Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $38,996,188 · related or exempt $38,996,188

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $1,634,895 · related or exempt $1,634,895

• 2c · Program service revenue: DISTRIBUTION LINE LEASE

  total $52,787 · related or exempt $52,787

• 2d · Program service revenue: SERVICE FEES

  total $49,687 · related or exempt $49,687

• 3 · Investment income

  total $73,413 · excluded $73,413

• 5 · Royalties

  total $27 · excluded $27

• 7a · Gross sales of assets other than inventory

  other assets $136,613

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

  other assets $65,817

• 7c · Gain or loss

  other assets $70,796

• 7d · Net gain or loss

  total $70,796 · related or exempt $70,796

• 10a · Gross sales of inventory

  $982,567

• 10b · Cost of goods sold

  $964,548

• 10c · Net income from sales of inventory

  total $18,019 · related or exempt $18,019

• 11a · Other revenue: BILLING REVENUE

  total $74,350 · unrelated business $74,350

• 11b · Other revenue: POLE ATTACHMENT INCOME

  total $10,955 · excluded $10,955

• 11c · Other revenue: MISC NON-OPERATING INCOME

  total $100 · excluded $100

• 11e · Other revenue, total

  $85,405

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $21,184

• 2 · Grants to domestic individuals

  total $5,000

• 4 · Benefits paid to or for members

  total $2,477,383

• 5 · Compensation of officers, directors and key employees

  total $1,096,758

• 7 · Other salaries and wages

  total $3,345,013

• 8 · Pension plan contributions

  total $694,404

• 9 · Other employee benefits

  total $1,013,091

• 10 · Payroll taxes

  total $279,795

• 20 · Interest

  total $2,549,058

• 22 · Depreciation, depletion and amortization

  total $3,211,827

• 24a · Other expenses: PURCHASED POWER

  total $22,262,871

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $1,673,669

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $940,967

• 24d · Other expenses: OPERATING TAXES

  total $858,593

• 24e · All other expenses

  total $551,604

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,905,575 · end of year $1,672,676

• 4 · Accounts receivable

  beginning of year $2,073,578 · end of year $2,413,361

• 7 · Other notes and loans receivable

  beginning of year $359,006 · end of year $603,327

• 8 · Inventories for sale or use

  beginning of year $2,688,303 · end of year $1,219,890

• 9 · Prepaid expenses and deferred charges

  beginning of year $242,298 · end of year $266,213

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

  $126,484,330

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

  $21,505,142

• 10c · Land, buildings and equipment, net

  beginning of year $106,552,913 · end of year $104,979,188

• 13 · Investments: program-related

  beginning of year $16,861,282 · end of year $18,344,365

• 15 · Other assets

  beginning of year $987,436 · end of year $1,043,163

• 17 · Accounts payable and accrued expenses

  beginning of year $3,687,021 · end of year $3,100,791

• 23 · Secured mortgages and notes payable

  beginning of year $87,032,281 · end of year $83,888,852

• 25 · Other liabilities

  beginning of year $2,504,222 · end of year $2,907,728

• 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 $5,439,823 · end of year $5,544,208

• 31 · Retained earnings, endowment or other funds

  beginning of year $33,007,044 · end of year $35,100,604

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, NO INDIVIDUAL REPORTED ON FORM 990, PART VII RECEIVED THIS BENEFIT.

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 $ 91,021 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,232 TOTAL REPORTED IN COLUMN C $ 96,253 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (91,021) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 69,030 EXPENSE TO THE COOPERATIVE $ 74,262 JARET DOWLER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 46,380 EMPLOYER CONTRIBUTION TO 401(K)PLAN 3,309 TOTAL REPORTED IN COLUMN C $ 49,689 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (46,380) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 43,653 EXPENSE TO THE COOPERATIVE $ 46,962 JAMIE RUBLE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 58,311 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,048 TOTAL REPORTED IN COLUMN C $ 61,359 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (58,311) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 40,220 EXPENSE TO THE COOPERATIVE $ 43,268 BRIAN SNIDER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 62,449 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,464 TOTAL REPORTED IN COLUMN C $ 64,913 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (62,449) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 32,512 EXPENSE TO THE COOPERATIVE $ 34,976 BRENT MCDOWELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 59,422 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,501 TOTAL REPORTED IN COLUMN C $ 61,923 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (59,422) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 32,992 EXPENSE TO THE COOPERATIVE $ 35,493 CURT CLOYD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,927 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,329 TOTAL REPORTED IN COLUMN C $ 33,256 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,927) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 30,730 EXPENSE TO THE COOPERATIVE $ 33,059 CLINT LEFORCE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 29,744 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,013 TOTAL REPORTED IN COLUMN C $ 31,757 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (29,744) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 26,565 EXPENSE TO THE COOPERATIVE $ 28,578 JACOB COLLIER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 25,332 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,280 TOTAL REPORTED IN COLUMN C $ 27,612 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (25,332) ADD: CASH CONTRIBUTED TO DEFINED BENEFIT PLAN 30,044 EXPENSE TO THE COOPERATIVE $ 32,324