Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $200,710,392 · related or exempt $200,710,392

• 2b · Program service revenue: SERVICE FEES

  total $13,119,173 · related or exempt $13,119,173

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $7,174,892 · related or exempt $7,174,892

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $882,540 · related or exempt $882,540

• 2e · Program service revenue: TRANSMISSION WHEELING

  total $717,719 · related or exempt $717,719

• 3 · Investment income

  total $159,990 · excluded $159,990

• 6a · Gross rents

  real property $9,500

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $9,500

• 6d · Net rental income or loss

  total $9,500 · excluded $9,500

• 7a · Gross sales of assets other than inventory

  other assets $17,878

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

  other assets $17,144

• 7c · Gain or loss

  other assets $734

• 7d · Net gain or loss

  total $734 · related or exempt $734

• 10a · Gross sales of inventory

  $25

• 10b · Cost of goods sold

  $15

• 10c · Net income from sales of inventory

  total $10 · unrelated business $10

• 11a · Other revenue: BOND SECURITIZATION P'SHIP INCOME

  total $789,019 · related or exempt $789,019

• 11b · Other revenue: POLE ATTACHMENT INCOME

  total $257,385 · excluded $257,385

• 11e · Other revenue, total

  $1,046,404

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $28,533

• 4 · Benefits paid to or for members

  total $18,235,475

• 5 · Compensation of officers, directors and key employees

  total $4,038,733

• 7 · Other salaries and wages

  total $7,134,156

• 8 · Pension plan contributions

  total $636,281

• 9 · Other employee benefits

  total $1,276,749

• 10 · Payroll taxes

  total $599,641

• 20 · Interest

  total $7,589,360

• 22 · Depreciation, depletion and amortization

  total $13,469,750

• 24a · Other expenses: PURCHASED POWER

  total $147,935,699

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $12,795,200

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $3,878,683

• 24d · Other expenses: CONSUMER EXPENSE

  total $1,985,750

• 24e · All other expenses

  total $56,091

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,790,392 · end of year $3,001,615

• 2 · Savings and temporary cash investments

  beginning of year $1,047,315 · end of year $2,486,964

• 4 · Accounts receivable

  beginning of year $5,715,753 · end of year $6,605,953

• 8 · Inventories for sale or use

  beginning of year $95,296 · end of year $119,970

• 9 · Prepaid expenses and deferred charges

  beginning of year $4,703,293 · end of year $3,614,318

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

  $464,336,213

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

  $114,527,253

• 10c · Land, buildings and equipment, net

  beginning of year $310,983,107 · end of year $349,808,960

• 13 · Investments: program-related

  beginning of year $46,312,245 · end of year $54,194,537

• 15 · Other assets

  beginning of year $9,066,286 · end of year $13,005,852

• 17 · Accounts payable and accrued expenses

  beginning of year $39,911,094 · end of year $67,669,203

• 21 · Escrow or custodial account liability

  beginning of year $67,952 · end of year $81,025

• 23 · Secured mortgages and notes payable

  beginning of year $163,238,657 · end of year $167,561,533

• 25 · Other liabilities

  beginning of year $8,140,704 · end of year $9,183,186

• 29 · Capital stock, trust principal or current funds

  beginning of year $1,236,248 · end of year $1,346,188

• 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 $168,119,032 · end of year $186,997,034

The filer's explanations (Part III)

PART I, LINE 1A

A MINIMUM AMOUNT OF COMPENSATION IS PROVIDED IN CONJUCTION WITH THE COOPERATIVE'S WELLNESS PROGRAM. THE COOPERATIVE WILL PAY UP TO $300 ANNUALLY TO A FITNESS CENTER ON BEHALF OF THE EMPLOYEE AND IS AVAILABLE TO ALL EMPLOYEES AND BOARD MEMBERS.

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. MARK STUBBS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 140,912 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,150 TOTAL REPORTED IN COLUMN C $ 150,062 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLANS (140,912) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 58,195 EXPENSE TO THE COOPERATIVE $ 67,345 BRIAN GREEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 114,262 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,150 TOTAL REPORTED IN COLUMN C $ 123,412 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (114,262) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 53,595 EXPENSE TO THE COOPERATIVE $ 62,745 SAMANTHA CROUCH BAXTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 70,085 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,150 TOTAL REPORTED IN COLUMN C $ 79,235 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (70,085) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 48,236 EXPENSE TO THE COOPERATIVE $ 57,386 KATHY SCROGGINS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 103,427 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,158 TOTAL REPORTED IN COLUMN C $ 111,585 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (103,427) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,876 EXPENSE TO THE COOPERATIVE $ 51,034 DAVID MARK LYLES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 103,427 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,770 TOTAL REPORTED IN COLUMN C $ 111,197 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (103,427) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,876 EXPENSE TO THE COOPERATIVE $ 50,646 ANTHONY GRANT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 60,561 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,334 TOTAL REPORTED IN COLUMN C $ 65,895 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (60,561) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,351 EXPENSE TO THE COOPERATIVE $ 35,685 DAVID EARLS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 55,060 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,201 TOTAL REPORTED IN COLUMN C $ 60,261 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (55,060) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,836 EXPENSE TO THE COOPERATIVE $ 35,037 MICHAEL HALE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 48,866 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,876 TOTAL REPORTED IN COLUMN C $ 53,742 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (48,866) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,098 EXPENSE TO THE COOPERATIVE $ 31,974 ROSA GARMON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 58,956 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,598 TOTAL REPORTED IN COLUMN C $ 63,554 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (58,956) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,371 EXPENSE TO THE COOPERATIVE $ 29,969 SHAUN CHRONISTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 44,945 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,862 TOTAL REPORTED IN COLUMN C $ 49,807 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (44,945) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,035 EXPENSE TO THE COOPERATIVE $ 34,897 JAMES NIMMO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,931 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,162 TOTAL REPORTED IN COLUMN C $ 40,093 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,931) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,852 EXPENSE TO THE COOPERATIVE $ 28,014 GARY GILES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 48,710 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,906 TOTAL REPORTED IN COLUMN C $ 52,616 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (48,710) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,424 EXPENSE TO THE COOPERATIVE $ 25,330 MITCHELL KELLOGG: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 28,053 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,020 TOTAL REPORTED IN COLUMN C $ 32,073 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (28,053) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,302 EXPENSE TO THE COOPERATIVE $ 25,322 TABITHA BRYANT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 19,728 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,095 TOTAL REPORTED IN COLUMN C $ 23,823 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (19,728) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,497 EXPENSE TO THE COOPERATIVE $ 25,592 CRAIG ANDERSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 22,146 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,078 TOTAL REPORTED IN COLUMN C $ 26,224 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (22,146) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 18,625 EXPENSE TO THE COOPERATIVE $ 22,703

Related corporations and trusts

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

• MULTI-SERVICE UTILITIES INC

  C · INACTIVE · TX · 100% owned · controlled entity

  Directly controlled by FARMERS ELECTRIC COOPERATIVE INC