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Nonprofiteer
← GOLDEN VALLEY ELECTRIC ASSN INC

Form 990 for tax year 2023

Filed by GOLDEN VALLEY ELECTRIC ASSN INC.

Totals

Total revenue
$295,865,368
Total expenses
$292,938,561
Contributions and grants received
$30,875
Grants paid
$62,503
Program service revenue
$293,118,540
Investment income
$2,112,015
Other revenue
$603,938
Total assets, end of year
$785,044,640
Total liabilities, end of year
$511,653,055
Net assets or fund balances, end of year
$273,391,585
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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.

  • 1f · All other contributions, gifts and grants

    $30,875

  • 2a · Program service revenue: SALES OF ELECTRICITY

    total $290,013,923 · related or exempt $290,013,923

  • 2b · Program service revenue: INTERCONNECT/MEMBER FEE

    total $1,309,253 · related or exempt $1,309,253

  • 2c · Program service revenue: PATRONAGE DIVIDENDS

    total $934,968 · related or exempt $934,968

  • 2d · Program service revenue: POLE CONTRACT

    total $860,020 · related or exempt $860,020

  • 2e · Program service revenue: ALL OTHER PROGRAM SERVICE REVENUE

    total $376 · related or exempt $376

  • 3 · Investment income

    total $1,166,216 · excluded $1,166,216

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $1,152,245 · personal property $57,472

  • 6b · Less rental expenses

    real property $426,089

  • 6c · Rental income or loss

    real property $726,156 · personal property $57,472

  • 6d · Net rental income or loss

    total $783,628 · unrelated business $69,827 · excluded $713,801

  • 7a · Gross sales of assets other than inventory

    securities $4,371,342 · other assets $283,923

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

    securities $3,709,466

  • 7c · Gain or loss

    securities $661,876 · other assets $283,923

  • 7d · Net gain or loss

    total $945,799 · excluded $945,799

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $97,672

  • 10b · Cost of goods sold

    $318,406

  • 10c · Net income from sales of inventory

    total -$220,734 · excluded -$220,734

  • 11a · Other revenue: NET CONTRACT REVENUE

    total $41,044 · unrelated business $41,044

  • 11e · Other revenue, total

    $41,044

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $31,628

  • 2 · Grants to domestic individuals

    total $30,875

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $1,522,663

  • 5 · Compensation of officers, directors and key employees

    total $2,919,243

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $18,023,835

  • 8 · Pension plan contributions

    total $5,656,844

  • 9 · Other employee benefits

    total $6,947,088

  • 10 · Payroll taxes

    total $2,698,644

  • 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 $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $16,872,902

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $32,186,458

  • 23 · Insurance

    total $0

  • 24a · Other expenses: COST OF OPERATIONS

    total $205,420,335

  • 24b · Other expenses: GROSS REVENUE TAX

    total $616,328

  • 24c · Other expenses: UBI TAX

    total $11,718

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,257,961 · end of year $12,788,363

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $36,045,046 · end of year $51,697,410

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,463,866 · end of year $1,284,074

  • 8 · Inventories for sale or use

    beginning of year $38,077,580 · end of year $38,276,839

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,951,240 · end of year $5,783,687

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

    $1,219,879,110

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

    $597,593,423

  • 10c · Land, buildings and equipment, net

    beginning of year $616,028,980 · end of year $622,285,687

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $31,996,410 · end of year $38,399,158

  • 13 · Investments: program-related

    beginning of year $14,334,674 · end of year $14,529,422

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $29,097,001 · end of year $34,717,638

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $4,881,764 · end of year $5,800,146

  • 20 · Tax-exempt bond liabilities

    beginning of year $41,181,507 · end of year $36,729,452

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $391,009,779 · end of year $422,376,318

  • 24 · Unsecured notes and loans payable

    beginning of year $300,000 · end of year $300,000

  • 25 · Other liabilities

    beginning of year $12,031,933 · end of year $11,729,501

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 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 $269,653,773 · end of year $273,391,585

Mission and programs · 2023

Mission

SEE SCHEDULE O

  • PROVIDE ELECTRIC POWER TO APPROXIMATELY 36,129 MEMBERS. ALL MEMBERS WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATIONS OF PATRONAGE CAPITAL.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John J Burns

    President & CEO

    Total calculated
    $539,361
    From this org
    $406,616
    From related orgs
    $0
    Other
    $132,745
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $406,616
    Bonus
    not reported
    Other
    not reported
    Deferred
    $105,198
    Nontaxable benefits
    $27,547
    Filer's total
    $539,361

  • Sarah J Rixie

    CFO

    Total calculated
    $337,778
    From this org
    $250,379
    From related orgs
    $0
    Other
    $87,399
    Hours/week
    50.5

    Schedule J breakdown matched by us

    Base
    $250,379
    Bonus
    not reported
    Other
    not reported
    Deferred
    $62,816
    Nontaxable benefits
    $24,583
    Filer's total
    $337,778

  • John H Kelly

    Gas Turbine Plant Manager

    Total calculated
    $314,727
    From this org
    $237,123
    From related orgs
    $0
    Other
    $77,604
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,123
    Bonus
    not reported
    Other
    not reported
    Deferred
    $53,045
    Nontaxable benefits
    $24,559
    Filer's total
    $314,727

  • Christopher M Forrest

    Director of Power Supply

    Total calculated
    $300,823
    From this org
    $211,683
    From related orgs
    $0
    Other
    $89,140
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,683
    Bonus
    not reported
    Other
    not reported
    Deferred
    $64,576
    Nontaxable benefits
    $24,564
    Filer's total
    $300,823

  • Richard A Lusby

    Healy Plant Manager

    Total calculated
    $287,968
    From this org
    $211,683
    From related orgs
    $0
    Other
    $76,285
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,683
    Bonus
    not reported
    Other
    not reported
    Deferred
    $51,726
    Nontaxable benefits
    $24,559
    Filer's total
    $287,968

  • Daniel R Bishop

    Director of Engineering Svcs.

    Total calculated
    $286,837
    From this org
    $237,123
    From related orgs
    $0
    Other
    $49,714
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,123
    Bonus
    not reported
    Other
    not reported
    Deferred
    $23,850
    Nontaxable benefits
    $25,864
    Filer's total
    $286,837

  • Reagan M Russell

    Director of HR

    Total calculated
    $284,938
    From this org
    $196,988
    From related orgs
    $0
    Other
    $87,950
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $196,988
    Bonus
    not reported
    Other
    not reported
    Deferred
    $63,298
    Nontaxable benefits
    $24,652
    Filer's total
    $284,938

  • Abbigail M Dillard

    Director of Member Services

    Total calculated
    $282,622
    From this org
    $203,632
    From related orgs
    $0
    Other
    $78,990
    Hours/week
    48.5

    Schedule J breakdown matched by us

    Base
    $203,632
    Bonus
    not reported
    Other
    not reported
    Deferred
    $54,432
    Nontaxable benefits
    $24,558
    Filer's total
    $282,622

  • Nathaniel J Minnema Former

    Manager of Engineering Service

    Total calculated
    $275,741
    From this org
    $193,796
    From related orgs
    $0
    Other
    $81,945
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $193,796
    Bonus
    not reported
    Other
    not reported
    Deferred
    $57,370
    Nontaxable benefits
    $24,575
    Filer's total
    $275,741

  • Jared B Carter

    E & I Foreman

    Total calculated
    $271,809
    From this org
    $203,632
    From related orgs
    $0
    Other
    $68,177
    Hours/week
    56.5

    Schedule J breakdown matched by us

    Base
    $203,632
    Bonus
    not reported
    Other
    not reported
    Deferred
    $38,978
    Nontaxable benefits
    $29,199
    Filer's total
    $271,809

  • Benjamin H Porter

    Lineman Journeyman

    Total calculated
    $262,101
    From this org
    $196,988
    From related orgs
    $0
    Other
    $65,113
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $196,988
    Bonus
    not reported
    Other
    not reported
    Deferred
    $36,056
    Nontaxable benefits
    $29,057
    Filer's total
    $262,101

  • Naomi J Morton Knight Former

    Environmental Officer

    Total calculated
    $248,319
    From this org
    $169,830
    From related orgs
    $0
    Other
    $78,489
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,830
    Bonus
    not reported
    Other
    not reported
    Deferred
    $50,904
    Nontaxable benefits
    $27,585
    Filer's total
    $248,319

  • Ian P Olesen

    Lineman Journeyman

    Total calculated
    $235,764
    From this org
    $169,387
    From related orgs
    $0
    Other
    $66,377
    Hours/week
    51.5

    Schedule J breakdown matched by us

    Base
    $169,387
    Bonus
    not reported
    Other
    not reported
    Deferred
    $37,320
    Nontaxable benefits
    $29,057
    Filer's total
    $235,764

  • Shannon C Telling

    Director of Info. Technology

    Total calculated
    $228,150
    From this org
    $169,387
    From related orgs
    $0
    Other
    $58,763
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,387
    Bonus
    not reported
    Other
    not reported
    Deferred
    $34,230
    Nontaxable benefits
    $24,533
    Filer's total
    $228,150

  • Thomas P DeLong

    Chairman

    Total calculated
    $24,900
    From this org
    $24,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.4

  • Richard J Solie Jr

    Director

    Total calculated
    $23,975
    From this org
    $23,975
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9

  • Gary C Newman

    Secretary

    Total calculated
    $21,400
    From this org
    $21,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    18.5

  • David Pelunis-Messier

    Treasurer

    Total calculated
    $20,900
    From this org
    $20,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.7

  • Christopher M Bunch

    Vice Chairman

    Total calculated
    $16,675
    From this org
    $16,675
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Todd M Adams

    Director

    Total calculated
    $13,700
    From this org
    $13,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.8

  • Frederick W Sheen

    Director

    Total calculated
    $13,125
    From this org
    $13,125
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.1

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

  • 1a · First-class or charter travel
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART I, LINE 1B:
FIRST CLASS TRAVEL TO THE EAST COAST OF THE UNITED STATES IS ALLOWED IF APPROVED BY THE CEO. IN 2023, THIS BENEFIT WAS NOT EXERCISED. CHARTER HELICOPTERS ARE USED FOR REMOTE TRANSMISSION LINE WORK.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202423209349324287

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