Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $175,413,421 · related or exempt $175,413,421

• 2b · Program service revenue: SERVICE FEES

  total $18,585,948 · related or exempt $18,585,948

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $8,258,223 · related or exempt $8,258,223

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $919,650 · related or exempt $919,650

• 2e · Program service revenue: TRANSMISSION WHEELING

  total $759,619 · related or exempt $759,619

• 3 · Investment income

  total $200,724 · excluded $200,724

• 6a · Gross rents

  real property $9,914

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $9,914

• 6d · Net rental income or loss

  total $9,914 · excluded $9,914

• 7a · Gross sales of assets other than inventory

  other assets $48,310

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

  other assets -$7,809

• 7c · Gain or loss

  other assets $56,119

• 7d · Net gain or loss

  total $56,119 · related or exempt $56,119

• 10a · Gross sales of inventory

  $50

• 10b · Cost of goods sold

  $30

• 10c · Net income from sales of inventory

  total $20 · unrelated business $20

• 11a · Other revenue: BOND SECURITIZATION P'SHIP INCOME

  total $447,074 · related or exempt $447,074

• 11b · Other revenue: POLE ATTACHMENT INCOME

  total $417,195 · excluded $417,195

• 11e · Other revenue, total

  $864,269

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $32,713

• 4 · Benefits paid to or for members

  total $15,575,145

• 5 · Compensation of officers, directors and key employees

  total $4,742,547

• 7 · Other salaries and wages

  total $8,248,002

• 8 · Pension plan contributions

  total $909,850

• 9 · Other employee benefits

  total $2,183,529

• 10 · Payroll taxes

  total $721,612

• 20 · Interest

  total $9,674,389

• 22 · Depreciation, depletion and amortization

  total $14,595,020

• 24a · Other expenses: PURCHASED POWER

  total $128,853,201

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $13,792,275

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $4,810,248

• 24d · Other expenses: CONSUMER EXPENSE

  total $1,502,303

• 24e · All other expenses

  total $41,222

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,001,615 · end of year $2,012,764

• 2 · Savings and temporary cash investments

  beginning of year $2,486,964 · end of year $1,559,883

• 4 · Accounts receivable

  beginning of year $6,605,953 · end of year $5,901,231

• 8 · Inventories for sale or use

  beginning of year $119,970 · end of year $89,249

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,614,318 · end of year $2,759,910

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

  $525,490,398

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

  $125,069,615

• 10c · Land, buildings and equipment, net

  beginning of year $349,808,960 · end of year $400,420,783

• 13 · Investments: program-related

  beginning of year $54,194,537 · end of year $61,105,431

• 15 · Other assets

  beginning of year $13,005,852 · end of year $11,533,064

• 17 · Accounts payable and accrued expenses

  beginning of year $67,669,203 · end of year $71,615,389

• 21 · Escrow or custodial account liability

  beginning of year $81,025 · end of year $91,793

• 23 · Secured mortgages and notes payable

  beginning of year $167,561,533 · end of year $203,989,984

• 25 · Other liabilities

  beginning of year $9,183,186 · end of year $9,710,314

• 29 · Capital stock, trust principal or current funds

  beginning of year $1,346,188 · end of year $1,441,568

• 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 $186,997,034 · end of year $198,533,267

The filer's explanations (Part III)

PART I, LINE 1A

A MINIMUM AMOUNT OF COMPENSATION IS PROVIDED IN CONJUCTION WITH THE COOPERATIVE'S WELLNESS PROGRAM. THE COOPERATIVE WILL PAY UP TO $500 ANNUALLY TO A FITNESS CENTER ON BEHALF OF THE EMPLOYEE AND IS AVAILABLE TO ALL EMPLOYEES.

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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. MARK STUBBS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 140,737 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,900 TOTAL REPORTED IN COLUMN C $ 150,637 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLANS (140,737) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 57,987 EXPENSE TO THE COOPERATIVE $ 67,887 BRIAN GREEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 79,594 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,900 TOTAL REPORTED IN COLUMN C $ 89,494 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (79,594) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,715 EXPENSE TO THE COOPERATIVE $ 62,615 SAMANTHA CROUCH BAXTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 47,579 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,900 TOTAL REPORTED IN COLUMN C $ 57,479 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (47,579) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,715 EXPENSE TO THE COOPERATIVE $ 62,615 KATHY SCROGGINS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 81,133 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,745 TOTAL REPORTED IN COLUMN C $ 89,878 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (81,133) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,524 EXPENSE TO THE COOPERATIVE $ 51,269 DAVID MARK LYLES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 85,662 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,434 TOTAL REPORTED IN COLUMN C $ 94,096 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (85,662) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 43,929 EXPENSE TO THE COOPERATIVE $ 52,363 ANTHONY GRANT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 44,638 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,722 TOTAL REPORTED IN COLUMN C $ 50,360 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (44,638) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,187 EXPENSE TO THE COOPERATIVE $ 35,909 DAVID EARLS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 26,878 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,777 TOTAL REPORTED IN COLUMN C $ 32,655 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (26,878) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,169 EXPENSE TO THE COOPERATIVE $ 34,946 ROSA GARMON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 47,075 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,874 TOTAL REPORTED IN COLUMN C $ 51,949 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (47,075) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,884 EXPENSE TO THE COOPERATIVE $ 29,758 SHAUN CHRONISTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 24,482 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,252 TOTAL REPORTED IN COLUMN C $ 29,734 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (24,482) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,522 EXPENSE TO THE COOPERATIVE $ 34,774 MICHAEL HALE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,887 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,900 TOTAL REPORTED IN COLUMN C $ 41,787 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,887) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,655 EXPENSE TO THE COOPERATIVE $ 30,555 JAMES NIMMO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 23,196 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,715 TOTAL REPORTED IN COLUMN C $ 27,911 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (23,196) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,504 EXPENSE TO THE COOPERATIVE $ 28,219 BRIAN SIMS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 23,088 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,422 TOTAL REPORTED IN COLUMN C $ 27,510 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (23,088) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,207 EXPENSE TO THE COOPERATIVE $ 24,629 GARY GILES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,304 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,127 TOTAL REPORTED IN COLUMN C $ 39,431 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,304) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,558 EXPENSE TO THE COOPERATIVE $ 24,685 TABITHA BRYANT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,451 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,743 TOTAL REPORTED IN COLUMN C $ 15,194 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,451) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,266 EXPENSE TO THE COOPERATIVE $ 28,009 CRAIG ANDERSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 12,119 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,822 TOTAL REPORTED IN COLUMN C $ 16,941 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (12,119) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 17,923 EXPENSE TO THE COOPERATIVE $ 22,745 BRANDAN BLUNT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,549 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,347 TOTAL REPORTED IN COLUMN C $ 12,896 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,549) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 17,923 EXPENSE TO THE COOPERATIVE $ 22,270

Related corporations and trusts

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

• MULTI-SERVICE UTILITIES INC

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

  Directly controlled by FARMERS ELECTRIC COOPERATIVE INC