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Nonprofiteer
← INDIAN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by INDIAN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$58,379,776
Total expenses
$58,379,776
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$57,680,355
Investment income
$334,914
Other revenue
$364,507
Total assets, end of year
$160,445,037
Total liabilities, end of year
$83,230,040
Net assets or fund balances, end of year
$77,214,997
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 $55,668,954 · excluded $55,668,954

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $2,011,401 · excluded $2,011,401

  • 3 · Investment income

    total $334,914 · excluded $334,914

  • 6a · Gross rents

    real property $232,815

  • 6c · Rental income or loss

    real property $232,815

  • 6d · Net rental income or loss

    total $232,815 · excluded $232,815

  • 10a · Gross sales of inventory

    $3,600

  • 10b · Cost of goods sold

    $4,008

  • 10c · Net income from sales of inventory

    total -$408 · unrelated business $3,600 · excluded -$4,008

  • 11a · Other revenue: NON-OPERATING REVENUE

    total $132,100 · excluded $132,100

  • 11e · Other revenue, total

    $132,100

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,342,163

  • 5 · Compensation of officers, directors and key employees

    total $642,191

  • 7 · Other salaries and wages

    total $910,806

  • 20 · Interest

    total $2,189,595

  • 22 · Depreciation, depletion and amortization

    total $4,402,906

  • 24a · Other expenses: COST OF POWER

    total $34,494,348

  • 24b · Other expenses: DISTRIBUTION

    total $7,383,928

  • 24c · Other expenses: GENERAL & ADMINISTRATIVE

    total $2,133,015

  • 24d · Other expenses: CONSUMER EXPENSE

    total $1,745,592

  • 24e · All other expenses

    total $1,135,232

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,084,795 · end of year $3,593,039

  • 2 · Savings and temporary cash investments

    beginning of year $6,704,506 · end of year $17,307,842

  • 4 · Accounts receivable

    beginning of year $3,221,724 · end of year $4,590,874

  • 8 · Inventories for sale or use

    beginning of year $763,018 · end of year $223,256

  • 9 · Prepaid expenses and deferred charges

    beginning of year $105,850 · end of year $194,401

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

    $156,076,281

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

    $54,203,085

  • 10c · Land, buildings and equipment, net

    beginning of year $95,468,689 · end of year $101,873,196

  • 13 · Investments: program-related

    beginning of year $31,030,662 · end of year $32,610,529

  • 15 · Other assets

    beginning of year $363,303 · end of year $51,900

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,578,793 · end of year $6,880,831

  • 23 · Secured mortgages and notes payable

    beginning of year $46,976,136 · end of year $60,893,630

  • 25 · Other liabilities

    beginning of year $12,831,966 · end of year $15,455,579

  • 29 · Capital stock, trust principal or current funds

    beginning of year $482,435 · end of year $472,525

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

    beginning of year $6,263,079 · end of year $8,276,407

  • 31 · Retained earnings, endowment or other funds

    beginning of year $69,610,138 · end of year $68,466,065

Mission and programs · 2022

Mission

TO PROVIDE ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.

  • TO PROVIDE ELECTRICITY TO OUR MEMBERS - 20,252 ACTIVE SERVICES (24,443 TOTAL SERVICES IN PLACE - 4,191 IDLE SERVICES) AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.

As filed on the 2022 return.

Listed in Part VII

  • Todd Schroeder

    GENERAL MANA

    Total calculated
    $317,659
    From this org
    $247,130
    From related orgs
    $0
    Other
    $70,529
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,137
    Bonus
    $12,500
    Other
    $3,493
    Deferred
    $46,829
    Nontaxable benefits
    $23,700
    Filer's total
    $317,659

  • Kenneth Morgan

    LINE FOREMAN

    Total calculated
    $191,995
    From this org
    $131,151
    From related orgs
    $0
    Other
    $60,844
    Hours/week
    49.86

    Schedule J breakdown matched by us

    Base
    $121,665
    Bonus
    $1,650
    Other
    $7,836
    Deferred
    $37,144
    Nontaxable benefits
    $23,700
    Filer's total
    $191,995

  • David Wilson

    MGR OF OFFIC

    Total calculated
    $185,741
    From this org
    $134,343
    From related orgs
    $0
    Other
    $51,398
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,501
    Bonus
    $1,650
    Other
    $2,192
    Deferred
    $41,966
    Nontaxable benefits
    $9,432
    Filer's total
    $185,741

  • James Garrison

    VP OF OPERAT

    Total calculated
    $184,011
    From this org
    $122,419
    From related orgs
    $0
    Other
    $61,592
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,792
    Bonus
    $1,650
    Other
    $3,977
    Deferred
    $37,892
    Nontaxable benefits
    $23,700
    Filer's total
    $184,011

  • Kimberly Lay

    MGR FINANCE

    Total calculated
    $182,278
    From this org
    $121,280
    From related orgs
    $0
    Other
    $60,998
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,313
    Bonus
    $1,650
    Other
    $5,317
    Deferred
    $37,298
    Nontaxable benefits
    $23,700
    Filer's total
    $182,278

  • Don Lawrence

    MGR OF CORP

    Total calculated
    $177,266
    From this org
    $128,054
    From related orgs
    $0
    Other
    $49,212
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,818
    Bonus
    $1,650
    Other
    $2,586
    Deferred
    $39,780
    Nontaxable benefits
    $9,432
    Filer's total
    $177,266

  • John Pollard

    MGR OF ENGIN

    Total calculated
    $171,792
    From this org
    $124,011
    From related orgs
    $0
    Other
    $47,781
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,029
    Bonus
    $1,650
    Other
    $3,332
    Deferred
    $24,081
    Nontaxable benefits
    $23,700
    Filer's total
    $171,792

  • Jim Hadlock

    PRESIDENT

    Total calculated
    $37,900
    From this org
    $37,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.98

  • Greg Fielding

    TRUSTEE

    Total calculated
    $24,565
    From this org
    $24,565
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.52

  • Mike Spradling

    VICE PRESIDE

    Total calculated
    $23,208
    From this org
    $23,208
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.74

  • Ralph Jerome

    ASSISTANT SE

    Total calculated
    $13,600
    From this org
    $13,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.31

  • Chris Hudgins

    TRUSTEE

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.22

  • Rick Van Deventer

    TRUSTEE

    Total calculated
    $12,400
    From this org
    $12,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.02

  • Berry Keeler

    SECR/TREAS

    Total calculated
    $11,782
    From this org
    $11,782
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.46

  • Lee Peckenpaugh

    TRUSTEE

    Total calculated
    $6,200
    From this org
    $6,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.29

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 committee
  • 3 · Independent compensation consultant
  • 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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • DARLIN' DOODADS

    UNIFORMS · OK

Provenance

Return type
form_990
Tax year
2022
Filed
15 September 2023
IRS schema version
2022v5.0
Source object
202332759349301403

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