Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $4,356,738 · related or exempt $4,356,738

• 2b · Program service revenue: SALES OF NATURAL GAS

  total $589,645 · related or exempt $589,645

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $44,903 · related or exempt $44,903

• 2d · Program service revenue: SERVICE FEES

  total $17,317 · related or exempt $17,317

• 3 · Investment income

  total $173,317 · excluded $173,317

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $31,661 · excluded $31,661

• 11b · Other revenue: MISC. NON-OPER. INCOME

  total $1,851 · related or exempt $1,851

• 11e · Other revenue, total

  $33,512

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $351,819

• 7 · Other salaries and wages

  total $673,756

• 8 · Pension plan contributions

  total $139,443

• 9 · Other employee benefits

  total $98,119

• 10 · Payroll taxes

  total $52,698

• 20 · Interest

  total $88,487

• 22 · Depreciation, depletion and amortization

  total $421,521

• 24a · Other expenses: PURCHASED POWER

  total $2,493,251

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $420,468

• 24c · Other expenses: CONSUMER ACCOUNTS

  total $215,511

• 24d · Other expenses: ADMIN. & GEN. EXPENSES

  total $86,919

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $463,645 · end of year $489,851

• 2 · Savings and temporary cash investments

  beginning of year $1,503,376 · end of year $1,580,535

• 4 · Accounts receivable

  beginning of year $399,152 · end of year $375,576

• 7 · Other notes and loans receivable

  beginning of year $380 · end of year $410

• 8 · Inventories for sale or use

  beginning of year $355,248 · end of year $274,802

• 9 · Prepaid expenses and deferred charges

  beginning of year $252,898 · end of year $136,813

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

  $14,271,307

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

  $8,416,835

• 10c · Land, buildings and equipment, net

  beginning of year $5,790,799 · end of year $5,854,472

• 13 · Investments: program-related

  beginning of year $3,205,980 · end of year $3,229,952

• 15 · Other assets

  beginning of year $114,816 · end of year $114,946

• 17 · Accounts payable and accrued expenses

  beginning of year $506,740 · end of year $380,005

• 23 · Secured mortgages and notes payable

  beginning of year $1,688,348 · end of year $1,599,339

• 25 · Other liabilities

  beginning of year $548,656 · end of year $503,418

• 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 $9,342,550 · end of year $9,574,595

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. MICHAEL STRAIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 61,084 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,162 TOTAL REPORTED IN COLUMN C $ 70,246 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (61,084) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,349 EXPENSE TO THE COOPERATIVE $ 40,511 KASSI MORTENSEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 9,263 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,154 TOTAL REPORTED IN COLUMN C $ 18,417 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (9,263) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,024 EXPENSE TO THE COOPERATIVE $ 36,178 KIMBERLY WATERS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 24,238 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,305 TOTAL REPORTED IN COLUMN C $ 31,543 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (24,238) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 26,298 EXPENSE TO THE COOPERATIVE $ 33,603

Related corporations and trusts

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

• AZNEX COOPERATIVE SERVICES INC

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

  Directly controlled by DUNCAN VALLEY ELECTRIC COOPERATIVE INC