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Nonprofiteer
← SALT RIVER ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2022

Filed by SALT RIVER ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$141,723,833
Total expenses
$141,723,833
Contributions and grants received
$0
Grants paid
$4,000
Program service revenue
$136,103,627
Investment income
$319,092
Other revenue
$5,301,114
Total assets, end of year
$201,692,612
Total liabilities, end of year
$73,168,943
Net assets or fund balances, end of year
$128,523,669
Program services expenses (Part IX)
$141,723,833
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$141,723,833

Program services were 100.0% 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: ELECTRIC SERVICE

    total $135,728,072 · related or exempt $135,728,072

  • 2b · Program service revenue: ELECTRIC MERCHANDISE

    total $375,555 · related or exempt $375,555

  • 3 · Investment income

    total $319,092 · excluded $319,092

  • 11a · Other revenue: G&T CAPITAL CREDITS

    total $3,791,040 · related or exempt $3,791,040

  • 11b · Other revenue: JOINT USE POLE RENTALS

    total $765,524 · excluded $765,524

  • 11c · Other revenue: CAPITAL CREDITS ALLOCATED

    total $274,358 · related or exempt $274,358

  • 11d · All other revenue

    total $470,192 · related or exempt $103,579 · unrelated business $152,224 · excluded $214,389

  • 11e · Other revenue, total

    $5,301,114

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,000 · program services $4,000

  • 4 · Benefits paid to or for members

    total $6,900,646 · program services $6,900,646

  • 5 · Compensation of officers, directors and key employees

    total $417,357 · program services $417,357

  • 7 · Other salaries and wages

    total $5,975,019 · program services $5,975,019

  • 8 · Pension plan contributions

    total $2,221,883 · program services $2,221,883

  • 9 · Other employee benefits

    total $1,745,218 · program services $1,745,218

  • 10 · Payroll taxes

    total $495,664 · program services $495,664

  • 11b · Fees: legal

    total $37,242 · program services $37,242

  • 11c · Fees: accounting

    total $24,325 · program services $24,325

  • 13 · Office expenses

    total $583,046 · program services $583,046

  • 20 · Interest

    total $1,344,820 · program services $1,344,820

  • 22 · Depreciation, depletion and amortization

    total $6,099,323 · program services $6,099,323

  • 23 · Insurance

    total $162,454 · program services $162,454

  • 24a · Other expenses: COST OF POWER

    total $115,036,024 · program services $115,036,024

  • 24b · Other expenses: DISTRIBUTION - OPERATIO

    total $3,519,421 · program services $3,519,421

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $3,516,238 · program services $3,516,238

  • 24d · Other expenses: DISTRIBUTION - MAINTENA

    total $2,926,479 · program services $2,926,479

  • 24e · All other expenses

    total -$9,285,326 · program services -$9,285,326

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,706,213 · end of year $16,395,172

  • 4 · Accounts receivable

    beginning of year $16,697,932 · end of year $20,302,431

  • 7 · Other notes and loans receivable

    beginning of year $383,575 · end of year $519,466

  • 8 · Inventories for sale or use

    beginning of year $1,426,400 · end of year $1,820,006

  • 9 · Prepaid expenses and deferred charges

    beginning of year $160,393 · end of year $166,108

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

    $181,483,518

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

    $109,813,374

  • 10c · Land, buildings and equipment, net

    beginning of year $70,126,234 · end of year $71,670,144

  • 13 · Investments: program-related

    beginning of year $74,380,540 · end of year $76,441,278

  • 15 · Other assets

    beginning of year $11,179,288 · end of year $14,378,007

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,872,135 · end of year $13,260,790

  • 23 · Secured mortgages and notes payable

    beginning of year $47,807,436 · end of year $53,231,721

  • 25 · Other liabilities

    beginning of year $5,986,460 · end of year $6,676,432

  • 29 · Capital stock, trust principal or current funds

    beginning of year $2,530,390 · end of year $2,598,040

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

    beginning of year -$3,578,193 · end of year -$1,802,395

  • 31 · Retained earnings, endowment or other funds

    beginning of year $123,442,347 · end of year $127,728,024

Mission and programs · 2022

Mission

DISTRIBUTION SALES OF ELECTRICITY ON A PATRONAGE BASIS TO AN AVERAGE OF APPROXIMATELY 55,226 CONSUMERS MONTHLY.

  • PROVIDE DISTRIBUTION SALES OF ELECTRICITY TO AN AVERAGE OF APPROXIMATELY 55,226 CONSUMERS MONTHLY ON A PATRONAGE BASIS.

    Expenses $141,723,833 · Revenue $140,272,604

As filed on the 2022 return.

Listed in Part VII

  • Darrell Tingle

    TREASURER

    Total calculated
    $18,800
    From this org
    $18,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Linda West

    CHAIRMAN

    Total calculated
    $17,459
    From this org
    $17,459
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • David Stevens

    VICE CHAIRMAN

    Total calculated
    $17,200
    From this org
    $17,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • George Maddox

    SECRETARY

    Total calculated
    $18,800
    From this org
    $18,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John Hutchins

    DIRECTOR

    Total calculated
    $4,100
    From this org
    $4,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joseph Osborne

    DIRECTOR

    Total calculated
    $20,041
    From this org
    $20,041
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Tim Sharp

    PRESIDENT & CEO

    Total calculated
    $376,874
    From this org
    $320,957
    From related orgs
    $0
    Other
    $55,917
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $320,957
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $55,917
    Filer's total
    $376,874

  • William Clements

    LINEMAN

    Total calculated
    $168,835
    From this org
    $135,226
    From related orgs
    $0
    Other
    $33,609
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $135,226
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $33,609
    Filer's total
    $168,835

  • William Tucker

    LINEMAN

    Total calculated
    $190,036
    From this org
    $155,574
    From related orgs
    $0
    Other
    $34,462
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $155,574
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,462
    Filer's total
    $190,036

  • Chase Mills

    LINEMAN

    Total calculated
    $185,064
    From this org
    $143,866
    From related orgs
    $0
    Other
    $41,198
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $143,866
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $41,198
    Filer's total
    $185,064

  • Richard Hoops

    LINEMAN

    Total calculated
    $169,654
    From this org
    $135,957
    From related orgs
    $0
    Other
    $33,697
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $135,957
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $33,697
    Filer's total
    $169,654

  • Melissa Hite

    LINEMAN

    Total calculated
    $160,143
    From this org
    $121,124
    From related orgs
    $0
    Other
    $39,019
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $121,124
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $39,019
    Filer's total
    $160,143

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 · 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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • LOCK 7 HYDRO PARTNERS LLC

    HYDRO ELECT · KY · 50% owned · share of income $214,389 · share of assets $371,389 · general or managing partner

Provenance

Return type
form_990
Tax year
2022
Filed
8 May 2023
IRS schema version
2022v5.0
Source object
202341359349314424

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