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Nonprofiteer
← VERDIGRIS VALLEY ELECTRIC COOPERATIVE INCORPORATED

Form 990 for tax year 2024

Filed by VERDIGRIS VALLEY ELECTRIC COOPERATIVE INCORPORATED.

Totals

Total revenue
$93,576,277
Total expenses
$93,576,277
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$93,051,194
Investment income
$202,898
Other revenue
$322,185
Total assets, end of year
$238,499,583
Total liabilities, end of year
$133,537,188
Net assets or fund balances, end of year
$104,962,395
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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: SALES OF ELECTRICITY

    total $87,301,846 · related or exempt $87,301,846

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $5,749,348 · excluded $5,749,348

  • 3 · Investment income

    total $164,665 · excluded $164,665

  • 6a · Gross rents

    real property $208,018

  • 6c · Rental income or loss

    real property $208,018

  • 6d · Net rental income or loss

    total $208,018 · excluded $208,018

  • 7a · Gross sales of assets other than inventory

    other assets $38,233

  • 7c · Gain or loss

    other assets $38,233

  • 7d · Net gain or loss

    total $38,233 · excluded $38,233

  • 11a · Other revenue: MUTUAL AID

    total $114,167 · excluded $114,167

  • 11e · Other revenue, total

    $114,167

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $8,762,271

  • 5 · Compensation of officers, directors and key employees

    total $2,218,985

  • 7 · Other salaries and wages

    total $1,583,527

  • 20 · Interest

    total $3,622,734

  • 22 · Depreciation, depletion and amortization

    total $7,659,654

  • 24a · Other expenses: COST OF POWER

    total $52,076,154

  • 24b · Other expenses: DISTRIBUTION

    total $12,588,465

  • 24c · Other expenses: CONSUMER EXPENSE

    total $3,217,108

  • 24d · Other expenses: TAXES

    total $1,707,030

  • 24e · All other expenses

    total $140,349

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,850,748 · end of year $3,537,038

  • 2 · Savings and temporary cash investments

    beginning of year $59,509 · end of year $79,985

  • 4 · Accounts receivable

    beginning of year $8,062,159 · end of year $10,159,431

  • 8 · Inventories for sale or use

    beginning of year $1,695,364 · end of year $1,951,634

  • 9 · Prepaid expenses and deferred charges

    beginning of year $96,743 · end of year $99,677

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

    $236,063,316

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

    $66,568,690

  • 10c · Land, buildings and equipment, net

    beginning of year $164,082,067 · end of year $169,494,626

  • 13 · Investments: program-related

    beginning of year $48,176,737 · end of year $53,053,543

  • 15 · Other assets

    beginning of year $11,648 · end of year $123,649

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,676,009 · end of year $25,337,162

  • 23 · Secured mortgages and notes payable

    beginning of year $102,575,874 · end of year $98,885,423

  • 25 · Other liabilities

    beginning of year $9,096,311 · end of year $9,314,603

  • 29 · Capital stock, trust principal or current funds

    beginning of year $906,700 · end of year $958,535

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $4,844,588 · end of year $5,311,571

  • 31 · Retained earnings, endowment or other funds

    beginning of year $90,935,493 · end of year $98,692,289

Mission and programs · 2024

Mission

TO PROVIDE RELIABLE ELECTRIC SERVICE TO THE MEMBERS/OWNERS AT A REASONABLE COST

  • TO PROVIDE ELECTRICITY TO OUR MEMBERS - 39,235 ACTIVE SERVICES (44,725 TOTAL SERVICES IN PLACE - 5,490 IDLE SERVICES) AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.

As filed on the 2024 return.

Listed in Part VII

  • Alice Houston

    GENERAL MANA

    Total calculated
    $484,885
    From this org
    $355,786
    From related orgs
    $0
    Other
    $129,099
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $341,248
    Bonus
    $300
    Other
    $14,238
    Deferred
    $95,486
    Nontaxable benefits
    $33,613
    Filer's total
    $484,885

  • Michael Hall

    COO / CAO

    Total calculated
    $445,902
    From this org
    $321,629
    From related orgs
    $0
    Other
    $124,273
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $301,910
    Bonus
    $800
    Other
    $18,919
    Deferred
    $91,382
    Nontaxable benefits
    $32,891
    Filer's total
    $445,902

  • Kimberly Loffer

    EXC SECR./ME

    Total calculated
    $362,676
    From this org
    $198,712
    From related orgs
    $0
    Other
    $163,964
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,661
    Bonus
    $500
    Other
    $2,551
    Deferred
    $119,711
    Nontaxable benefits
    $44,253
    Filer's total
    $362,676

  • Danny Bement

    DIR OPERATIO

    Total calculated
    $353,909
    From this org
    $205,478
    From related orgs
    $0
    Other
    $148,431
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,192
    Bonus
    $656
    Other
    $8,630
    Deferred
    $104,217
    Nontaxable benefits
    $44,214
    Filer's total
    $353,909

  • Marlin Barnhart

    ASSIST TO CO

    Total calculated
    $323,564
    From this org
    $197,241
    From related orgs
    $0
    Other
    $126,323
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,730
    Bonus
    $800
    Other
    $1,711
    Deferred
    $94,586
    Nontaxable benefits
    $31,737
    Filer's total
    $323,564

  • Floriene Prock

    CFO

    Total calculated
    $311,791
    From this org
    $171,000
    From related orgs
    $0
    Other
    $140,791
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,125
    Bonus
    $755
    Other
    $3,120
    Deferred
    $96,988
    Nontaxable benefits
    $43,803
    Filer's total
    $311,791

  • Keith Delozier

    ENGINEER

    Total calculated
    $309,807
    From this org
    $194,474
    From related orgs
    $0
    Other
    $115,333
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,084
    Bonus
    $663
    Other
    $4,727
    Deferred
    $73,610
    Nontaxable benefits
    $41,723
    Filer's total
    $309,807

  • Donald Hutchinson

    KEY ACCT/GOV

    Total calculated
    $307,313
    From this org
    $261,492
    From related orgs
    $0
    Other
    $45,821
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $258,041
    Bonus
    $800
    Other
    $2,651
    Deferred
    $4,379
    Nontaxable benefits
    $41,442
    Filer's total
    $307,313

  • Roger Salisbury

    LINEMAN

    Total calculated
    $302,796
    From this org
    $217,307
    From related orgs
    $0
    Other
    $85,489
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,039
    Bonus
    $750
    Other
    $2,518
    Deferred
    $55,261
    Nontaxable benefits
    $30,228
    Filer's total
    $302,796

  • Shannon Brewer

    ENERGY AUDIT

    Total calculated
    $300,925
    From this org
    $199,462
    From related orgs
    $0
    Other
    $101,463
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,304
    Bonus
    $672
    Other
    $3,486
    Deferred
    $69,860
    Nontaxable benefits
    $31,603
    Filer's total
    $300,925

  • Jimmy Lambert

    TRUSTEE

    Total calculated
    $52,748
    From this org
    $52,748
    From related orgs
    $0
    Other
    $0
    Hours/week
    14

  • Jack Bogart

    TRUSTEE

    Total calculated
    $43,232
    From this org
    $43,232
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Jimmy Brackett

    TREASURER

    Total calculated
    $42,032
    From this org
    $42,032
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Dennis Lenox

    VICE PRESIDE

    Total calculated
    $39,614
    From this org
    $39,614
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • John Hibdon

    TRUSTEE

    Total calculated
    $37,832
    From this org
    $37,832
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Charles Huerter

    TRUSTEE

    Total calculated
    $29,116
    From this org
    $29,116
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Ken Howard

    PRESIDENT

    Total calculated
    $24,334
    From this org
    $24,334
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Vernon Lewis

    TRUSTEE

    Total calculated
    $22,193
    From this org
    $22,193
    From related orgs
    $0
    Other
    $0
    Hours/week
    16

  • Buddy McCarty

    TRUSTEE

    Total calculated
    $7,233
    From this org
    $7,233
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • John Brogan

    TRUSTEE

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

  • 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

The filer's explanations (Part III)

SCHEDULE J, PART III
PART II, COLUMN C: INCLUDED IN THIS AMOUNT IS THE INCREASE OR DECREASE IN ACTUARIAL VALUE OF RS DEFINED BENEFIT PENSION PLAN. THIS INCREASE OR DECREASE DOES NOT REPRESENT CASH PAYMENTS UNDER THE PLAN.

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.

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.

  • VERDIGRIS VALLEY SERVICES

    INACTIVE · OK · 100% owned

  • VERDIGRIS VALLEY ECONOMIC DEVELOPMENT

    INACTIVE · OK · 100% owned · share of assets $21,128

Provenance

Return type
form_990
Tax year
2024
Filed
20 May 2025
IRS schema version
2024v5.0
Source object
202521709349301657

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