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Nonprofiteer
← NEWBERRY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by NEWBERRY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$53,742,395
Total expenses
$53,742,395
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$53,633,554
Investment income
$69,341
Other revenue
$39,500
Total assets, end of year
$112,606,084
Total liabilities, end of year
$83,301,701
Net assets or fund balances, end of year
$29,304,383
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: ELECTRIC REVENUE

    total $50,905,304 · related or exempt $50,905,304

  • 2b · Program service revenue: POLE RENTAL

    total $2,112,375 · excluded $2,112,375

  • 2c · Program service revenue: G & T CAPITAL CREDITS

    total $325,264 · related or exempt $325,264

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $290,611 · related or exempt $290,611

  • 3 · Investment income

    total $69,341 · excluded $69,341

  • 11a · Other revenue: GAIN ON DISPOSITION OF PROPER

    total $39,500 · related or exempt $39,500

  • 11e · Other revenue, total

    $39,500

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,886,840

  • 5 · Compensation of officers, directors and key employees

    total $791,630

  • 20 · Interest

    total $3,082,615

  • 22 · Depreciation, depletion and amortization

    total $3,724,301

  • 24a · Other expenses: PURCHASED POWER

    total $32,852,994

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $3,669,369

  • 24c · Other expenses: ADMIN. & GENERAL EXP.

    total $2,259,693

  • 24d · Other expenses: OPERATING TAXES

    total $2,122,239

  • 24e · All other expenses

    total $2,352,714

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,543,025 · end of year $2,281,198

  • 2 · Savings and temporary cash investments

    end of year $64,377

  • 4 · Accounts receivable

    beginning of year $3,516,881 · end of year $3,585,932

  • 8 · Inventories for sale or use

    beginning of year $1,555,773 · end of year $1,685,229

  • 9 · Prepaid expenses and deferred charges

    beginning of year $68,227 · end of year $5,481,010

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

    $136,460,120

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

    $42,690,702

  • 10c · Land, buildings and equipment, net

    beginning of year $88,628,152 · end of year $93,769,418

  • 13 · Investments: program-related

    beginning of year $5,271,125 · end of year $5,734,177

  • 15 · Other assets

    beginning of year $4,743 · end of year $4,743

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,539,906 · end of year $3,865,642

  • 23 · Secured mortgages and notes payable

    beginning of year $66,151,609 · end of year $75,719,292

  • 25 · Other liabilities

    beginning of year $3,206,435 · end of year $3,716,767

  • 29 · Capital stock, trust principal or current funds

    beginning of year $49,390 · end of year $49,760

  • 31 · Retained earnings, endowment or other funds

    beginning of year $27,640,586 · end of year $29,254,623

Mission and programs · 2024

Mission

TO PROVIDE THE BEST ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT THE LOWEST PRICE CONSISTENT WITH HIGHEST STANDARDS OF SERVICE.

Activities or mission (Part I)

TO PROVIDE THE BEST ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AT THE LOWEST PRICE CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • N/A

As filed on the 2024 return.

Listed in Part VII

  • Johnnie L Dickert

    CHAIRMAN

    Total calculated
    $44,055
    From this org
    $44,055
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • William B Lominick Sr

    VICE CHAIRMA

    Total calculated
    $27,847
    From this org
    $27,847
    From related orgs
    $0
    Other
    $0
    Hours/week
    35

  • John Wayne Nichols

    SECRETARY/TR

    Total calculated
    $36,954
    From this org
    $36,954
    From related orgs
    $0
    Other
    $0
    Hours/week
    30

  • Douglas E Hipp

    DIRECTOR

    Total calculated
    $35,134
    From this org
    $35,134
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • J Craig Kesler

    DIRECTOR

    Total calculated
    $42,747
    From this org
    $42,747
    From related orgs
    $0
    Other
    $0
    Hours/week
    30

  • Leon Fulmer Jr

    DIRECTOR

    Total calculated
    $27,104
    From this org
    $27,104
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Blake Brigman

    DIRECTOR

    Total calculated
    $29,922
    From this org
    $29,922
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Melanie B Hawkins

    DIRECTOR

    Total calculated
    $38,472
    From this org
    $38,472
    From related orgs
    $0
    Other
    $0
    Hours/week
    30

  • Barbara C Bishop

    DIRECTOR

    Total calculated
    $38,566
    From this org
    $38,566
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • George Keith Avery

    PRESIDENT AN

    Total calculated
    $470,830
    From this org
    $345,909
    From related orgs
    $0
    Other
    $124,921
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $317,262
    Bonus
    $14,888
    Other
    $13,759
    Deferred
    $112,099
    Nontaxable benefits
    $12,822
    Filer's total
    $470,830

  • Kevin Shull

    VP-ENGINEERI

    Total calculated
    $274,033
    From this org
    $197,098
    From related orgs
    $0
    Other
    $76,935
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $186,111
    Bonus
    $8,012
    Other
    $2,975
    Deferred
    $66,920
    Nontaxable benefits
    $10,015
    Filer's total
    $274,033

  • Arthur Guy

    CFO

    Total calculated
    $248,133
    From this org
    $173,903
    From related orgs
    $0
    Other
    $74,230
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $160,253
    Bonus
    $7,688
    Other
    $5,962
    Deferred
    $64,215
    Nontaxable benefits
    $10,015
    Filer's total
    $248,133

  • Leann Hutto

    VP-HUMAN RES

    Total calculated
    $208,554
    From this org
    $146,934
    From related orgs
    $0
    Other
    $61,620
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $138,342
    Bonus
    $6,179
    Other
    $2,413
    Deferred
    $51,605
    Nontaxable benefits
    $10,015
    Filer's total
    $208,554

  • Robert Shealy

    VP-OPERATION

    Total calculated
    $193,713
    From this org
    $126,767
    From related orgs
    $0
    Other
    $66,946
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $118,313
    Bonus
    $5,740
    Other
    $2,714
    Deferred
    $47,937
    Nontaxable benefits
    $19,009
    Filer's total
    $193,713

  • Stephanie Sullivan

    VP-OPERATIOS

    Total calculated
    $198,685
    From this org
    $132,914
    From related orgs
    $0
    Other
    $65,771
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $122,638
    Bonus
    $5,598
    Other
    $4,678
    Deferred
    $46,762
    Nontaxable benefits
    $19,009
    Filer's total
    $198,685

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 · 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.

Provenance

Return type
form_990
Tax year
2024
Filed
21 February 2025
IRS schema version
2024v5.0
Source object
202541259349301104

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