Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $53,933,752 · related or exempt $53,933,752

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $2,277,861 · related or exempt $2,277,861

• 2c · Program service revenue: SERVICE FEES

  total $500,864 · related or exempt $500,864

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $13,285 · related or exempt $13,285

• 3 · Investment income

  total $95,389 · excluded $95,389

• 6a · Gross rents

  real property $6,523

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $6,523

• 6d · Net rental income or loss

  total $6,523 · excluded $6,523

• 7a · Gross sales of assets other than inventory

  securities $417,740 · other assets $292,030

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

  securities $425,346 · other assets $196,562

• 7c · Gain or loss

  securities -$7,606 · other assets $95,468

• 7d · Net gain or loss

  total $87,862 · related or exempt $95,468 · excluded -$7,606

• 10a · Gross sales of inventory

  $13,443

• 10b · Cost of goods sold

  $12,999

• 10c · Net income from sales of inventory

  total $444 · related or exempt $444

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $5,815

• 4 · Benefits paid to or for members

  total $5,237,443

• 5 · Compensation of officers, directors and key employees

  total $374,816

• 7 · Other salaries and wages

  total $3,610,284

• 8 · Pension plan contributions

  total $1,019,477

• 9 · Other employee benefits

  total $652,419

• 10 · Payroll taxes

  total $288,969

• 20 · Interest

  total $1,807,053

• 22 · Depreciation, depletion and amortization

  total $5,469,994

• 24a · Other expenses: PURCHASED POWER

  total $34,628,015

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $2,008,808

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $1,063,732

• 24d · Other expenses: CONSUMER EXPENSE

  total $548,331

• 24e · All other expenses

  total $200,824

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,097,493 · end of year $699,736

• 2 · Savings and temporary cash investments

  beginning of year $5,929

• 4 · Accounts receivable

  beginning of year $3,173,042 · end of year $3,565,893

• 7 · Other notes and loans receivable

  beginning of year $183,704 · end of year $261,320

• 8 · Inventories for sale or use

  beginning of year $3,256,342 · end of year $3,986,296

• 9 · Prepaid expenses and deferred charges

  beginning of year $4,580,157 · end of year $1,653,815

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

  $157,192,238

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

  $54,119,143

• 10c · Land, buildings and equipment, net

  beginning of year $98,252,685 · end of year $103,073,095

• 11 · Investments: publicly traded securities

  beginning of year $5,523,711 · end of year $6,337,864

• 12 · Investments: other securities

  beginning of year $28,744 · end of year $28,861

• 13 · Investments: program-related

  beginning of year $23,877,802 · end of year $25,598,063

• 15 · Other assets

  beginning of year $3,092,186 · end of year $2,821,393

• 17 · Accounts payable and accrued expenses

  beginning of year $5,439,046 · end of year $5,140,573

• 23 · Secured mortgages and notes payable

  beginning of year $46,266,163 · end of year $49,865,056

• 25 · Other liabilities

  beginning of year $9,325,899 · end of year $6,778,822

• 29 · Capital stock, trust principal or current funds

  beginning of year $77,150 · end of year $79,065

• 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 $81,963,537 · end of year $86,162,820

The filer's explanations (Part III)

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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. KOONEY DUNCAN: TOTAL REPORTED IN COLUMN C $ 69,830 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (69,830) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 87,401 EXPENSE TO THE COOPERATIVE $ 87,401 DARREN FRAZIER: TOTAL REPORTED IN COLUMN C $ 40,028 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,028) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,027 EXPENSE TO THE COOPERATIVE $ 33,027 JEFFREY RECTOR: TOTAL REPORTED IN COLUMN C $ 31,044 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,044) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,116 EXPENSE TO THE COOPERATIVE $ 32,116 KYLE BECK: TOTAL REPORTED IN COLUMN C $ 21,108 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (21,108) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,116 EXPENSE TO THE COOPERATIVE $ 32,116 ISAAC BILLINGSLEY: TOTAL REPORTED IN COLUMN C $ 18,251 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (18,251) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,503 EXPENSE TO THE COOPERATIVE $ 31,503