Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Other operating revenue

  total $42,924 · related or exempt $42,924

• 2b · Program service revenue: Sale of electricity

  total $13,575,255 · related or exempt $13,575,255

• 3 · Investment income

  total $294,004 · related or exempt $133,411 · excluded $160,593

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

  total $0

• 5 · Royalties

  total $0

• 6d · Net rental income or loss

  total $0

• 7a · Gross sales of assets other than inventory

  other assets $10,060

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

  other assets $81,330

• 7c · Gain or loss

  other assets -$71,270

• 7d · Net gain or loss

  total -$71,270 · related or exempt -$71,270

• 8c · Net income from fundraising events

  total $0

• 9c · Net income from gaming

  total $0

• 10c · Net income from sales of inventory

  total $0

• 11a · Other revenue: Electrician/Merchandise

  total $20,977 · excluded $20,977

• 11b · Other revenue: Other non-operating, net

  total -$20,510 · related or exempt -$20,510

• 11e · Other revenue, total

  $467

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $29,543

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $1,047,743

• 5 · Compensation of officers, directors and key employees

  total $266,943

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $1,462,786

• 8 · Pension plan contributions

  total $336,770

• 9 · Other employee benefits

  total $427,226

• 10 · Payroll taxes

  total $133,698

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $8,576

• 11c · Fees: accounting

  total $14,450

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $43,079

• 12 · Advertising and promotion

  total $13,012

• 13 · Office expenses

  total $115,498

• 14 · Information technology

  total $98,100

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $0

• 17 · Travel

  total $489,775

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $19,263

• 20 · Interest

  total $426,212

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $1,005,320

• 23 · Insurance

  total $59,397

• 24a · Other expenses: Cost of Power Sold

  total $7,903,460

• 24b · Other expenses: Distribution Operations

  total $1,335,483

• 24c · Other expenses: Admin & General

  total $962,665

• 24d · Other expenses: Distribution Maintenance

  total $321,544

• 24e · All other expenses

  total -$3,089,713

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,077,207 · end of year $6,486,453

• 2 · Savings and temporary cash investments

  end of year $0

• 3 · Pledges and grants receivable

  end of year $0

• 4 · Accounts receivable

  beginning of year $1,393,533 · end of year $1,756,986

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  end of year $0

• 8 · Inventories for sale or use

  beginning of year $1,028,723 · end of year $1,212,066

• 9 · Prepaid expenses and deferred charges

  beginning of year $113,224 · end of year $85,279

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

  $35,427,844

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

  $13,267,198

• 10c · Land, buildings and equipment, net

  beginning of year $21,475,821 · end of year $22,160,646

• 11 · Investments: publicly traded securities

  end of year $0

• 12 · Investments: other securities

  end of year $0

• 13 · Investments: program-related

  beginning of year $6,566,149 · end of year $6,619,679

• 14 · Intangible assets

  end of year $0

• 15 · Other assets

  beginning of year $3,186 · end of year $5,668

• 17 · Accounts payable and accrued expenses

  beginning of year $833,109 · end of year $1,217,553

• 23 · Secured mortgages and notes payable

  beginning of year $9,671,408 · end of year $9,243,797

• 25 · Other liabilities

  beginning of year $143,827 · end of year $5,747,080

• 29 · Capital stock, trust principal or current funds

  beginning of year $5,775 · end of year $5,755

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

  beginning of year $19,267,278 · end of year $20,317,260

• 31 · Retained earnings, endowment or other funds

  beginning of year $1,736,446 · end of year $1,795,332

The filer's explanations (Part III)

Part I, Line 1a: Relevant information in regards to selections on 1a.

The Cooperative owns a house that is located adjacent to the main business office. Due to the size of the Cooperative and its remote location, it is a challenge to recruit qualified individuals for the General Manager position. As such, the Cooperative offers free use of the housing to the General Manager as part of their compensation.