Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $18,474,029 · related or exempt $18,474,029

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $573,050 · related or exempt $573,050

• 2c · Program service revenue: SERVICE FEES

  total $52,049 · related or exempt $52,049

• 3 · Investment income

  total $365,970 · excluded $365,970

• 6a · Gross rents

  personal property $3,230

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $3,230

• 6d · Net rental income or loss

  total $3,230 · unrelated business $3,230

• 7a · Gross sales of assets other than inventory

  other assets $45,813

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

  other assets $24,240

• 7c · Gain or loss

  other assets $21,573

• 7d · Net gain or loss

  total $21,573 · related or exempt $21,573

• 11a · Other revenue: ELECTRICIAN/HVAC SERVICE

  total $592,281 · unrelated business $592,281

• 11b · Other revenue: POLE ATTACHMENT INCOME

  total $5,741 · excluded $5,741

• 11c · Other revenue: MISC NON-OPERATING INCOME

  total $4,159 · related or exempt $4,159

• 11e · Other revenue, total

  $602,181

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $18,006

• 2 · Grants to domestic individuals

  total $9,000

• 4 · Benefits paid to or for members

  total $1,002,633

• 5 · Compensation of officers, directors and key employees

  total $809,949

• 7 · Other salaries and wages

  total $1,179,881

• 8 · Pension plan contributions

  total $317,448

• 9 · Other employee benefits

  total $214,665

• 10 · Payroll taxes

  total $114,628

• 20 · Interest

  total $1,163,845

• 22 · Depreciation, depletion and amortization

  total $2,033,608

• 24a · Other expenses: PURCHASED POWER

  total $9,954,805

• 24b · Other expenses: DISTRIBUTION EXP.

  total $1,123,166

• 24c · Other expenses: ADMIN & GENERAL EXP.

  total $782,698

• 24d · Other expenses: ELECTRICIAN/HVAC EXP.

  total $554,769

• 24e · All other expenses

  total $211,828

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $157,091 · end of year $341,186

• 2 · Savings and temporary cash investments

  beginning of year $6,596,459 · end of year $5,822,069

• 4 · Accounts receivable

  beginning of year $1,411,374 · end of year $1,394,999

• 8 · Inventories for sale or use

  beginning of year $703,772 · end of year $725,822

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,003,054 · end of year $299,578

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

  $66,813,408

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

  $24,836,219

• 10c · Land, buildings and equipment, net

  beginning of year $42,145,654 · end of year $41,977,189

• 13 · Investments: program-related

  beginning of year $13,712,352 · end of year $13,804,587

• 15 · Other assets

  beginning of year $136,417 · end of year $76,666

• 17 · Accounts payable and accrued expenses

  beginning of year $1,524,708 · end of year $1,125,177

• 23 · Secured mortgages and notes payable

  beginning of year $36,771,902 · end of year $35,405,108

• 25 · Other liabilities

  beginning of year $1,633,064 · end of year $907,471

• 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 $25,936,499 · end of year $27,004,340

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE TRUSTEES THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL BUSINESS OF THE COOPERATIVE. REIMBURSABLE COSTS INCLUDE TRAVEL AND MEAL ALLOWANCES. THE COOPERATIVE WILL ALSO REIMBURSE AN EMPLOYEE FOR TRANSPORTATION AND LODGING COSTS OF HIS/HER SPOUSE FOR APPROVED TRAVEL. DURING THE YEAR, FOUR INDIVIDUALS REPORTED ON FORM 990, PART VII - EVANS, HOSS, JENNISON, AND RAMSEY - RECEIVED THIS BENEFIT. SINCE THE COOPERATIVE CONSIDERS THE REIMBURSEMENT TO BE CONSISTENT TO A BONA FIDE BUSINESS PURPOSE, SUCH REIMBURSEMENTS WERE TREATED AS EXPENSES EXCLUDED FROM THE REPORTABLE COMPENSATION OF EACH.

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. 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. RICHARD MCLEON ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 84,752 EMPLOYER CONTRIBUTION TO 401(K) 7,525 TOTAL REPORTED IN COLUMN C 92,277 LESS: ACTUARIAL INCREASE IN DBP (84,752) ADD: CASH CONTRIBUTION TO DBP 87,098 EXPENSE TO THE COOPERATIVE $ 94,623 KASEY JENKINSON ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 76,888 EMPLOYER CONTRIBUTION TO 401(K) 5,792 TOTAL REPORTED IN COLUMN C 82,680 LESS: ACTUARIAL INCREASE IN DBP (76,888) ADD: CASH CONTRIBUTION TO DBP 40,869 EXPENSE TO THE COOPERATIVE $ 46,661 KATHERINE E. LEWIS ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 43,537 EMPLOYER CONTRIBUTION TO 401(K) 6,644 TOTAL REPORTED IN COLUMN C 50,181 LESS: ACTUARIAL INCREASE IN DBP (43,537) ADD: CASH CONTRIBUTION TO DBP 46,945 EXPENSE TO THE COOPERATIVE $ 53,589 DAL HAWKINSON ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 30,565 EMPLOYER CONTRIBUTION TO 401(K) 6,423 TOTAL REPORTED IN COLUMN C 36,988 LESS: ACTUARIAL INCREASE IN DBP (30,565) ADD: CASH CONTRIBUTION TO DBP 33,977 EXPENSE TO THE COOPERATIVE $ 40,400 CHAD RUPP ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 27,122 EMPLOYER CONTRIBUTION TO 401(K) 5,216 TOTAL REPORTED IN COLUMN C 32,338 LESS: ACTUARIAL INCREASE IN DBP (27,122) ADD: CASH CONTRIBUTION TO DBP 36,802 EXPENSE TO THE COOPERATIVE $ 42,018 BENJAMIN MANN ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 44,275 EMPLOYER CONTRIBUTION TO 401(K) 5,216 TOTAL REPORTED IN COLUMN C 49,491 LESS: ACTUARIAL INCREASE IN DBP (44,275) ADD: CASH CONTRIBUTION TO DBP 36,802 EXPENSE TO THE COOPERATIVE $ 42,018 CHRIS TERHUNE ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 21,806 EMPLOYER CONTRIBUTION TO 401(K) 4,979 TOTAL REPORTED IN COLUMN C 26,785 LESS: ACTUARIAL INCREASE IN DBP (21,806) ADD: CASH CONTRIBUTION TO DBP 33,977 EXPENSE TO THE COOPERATIVE $ 38,956 BLAKE MCVICKER ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 4,847 EMPLOYER CONTRIBUTION TO 401(K) 4,816 TOTAL REPORTED IN COLUMN C 9,663 LESS: ACTUARIAL INCREASE IN DBP (4,847) ADD: CASH CONTRIBUTION TO DBP 33,977 EXPENSE TO THE COOPERATIVE $ 38,793