · end of year $4,048,670

• 2 · Savings and temporary cash investments

  beginning of year $3,217,675 · end of year $8,228,476

• 4 · Accounts receivable

  beginning of year $2,846,331 · end of year $3,011,145

• 8 · Inventories for sale or use

  beginning of year $1,671,227 · end of year $2,147,505

• 9 · Prepaid expenses and deferred charges

  beginning of year $156,485 · end of year $167,529

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

  $45,466,822

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

  $29,764,542

• 10c · Land, buildings and equipment, net

  beginning of year $17,640,724 · end of year $15,702,280

• 11 · Investments: publicly traded securities

  beginning of year $316,968 · end of year $345,587

• 17 · Accounts payable and accrued expenses

  beginning of year $1,919,461 · end of year $3,306,290

• 23 · Secured mortgages and notes payable

  beginning of year $2,295,444 · end of year $2,177,820

• 29 · Capital stock, trust principal or current funds

  beginning of year $506,410 · end of year $520,350

• 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 $25,567,326 · end of year $27,646,732

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART II (C)

THE COMPANY PARTICIPATES IN THE NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION (NRECA) RETIREMENT SECURITY PLAN (RS PLAN), A DEFINED BENEFIT PENSION PLAN QUALIFIED UNDER SECTION 401 AND TAX-EXEMPT UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE. THE PLAN IS FULLY FUNDED AND VESTING IS 10% PER YEAR FOR FIRST 4 YEARS, WITH 100% VESTING AT BEGINNING OF 5TH YEAR OR AGE 55, WHICHEVER COMES FIRST. BENEFITS FROM EMPLOYEE CONTRIBUTIONS ARE FULLY VESTED. THE AMOUNTS REPORTED ARE DEFERRED COMPENSATION BENEFITS EARNED, BUT NOT PAID.