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Nonprofiteer
← BUTLER COUNTY RURAL ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by BUTLER COUNTY RURAL ELECTRIC COOPERATIVE.

Totals

Total revenue
$34,257,753
Total expenses
$32,637,366
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$30,855,784
Investment income
$602,505
Other revenue
$2,799,464
Total assets, end of year
$88,118,983
Total liabilities, end of year
$49,597,206
Net assets or fund balances, end of year
$38,521,777
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 POWER

    total $30,855,784 · related or exempt $30,855,784

  • 3 · Investment income

    total $546,505 · unrelated business -$305 · excluded $546,810

  • 7a · Gross sales of assets other than inventory

    other assets $56,000

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

    other assets $0

  • 7c · Gain or loss

    other assets $56,000

  • 7d · Net gain or loss

    total $56,000 · excluded $56,000

  • 10a · Gross sales of inventory

    $126,960

  • 10b · Cost of goods sold

    $216,676

  • 10c · Net income from sales of inventory

    total -$89,716 · related or exempt -$19,340 · unrelated business -$70,376

  • 11a · Other revenue: CAPITAL CREDITS

    total $2,889,180 · related or exempt $2,889,180

  • 11e · Other revenue, total

    $2,889,180

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,333,702

  • 5 · Compensation of officers, directors and key employees

    total $520,369

  • 20 · Interest

    total $1,047,100

  • 22 · Depreciation, depletion and amortization

    total $2,381,696

  • 24a · Other expenses: COST OF POWER

    total $21,953,933

  • 24b · Other expenses: ADMIN & GENERAL EXP

    total $1,368,879

  • 24c · Other expenses: DIST EXPENSE - MAINT

    total $1,082,795

  • 24d · Other expenses: DIST EXP - OPERATIONS

    total $944,939

  • 24e · All other expenses

    total $1,003,953

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,559,793 · end of year $573,262

  • 2 · Savings and temporary cash investments

    beginning of year $3,524,928 · end of year $2,809,322

  • 4 · Accounts receivable

    beginning of year $3,119,672 · end of year $3,819,472

  • 8 · Inventories for sale or use

    beginning of year $1,426,814 · end of year $1,700,026

  • 9 · Prepaid expenses and deferred charges

    beginning of year $225,140 · end of year $163,083

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

    $60,623,781

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

    $18,045,966

  • 10c · Land, buildings and equipment, net

    beginning of year $40,979,740 · end of year $42,577,815

  • 12 · Investments: other securities

    beginning of year -$19,478 · end of year -$39,867

  • 13 · Investments: program-related

    beginning of year $28,573,828 · end of year $35,715,870

  • 15 · Other assets

    beginning of year $1,400,000 · end of year $800,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,168,965 · end of year $3,189,136

  • 19 · Deferred revenue

    beginning of year $1,791,977 · end of year $2,135,380

  • 23 · Secured mortgages and notes payable

    beginning of year $39,577,033 · end of year $43,641,951

  • 24 · Unsecured notes and loans payable

    beginning of year $5,000 · end of year $5,000

  • 25 · Other liabilities

    beginning of year $686,015 · end of year $625,739

  • 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 $35,561,447 · end of year $38,521,777

Mission and programs · 2023

Mission

PROVIDING ELECTRICAL SERVICE TO THE MEMBERS OF THE COOPERATIVE.

  • DISTRIBUTE ELECTRICITY TO APPROXIMATELY 5000 MEMBERS IN NORTHEAST IOWA.

As filed on the 2023 return.

Listed in Part VII

  • Duane Rieckenberg

    PRESIDENT

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.05

  • Gary Poppe

    VICE PRESIDENT

    Total calculated
    $7,650
    From this org
    $7,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.16

  • Tim Schrage

    SECRETARY

    Total calculated
    $6,150
    From this org
    $6,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.46

  • Troy Feldman

    TREASURER

    Total calculated
    $7,200
    From this org
    $7,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.52

  • Share Brandt

    ASSISTANT SECRETARY-TREASU

    Total calculated
    $7,050
    From this org
    $7,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.9

  • Gerald Schmitt

    DIRECTOR

    Total calculated
    $6,600
    From this org
    $6,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.43

  • Steve Boevers

    DIRECTOR

    Total calculated
    $5,400
    From this org
    $5,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.16

  • Allyn Harms

    DIRECTOR

    Total calculated
    $5,700
    From this org
    $5,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.54

  • Grant Greenzweig

    DIRECTOR

    Total calculated
    $5,400
    From this org
    $5,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.44

  • Leland Boyd

    DIRECTOR

    Total calculated
    $1,050
    From this org
    $1,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.92

  • Craig Codner

    CEO

    Total calculated
    $290,501
    From this org
    $194,671
    From related orgs
    $0
    Other
    $95,830
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,671
    Bonus
    $0
    Other
    $0
    Deferred
    $71,090
    Nontaxable benefits
    $24,740
    Filer's total
    $290,501

  • Jane Bradley

    RECORDING SECRETARY

    Total calculated
    $168,668
    From this org
    $94,764
    From related orgs
    $0
    Other
    $73,904
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $94,764
    Bonus
    $0
    Other
    $0
    Deferred
    $60,920
    Nontaxable benefits
    $12,984
    Filer's total
    $168,668

  • Sandra Miller

    HR/OFFICE MANAGER

    Total calculated
    $198,525
    From this org
    $115,986
    From related orgs
    $0
    Other
    $82,539
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,986
    Bonus
    $0
    Other
    $0
    Deferred
    $69,804
    Nontaxable benefits
    $12,735
    Filer's total
    $198,525

  • John Endelman

    OPERATIONS MANAGER

    Total calculated
    $165,316
    From this org
    $109,604
    From related orgs
    $0
    Other
    $55,712
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,604
    Bonus
    $0
    Other
    $0
    Deferred
    $39,150
    Nontaxable benefits
    $16,562
    Filer's total
    $165,316

  • Lori Beach

    FINANCIAL ACCOUNTANT

    Total calculated
    $154,197
    From this org
    $113,451
    From related orgs
    $0
    Other
    $40,746
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,451
    Bonus
    $0
    Other
    $0
    Deferred
    $28,474
    Nontaxable benefits
    $12,272
    Filer's total
    $154,197

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

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • NORTHEAST IOWA DEVELOPMENT CORP

    501(C)(3) · HOUSING LOANS · IA · controlled entity

    Directly controlled by BUTLER COUNTY RURAL ELECTRIC COOPERATIVE

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • FIVE RIVERS DEVELOPMENT CORP

    C · ECONOMIC DEVELOPMENT · IA · 100% owned · share of income $5 · share of assets $5,020 · controlled entity

    Directly controlled by BUTLER COUNTY REC

Provenance

Return type
form_990
Tax year
2023
Filed
1 April 2024
IRS schema version
2023v5.0
Source object
202410959349300531

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