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Nonprofiteer
← COMMUNITY ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by COMMUNITY ELECTRIC COOPERATIVE.

Totals

Total revenue
$28,702,011
Total expenses
$28,734,381
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$26,421,063
Investment income
$28,909
Other revenue
$2,252,039
Total assets, end of year
$59,375,116
Total liabilities, end of year
$29,648,516
Net assets or fund balances, end of year
$29,726,600
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: SALE OF ELECTRICITY

    total $26,055,181 · related or exempt $26,055,181

  • 2b · Program service revenue: CONT. IN AID OF CONSTRUCT

    total $294,082 · related or exempt $294,082

  • 2c · Program service revenue: CASH PATRONAGE RECEIVED

    total $71,800 · related or exempt $71,800

  • 3 · Investment income

    total $16,885 · excluded $16,885

  • 6a · Gross rents

    personal property $152,596

  • 6c · Rental income or loss

    personal property $152,596

  • 6d · Net rental income or loss

    total $152,596 · excluded $152,596

  • 7a · Gross sales of assets other than inventory

    other assets $24,697

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

    other assets $12,673

  • 7c · Gain or loss

    other assets $12,024

  • 7d · Net gain or loss

    total $12,024 · excluded $12,024

  • 11a · Other revenue: ADMIN. SERVICES

    total $1,917,026 · unrelated business $1,917,026

  • 11b · Other revenue: INCOME FROM EQUITY INV.

    total $172,525 · related or exempt $172,525

  • 11c · Other revenue: LIGHTING MAINT. CONTRACT

    total $9,040 · related or exempt $9,040

  • 11d · All other revenue

    total $852 · unrelated business $852

  • 11e · Other revenue, total

    $2,099,443

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,120,684

  • 7 · Other salaries and wages

    total $3,127,393

  • 8 · Pension plan contributions

    total $526,303

  • 10 · Payroll taxes

    total $312,430

  • 11b · Fees: legal

    total $33,525

  • 17 · Travel

    total $797,302

  • 19 · Conferences, conventions and meetings

    total $62,722

  • 20 · Interest

    total $992,674

  • 22 · Depreciation, depletion and amortization

    total $2,203,734

  • 24a · Other expenses: COST OF POWER

    total $18,049,075

  • 24b · Other expenses: DIST. OPERATION

    total $1,287,480

  • 24c · Other expenses: DIST. MAINTENANCE

    total $950,785

  • 24d · Other expenses: GENERAL AND ADMIN.

    total $603,699

  • 24e · All other expenses

    total -$1,333,425

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $306,750 · end of year $443,215

  • 2 · Savings and temporary cash investments

    beginning of year $60,789 · end of year $190,888

  • 4 · Accounts receivable

    beginning of year $4,478,943 · end of year $3,265,194

  • 8 · Inventories for sale or use

    beginning of year $3,172,312 · end of year $3,655,101

  • 9 · Prepaid expenses and deferred charges

    beginning of year $954,586 · end of year $1,043,806

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

    $65,197,698

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

    $31,480,116

  • 10c · Land, buildings and equipment, net

    beginning of year $32,489,669 · end of year $33,717,582

  • 12 · Investments: other securities

    beginning of year $3,695,300 · end of year $3,517,856

  • 13 · Investments: program-related

    beginning of year $12,104,729 · end of year $12,339,378

  • 15 · Other assets

    beginning of year $909,911 · end of year $1,202,096

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,511,990 · end of year $2,964,660

  • 23 · Secured mortgages and notes payable

    beginning of year $22,249,539 · end of year $24,159,890

  • 25 · Other liabilities

    beginning of year $2,367,844 · end of year $2,523,966

  • 31 · Retained earnings, endowment or other funds

    beginning of year $30,043,616 · end of year $29,726,600

Mission and programs · 2023

Mission

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF COMMUNITY ELECTRIC COOPERATIVE

  • THE COOPERATIVE'S MAJOR PROGRAM SERVICE ACCOMPLISHMENT WAS THE SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER 18,049,075 OTHER SALARIES AND WAGES 3,127,393 DEPRECIATION AND AMORTIZATION 2,203,734

As filed on the 2023 return.

Listed in Part VII

  • Steven A Harmon

    PRESIDENT AN

    Total calculated
    $555,749
    From this org
    $461,831
    From related orgs
    $0
    Other
    $93,918
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $461,831
    Bonus
    not reported
    Other
    not reported
    Deferred
    $70,760
    Nontaxable benefits
    $23,158
    Filer's total
    $555,749

  • Herman G Presson

    MGR OF OPERA

    Total calculated
    $226,691
    From this org
    $131,647
    From related orgs
    $0
    Other
    $95,044
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $131,647
    Bonus
    not reported
    Other
    not reported
    Deferred
    $74,639
    Nontaxable benefits
    $20,405
    Filer's total
    $226,691

  • Jonathan D Thompson

    COO

    Total calculated
    $216,422
    From this org
    $167,463
    From related orgs
    $0
    Other
    $48,959
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,463
    Bonus
    not reported
    Other
    not reported
    Deferred
    $28,770
    Nontaxable benefits
    $20,189
    Filer's total
    $216,422

  • Danny T Beale

    LINEMAN

    Total calculated
    $191,391
    From this org
    $148,277
    From related orgs
    $0
    Other
    $43,114
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $148,277
    Bonus
    not reported
    Other
    not reported
    Deferred
    $31,832
    Nontaxable benefits
    $11,282
    Filer's total
    $191,391

  • Daryl Walls

    VP OF BUS DE

    Total calculated
    $188,736
    From this org
    $148,684
    From related orgs
    $0
    Other
    $40,052
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $148,684
    Bonus
    not reported
    Other
    not reported
    Deferred
    $20,167
    Nontaxable benefits
    $19,885
    Filer's total
    $188,736

  • Jonathan Powell

    LEAD LINEMAN

    Total calculated
    $144,851
    From this org
    $118,296
    From related orgs
    $0
    Other
    $26,555
    Hours/week
    49

  • Danielle Beale

    MGR OF ACCOU

    Total calculated
    $141,023
    From this org
    $123,702
    From related orgs
    $0
    Other
    $17,321
    Hours/week
    41

  • Erik Thiede

    LEAD LINEMAN

    Total calculated
    $138,905
    From this org
    $116,993
    From related orgs
    $0
    Other
    $21,912
    Hours/week
    48

  • Jeannette S Everett

    CHAIRMAN

    Total calculated
    $21,803
    From this org
    $20,203
    From related orgs
    $1,600
    Other
    $0
    Hours/week
    3.95

  • Michael A Faulk

    VICE-CHAIRMA

    Total calculated
    $19,803
    From this org
    $18,203
    From related orgs
    $1,600
    Other
    $0
    Hours/week
    1.48

  • Diana F Beale

    SEC-TREAS

    Total calculated
    $19,003
    From this org
    $17,403
    From related orgs
    $1,600
    Other
    $0
    Hours/week
    1.02

  • Chad N Fowler

    DIRECTOR

    Total calculated
    $19,003
    From this org
    $19,003
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.03

  • John W Stewart

    ASST. SEC-TR

    Total calculated
    $18,753
    From this org
    $17,153
    From related orgs
    $1,600
    Other
    $0
    Hours/week
    3.13

  • Douglas A Chesson

    DIRECTOR

    Total calculated
    $17,403
    From this org
    $17,403
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.37

  • Jason B Carr

    DIRECTOR

    Total calculated
    $16,803
    From this org
    $16,803
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.48

  • Kara D Hearn

    DIRECTOR

    Total calculated
    $16,803
    From this org
    $16,803
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.15

  • R Brian Jones Sr

    DIRECTOR

    Total calculated
    $16,803
    From this org
    $16,803
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.04

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 committee
  • 3 · Compensation survey or study
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4
STEVEN A. HARMON 0 57,560 0

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.

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • FRANKLIN REC SOLAR LLC

    UNRELATED · SOLAR FARM · IA · share of income $34,353

    Directly controlled by RECORE LLC

  • PRICE ELECTRIC LLC

    UNRELATED · SOLAR FARM · WI · share of income $11,286

    Directly controlled by RECORE LLC

Related corporations and trusts

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

  • RECORE LLC

    GEN LEASES · VA · controlled entity

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.0
Source object
202443129349302889

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