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Nonprofiteer
← LOWER VALLEY ENERGY INC

Form 990 for tax year 2022

Filed by LOWER VALLEY ENERGY INC.

Totals

Total revenue
$77,408,969
Total expenses
$70,618,350
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$77,116,860
Investment income
$264,603
Other revenue
$27,506
Total assets, end of year
$308,120,188
Total liabilities, end of year
$203,389,494
Net assets or fund balances, end of year
$104,730,694
Program services expenses (Part IX)
$70,618,350
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$70,618,350

Program services were 100.0% 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: Retail Sales of Energy

    total $71,755,056 · related or exempt $71,755,056

  • 2b · Program service revenue: Service Related Revenue

    total $261,799 · related or exempt $261,799

  • 2c · Program service revenue: Patronage Capital

    total $324,971 · related or exempt $324,971

  • 2d · Program service revenue: Rental Income

    total $4,107,155 · related or exempt $4,008,838 · excluded $98,317

  • 2e · Program service revenue: Other Non-Operating

  • 2f · All other program service revenue

    total $667,879 · related or exempt $667,879

  • 3 · Investment income

    total $264,603 · excluded $264,603

  • 11a · Other revenue: Gain on Disp of Propert

    total $27,506 · related or exempt $27,506

  • 11e · Other revenue, total

    $27,506

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,138,912 · program services $2,138,912

  • 5 · Compensation of officers, directors and key employees

    total $961,644 · program services $961,644

  • 7 · Other salaries and wages

    total $7,275,095 · program services $7,275,095

  • 8 · Pension plan contributions

    total $1,408,622 · program services $1,408,622

  • 9 · Other employee benefits

    total $1,531,935 · program services $1,531,935

  • 10 · Payroll taxes

    total $658,559 · program services $658,559

  • 11b · Fees: legal

    total $84,615 · program services $84,615

  • 11c · Fees: accounting

    total $15,682 · program services $15,682

  • 20 · Interest

    total $6,834,124 · program services $6,834,124

  • 22 · Depreciation, depletion and amortization

    total $6,537,129 · program services $6,537,129

  • 23 · Insurance

    total $375,222 · program services $375,222

  • 24a · Other expenses: Purchased Power & Gas

    total $37,097,677 · program services $37,097,677

  • 24b · Other expenses: Transmission O&M

    total $4,470,521 · program services $4,470,521

  • 24c · Other expenses: Distribution O&M

    total $1,735,659 · program services $1,735,659

  • 24d · Other expenses: Administrative & General

    total $1,971,491 · program services $1,971,491

  • 24e · All other expenses

    total -$2,478,537 · program services -$2,478,537

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,720,580 · end of year $1,902,303

  • 2 · Savings and temporary cash investments

    end of year $2,725,793

  • 4 · Accounts receivable

    beginning of year $6,779,055 · end of year $8,959,628

  • 7 · Other notes and loans receivable

    end of year $515,904

  • 8 · Inventories for sale or use

    beginning of year $3,406,762 · end of year $4,086,117

  • 9 · Prepaid expenses and deferred charges

    beginning of year $90,880,644 · end of year $79,692,513

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

    $115,103,085

  • 10c · Land, buildings and equipment, net

    beginning of year $108,825,985 · end of year $115,103,085

  • 12 · Investments: other securities

    beginning of year $11,942,383 · end of year $9,952,677

  • 15 · Other assets

    beginning of year $85,559,571 · end of year $85,182,168

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,737,073 · end of year $5,299,773

  • 23 · Secured mortgages and notes payable

    beginning of year $191,302,614 · end of year $178,075,954

  • 25 · Other liabilities

    beginning of year $19,847,681 · end of year $20,013,767

  • 31 · Retained earnings, endowment or other funds

    beginning of year $96,227,612 · end of year $104,730,694

Mission and programs · 2022

Mission

The organization provides electricity and natural gas to rural members on a not-for-profit cooperative basis.

  • During the year, the cooperative provided electricity and natural gas utility service to its members.

    Expenses $70,618,350 · Revenue $77,408,969

As filed on the 2022 return.

Listed in Part VII

  • James R Webb

    PresidentChief Executive Off

    Total calculated
    $453,329
    From this org
    $401,270
    From related orgs
    $0
    Other
    $52,059
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $269,112
    Bonus
    $125,000
    Other
    $7,158
    Deferred
    $22,918
    Nontaxable benefits
    $29,141
    Filer's total
    $453,329

  • Richard Knori

    Director of Engineering

    Total calculated
    $289,331
    From this org
    $245,136
    From related orgs
    $0
    Other
    $44,195
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $177,572
    Bonus
    $64,000
    Other
    $3,564
    Deferred
    $15,326
    Nontaxable benefits
    $28,869
    Filer's total
    $289,331

  • Mallory Winters

    Electric Foreman

    Total calculated
    $248,240
    From this org
    $168,221
    From related orgs
    $0
    Other
    $80,019
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $148,097
    Bonus
    $17,000
    Other
    $3,124
    Deferred
    $51,380
    Nontaxable benefits
    $28,639
    Filer's total
    $248,240

  • Craig Coles

    Director of Gas Operations

    Total calculated
    $228,541
    From this org
    $153,702
    From related orgs
    $0
    Other
    $74,839
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $134,767
    Bonus
    $18,000
    Other
    $935
    Deferred
    $45,754
    Nontaxable benefits
    $29,085
    Filer's total
    $228,541

  • Jon Hougland

    Staff Assistant

    Total calculated
    $215,656
    From this org
    $172,382
    From related orgs
    $0
    Other
    $43,274
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $156,915
    Bonus
    $13,000
    Other
    $2,467
    Deferred
    $30,398
    Nontaxable benefits
    $12,876
    Filer's total
    $215,656

  • Kyle Thurston

    Lineman

    Total calculated
    $209,734
    From this org
    $143,242
    From related orgs
    $0
    Other
    $66,492
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $141,048
    Bonus
    not reported
    Other
    $2,194
    Deferred
    $38,110
    Nontaxable benefits
    $28,382
    Filer's total
    $209,734

  • Larry Bowlin

    Foreman

    Total calculated
    $192,738
    From this org
    $149,634
    From related orgs
    $0
    Other
    $43,104
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $148,752
    Bonus
    not reported
    Other
    $882
    Deferred
    $41,296
    Nontaxable benefits
    $1,808
    Filer's total
    $192,738

  • Anna Helm

    Finance Manager

    Total calculated
    $163,384
    From this org
    $101,664
    From related orgs
    $0
    Other
    $61,720
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $92,357
    Bonus
    $8,000
    Other
    $1,307
    Deferred
    $32,903
    Nontaxable benefits
    $28,817
    Filer's total
    $163,384

  • Scott Anderson

    Director

    Total calculated
    $25,375
    From this org
    $25,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Nancy Winters

    Board ChairDirector

    Total calculated
    $22,575
    From this org
    $22,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Fred Brog

    Director

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Ray Elser

    Director

    Total calculated
    $19,775
    From this org
    $19,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Ted Ladd

    SecretaryTreasurerDirector

    Total calculated
    $16,075
    From this org
    $16,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Dan Dockstader

    Vice-ChairDirector

    Total calculated
    $14,725
    From this org
    $14,725
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Bob McLaurin

    Director

    Total calculated
    $10,750
    From this org
    $10,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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.

Provenance

Return type
form_990
Tax year
2022
Filed
29 August 2023
IRS schema version
2022v5.0
Source object
202302519349300430

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