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Nonprofiteer
← ADAMS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by ADAMS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$72,052,590
Total expenses
$75,140,826
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$70,484,622
Investment income
$159,089
Other revenue
$1,408,879
Total assets, end of year
$231,077,495
Total liabilities, end of year
$136,241,407
Net assets or fund balances, end of year
$94,836,088
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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 $69,500,109 · related or exempt $69,500,109

  • 2b · Program service revenue: CONTRIB. IN AID OF CONSTR

    total $746,847 · related or exempt $746,847

  • 2c · Program service revenue: PATRONAGE ALLOC. RECEIPTS

    total $237,666 · related or exempt $237,666

  • 3 · Investment income

    total $101,086 · excluded $101,086

  • 6a · Gross rents

    real property $29,076 · personal property $986,791

  • 6b · Less rental expenses

    personal property $130

  • 6c · Rental income or loss

    real property $29,076 · personal property $986,661

  • 6d · Net rental income or loss

    total $1,015,737 · related or exempt $29,076 · unrelated business $1,070 · excluded $985,591

  • 7a · Gross sales of assets other than inventory

    other assets $58,003

  • 7c · Gain or loss

    other assets $58,003

  • 7d · Net gain or loss

    total $58,003 · excluded $58,003

  • 11a · Other revenue: EQUITY EARNINGS FROM SUB

    total $383,877 · related or exempt $383,877

  • 11b · Other revenue: SUPPORT SERVICES TO MACS

    total $3,497 · unrelated business $3,497

  • 11c · Other revenue: ADVERTISING FEE

    total $2,989 · unrelated business $2,989

  • 11d · All other revenue

    total $2,779 · related or exempt $2,779

  • 11e · Other revenue, total

    $393,142

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $11,186,478

  • 5 · Compensation of officers, directors and key employees

    total $1,074,439

  • 7 · Other salaries and wages

    total $8,167,294

  • 8 · Pension plan contributions

    total $1,711,606

  • 9 · Other employee benefits

    total $61,292

  • 10 · Payroll taxes

    total $707,303

  • 11b · Fees: legal

    total $159,440

  • 17 · Travel

    total $2,014,779

  • 19 · Conferences, conventions and meetings

    total $67,539

  • 20 · Interest

    total $4,562,689

  • 22 · Depreciation, depletion and amortization

    total $6,778,283

  • 24a · Other expenses: COST OF POWER

    total $36,870,017

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $4,849,062

  • 24c · Other expenses: ADMIN & GENERAL

    total $1,831,279

  • 24d · Other expenses: DISTRIBUTION OPERATION

    total $1,298,415

  • 24e · All other expenses

    total -$6,199,089

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,181,744 · end of year $2,395,873

  • 2 · Savings and temporary cash investments

    beginning of year $78,733 · end of year $48,758

  • 4 · Accounts receivable

    beginning of year $7,393,034 · end of year $9,140,787

  • 7 · Other notes and loans receivable

    beginning of year $17,850 · end of year $4,138

  • 8 · Inventories for sale or use

    beginning of year $2,263,824 · end of year $3,119,170

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,355,282 · end of year $3,700,910

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

    $222,472,142

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

    $45,482,634

  • 10c · Land, buildings and equipment, net

    beginning of year $169,697,808 · end of year $176,989,508

  • 11 · Investments: publicly traded securities

    beginning of year $5,715,289 · end of year $5,599,167

  • 13 · Investments: program-related

    beginning of year $26,587,868 · end of year $30,079,184

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,865,384 · end of year $11,174,026

  • 23 · Secured mortgages and notes payable

    beginning of year $114,169,773 · end of year $115,454,860

  • 25 · Other liabilities

    beginning of year $8,957,779 · end of year $9,612,521

  • 29 · Capital stock, trust principal or current funds

    beginning of year $484,335 · end of year $465,605

  • 31 · Retained earnings, endowment or other funds

    beginning of year $84,814,161 · end of year $94,370,483

Mission and programs · 2022

Mission

ADAMS ELECTRIC COOPERATIVE PROVIDES SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO OUR MEMBERS

  • THE SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS OF ADAMS ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 36,870,017 BENEFITS PAID TO MEMBERS 11,186,478 SALARIES AND WAGES 8,167,294

As filed on the 2022 return.

Listed in Part VII

  • Steven Rasmussen

    CEO / GM

    Total calculated
    $671,863
    From this org
    $511,763
    From related orgs
    $13,500
    Other
    $146,600
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $446,353 + $13,500 related
    Bonus
    $19,500
    Other
    $45,910
    Deferred
    $121,973
    Nontaxable benefits
    $24,627
    Filer's total
    $658,363 + $13,500 related

  • Mike Feathers

    MANAGER OPER

    Total calculated
    $366,156
    From this org
    $202,321
    From related orgs
    $0
    Other
    $163,835
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $180,715
    Bonus
    $2,500
    Other
    $19,106
    Deferred
    $139,208
    Nontaxable benefits
    $24,627
    Filer's total
    $366,156

  • Jeffery Turner

    MGR ENG/MECH

    Total calculated
    $293,724
    From this org
    $192,205
    From related orgs
    $0
    Other
    $101,519
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $175,524
    Bonus
    not reported
    Other
    $16,681
    Deferred
    $72,043
    Nontaxable benefits
    $29,476
    Filer's total
    $293,724

  • James Chiaruttini

    MGR LEGAL SE

    Total calculated
    $288,577
    From this org
    $203,280
    From related orgs
    $9,900
    Other
    $75,397
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $180,332 + $9,900 related
    Bonus
    $10,000
    Other
    $12,948
    Deferred
    $64,191
    Nontaxable benefits
    $11,206
    Filer's total
    $278,677 + $9,900 related

  • Chad Thoman

    MGR ENG/ELEC

    Total calculated
    $278,857
    From this org
    $201,303
    From related orgs
    $0
    Other
    $77,554
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $173,682
    Bonus
    not reported
    Other
    $27,621
    Deferred
    $75,193
    Nontaxable benefits
    $2,361
    Filer's total
    $278,857

  • Kyle Smith

    MGR INFO TEC

    Total calculated
    $264,700
    From this org
    $203,069
    From related orgs
    $0
    Other
    $61,631
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $177,909
    Bonus
    not reported
    Other
    $25,160
    Deferred
    $59,270
    Nontaxable benefits
    $2,361
    Filer's total
    $264,700

  • Lynn Wallas

    CONSULTING

    Total calculated
    $243,430
    From this org
    $221,164
    From related orgs
    $0
    Other
    $22,266
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $221,164
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $22,266
    Filer's total
    $243,430

  • Michael Johnson

    MANAGER SAFE

    Total calculated
    $220,513
    From this org
    $162,225
    From related orgs
    $0
    Other
    $58,288
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $133,320
    Bonus
    not reported
    Other
    $28,905
    Deferred
    $34,421
    Nontaxable benefits
    $23,867
    Filer's total
    $220,513

  • Glenn E Bange

    PRESIDENT

    Total calculated
    $41,150
    From this org
    $17,198
    From related orgs
    $12,700
    Other
    $11,252
    Hours/week
    14 + 2 related

  • Thomas J Knaub

    TREASURER

    Total calculated
    $33,250
    From this org
    $22,850
    From related orgs
    $10,200
    Other
    $200
    Hours/week
    13 + 5 related

  • Jay E Grove

    DIRECTOR

    Total calculated
    $28,225
    From this org
    $20,325
    From related orgs
    $7,900
    Other
    $0
    Hours/week
    9 + 2 related

  • S Eugene Herritt

    DIRECTOR

    Total calculated
    $27,700
    From this org
    $17,500
    From related orgs
    $10,200
    Other
    $0
    Hours/week
    9 + 3 related

  • Dale E Myers

    SECRETARY

    Total calculated
    $24,900
    From this org
    $11,799
    From related orgs
    $2,300
    Other
    $10,801
    Hours/week
    11 + 2 related

  • David A Frey

    DIRECTOR

    Total calculated
    $22,950
    From this org
    $5,950
    From related orgs
    $0
    Other
    $17,000
    Hours/week
    9

  • Nadine M Hubner

    VICE PRESIDE

    Total calculated
    $22,400
    From this org
    $22,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Ray Schwartz

    DIRECTOR

    Total calculated
    $19,450
    From this org
    $19,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Jay Herman

    DIRECTOR

    Total calculated
    $18,838
    From this org
    $18,838
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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.

  • ADAMS UTILITY SERVICES COMPANY

    HOLDING CO · PA · controlled entity

Provenance

Return type
form_990
Tax year
2022
Filed
24 August 2023
IRS schema version
2022v5.0
Source object
202313009349300216

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