Skip to content
Nonprofiteer
← UNION RURAL ELECTRIC CO-OP INC

Form 990 for tax year 2023

Filed by UNION RURAL ELECTRIC CO-OP INC.

Totals

Total revenue
$66,933,265
Total expenses
$63,489,901
Contributions and grants received
$0
Grants paid
$105,743
Program service revenue
$60,893,578
Investment income
$29,442
Other revenue
$6,010,245
Total assets, end of year
$115,149,437
Total liabilities, end of year
$55,834,802
Net assets or fund balances, end of year
$59,314,635
Program services expenses (Part IX)
$63,489,901
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$63,489,901

Program services were 100.0% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Electric Revenue

    total $58,722,705 · related or exempt $58,722,705 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Gas Revenue

    total $1,759,257 · related or exempt $1,759,257 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Pole Attachments

    total $239,778 · related or exempt $239,778 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Forfeited Discounts

    total $147,668 · related or exempt $147,668 · unrelated business $0 · excluded $0

  • 2e · Program service revenue: Other Electric Services

    total $7,160 · related or exempt $7,160 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $17,010 · related or exempt $17,010 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $26,442 · related or exempt $26,442 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $3,000

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $3,000

  • 7d · Net gain or loss

    total $3,000 · related or exempt $3,000 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 10a · Gross sales of inventory

    $9,367

  • 10b · Cost of goods sold

    $8,877

  • 10c · Net income from sales of inventory

    total $490 · related or exempt $490 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Patronage Capital Credits

    total $2,513,142 · related or exempt $2,513,142 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Outside Electrical Services

    total -$3,614 · related or exempt -$3,614 · unrelated business $0 · excluded $0

  • 11c · Other revenue: Territory Ceded

    total $3,500,000 · related or exempt $3,500,000 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $227 · related or exempt $227 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $6,009,755

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $98,243 · program services $98,243

  • 2 · Grants to domestic individuals

    total $7,500 · program services $7,500

  • 4 · Benefits paid to or for members

    total $3,289,204 · program services $3,289,204

  • 5 · Compensation of officers, directors and key employees

    total $821,921 · program services $821,921

  • 20 · Interest

    total $1,825,330 · program services $1,825,330 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $3,257,401 · program services $3,257,401 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $0 · program services $0

  • 24a · Other expenses: Cost of Purchased Power

    total $42,851,745 · program services $42,851,745 · management and general $0 · fundraising $0

  • 24b · Other expenses: Distribution Expense-Operations

    total $3,359,795 · program services $3,359,795 · management and general $0 · fundraising $0

  • 24c · Other expenses: Distribution Expenses-Maintenance

    total $1,890,953 · program services $1,890,953 · management and general $0 · fundraising $0

  • 24d · Other expenses: Administrative and General

    total $3,058,539 · program services $3,058,539 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $3,029,270 · program services $3,029,270 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $288,697 · end of year $293,578

  • 2 · Savings and temporary cash investments

    beginning of year $57,266 · end of year $85,464

  • 4 · Accounts receivable

    beginning of year $5,594,878 · end of year $5,676,076

  • 8 · Inventories for sale or use

    beginning of year $3,281,872 · end of year $3,699,219

  • 9 · Prepaid expenses and deferred charges

    beginning of year $365,452 · end of year $273,309

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

    $111,427,383

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

    $36,873,815

  • 10c · Land, buildings and equipment, net

    beginning of year $72,397,647 · end of year $74,553,568

  • 13 · Investments: program-related

    beginning of year $29,836,015 · end of year $30,568,223

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,046,633 · end of year $8,460,132

  • 19 · Deferred revenue

    beginning of year $2,490,875 · end of year $2,330,458

  • 23 · Secured mortgages and notes payable

    beginning of year $40,413,408 · end of year $39,865,425

  • 24 · Unsecured notes and loans payable

    beginning of year $3,800,000 · end of year $3,300,000

  • 25 · Other liabilities

    beginning of year $1,801,654 · end of year $1,878,787

  • 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 $959,966 · end of year $1,016,463

  • 31 · Retained earnings, endowment or other funds

    beginning of year $54,309,291 · end of year $58,298,172

Mission and programs · 2023

Mission

Our mission is to make a difference in our community by delivering safe and reliable energy to our members at fair prices.

  • The cooperative distributes electricity and natural gas to its member/owners and also constructs and mantains facilities to carry out this purpose. Served approximately 12,000 members in the reporting year.

    Expenses $63,489,901

As filed on the 2023 return.

Listed in Part VII

  • Anthony P Smith

    President/CEO

    Total calculated
    $444,173
    From this org
    $247,982
    From related orgs
    $0
    Other
    $196,191
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $247,982
    Bonus
    $0
    Other
    $0
    Deferred
    $158,664
    Nontaxable benefits
    $35,178
    Filer's total
    $441,824

  • David G Speicher

    VP Finance/CFO

    Total calculated
    $288,823
    From this org
    $176,258
    From related orgs
    $0
    Other
    $112,565
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $161,954
    Bonus
    $0
    Other
    $14,304
    Deferred
    $80,417
    Nontaxable benefits
    $35,886
    Filer's total
    $292,561

  • Michael C Aquillo

    CXO

    Total calculated
    $256,950
    From this org
    $171,503
    From related orgs
    $0
    Other
    $85,447
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,545
    Bonus
    $0
    Other
    $21,958
    Deferred
    $58,779
    Nontaxable benefits
    $30,406
    Filer's total
    $260,688

  • Matthew J Zarnosky

    COO

    Total calculated
    $247,789
    From this org
    $172,706
    From related orgs
    $0
    Other
    $75,083
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $142,706
    Bonus
    $0
    Other
    $30,000
    Deferred
    $43,664
    Nontaxable benefits
    $35,455
    Filer's total
    $251,825

  • Sean T Luellen

    Crew Leader

    Total calculated
    $194,868
    From this org
    $134,599
    From related orgs
    $0
    Other
    $60,269
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $121,024
    Bonus
    $0
    Other
    $13,575
    Deferred
    $31,001
    Nontaxable benefits
    $31,869
    Filer's total
    $197,469

  • Benjamin A Hoyer

    Crew Leader

    Total calculated
    $181,523
    From this org
    $129,047
    From related orgs
    $0
    Other
    $52,476
    Hours/week
    49.69

    Schedule J breakdown matched by us

    Base
    $116,451
    Bonus
    $0
    Other
    $12,596
    Deferred
    $16,771
    Nontaxable benefits
    $38,225
    Filer's total
    $184,043

  • Steve Lentz

    Director of Information Technology

    Total calculated
    $178,745
    From this org
    $134,063
    From related orgs
    $0
    Other
    $44,682
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $104,063
    Bonus
    $0
    Other
    $30,000
    Deferred
    $32,163
    Nontaxable benefits
    $15,502
    Filer's total
    $181,728

  • William D'Onofrio

    Former Trustee

    Total calculated
    $50,393
    From this org
    $50,393
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $50,393
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $50,393

  • Dale Scheiderer

    Trustee, Treasurer

    Total calculated
    $12,975
    From this org
    $12,975
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.05

  • Steve Patton

    Trustee, Chairman

    Total calculated
    $12,975
    From this org
    $12,975
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.81 + 1.2 related

  • Jeffrey Reinhard

    Trustee, Secretary

    Total calculated
    $12,975
    From this org
    $12,975
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.11

  • David Thornton

    Trustee

    Total calculated
    $12,675
    From this org
    $12,675
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.9

  • Mark Lotcyz

    Trustee

    Total calculated
    $12,650
    From this org
    $12,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.36

  • Dan Westlake

    Trustee, Vice Chairman

    Total calculated
    $12,375
    From this org
    $12,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.18

  • Jeffrey Wilson

    Trustee

    Total calculated
    $12,300
    From this org
    $0
    From related orgs
    $0
    Other
    $12,300
    Hours/week
    2.52

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 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 I, Line 1a
The cooperative has a wellness program which allows all full-time employees to be reimbursed, once per calendar year, as a taxable fringe benefit, up to $300 paid toward the reimbursement at a health club or exercise facility or toward qualified home exercise equipment

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

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.

  • Security Plus Inc

    C · Inactive · OH · 100% owned · share of income $100 · share of assets $100

Provenance

Return type
form_990
Tax year
2023
Filed
15 August 2024
IRS schema version
2023v5.0
Source object
202402509349301525

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.