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Nonprofiteer
← SOMERSET RURAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by SOMERSET RURAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$27,920,953
Total expenses
$26,133,681
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$27,883,080
Investment income
$37,873
Other revenue
$0
Total assets, end of year
$50,833,413
Total liabilities, end of year
$11,771,348
Net assets or fund balances, end of year
$39,062,065
Program services expenses (Part IX)
$24,525,852
Management and general expenses
$1,607,829
Fundraising expenses
$0
Program service expenses (Part III)
$24,525,852

Program services were 93.8% 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: ELECTRIC ENERGY SALES

    total $24,846,153 · related or exempt $24,846,153

  • 2b · Program service revenue: MISC RENTAL

    total $1,531,150 · related or exempt $1,531,150

  • 2c · Program service revenue: OTHER INCOME

    total $883,043 · related or exempt $883,043

  • 2d · Program service revenue: GEOTHERMAL AND HVAC

    total $622,734 · related or exempt $622,734

  • 3 · Investment income

    total $37,873 · related or exempt $37,873

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $342,588 · management and general $342,588

  • 20 · Interest

    total $272,787 · program services $272,787

  • 22 · Depreciation, depletion and amortization

    total $1,978,750 · program services $1,978,750

  • 24a · Other expenses: PURCHASED POWER

    total $14,716,473 · program services $14,716,473

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $6,218,207 · program services $6,218,207

  • 24c · Other expenses: GENERAL & ADMINISTRATIVE

    total $1,265,241 · management and general $1,265,241

  • 24d · Other expenses: CONSUMER ACCOUNTS EXPENSE

    total $1,012,738 · program services $1,012,738

  • 24e · All other expenses

    total $326,897 · program services $326,897

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $105,046

  • 4 · Accounts receivable

    beginning of year $3,118,954 · end of year $3,602,686

  • 8 · Inventories for sale or use

    beginning of year $910,628 · end of year $1,023,007

  • 9 · Prepaid expenses and deferred charges

    beginning of year $88,137 · end of year $34,186

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

    $65,285,385

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

    $29,844,634

  • 10c · Land, buildings and equipment, net

    beginning of year $33,879,657 · end of year $35,440,751

  • 15 · Other assets

    beginning of year $10,369,569 · end of year $10,627,737

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,492,905 · end of year $1,609,861

  • 23 · Secured mortgages and notes payable

    beginning of year $5,056,862 · end of year $6,202,535

  • 25 · Other liabilities

    beginning of year $3,831,495 · end of year $3,958,952

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $1,684,342 · end of year $1,797,198

  • 31 · Retained earnings, endowment or other funds

    beginning of year $36,301,341 · end of year $37,264,867

Mission and programs · 2023

Mission

PROVIDE ELECTRIC SERVICE TO MEMBERS

  • THE COOPERATIVE PROVIDES ELECTRICAL SERVICES TO APPROXIMATELY 13,000 MEMBERS.

    Expenses $24,525,852

As filed on the 2023 return.

Listed in Part VII

  • Ruston Ogburn

    GENERAL MANA

    Total calculated
    $342,588
    From this org
    $246,459
    From related orgs
    $0
    Other
    $96,129
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,459
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $96,129
    Filer's total
    $342,588

  • Doug Glessner

    EMPLOYEE

    Total calculated
    $168,099
    From this org
    $114,119
    From related orgs
    $0
    Other
    $53,980
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,119
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $53,980
    Filer's total
    $168,099

  • Brian Marker

    EMPLOYEE

    Total calculated
    $161,408
    From this org
    $113,791
    From related orgs
    $0
    Other
    $47,617
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $113,791
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $47,617
    Filer's total
    $161,408

  • Phil Martz

    EMPLOYEE

    Total calculated
    $160,509
    From this org
    $112,893
    From related orgs
    $0
    Other
    $47,616
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $112,893
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $47,616
    Filer's total
    $160,509

  • Roy Bittner

    EMPLOYEE

    Total calculated
    $160,053
    From this org
    $114,621
    From related orgs
    $0
    Other
    $45,432
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $114,621
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $45,432
    Filer's total
    $160,053

  • Bryan Schrock

    EMPLOYEE

    Total calculated
    $152,547
    From this org
    $107,929
    From related orgs
    $0
    Other
    $44,618
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $107,929
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $44,618
    Filer's total
    $152,547

  • Paul Vought

    DIRECTOR

    Total calculated
    $6,400
    From this org
    $6,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Clarence B Waltermire

    PRESIDENT

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jerry L Engle

    VICE PRESIDE

    Total calculated
    $5,400
    From this org
    $5,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Russ Hillegas

    DIRECTOR

    Total calculated
    $5,400
    From this org
    $5,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Josh Sechler

    DIRECTOR

    Total calculated
    $4,600
    From this org
    $4,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lowell L Friedline

    SECRETARY/TR

    Total calculated
    $4,200
    From this org
    $4,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Harvey Reckner

    DIRECTOR

    Total calculated
    $3,400
    From this org
    $3,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Floyd Lehman

    DIRECTOR

    Total calculated
    $3,200
    From this org
    $3,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jason Huston

    DIRECTOR

    Total calculated
    $2,800
    From this org
    $2,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Carl Hay Jr

    DIRECTOR

    Total calculated
    $1,400
    From this org
    $1,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 committee
  • 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
2023
Filed
29 April 2024
IRS schema version
2023v5.0
Source object
202421209349300517

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