Skip to content
Nonprofiteer
← UNITED POWER INC

Form 990 for tax year 2023

Filed by UNITED POWER INC.

Totals

Total revenue
$342,490,393
Total expenses
$342,016,918
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$341,732,947
Investment income
$276,511
Other revenue
$480,935
Total assets, end of year
$712,520,880
Total liabilities, end of year
$454,591,045
Net assets or fund balances, end of year
$257,929,835
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$342,016,918

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: Electricity Sales

    total $333,860,711 · related or exempt $333,860,711

  • 2b · Program service revenue: Capital Credits

    total $6,098,439 · related or exempt $6,098,439

  • 2c · Program service revenue: Other Operating Rev

    total $1,773,797 · related or exempt $1,773,797

  • 3 · Investment income

    total $276,511 · excluded $276,511

  • 6a · Gross rents

    personal property $480,935

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $480,935

  • 6d · Net rental income or loss

    total $480,935 · excluded $480,935

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $14,912,531

  • 5 · Compensation of officers, directors and key employees

    total $2,620,156

  • 12 · Advertising and promotion

    total $164,367

  • 20 · Interest

    total $13,583,733

  • 22 · Depreciation, depletion and amortization

    total $16,514,708

  • 24a · Other expenses: Purchased Power

    total $242,588,937

  • 24b · Other expenses: Administrative and Gene

    total $12,125,210

  • 24c · Other expenses: Distrib. Exp. - Operati

    total $11,134,016

  • 24d · Other expenses: Distrib. Exp. - Mainten

    total $9,612,488

  • 24e · All other expenses

    total $18,760,772

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,379,790 · end of year $3,901,210

  • 4 · Accounts receivable

    beginning of year $8,181,602 · end of year $10,261,837

  • 8 · Inventories for sale or use

    beginning of year $12,277,293 · end of year $14,881,176

  • 9 · Prepaid expenses and deferred charges

    beginning of year $38,507,562 · end of year $47,217,011

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

    $572,823,070

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

    $129,451,800

  • 10c · Land, buildings and equipment, net

    beginning of year $397,424,257 · end of year $443,371,270

  • 13 · Investments: program-related

    beginning of year $149,084,196 · end of year $152,049,290

  • 14 · Intangible assets

    beginning of year $13,215,899 · end of year $13,215,899

  • 15 · Other assets

    beginning of year $27,352,732 · end of year $27,623,187

  • 17 · Accounts payable and accrued expenses

    beginning of year $48,924,613 · end of year $41,929,508

  • 23 · Secured mortgages and notes payable

    beginning of year $330,300,007 · end of year $344,534,790

  • 24 · Unsecured notes and loans payable

    beginning of year $16,100,000 · end of year $59,000,000

  • 25 · Other liabilities

    beginning of year $7,834,045 · end of year $9,126,747

  • 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 $246,264,666 · end of year $257,929,835

Mission and programs · 2023

Mission

To provide reliable electric power and related services to our members at the most affordable cost.

  • The Cooperative provides electric services to approximately 110,500 members.

    Expenses $342,016,918

As filed on the 2023 return.

Listed in Part VII

  • Elizabeth Martin

    Chairman

    Total calculated
    $37,992
    From this org
    $37,992
    From related orgs
    $0
    Other
    $0
    Hours/week
    25

  • Tamra Waltemath

    Secretary

    Total calculated
    $30,492
    From this org
    $30,492
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Brian McCormick

    Director

    Total calculated
    $30,492
    From this org
    $30,492
    From related orgs
    $0
    Other
    $0
    Hours/week
    18

  • Dave Rose

    Director

    Total calculated
    $2,541
    From this org
    $2,541
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James Vigesaa

    Vice Chairman

    Total calculated
    $30,492
    From this org
    $30,492
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Keith Alquist

    Treasurer

    Total calculated
    $30,492
    From this org
    $30,492
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Virginia Buczek

    Director/CREA Director

    Total calculated
    $35,492
    From this org
    $35,492
    From related orgs
    $0
    Other
    $0
    Hours/week
    22

  • Ursula Morgan

    Director

    Total calculated
    $30,492
    From this org
    $30,492
    From related orgs
    $0
    Other
    $0
    Hours/week
    19

  • Tim Erickson

    Director

    Total calculated
    $30,492
    From this org
    $30,492
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Stephen Whiteside

    Assistant Secretary/Treasu

    Total calculated
    $30,492
    From this org
    $30,492
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Brad Case

    Director

    Total calculated
    $30,492
    From this org
    $30,492
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Steven Douglas

    Director

    Total calculated
    $22,869
    From this org
    $22,869
    From related orgs
    $0
    Other
    $0
    Hours/week
    14

  • Dean Hubbuck

    SVP & Chief Energy Resourc

    Total calculated
    $374,525
    From this org
    $265,782
    From related orgs
    $0
    Other
    $108,743
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,282
    Bonus
    $45,500
    Other
    $0
    Deferred
    $72,306
    Nontaxable benefits
    $36,437
    Filer's total
    $374,525

  • Laura Burkhart

    EVP & Chief Financial Offi

    Total calculated
    $467,565
    From this org
    $345,702
    From related orgs
    $0
    Other
    $121,863
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $300,202
    Bonus
    $45,500
    Other
    $0
    Deferred
    $85,437
    Nontaxable benefits
    $36,426
    Filer's total
    $467,565

  • Russell Robbins

    EVP & Chief Operating Offi

    Total calculated
    $474,802
    From this org
    $362,547
    From related orgs
    $0
    Other
    $112,255
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $342,047
    Bonus
    $20,500
    Other
    $0
    Deferred
    $85,437
    Nontaxable benefits
    $26,818
    Filer's total
    $474,802

  • Mark Gabriel

    President and Chief Execut

    Total calculated
    $653,690
    From this org
    $560,146
    From related orgs
    $0
    Other
    $93,544
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $470,396
    Bonus
    $89,750
    Other
    $0
    Deferred
    $91,278
    Nontaxable benefits
    $2,266
    Filer's total
    $653,690

  • Trista Fugate

    Senior VP and Chief Market

    Total calculated
    $306,744
    From this org
    $246,312
    From related orgs
    $0
    Other
    $60,432
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,812
    Bonus
    $20,500
    Other
    $0
    Deferred
    $59,246
    Nontaxable benefits
    $1,186
    Filer's total
    $306,744

  • Erin Hane

    VP of HR, Safety, Facilities

    Total calculated
    $285,177
    From this org
    $194,072
    From related orgs
    $0
    Other
    $91,105
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,572
    Bonus
    $15,500
    Other
    $0
    Deferred
    $54,819
    Nontaxable benefits
    $36,286
    Filer's total
    $285,177

  • Alice Beauchamp

    SVP & Chief Information Of

    Total calculated
    $304,605
    From this org
    $217,058
    From related orgs
    $0
    Other
    $87,547
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,558
    Bonus
    $10,500
    Other
    $0
    Deferred
    $60,805
    Nontaxable benefits
    $26,742
    Filer's total
    $304,605

  • Robert Maxwell

    VP of Engineering

    Total calculated
    $300,461
    From this org
    $209,032
    From related orgs
    $0
    Other
    $91,429
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,532
    Bonus
    $4,500
    Other
    $0
    Deferred
    $55,139
    Nontaxable benefits
    $36,290
    Filer's total
    $300,461

  • Troy Whitmore

    VP & Public Affairs Office

    Total calculated
    $308,256
    From this org
    $223,889
    From related orgs
    $0
    Other
    $84,367
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,389
    Bonus
    $500
    Other
    $0
    Deferred
    $57,658
    Nontaxable benefits
    $26,709
    Filer's total
    $308,256

  • Joshua Steinke

    Substation Technician

    Total calculated
    $272,888
    From this org
    $205,383
    From related orgs
    $0
    Other
    $67,505
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,883
    Bonus
    $500
    Other
    $0
    Deferred
    $31,531
    Nontaxable benefits
    $35,974
    Filer's total
    $272,888

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

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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 corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
29 April 2024
IRS schema version
2023v5.0
Source object
202441229349302309

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.