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Nonprofiteer
← UPSHUR-RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2023

Filed by UPSHUR-RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$117,232,017
Total expenses
$117,232,017
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$115,069,589
Investment income
$117,239
Other revenue
$2,045,189
Total assets, end of year
$275,191,438
Total liabilities, end of year
$146,649,114
Net assets or fund balances, end of year
$128,542,324
Program services expenses (Part IX)
$117,232,017
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$117,232,017

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: Sale of Electricity to Members

    total $115,069,589 · related or exempt $115,069,589 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $75,116 · related or exempt $0 · unrelated business $0 · excluded $75,116

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

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $182,032

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $182,032

  • 6d · Net rental income or loss

    total $182,032 · related or exempt $0 · unrelated business $0 · excluded $182,032

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $54,377

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

    securities $0 · other assets $12,254

  • 7c · Gain or loss

    securities $0 · other assets $42,123

  • 7d · Net gain or loss

    total $42,123 · related or exempt $42,123 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Other Capital Credit & Patronage

    total $1,863,157 · related or exempt $1,863,157 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $1,863,157

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0 · program services $0

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $4,121,373 · program services $4,121,373

  • 5 · Compensation of officers, directors and key employees

    total $2,075,933 · program services $2,075,933 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $1,938,096 · program services $1,938,096 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $254,065 · program services $254,065 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $25,200 · program services $25,200 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 20 · Interest

    total $5,306,291 · program services $5,306,291 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $10,836,735 · program services $10,836,735 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: Cost of Power

    total $80,339,445 · program services $80,339,445 · management and general $0 · fundraising $0

  • 24b · Other expenses: Transmission & Distribution Expense

    total $9,597,389 · program services $9,597,389 · management and general $0 · fundraising $0

  • 24c · Other expenses: Consumer Accounts Expense

    total $2,042,442 · program services $2,042,442 · management and general $0 · fundraising $0

  • 24d · Other expenses: Administrative & General Expense

    total $157,573 · program services $157,573 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $537,475 · program services $537,475 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $801,262 · end of year $882,908

  • 2 · Savings and temporary cash investments

    beginning of year $100,000 · end of year $100,000

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $15,252,628 · end of year $12,002,956

  • 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 $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $4,036,349 · end of year $3,409,373

  • 9 · Prepaid expenses and deferred charges

    beginning of year $925,239 · end of year $1,563,026

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

    $337,668,696

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

    $120,883,150

  • 10c · Land, buildings and equipment, net

    beginning of year $201,756,943 · end of year $216,785,546

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $39,288,721 · end of year $40,430,640

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $16,989 · end of year $16,989

  • 17 · Accounts payable and accrued expenses

    beginning of year $40,138,418 · end of year $45,760,013

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 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 $87,293,616 · end of year $92,495,181

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $8,724,421 · end of year $8,393,920

  • 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 $126,021,676 · end of year $128,542,324

Mission and programs · 2023

Mission

URECC provides affordable, reliable electric energy consistent with sound economy, safety, and quality management to our members and the communities we serve.

  • URECC provides affordable, reliable electric energy consistent with sound economy, safety, and quality management to our members and the communities we serve.

    Expenses $117,232,017 · Revenue $115,069,589

As filed on the 2023 return.

Listed in Part VII

  • Robert A Walker Jr

    Chief Executive Officer

    Total calculated
    $388,061
    From this org
    $307,740
    From related orgs
    $0
    Other
    $80,321
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $298,394
    Bonus
    $9,346
    Other
    $0
    Deferred
    $63,112
    Nontaxable benefits
    $17,209
    Filer's total
    $388,061

  • Damon G Means

    Chief Financial Officer

    Total calculated
    $201,783
    From this org
    $151,908
    From related orgs
    $0
    Other
    $49,875
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,755
    Bonus
    $15,153
    Other
    $0
    Deferred
    $32,666
    Nontaxable benefits
    $17,209
    Filer's total
    $201,783

  • Melissa D Reeves

    Chief Business Officer

    Total calculated
    $200,521
    From this org
    $156,013
    From related orgs
    $0
    Other
    $44,508
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $152,976
    Bonus
    $3,037
    Other
    $0
    Deferred
    $33,028
    Nontaxable benefits
    $11,480
    Filer's total
    $200,521

  • Billy J Schuler

    Serviceman

    Total calculated
    $199,722
    From this org
    $159,713
    From related orgs
    $0
    Other
    $40,009
    Hours/week
    60.26

    Schedule J breakdown matched by us

    Base
    $155,131
    Bonus
    $4,582
    Other
    $0
    Deferred
    $22,800
    Nontaxable benefits
    $17,209
    Filer's total
    $199,722

  • Clayton Harris

    Substation Foreman

    Total calculated
    $197,387
    From this org
    $157,987
    From related orgs
    $0
    Other
    $39,400
    Hours/week
    59.65

    Schedule J breakdown matched by us

    Base
    $156,059
    Bonus
    $1,928
    Other
    $0
    Deferred
    $22,191
    Nontaxable benefits
    $17,209
    Filer's total
    $197,387

  • John Douglas Murphy

    Chief Operating Officer

    Total calculated
    $194,714
    From this org
    $144,531
    From related orgs
    $0
    Other
    $50,183
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,974
    Bonus
    $7,557
    Other
    $0
    Deferred
    $32,974
    Nontaxable benefits
    $17,209
    Filer's total
    $194,714

  • Jacob W Fielden

    Serviceman

    Total calculated
    $181,157
    From this org
    $143,220
    From related orgs
    $0
    Other
    $37,937
    Hours/week
    59.41

    Schedule J breakdown matched by us

    Base
    $138,709
    Bonus
    $4,511
    Other
    $0
    Deferred
    $20,728
    Nontaxable benefits
    $17,209
    Filer's total
    $181,157

  • Dylan Adkinson

    Supervisor-Purchasing & Warehouse

    Total calculated
    $166,714
    From this org
    $130,987
    From related orgs
    $0
    Other
    $35,727
    Hours/week
    60.7

    Schedule J breakdown matched by us

    Base
    $126,384
    Bonus
    $4,603
    Other
    $0
    Deferred
    $18,518
    Nontaxable benefits
    $17,209
    Filer's total
    $166,714

  • Dakota Dudley

    Crew Foreman

    Total calculated
    $166,024
    From this org
    $134,146
    From related orgs
    $0
    Other
    $31,878
    Hours/week
    59.05

    Schedule J breakdown matched by us

    Base
    $132,552
    Bonus
    $1,594
    Other
    $0
    Deferred
    $18,331
    Nontaxable benefits
    $13,547
    Filer's total
    $166,024

  • Frankie B King

    President, Board of Directors

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.4

  • Jonathan Hunt

    Director

    Total calculated
    $22,400
    From this org
    $22,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.7

  • Robert A Branham

    Vice-President, Board of Directors

    Total calculated
    $21,600
    From this org
    $21,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.7

  • R Cody Newman

    Director

    Total calculated
    $19,900
    From this org
    $19,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.4

  • Charles H Whiteside

    Director

    Total calculated
    $19,350
    From this org
    $19,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.7

  • Samuel Rex Youngblood

    Assistant Secretary-Treasurer, Board of Directors

    Total calculated
    $18,700
    From this org
    $18,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4

  • Henry Jackson

    Director

    Total calculated
    $18,400
    From this org
    $18,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • J P Abernathy

    Director

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Sherry Morgan

    Secretary-Treasurer, Board of Directors

    Total calculated
    $17,500
    From this org
    $17,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.8

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

None.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
30 April 2024
IRS schema version
2023v5.0
Source object
202431219349302003

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