Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: REIMBURSED COSTS

  total $131,478,868 · related or exempt $131,478,868

• 2b · Program service revenue: MEMBERSHIP DUES

  total $35,125,068 · related or exempt $35,125,068

• 2c · Program service revenue: TRAINING & PROFESSIONAL SERVICES

  total $8,007,063 · related or exempt $4,885,111 · unrelated business $3,121,952

• 2d · Program service revenue: ADVERTISING INCOME

  total $2,196,413 · unrelated business $2,196,413

• 2e · Program service revenue: SUBSCRIPTION INCOME

  total $1,038,011 · related or exempt $1,038,011

• 2f · All other program service revenue

  total $9,696,547 · related or exempt $8,327,399 · unrelated business $1,369,148

• 3 · Investment income

  total $2,643,310 · excluded $2,643,310

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

  total $0

• 5 · Royalties

  total $639,025 · unrelated business $606,627 · excluded $32,398

• 6a · Gross rents

  real property $11,519,826

• 6b · Less rental expenses

  real property $7,135,474

• 6c · Rental income or loss

  real property $4,384,352 · personal property $0

• 6d · Net rental income or loss

  total $4,384,352 · excluded $4,384,352

• 7d · Net gain or loss

  total $0

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0

• 11a · Other revenue: MEETINGS & CONFERENCES

  total $17,959,045 · related or exempt $17,959,045

• 11e · Other revenue, total

  $17,959,045

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $7,388,433

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $86,550,574

• 8 · Pension plan contributions

  total $15,386,765

• 9 · Other employee benefits

  total $14,071,070

• 10 · Payroll taxes

  total $6,362,278

• 11a · Fees: management

  total $278,474

• 11b · Fees: legal

  total $1,383,012

• 11c · Fees: accounting

  total $124,561

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $13,880,145

• 12 · Advertising and promotion

  total $1,202,055

• 13 · Office expenses

  total $2,525,614

• 14 · Information technology

  total $5,028,069

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $1,386,984

• 17 · Travel

  total $5,367,628

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $10,052,057

• 20 · Interest

  total $0

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $8,245,367

• 23 · Insurance

  total $1,043,096

• 24a · Other expenses: ELECTRONIC SUBSCRIPTION

  total $8,603,766

• 24b · Other expenses: EQUIPMENT MAINTENANCE

  total $3,195,457

• 24c · Other expenses: CONTRACTED PERSONNEL

  total $3,092,058

• 24d · Other expenses: PRINTING

  total $1,003,272

• 24e · All other expenses

  total $8,626,696

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $0 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $27,044,294 · end of year $76,168,612

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $38,866,264 · end of year $16,748,443

• 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 $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $18,339,430 · end of year $16,808,108

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

  $179,443,876

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

  $99,119,495

• 10c · Land, buildings and equipment, net

  beginning of year $89,175,519 · end of year $80,324,381

• 11 · Investments: publicly traded securities

  beginning of year $33,231,095 · end of year $35,199,839

• 12 · Investments: other securities

  beginning of year $33,716,726 · end of year $24,365,052

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $13,044,881 · end of year $13,509,630

• 17 · Accounts payable and accrued expenses

  beginning of year $27,420,900 · end of year $27,066,152

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $102,193,811 · end of year $107,966,782

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $527,112 · end of year $544,252

• 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 $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $30,542,953 · end of year $27,237,848

• 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 $92,733,433 · end of year $100,309,031

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A:

TRAVEL FOR COMPANIONS: ACCORDING TO NRECA BOARD POLICY, THE SPOUSES OF THE PRESIDENT AND CEO CAN ACCOMPANY THEM ON A TRIP WHEREVER THERE WILL BE OFFICIAL FUNCTIONS FOR WHICH SPOUSES ARE RESPONSIBLE FOR ATTENDING. TRAVEL COSTS FOR COMPANIONS ARE NOT TREATED AS TAXABLE COMPENSATION TO THE RECIPIENT. TAX INDEMNIFICATION AND GROSS UP PAYMENTS: NRECA GROSSES UP PAYMENTS MADE TO STAFF UNDER THE EXECUTIVE 401(K) BONUS PLAN AND ON ELIGIBLE RELOCATION EXPENSES.

PART I, LINE 4B:

THE FOLLOWING CURRENT AND FORMER EMPLOYEES RECEIVED PAYMENTS FROM AN EXECUTIVE NONQUALIFIED RETIREMENT PLAN. THESE AMOUNT ARE INCLUDED AND REPORTED IN PART II, COLUMN B(III): JIM MATHESON ($247,422), PETER BAXTER ($74,203), WAYNE MCGURK ($104,140).

Related corporations and trusts

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

• COOPERATIVE INSURANCE SERVICES

  C CORP · SEE PART VII · VA · 100% owned · share of income $46,498 · controlled entity

  Directly controlled by SEE PART VII

• NRECA UNITED HOLDINGS

  C CORP · SEE PART VII · VA · 100% owned · share of income $620,355 · controlled entity

  Directly controlled by SEE PART VII

• COOPERATIVE BENEFIT ADMINISTRATORS

  C CORP · SEE PART VII · VA · 100% owned · share of income $0 · controlled entity

  Directly controlled by SEE PART VII

• COOPERATING ENERGY SERVICES

  C CORP · SEE PART VII · VA · 100% owned · share of income $184,880 · controlled entity

  Directly controlled by SEE PART VII

• HOMESTEAD FINANCIAL SERVICES CORP

  C CORP · SEE PART VII · VA · 100% owned · share of income $0 · controlled entity

  Directly controlled by SEE PART VII

• HOMESTEAD ADVISERS CORP

  C CORP · SEE PART VII · VA · 100% owned · share of income $21,808,593 · controlled entity

  Directly controlled by SEE PART VII