Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $22,182,221 · related or exempt $22,182,221

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $2,818,089 · related or exempt $2,818,089

• 2c · Program service revenue: SERVICE FEES

  total $88,259 · related or exempt $88,259

• 3 · Investment income

  total $43,069 · excluded $43,069

• 6a · Gross rents

  real property $12,000 · personal property $1,500

• 6b · Less rental expenses

  real property $3,978 · personal property $0

• 6c · Rental income or loss

  real property $8,022 · personal property $1,500

• 6d · Net rental income or loss

  total $9,522 · unrelated business $1,500 · excluded $8,022

• 7a · Gross sales of assets other than inventory

  securities $1,135,760 · other assets $95,840

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

  securities $541,000 · other assets $0

• 7c · Gain or loss

  securities $594,760 · other assets $95,840

• 7d · Net gain or loss

  total $690,600 · related or exempt $95,840 · excluded $594,760

• 11a · Other revenue: INTERNET MARKETING

  total $34,813 · unrelated business $34,813

• 11b · Other revenue: POLE ATTACHMENT INCOME

  total $6,228 · excluded $6,228

• 11e · Other revenue, total

  $41,041

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $29,391

• 4 · Benefits paid to or for members

  total $4,363,525

• 5 · Compensation of officers, directors and key employees

  total $682,211

• 7 · Other salaries and wages

  total $1,856,635

• 8 · Pension plan contributions

  total $484,756

• 9 · Other employee benefits

  total $211,280

• 10 · Payroll taxes

  total $130,503

• 20 · Interest

  total $1,403,083

• 22 · Depreciation, depletion and amortization

  total $1,535,967

• 24a · Other expenses: PURCHASED POWER

  total $12,959,050

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $1,813,238

• 24c · Other expenses: ADMINISTRATIVE & GENERA

  total $215,959

• 24d · Other expenses: UNRELATED BUS. INC. TAX

  total $10,000

• 24e · All other expenses

  total $151,108

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $361,970 · end of year $282,306

• 2 · Savings and temporary cash investments

  beginning of year $123,095 · end of year $807,754

• 4 · Accounts receivable

  beginning of year $2,476,957 · end of year $1,947,764

• 7 · Other notes and loans receivable

  end of year $936,209

• 8 · Inventories for sale or use

  beginning of year $172,667 · end of year $163,367

• 9 · Prepaid expenses and deferred charges

  beginning of year $947,411 · end of year $837,852

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

  $59,438,365

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

  $16,066,392

• 10c · Land, buildings and equipment, net

  beginning of year $41,277,727 · end of year $43,371,973

• 13 · Investments: program-related

  beginning of year $17,674,731 · end of year $19,390,939

• 15 · Other assets

  beginning of year $268,617 · end of year $304,319

• 17 · Accounts payable and accrued expenses

  beginning of year $3,642,716 · end of year $3,156,723

• 23 · Secured mortgages and notes payable

  beginning of year $31,354,191 · end of year $32,174,516

• 25 · Other liabilities

  beginning of year $224,911 · end of year $240,841

• 29 · Capital stock, trust principal or current funds

  beginning of year $10,785 · end of year $10,815

• 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 $28,070,572 · end of year $32,459,588

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE DIRECTORS FOR THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER FOR ATTENDING ONE MEETING PER CALENDAR YEAR. NO INDIVIDUALS REPORTED ON FORM 990, PART VII RECEIVED THIS BENEFIT DURING THE YEAR.

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. 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. RANDY WHITE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $116,011 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,099 TOTAL REPORTED IN COLUMN C $121,110 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (116,011) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 75,636 EXPENSE TO THE COOPERATIVE $ 80,735 RICKY BOND: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 46,218 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,615 TOTAL REPORTED IN COLUMN C $ 49,833 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (46,218) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 53,633 EXPENSE TO THE COOPERATIVE $ 57,248 MARK LEMONS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 20,241 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,333 TOTAL REPORTED IN COLUMN C $ 23,574 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (20,241) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 48,632 EXPENSE TO THE COOPERATIVE $ 51,965 DAVE JOHNSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 20,913 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,597 TOTAL REPORTED IN COLUMN C $ 23,510 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (20,913) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,530 EXPENSE TO THE COOPERATIVE $ 41,127

Related corporations and trusts

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

• G & L UTILITY SERVICES INC

  C · NATURAL GAS DISTRIBUTION · TX · 100% owned · share of income -$38,701 · controlled entity

  Directly controlled by GREENBELT ELECTRIC COOPERATIVE INC