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Nonprofiteer
← THUMB ELECTRIC COOPERATIVE OF MICHIGAN INC

Form 990 for tax year 2022

Filed by THUMB ELECTRIC COOPERATIVE OF MICHIGAN INC.

Totals

Total revenue
$28,200,697
Total expenses
$27,026,663
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$27,510,812
Investment income
$637,946
Other revenue
$51,939
Total assets, end of year
$142,582,924
Total liabilities, end of year
$110,594,045
Net assets or fund balances, end of year
$31,988,879
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% 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: Sales of Electricity

    total $24,315,377 · related or exempt $24,315,377 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Service Fees

    total $104,615 · related or exempt $104,615 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Capital Credits

    total $637,706 · related or exempt $637,706 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Fiber Revenue/RDOF

    total $2,358,431 · related or exempt $2,358,431 · unrelated business $0 · excluded $0

  • 2e · Program service revenue: Pole Attachments

    total $94,683 · related or exempt $0 · unrelated business $0 · excluded $94,683

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $636,152 · related or exempt $0 · unrelated business $594,781 · excluded $41,371

  • 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 $62,674

  • 6b · Less rental expenses

    real property $0 · personal property $7,608

  • 6c · Rental income or loss

    real property $0 · personal property $55,066

  • 6d · Net rental income or loss

    total $55,066 · related or exempt $0 · unrelated business $0 · excluded $55,066

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $1,794

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $1,794

  • 7d · Net gain or loss

    total $1,794 · related or exempt $0 · unrelated business $0 · excluded $1,794

  • 10a · Gross sales of inventory

    $7,954

  • 10b · Cost of goods sold

    $11,081

  • 10c · Net income from sales of inventory

    total -$3,127 · related or exempt -$3,127 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

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 $1,448,143

  • 5 · Compensation of officers, directors and key employees

    total $818,441

  • 6 · Compensation of disqualified persons

    total $3,769,540

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $714,566

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $322,444

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $1,065,071

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $2,682,633

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $3,023,535

  • 23 · Insurance

    total $0

  • 24a · Other expenses: Cost of Power

    total $11,347,146

  • 24b · Other expenses: Distribution

    total $4,231,551

  • 24c · Other expenses: Member Service & Administrative

    total $3,228,584

  • 24d · Other expenses: Other Expenses

    total -$5,624,991

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 $3,675,625 · end of year $1,789,360

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $5,731,579 · end of year $5,629,904

  • 8 · Inventories for sale or use

    beginning of year $6,833,778 · end of year $10,786,066

  • 9 · Prepaid expenses and deferred charges

    beginning of year $160,202 · end of year $202,416

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

    $136,856,645

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

    $34,548,097

  • 10c · Land, buildings and equipment, net

    beginning of year $83,334,174 · end of year $102,308,548

  • 13 · Investments: program-related

    beginning of year $21,501,770 · end of year $21,818,350

  • 15 · Other assets

    beginning of year $81,502 · end of year $48,280

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,780,919 · end of year $12,617,661

  • 19 · Deferred revenue

    beginning of year $878,482 · end of year $791,528

  • 23 · Secured mortgages and notes payable

    beginning of year $79,215,985 · end of year $97,184,856

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $188,026 · end of year $190,495

  • 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 $29,255,218 · end of year $31,798,384

Mission and programs · 2022

Mission

Electric Cooperative with Fiber Division.

Activities or mission (Part I)

Electric Cooperative with Broadband

  • Electric power and services provided to 12,389 members.

  • The Fiber Division provided broadband to 416 members.

As filed on the 2022 return.

Listed in Part VII

  • Bradley Essenmacher

    Broadband Manager

    Total calculated
    $311,263
    From this org
    $190,585
    From related orgs
    $0
    Other
    $120,678
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,550
    Bonus
    $0
    Other
    $4,035
    Deferred
    $100,486
    Nontaxable benefits
    $23,505
    Filer's total
    $314,576

  • Dallas Braun

    General Manager

    Total calculated
    $310,718
    From this org
    $279,301
    From related orgs
    $0
    Other
    $31,417
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $275,696
    Bonus
    $0
    Other
    $3,605
    Deferred
    $10,317
    Nontaxable benefits
    $25,504
    Filer's total
    $315,122

  • Deborah Peruski

    Finance Executive

    Total calculated
    $281,683
    From this org
    $116,876
    From related orgs
    $0
    Other
    $164,807
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,248
    Bonus
    $0
    Other
    $1,628
    Deferred
    $156,674
    Nontaxable benefits
    $10,116
    Filer's total
    $283,666

  • Jeffrey Swick

    Lineman

    Total calculated
    $230,331
    From this org
    $153,661
    From related orgs
    $0
    Other
    $76,670
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,280
    Bonus
    $0
    Other
    $1,381
    Deferred
    $57,438
    Nontaxable benefits
    $21,122
    Filer's total
    $232,221

  • Jim Vogel

    Lineman

    Total calculated
    $224,275
    From this org
    $169,163
    From related orgs
    $0
    Other
    $55,112
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,672
    Bonus
    $0
    Other
    $491
    Deferred
    $34,424
    Nontaxable benefits
    $22,511
    Filer's total
    $226,098

  • Gary Burns Jr

    Lineman

    Total calculated
    $213,072
    From this org
    $174,757
    From related orgs
    $0
    Other
    $38,315
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,567
    Bonus
    $0
    Other
    $190
    Deferred
    $19,083
    Nontaxable benefits
    $21,052
    Filer's total
    $214,892

  • Jason Lawhorn

    Lineman

    Total calculated
    $204,057
    From this org
    $160,941
    From related orgs
    $0
    Other
    $43,116
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,707
    Bonus
    $0
    Other
    $234
    Deferred
    $30,181
    Nontaxable benefits
    $14,746
    Filer's total
    $205,868

  • Mike Cleland

    Lineman

    Total calculated
    $199,797
    From this org
    $155,768
    From related orgs
    $0
    Other
    $44,029
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,548
    Bonus
    $0
    Other
    $220
    Deferred
    $24,797
    Nontaxable benefits
    $21,053
    Filer's total
    $201,618

  • Kim Nunn

    Vice President

    Total calculated
    $12,813
    From this org
    $12,813
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jonathan Findlay

    President

    Total calculated
    $10,150
    From this org
    $10,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Matt Sommer

    Director

    Total calculated
    $10,113
    From this org
    $10,113
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Craig Osentoski

    Director

    Total calculated
    $10,063
    From this org
    $10,063
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mike Briolat

    Director

    Total calculated
    $8,513
    From this org
    $8,513
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Randall Dhyse

    Treasurer

    Total calculated
    $8,463
    From this org
    $8,463
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Louis Wenzlaff

    Director

    Total calculated
    $6,813
    From this org
    $6,813
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Duane Kursinsky

    Director

    Total calculated
    $5,238
    From this org
    $5,238
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Beth McDonald

    Director (January-April)

    Total calculated
    $2,813
    From this org
    $2,813
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Erica Peruski

    Director

    Total calculated
    $2,000
    From this org
    $2,000
    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 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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • Thumb Energy Services Incorporated

    C · Holding Company · MI · 100% owned · share of income $5,950,761 · share of assets $20,692,506 · controlled entity

    Directly controlled by Thumb Electric Cooperative

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202323179349304687

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