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Nonprofiteer
← UPSHUR-RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2022

Filed by UPSHUR-RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$129,741,762
Total expenses
$129,741,762
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$127,930,160
Investment income
$267,544
Other revenue
$1,544,058
Total assets, end of year
$262,178,131
Total liabilities, end of year
$136,156,455
Net assets or fund balances, end of year
$126,021,676
Program services expenses (Part IX)
$129,741,762
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$129,741,762

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: Sale of Electricity to members

    total $127,930,160 · related or exempt $127,930,160 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $67,415 · related or exempt $0 · unrelated business $0 · excluded $67,415

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

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $147,093

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $147,093

  • 6d · Net rental income or loss

    total $147,093 · related or exempt $0 · unrelated business $0 · excluded $147,093

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $218,419

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

    securities $0 · other assets $18,290

  • 7c · Gain or loss

    securities $0 · other assets $200,129

  • 7d · Net gain or loss

    total $200,129 · related or exempt $200,129 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Other Capital Credit and Patronage

    total $1,396,965 · related or exempt $1,396,965 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $1,396,965

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0 · program services $0

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $4,146,404 · program services $4,146,404

  • 5 · Compensation of officers, directors and key employees

    total $1,426,278 · program services $1,426,278 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $1,816,170 · program services $1,816,170 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $157,584 · program services $157,584 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $25,200 · program services $25,200 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 20 · Interest

    total $3,697,367 · program services $3,697,367 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $10,052,091 · program services $10,052,091 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: Cost of Power

    total $96,291,423 · program services $96,291,423 · management and general $0 · fundraising $0

  • 24b · Other expenses: Transmission and Distribution Expense

    total $9,094,134 · program services $9,094,134 · management and general $0 · fundraising $0

  • 24c · Other expenses: Consumer Accounts Expense

    total $2,093,171 · program services $2,093,171 · management and general $0 · fundraising $0

  • 24d · Other expenses: Administration and General Expense

    total $539,774 · program services $539,774 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $402,166 · program services $402,166

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,492,503 · end of year $801,262

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $100,000

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $11,170,406 · end of year $15,252,628

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $3,351,104 · end of year $4,036,349

  • 9 · Prepaid expenses and deferred charges

    beginning of year $266,014 · end of year $925,239

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

    $315,693,592

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

    $113,936,649

  • 10c · Land, buildings and equipment, net

    beginning of year $190,772,642 · end of year $201,756,943

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $38,559,081 · end of year $39,288,721

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $16,977 · end of year $16,989

  • 17 · Accounts payable and accrued expenses

    beginning of year $39,487,207 · end of year $40,138,418

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $74,478,909 · end of year $87,293,616

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $9,396,566 · end of year $8,724,421

  • 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 $122,266,045 · end of year $126,021,676

Mission and programs · 2022

Mission

URECC provides affordable, reliable electric energy consistent with sound economy, safety, and quality management to our members and the communities we serve.

  • URECC provides affordable, reliable electric energy consistent with sound economy, safety, and quality management to our members and the communities we serve.

    Expenses $129,741,762 · Revenue $127,930,160

As filed on the 2022 return.

Listed in Part VII

  • Robert A Walker Jr

    CEO

    Total calculated
    $371,861
    From this org
    $297,093
    From related orgs
    $0
    Other
    $74,768
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $281,893
    Bonus
    $15,200
    Other
    $0
    Deferred
    $58,416
    Nontaxable benefits
    $16,352
    Filer's total
    $371,861

  • Billy J Schuler

    Serviceman

    Total calculated
    $187,054
    From this org
    $149,459
    From related orgs
    $0
    Other
    $37,595
    Hours/week
    58.4

    Schedule J breakdown matched by us

    Base
    $142,416
    Bonus
    $7,043
    Other
    $0
    Deferred
    $21,243
    Nontaxable benefits
    $16,352
    Filer's total
    $187,054

  • Damon G Means

    Director of Financial Services

    Total calculated
    $181,695
    From this org
    $135,365
    From related orgs
    $0
    Other
    $46,330
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $117,392
    Bonus
    $17,973
    Other
    $0
    Deferred
    $29,978
    Nontaxable benefits
    $16,352
    Filer's total
    $181,695

  • Melissa D Reeves

    Director of Business Services

    Total calculated
    $175,574
    From this org
    $134,584
    From related orgs
    $0
    Other
    $40,990
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $126,077
    Bonus
    $8,507
    Other
    $0
    Deferred
    $29,989
    Nontaxable benefits
    $11,001
    Filer's total
    $175,574

  • Jacob W Fielden

    Serviceman

    Total calculated
    $167,046
    From this org
    $136,930
    From related orgs
    $0
    Other
    $30,116
    Hours/week
    59.7

    Schedule J breakdown matched by us

    Base
    $132,489
    Bonus
    $4,441
    Other
    $0
    Deferred
    $16,877
    Nontaxable benefits
    $13,239
    Filer's total
    $167,046

  • Jonathan Hector

    Foreman

    Total calculated
    $158,648
    From this org
    $129,788
    From related orgs
    $0
    Other
    $28,860
    Hours/week
    50.9

    Schedule J breakdown matched by us

    Base
    $126,530
    Bonus
    $3,258
    Other
    $0
    Deferred
    $22,324
    Nontaxable benefits
    $6,536
    Filer's total
    $158,648

  • Jonathan Hunt

    Director

    Total calculated
    $22,400
    From this org
    $22,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.1

  • Frankie B King

    President, Board of Directors

    Total calculated
    $21,600
    From this org
    $21,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.5

  • Robert A Branham

    Vice-President, Board of Directors

    Total calculated
    $21,600
    From this org
    $21,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.3

  • Charles H Whiteside

    Director

    Total calculated
    $21,100
    From this org
    $21,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.7

  • Samuel Rex Youngblood

    Assistant Secretary-Treasurer, Board of Directors

    Total calculated
    $20,600
    From this org
    $20,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.6

  • R Cody Newman

    Director

    Total calculated
    $20,400
    From this org
    $20,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.3

  • Sherry Morgan

    Secretary-Treasurer, Board of Directors

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Henry Jackson

    Director

    Total calculated
    $18,400
    From this org
    $18,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • J P Abernathy

    Director

    Total calculated
    $18,300
    From this org
    $18,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

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.

Provenance

Return type
form_990
Tax year
2022
Filed
24 March 2023
IRS schema version
2022v5.0
Source object
202331319349302228

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