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Nonprofiteer
← KENERGY CORP

Form 990 for tax year 2022

Filed by KENERGY CORP.

Totals

Total revenue
$624,047,751
Total expenses
$624,019,806
Contributions and grants received
$0
Grants paid
$49,422
Program service revenue
$622,472,876
Investment income
$395,342
Other revenue
$1,179,533
Total assets, end of year
$278,992,513
Total liabilities, end of year
$193,237,199
Net assets or fund balances, end of year
$85,755,314
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.

  • 2a · Program service revenue: SALES OF ELECTRICITY

    total $621,395,635 · related or exempt $621,395,635

  • 2b · Program service revenue: SERVICE FEES

    total $723,524 · related or exempt $723,524

  • 2c · Program service revenue: PATRONAGE DIVIDENDS

    total $353,717 · related or exempt $353,717

  • 3 · Investment income

    total $284,650 · excluded $284,650

  • 6a · Gross rents

    personal property $238,892

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $238,892

  • 6d · Net rental income or loss

    total $238,892 · unrelated business $238,892

  • 7a · Gross sales of assets other than inventory

    other assets $300,376

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

    other assets $189,684

  • 7c · Gain or loss

    other assets $110,692

  • 7d · Net gain or loss

    total $110,692 · related or exempt $110,692

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $938,798 · excluded $938,798

  • 11b · Other revenue: TELECOM REVENUE

    total $1,177 · unrelated business $1,177

  • 11c · Other revenue: MISCELLANEOUS NON-OPERATING INCOM

    total $666 · related or exempt $666

  • 11e · Other revenue, total

    $940,641

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $49,422

  • 4 · Benefits paid to or for members

    total $1,568,806

  • 5 · Compensation of officers, directors and key employees

    total $2,113,328

  • 7 · Other salaries and wages

    total $7,370,935

  • 8 · Pension plan contributions

    total $1,096,183

  • 9 · Other employee benefits

    total $1,658,043

  • 10 · Payroll taxes

    total $577,562

  • 20 · Interest

    total $3,510,928

  • 22 · Depreciation, depletion and amortization

    total $14,456,228

  • 24a · Other expenses: PURCHASED POWER

    total $578,498,247

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $10,351,305

  • 24c · Other expenses: ADMINISTRATIVE & GENERA

    total $1,284,611

  • 24d · Other expenses: UNRELATED BUS. INC. TAX

    total $40,053

  • 24e · All other expenses

    total $1,444,155

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,355,443 · end of year $9,477,202

  • 4 · Accounts receivable

    beginning of year $37,179,902 · end of year $32,625,169

  • 8 · Inventories for sale or use

    beginning of year $2,726,135 · end of year $9,428,758

  • 9 · Prepaid expenses and deferred charges

    beginning of year $798,220 · end of year $684,209

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

    $374,205,048

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

    $169,414,176

  • 10c · Land, buildings and equipment, net

    beginning of year $202,322,912 · end of year $204,790,872

  • 13 · Investments: program-related

    beginning of year $6,102,669 · end of year $6,160,185

  • 15 · Other assets

    beginning of year $2,166,599 · end of year $15,826,118

  • 17 · Accounts payable and accrued expenses

    beginning of year $46,705,017 · end of year $45,860,031

  • 23 · Secured mortgages and notes payable

    beginning of year $126,521,096 · end of year $140,754,335

  • 25 · Other liabilities

    beginning of year $3,173,192 · end of year $6,622,833

  • 29 · Capital stock, trust principal or current funds

    beginning of year $230,340 · end of year $231,750

  • 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 $84,022,235 · end of year $85,523,564

Mission and programs · 2022

Mission

SAFELY PROVIDE RELIABLE ELECTRIC SERVICES THAT ENHANCE THE QUALITY OF THE LIVES OF OUR MEMBERS.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 59,214 ACTIVE SERVICES AT YEAR END.

As filed on the 2022 return.

Listed in Part VII

  • William Reid

    CHAIRMAN

    Total calculated
    $13,250
    From this org
    $13,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4

  • Johnathan Ayer

    VICE CHAIRMAN

    Total calculated
    $11,700
    From this org
    $11,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Craig Roberts

    SECRETARY/TREASURER

    Total calculated
    $12,900
    From this org
    $12,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Richard Basham

    DIRECTOR

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.8

  • Susan Blanford

    DIRECTOR

    Total calculated
    $15,300
    From this org
    $15,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Larry Elder

    DIRECTOR

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Ryan Hammack July-Dec

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.5

  • Michael Hazelwood July-Dec

    DIRECTOR

    Total calculated
    $6,900
    From this org
    $6,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Eddie Leach

    DIRECTOR

    Total calculated
    $13,200
    From this org
    $13,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Robert White

    DIRECTOR

    Total calculated
    $13,200
    From this org
    $13,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Brent Wigginton

    DIRECTOR

    Total calculated
    $13,800
    From this org
    $13,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Christopher Mitchell Jan-June

    DIRECTOR

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • William Denton Jan

    DIRECTOR

    Total calculated
    $650
    From this org
    $650
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Jeff Hohn

    PRESIDENT & CEO

    Total calculated
    $644,604
    From this org
    $404,637
    From related orgs
    $0
    Other
    $239,967
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $328,773
    Bonus
    $35,716
    Other
    $40,148
    Deferred
    $215,607
    Nontaxable benefits
    $24,360
    Filer's total
    $644,604

  • Debra Hayden

    ASSISTANT SECRETARY

    Total calculated
    $149,274
    From this org
    $100,129
    From related orgs
    $0
    Other
    $49,145
    Hours/week
    40

  • Travis Siewert

    VP - FINANCE & ACCOUNTING

    Total calculated
    $219,162
    From this org
    $155,381
    From related orgs
    $0
    Other
    $63,781
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $142,822
    Bonus
    $3,690
    Other
    $8,869
    Deferred
    $32,817
    Nontaxable benefits
    $30,964
    Filer's total
    $219,162

  • Rob Stumph

    VP - ENGINEERING & OPERATIONS

    Total calculated
    $389,098
    From this org
    $215,565
    From related orgs
    $0
    Other
    $173,533
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $191,211
    Bonus
    $3,690
    Other
    $20,664
    Deferred
    $149,923
    Nontaxable benefits
    $23,610
    Filer's total
    $389,098

  • Steve Thompson

    VP - REGULATORY/EXTERNAL AFFAIRS

    Total calculated
    $274,977
    From this org
    $194,511
    From related orgs
    $0
    Other
    $80,466
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,663
    Bonus
    $3,690
    Other
    $22,158
    Deferred
    $56,006
    Nontaxable benefits
    $24,460
    Filer's total
    $274,977

  • Keith Ellis

    VP - ADMINISTRATIVE SERVICES

    Total calculated
    $291,813
    From this org
    $191,141
    From related orgs
    $0
    Other
    $100,672
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,633
    Bonus
    $3,690
    Other
    $21,818
    Deferred
    $68,181
    Nontaxable benefits
    $32,491
    Filer's total
    $291,813

  • Michael Church

    OPERATIONS MANAGER

    Total calculated
    $248,035
    From this org
    $138,987
    From related orgs
    $0
    Other
    $109,048
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $128,961
    Bonus
    $3,690
    Other
    $6,336
    Deferred
    $78,136
    Nontaxable benefits
    $30,912
    Filer's total
    $248,035

  • Casey Baker

    OPERATIONS MANAGER

    Total calculated
    $214,087
    From this org
    $136,907
    From related orgs
    $0
    Other
    $77,180
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $129,435
    Bonus
    $3,690
    Other
    $3,782
    Deferred
    $57,212
    Nontaxable benefits
    $19,968
    Filer's total
    $214,087

  • Dustin Lanham

    SERVICE TECHNICIAN

    Total calculated
    $180,130
    From this org
    $132,290
    From related orgs
    $0
    Other
    $47,840
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $126,787
    Bonus
    $3,690
    Other
    $1,813
    Deferred
    $17,696
    Nontaxable benefits
    $30,144
    Filer's total
    $180,130

  • Jacob Courtney

    LINE TECHNICIAN

    Total calculated
    $173,129
    From this org
    $130,381
    From related orgs
    $0
    Other
    $42,748
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $125,326
    Bonus
    $3,690
    Other
    $1,365
    Deferred
    $13,835
    Nontaxable benefits
    $28,913
    Filer's total
    $173,129

  • Randy Crabtree

    CONSTRUCTION MANAGER

    Total calculated
    $189,138
    From this org
    $128,258
    From related orgs
    $0
    Other
    $60,880
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $118,411
    Bonus
    $3,690
    Other
    $6,157
    Deferred
    $30,199
    Nontaxable benefits
    $30,681
    Filer's total
    $189,138

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 · 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)

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, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. 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 CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. JEFF HOHN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 215,607 EMPLOYER CONTRIBUTION TO 401(K) PLAN (0) TOTAL REPORTED IN COLUMN C $ 215,607 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (215,607) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 71,454 EXPENSE TO THE COOPERATIVE $ 71,454 ROB STUMPH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 149,923 EMPLOYER CONTRIBUTION TO 401(K) PLAN (0) TOTAL REPORTED IN COLUMN C $ 149,923 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (149,923) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 43,266 EXPENSE TO THE COOPERATIVE $ 43,266 KEITH ELLIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 68,181 EMPLOYER CONTRIBUTION TO 401(K) PLAN (0) TOTAL REPORTED IN COLUMN C $ 68,181 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (68,181) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 39,460 EXPENSE TO THE COOPERATIVE $ 39,460 STEVE THOMPSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 56,006 EMPLOYER CONTRIBUTION TO 401(K) PLAN (0) TOTAL REPORTED IN COLUMN C $ 56,006 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (56,006) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 46,104 EXPENSE TO THE COOPERATIVE $ 46,104 MICHAEL CHURCH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 78,136 EMPLOYER CONTRIBUTION TO 401(K) PLAN (0) TOTAL REPORTED IN COLUMN C $ 78,136 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (78,136) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 36,073 EXPENSE TO THE COOPERATIVE $ 36,073 TRAVIS SIEWERT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,817 EMPLOYER CONTRIBUTION TO 401(K) PLAN (0) TOTAL REPORTED IN COLUMN C $ 32,817 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,817) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,436 EXPENSE TO THE COOPERATIVE $ 34,436 CASEY BAKER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,212 EMPLOYER CONTRIBUTION TO 401(K) PLAN (0) TOTAL REPORTED IN COLUMN C $ 57,212 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,212) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,426 EXPENSE TO THE COOPERATIVE $ 35,426 RANDY CRABTREE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,199 EMPLOYER CONTRIBUTION TO 401(K) PLAN (0) TOTAL REPORTED IN COLUMN C $ 30,199 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,199) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,835 EXPENSE TO THE COOPERATIVE $ 21,835 DUSTIN LANHAM: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 17,696 EMPLOYER CONTRIBUTION TO 401(K) PLAN (0) TOTAL REPORTED IN COLUMN C $ 17,696 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (17,696) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,762 EXPENSE TO THE COOPERATIVE $ 19,762 JACOB COURTNEY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 13,835 EMPLOYER CONTRIBUTION TO 401(K) PLAN (0) TOTAL REPORTED IN COLUMN C $ 13,835 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (13,835) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,306 EXPENSE TO THE COOPERATIVE $ 19,306

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.

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.

  • KENECT INC

    C · FIBER AND BROADBAND ACCESS SUBLEASE · KY · 100% owned · share of income $32,734 · share of assets $57 · controlled entity

    Directly controlled by KENERGY CORP

Provenance

Return type
form_990
Tax year
2022
Filed
13 September 2023
IRS schema version
2022v5.0
Source object
202342569349301579

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