Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $40,620,195 · related or exempt $40,620,195

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $1,479,004 · related or exempt $1,479,004

• 2c · Program service revenue: SERVICE FEES

  total $21,873 · related or exempt $21,873

• 3 · Investment income

  total $468,609 · excluded $468,609

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $3,855 · excluded $3,855

• 11b · Other revenue: MISCELLANEOUS REVENUES

  total $2,480 · related or exempt $2,480

• 11e · Other revenue, total

  $6,335

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $15,548

• 4 · Benefits paid to or for members

  total $3,513,245

• 5 · Compensation of officers, directors and key employees

  total $621,610

• 7 · Other salaries and wages

  total $2,948,065

• 8 · Pension plan contributions

  total $722,081

• 9 · Other employee benefits

  total $779,118

• 10 · Payroll taxes

  total $248,067

• 20 · Interest

  total $1,974,776

• 22 · Depreciation, depletion and amortization

  total $4,013,138

• 24a · Other expenses: PURCHASED POWER

  total $23,866,101

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $2,246,029

• 24c · Other expenses: CONSUMER EXPENSE

  total $663,580

• 24d · Other expenses: ADMIN & GENERAL EXPENSE

  total $605,438

• 24e · All other expenses

  total $208,589

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $258,619 · end of year $287,034

• 2 · Savings and temporary cash investments

  beginning of year $7,282,945 · end of year $6,113,637

• 4 · Accounts receivable

  beginning of year $3,991,955 · end of year $3,536,762

• 8 · Inventories for sale or use

  beginning of year $3,065,658 · end of year $3,638,981

• 9 · Prepaid expenses and deferred charges

  beginning of year $693,750 · end of year $669,988

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

  $153,532,448

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

  $47,804,358

• 10c · Land, buildings and equipment, net

  beginning of year $104,514,539 · end of year $105,728,090

• 11 · Investments: publicly traded securities

  beginning of year $1,495,901 · end of year $1,853,606

• 13 · Investments: program-related

  beginning of year $14,620,778 · end of year $15,053,924

• 15 · Other assets

  beginning of year $1,876,501 · end of year $919,657

• 17 · Accounts payable and accrued expenses

  beginning of year $4,530,001 · end of year $3,804,361

• 23 · Secured mortgages and notes payable

  beginning of year $73,698,112 · end of year $70,905,942

• 25 · Other liabilities

  beginning of year $2,166,967 · end of year $2,700,765

• 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 $57,405,566 · end of year $60,390,611

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. 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. ANTONIO SANCHEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 72,446 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,730 TOTAL REPORTED IN COLUMN C $ 74,176 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (72,446) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 56,045 EXPENSE TO THE COOPERATIVE $ 57,775 BARRY BASS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 99,627 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,205 TOTAL REPORTED IN COLUMN C $ 100,832 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (99,627) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,585 EXPENSE TO THE COOPERATIVE $ 38,790 THOMAS J. MOORE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 46,015 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,183 TOTAL REPORTED IN COLUMN C $ 47,198 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (46,015) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,949 EXPENSE TO THE COOPERATIVE $ 39,132 SUZETTE HOWARD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,226 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,211 TOTAL REPORTED IN COLUMN C $ 46,437 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,226) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 39,430 EXPENSE TO THE COOPERATIVE $ 40,641 HELEN JO WALLIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,484 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,169 TOTAL REPORTED IN COLUMN C $ 37,653 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,484) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,585 EXPENSE TO THE COOPERATIVE $ 38,754 MICHAEL MCCORD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,644 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,222 TOTAL REPORTED IN COLUMN C $ 28,866 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,644) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 39,430 EXPENSE TO THE COOPERATIVE $ 40,652