Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC SERVICE REVENUE

  total $6,773,746 · related or exempt $6,773,746

• 2b · Program service revenue: FIBER OPTIC BROADBAND

  total $4,320,598 · related or exempt $3,088,699 · unrelated business $1,231,899

• 2c · Program service revenue: NYS FTTH GRANT

  total $437,772 · related or exempt $437,772

• 2d · Program service revenue: POLE ATTACHMENTS

  total $106,811 · related or exempt $106,811

• 2e · Program service revenue: RESALE UTILITY CONTRACT

  total $1,284,625 · related or exempt $1,283,985 · unrelated business $640

• 2f · All other program service revenue

  total $121,902 · related or exempt $95,764 · unrelated business $26,138

• 3 · Investment income

  total $58,706 · unrelated business $13,384 · excluded $45,322

• 4 · Income from investment of tax-exempt bond proceeds

  total $0

• 5 · Royalties

  total $0

• 6d · Net rental income or loss

  total $0

• 7d · Net gain or loss

  total $0

• 8c · Net income from fundraising events

  total $0

• 9c · Net income from gaming

  total $0

• 10c · Net income from sales of inventory

  total $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $1,660,393

• 5 · Compensation of officers, directors and key employees

  total $426,675

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $1,290,219

• 8 · Pension plan contributions

  total $0

• 9 · Other employee benefits

  total $674,867

• 10 · Payroll taxes

  total $157,491

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $0

• 11c · Fees: accounting

  total $0

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $0

• 12 · Advertising and promotion

  total $0

• 13 · Office expenses

  total $0

• 14 · Information technology

  total $0

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $0

• 17 · Travel

  total $0

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $0

• 20 · Interest

  total $814,423

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $2,293,631

• 23 · Insurance

  total $0

• 24a · Other expenses: ACCESS COST

  total $1,852,069

• 24b · Other expenses: DISTRIBUTION OPERATIONS

  total $978,108

• 24c · Other expenses: COST OF MERCHANDISE SOLD

  total $734,881

• 24d · Other expenses: DISTRIBUTION MAINTENANCE

  total $645,655

• 24e · All other expenses

  total $1,201,032

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $322,575 · end of year $301,472

• 2 · Savings and temporary cash investments

  beginning of year $997,691 · end of year $2,808,922

• 3 · Pledges and grants receivable

  beginning of year $688,050 · end of year $1,295,120

• 4 · Accounts receivable

  beginning of year $993,784 · end of year $888,084

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  end of year $0

• 8 · Inventories for sale or use

  beginning of year $1,099,356 · end of year $1,706,526

• 9 · Prepaid expenses and deferred charges

  beginning of year $493,867 · end of year $518,425

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

  $64,214,885

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

  $21,659,300

• 10c · Land, buildings and equipment, net

  beginning of year $39,509,726 · end of year $42,555,585

• 11 · Investments: publicly traded securities

  end of year $0

• 12 · Investments: other securities

  end of year $0

• 13 · Investments: program-related

  beginning of year $1,222,920 · end of year $1,268,985

• 14 · Intangible assets

  beginning of year $122,552 · end of year $122,552

• 15 · Other assets

  beginning of year $3,635,734 · end of year $3,453,018

• 17 · Accounts payable and accrued expenses

  beginning of year $711,858 · end of year $1,610,458

• 19 · Deferred revenue

  beginning of year $263,253 · end of year $297,099

• 23 · Secured mortgages and notes payable

  beginning of year $20,709,084 · end of year $23,966,363

• 25 · Other liabilities

  beginning of year $13,473,587 · end of year $13,361,329

• 31 · Retained earnings, endowment or other funds

  beginning of year $13,928,473 · end of year $15,683,440

The filer's explanations (Part III)

Part III, Additional Information

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. NAME: TIMOTHY JOHNSON $ 45,865EMPLOYER CONTRIBUTION TO 401(K) PLAN -0-TOTAL REPORTED IN COLUMN C $ 45,865 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,865)ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,568EXPENSE TO THE COOPERATIVE $ 32,568NAME: KEVIN ROTTINGENACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,012EMPLOYER CONTRIBUTION TO 401(K) PLAN -0-TOTAL REPORTED IN COLUMN C $ 35,012 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,012)ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 36,125EXPENSE TO THE COOPERATIVE $ 36,125NAME: JUSTIN MARCHACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,187EMPLOYER CONTRIBUTION TO 401(K) PLAN -0-TOTAL REPORTED IN COLUMN C $ 26,187LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,187)ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,683EXPENSE TO THE COOPERATIVE $ 34,683NAME: STEVEN SICKLERACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,645EMPLOYER CONTRIBUTION TO 401(K) PLAN -0-TOTAL REPORTED IN COLUMN C $ 26,645LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,645)ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,683EXPENSE TO THE COOPERATIVE $ 34,683NAME: BRAD ALGERACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 12,151EMPLOYER CONTRIBUTION TO 401(K) PLAN -0-TOTAL REPORTED IN COLUMN C $ 12,151LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (12,151)ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 18,768EXPENSE TO THE COOPERATIVE $ 18,768

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• OECONNECT LLC

  BROADBAND · NY · income $4,320,598 · assets $3,866,827

  Directly controlled by OTSEGO ELECTRIC