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Nonprofiteer
← TAYLOR ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by TAYLOR ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$72,269,537
Total expenses
$73,639,627
Contributions and grants received
$0
Grants paid
$28,516
Program service revenue
$71,300,202
Investment income
$189,730
Other revenue
$779,605
Total assets, end of year
$207,962,708
Total liabilities, end of year
$131,049,911
Net assets or fund balances, end of year
$76,912,797
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: SALES OF ELECTRICITY

    total $66,318,660 · related or exempt $66,318,660

  • 2b · Program service revenue: FIBER INTERNET SERVICE REVENUE

    total $2,412,438 · related or exempt $2,397,370 · unrelated business $15,068

  • 2c · Program service revenue: PATRONAGE DIVIDENDS

    total $2,135,690 · related or exempt $2,135,690

  • 2d · Program service revenue: SERVICE FEES

    total $421,003 · related or exempt $421,003

  • 2e · Program service revenue: TRANSMISSION ACCESS

    total $6,738 · related or exempt $6,738

  • 2f · All other program service revenue

    total $5,673 · related or exempt $5,673

  • 3 · Investment income

    total $191,562 · excluded $191,562

  • 6a · Gross rents

    real property $220,193

  • 6b · Less rental expenses

    real property $12,650

  • 6c · Rental income or loss

    real property $207,543

  • 6d · Net rental income or loss

    total $207,543 · related or exempt $48,200 · excluded $159,343

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

    other assets $1,832

  • 7c · Gain or loss

    other assets -$1,832

  • 7d · Net gain or loss

    total -$1,832 · related or exempt -$1,832

  • 10a · Gross sales of inventory

    $23,257

  • 10b · Cost of goods sold

    $157,674

  • 10c · Net income from sales of inventory

    total -$134,417 · related or exempt -$134,417

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $365,655 · excluded $365,655

  • 11b · Other revenue: MISC NON-OPERATING REVENUE

    total $325,754 · related or exempt $325,754

  • 11c · Other revenue: AIR EVAC REVENUE

    total $15,070 · unrelated business $15,070

  • 11e · Other revenue, total

    $706,479

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $28,516

  • 4 · Benefits paid to or for members

    total $5,688,893

  • 5 · Compensation of officers, directors and key employees

    total $1,557,334

  • 7 · Other salaries and wages

    total $4,466,020

  • 8 · Pension plan contributions

    total $1,288,797

  • 9 · Other employee benefits

    total $946,888

  • 10 · Payroll taxes

    total $364,583

  • 20 · Interest

    total $4,617,497

  • 22 · Depreciation, depletion and amortization

    total $7,277,277

  • 24a · Other expenses: PURCHASED POWER

    total $40,590,480

  • 24b · Other expenses: ADMIN & GENERAL EXPENSE

    total $2,889,885

  • 24c · Other expenses: DISTRIBUTION EXPENSE

    total $2,047,687

  • 24d · Other expenses: CONSUMER EXPENSE

    total $628,585

  • 24e · All other expenses

    total $1,247,185

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,713,707 · end of year $2,417,974

  • 4 · Accounts receivable

    beginning of year $4,519,044 · end of year $5,806,438

  • 8 · Inventories for sale or use

    beginning of year $3,170 · end of year $1,064

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,380,946 · end of year $2,897,991

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

    $224,384,086

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

    $64,282,741

  • 10c · Land, buildings and equipment, net

    beginning of year $142,545,819 · end of year $160,101,345

  • 13 · Investments: program-related

    beginning of year $34,300,738 · end of year $35,477,463

  • 15 · Other assets

    beginning of year $614,986 · end of year $1,260,433

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,749,475 · end of year $5,013,248

  • 21 · Escrow or custodial account liability

    beginning of year $118,235 · end of year $132,291

  • 23 · Secured mortgages and notes payable

    beginning of year $104,577,670 · end of year $115,017,133

  • 25 · Other liabilities

    beginning of year $6,742,793 · end of year $10,887,239

  • 29 · Capital stock, trust principal or current funds

    beginning of year $126,385 · end of year $134,385

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

    beginning of year $167,066 · end of year $172,395

  • 31 · Retained earnings, endowment or other funds

    beginning of year $72,596,786 · end of year $76,606,017

Mission and programs · 2022

Mission

NONE

Activities or mission (Part I)

TO PROVIDE ELECTRIC POWER TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.

  • ELECTRIC DIVISION:PROVIDING ELECTRIC ENERGY TO OUR MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 20,129 ACTIVE SERVICES AT YEAR END.

  • FIBER INTERNET DIVISION:A SEPARATE DIVISION OF THE COOPERATIVE WAS CREATED TO PROVIDE FIBER INTERNET SERVICE TO ITS MEMBERS THROUGH THE CONSTRUCTION OF A FIBER OPTIC NETWORK. FIBER INTERNET SERVICES ARE PROVIDED TO MEMBERS ON A PATRONAGE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL TO THE EXTENT OF MARGINS FOR SUCH DIVISION. THERE WERE 3,649 ACTIVE SERVICES AT YEAR END.

As filed on the 2022 return.

Listed in Part VII

  • Cecil Davis

    CHAIRMAN

    Total calculated
    $23,000
    From this org
    $23,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • David McFall

    SECRETARY/TREASURER

    Total calculated
    $21,500
    From this org
    $21,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Garland Carter

    DIRECTOR

    Total calculated
    $21,500
    From this org
    $21,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Gayla Simmons

    DIRECTOR

    Total calculated
    $21,500
    From this org
    $21,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kathryn Rainey

    DIRECTOR

    Total calculated
    $21,500
    From this org
    $21,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Leland Robinson

    VICE CHAIRMAN

    Total calculated
    $21,500
    From this org
    $21,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Richard Petree

    DIRECTOR

    Total calculated
    $31,500
    From this org
    $31,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Ryan Bartlett

    PRESIDENT/CHIEF EXECUTIVE OFFICER

    Total calculated
    $444,601
    From this org
    $320,532
    From related orgs
    $0
    Other
    $124,069
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $262,830
    Bonus
    $54,239
    Other
    $3,463
    Deferred
    $92,468
    Nontaxable benefits
    $31,601
    Filer's total
    $444,601

  • Nancy Brisco

    CHIEF FINANCIAL OFFICER

    Total calculated
    $311,666
    From this org
    $211,806
    From related orgs
    $0
    Other
    $99,860
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $175,407
    Bonus
    $30,750
    Other
    $5,649
    Deferred
    $87,216
    Nontaxable benefits
    $12,644
    Filer's total
    $311,666

  • Wade Hatch

    VP OF ENGINEERING

    Total calculated
    $357,393
    From this org
    $157,050
    From related orgs
    $0
    Other
    $200,343
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $143,743
    Bonus
    $10,280
    Other
    $3,027
    Deferred
    $177,208
    Nontaxable benefits
    $23,135
    Filer's total
    $357,393

  • David Thomas

    DIRECTOR OF ELECTRIC OPERATIONS

    Total calculated
    $281,674
    From this org
    $152,975
    From related orgs
    $0
    Other
    $128,699
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $138,703
    Bonus
    $12,723
    Other
    $1,549
    Deferred
    $106,861
    Nontaxable benefits
    $21,838
    Filer's total
    $281,674

  • Joshua Foss

    WORKING FOREMAN

    Total calculated
    $212,603
    From this org
    $119,561
    From related orgs
    $0
    Other
    $93,042
    Hours/week
    51.4

    Schedule J breakdown matched by us

    Base
    $78,489
    Bonus
    $40,665
    Other
    $407
    Deferred
    $64,486
    Nontaxable benefits
    $28,556
    Filer's total
    $212,603

  • Tyler Newberry

    WORKING FOREMAN

    Total calculated
    $177,496
    From this org
    $119,219
    From related orgs
    $0
    Other
    $58,277
    Hours/week
    48.2

    Schedule J breakdown matched by us

    Base
    $80,731
    Bonus
    $28,754
    Other
    $9,734
    Deferred
    $29,808
    Nontaxable benefits
    $28,469
    Filer's total
    $177,496

  • Billy New

    SERVICE OPERATIONS MANAGER

    Total calculated
    $201,316
    From this org
    $114,995
    From related orgs
    $0
    Other
    $86,321
    Hours/week
    40.1

    Schedule J breakdown matched by us

    Base
    $104,569
    Bonus
    $8,234
    Other
    $2,192
    Deferred
    $64,386
    Nontaxable benefits
    $21,935
    Filer's total
    $201,316

  • Chadley Sipe

    CONSTRUCTION & MAINT OPS MANAGER

    Total calculated
    $218,332
    From this org
    $114,522
    From related orgs
    $0
    Other
    $103,810
    Hours/week
    40.3

    Schedule J breakdown matched by us

    Base
    $103,226
    Bonus
    $10,786
    Other
    $510
    Deferred
    $73,930
    Nontaxable benefits
    $29,880
    Filer's total
    $218,332

  • John Haspel

    BUSINESS DEVELOPMENT MANAGER

    Total calculated
    $181,481
    From this org
    $114,336
    From related orgs
    $0
    Other
    $67,145
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $106,570
    Bonus
    $5,540
    Other
    $2,226
    Deferred
    $46,772
    Nontaxable benefits
    $20,373
    Filer's total
    $181,481

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 · 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)

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, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. 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. RYAN BARTLETT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 74,168 EMPLOYER CONTRIBUTION TO 401(K) PLAN 18,300 TOTAL REPORTED IN COLUMN C $ 92,468 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (74,168) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 68,707 EXPENSE TO THE COOPERATIVE $ 87,007 WADE HATCH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $167,649 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,559 TOTAL REPORTED IN COLUMN C $177,208 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (167,649) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,127 EXPENSE TO THE COOPERATIVE $ 33,686 NANCY BRISCO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 74,530 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,686 TOTAL REPORTED IN COLUMN C $ 87,216 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (74,530) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 46,616 EXPENSE TO THE COOPERATIVE $ 59,302 DAVID THOMAS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 97,535 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,326 TOTAL REPORTED IN COLUMN C $106,861 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (97,535) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,111 EXPENSE TO THE COOPERATIVE $ 46,437 CHADLEY SIPE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 66,762 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,168 TOTAL REPORTED IN COLUMN C $ 73,930 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (66,762) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,261 EXPENSE TO THE COOPERATIVE $ 35,429 JOSHUA FOSS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 56,901 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,585 TOTAL REPORTED IN COLUMN C $ 64,486 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (56,901) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,041 EXPENSE TO THE COOPERATIVE $ 29,626 BILLY NEW: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,372 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,014 TOTAL REPORTED IN COLUMN C $ 64,386 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,372) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,259 EXPENSE TO THE COOPERATIVE $ 35,273 JOHN HASPEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,822 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,950 TOTAL REPORTED IN COLUMN C $ 46,772 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,822) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,535 EXPENSE TO THE COOPERATIVE $ 35,485 TYLER NEWBERRY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 22,997 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,811 TOTAL REPORTED IN COLUMN C $ 29,808 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (22,997) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,860 EXPENSE TO THE COOPERATIVE $ 27,671

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

  • WYLIE INDEPENDENT SCHOOL DISTRICT

    $0

    PROVIDED FOOD TO TEACHERS, ADMINISTRATORS, AND STAFF DURING IN-SERVICE.

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.

  • TAYLOR ELECTRIC TRUST

    501(C)(3) · CHARITY · TX · controlled entity

    Directly controlled by TAYLOR ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2022
Filed
26 October 2023
IRS schema version
2022v5.0
Source object
202323109349301792

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