Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $43,422,899 · related or exempt $43,422,899

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $858,326 · related or exempt $858,326

• 2c · Program service revenue: DISTRIBUTION LINE LEASE

  total $56,980 · related or exempt $56,980

• 2d · Program service revenue: SERVICE FEES

  total $49,770 · related or exempt $49,770

• 3 · Investment income

  total $49,512 · excluded $49,512

• 5 · Royalties

  total $339 · excluded $339

• 7a · Gross sales of assets other than inventory

  other assets $24,000

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

  other assets $28,603

• 7c · Gain or loss

  other assets -$4,603

• 7d · Net gain or loss

  total -$4,603 · related or exempt -$4,603

• 10a · Gross sales of inventory

  $48,873

• 10b · Cost of goods sold

  $25,464

• 10c · Net income from sales of inventory

  total $23,409 · related or exempt $23,409

• 11a · Other revenue: BILLING REVENUE

  total $74,070 · unrelated business $74,070

• 11b · Other revenue: POLE ATTACHMENT INCOME

  total $10,468 · excluded $10,468

• 11e · Other revenue, total

  $84,538

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $20,517

• 2 · Grants to domestic individuals

  total $16,000

• 4 · Benefits paid to or for members

  total $2,027,608

• 5 · Compensation of officers, directors and key employees

  total $818,594

• 7 · Other salaries and wages

  total $3,055,496

• 8 · Pension plan contributions

  total $708,546

• 9 · Other employee benefits

  total $899,937

• 10 · Payroll taxes

  total $245,140

• 20 · Interest

  total $2,489,523

• 22 · Depreciation, depletion and amortization

  total $3,398,855

• 24a · Other expenses: PURCHASED POWER

  total $26,875,241

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $1,420,949

• 24c · Other expenses: OPERATING TAXES

  total $980,841

• 24d · Other expenses: ADMIN & GENERAL EXPENSE

  total $963,957

• 24e · All other expenses

  total $619,966

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,485,648 · end of year $1,091,276

• 4 · Accounts receivable

  beginning of year $2,521,863 · end of year $4,285,069

• 7 · Other notes and loans receivable

  beginning of year $555,046 · end of year $450,423

• 8 · Inventories for sale or use

  beginning of year $1,219,693 · end of year $2,216,798

• 9 · Prepaid expenses and deferred charges

  beginning of year $533,521 · end of year $294,120

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

  $123,288,408

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

  $21,280,294

• 10c · Land, buildings and equipment, net

  beginning of year $100,145,421 · end of year $102,008,114

• 13 · Investments: program-related

  beginning of year $15,083,423 · end of year $15,500,067

• 15 · Other assets

  beginning of year $1,009,506 · end of year $1,124,893

• 17 · Accounts payable and accrued expenses

  beginning of year $4,381,536 · end of year $2,934,843

• 23 · Secured mortgages and notes payable

  beginning of year $83,468,540 · end of year $85,003,944

• 25 · Other liabilities

  beginning of year $2,194,935 · end of year $2,607,036

• 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 $5,261,448 · end of year $5,331,020

• 31 · Retained earnings, endowment or other funds

  beginning of year $29,247,662 · end of year $31,093,917

The filer's explanations (Part III)

PART I, LINE 1A

PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL ONLY PAY FOR REGISTRATION FEES INCURRED BY A TRUSTEES' SPOUSE. TRUSTEES MAY ONLY ATTEND ONE NATIONAL MEETING PER YEAR. ALSO PURSUANT TO THE CURRENT POLICY, THE COOPERATIVE WILL PAY FOR REGISTRATION FEES, TRAVEL AND MEALS INCURRED BY AN EMPLOYEE'S SPOUSE IF INVITED TO ATTEND AN NRECA REGIONAL OR NATIONAL MEETING. DURING THE YEAR, TYSON LITTAU REPORTED ON FORM 990, PART VII RECEIVED THIS BENEFIT. SINCE THE COOPERATIVE CONSIDERS THE REIMBURSEMENT TO BE CONSISTENT TO A BONA FIDE BUSINESS PURPOSE, SUCH REIMBURSEMENTS ARE TREATED AS EXPENSES EXCLUDED FROM THE REPORTABLE COMPENSATION OF EACH. PURSUANT TO THE EMPLOYEE WELLNESS PROGRAM, EMPLOYEES PARTICIPATING IN THE COOPERATIVE SPONSORED HEALTH INSURANCE PLAN RECEIVE UP TO $50 PER MONTH, LIMITED TO $600 PER YEAR, FOR THE COST OF HEALTH CLUB DUES.

PART II, COLUMN C:

INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. TYSON LITTAU: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 122,476 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,893 TOTAL REPORTED IN COLUMN C $ 127,369 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (122,476) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 76,158 EXPENSE TO THE COOPERATIVE $ 81,051 JARET DOWLER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 82,690 EMPLOYER CONTRIBUTION TO 401(K)PLAN 3,061 TOTAL REPORTED IN COLUMN C $ 85,751 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (82,690) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 47,289 EXPENSE TO THE COOPERATIVE $ 50,350 BRENT MCDOWELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 101,246 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,365 TOTAL REPORTED IN COLUMN C $ 103,611 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (101,246) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 36,531 EXPENSE TO THE COOPERATIVE $ 38,896 JAMIE RUBLE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 65,594 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,761 TOTAL REPORTED IN COLUMN C $ 68,355 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (65,594) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 42,517 EXPENSE TO THE COOPERATIVE $ 45,278 BRIAN SNIDER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 71,968 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,268 TOTAL REPORTED IN COLUMN C $ 74,236 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (71,968) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 35,013 EXPENSE TO THE COOPERATIVE $ 37,281 CURT CLOYD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 40,371 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,136 TOTAL REPORTED IN COLUMN C $ 42,507 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,371) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 32,930 EXPENSE TO THE COOPERATIVE $ 35,066