Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRICITY SALES

  total $399,011,045 · related or exempt $399,011,045

• 2b · Program service revenue: SERVICE FEE

  total $1,238,231 · related or exempt $1,238,231

• 2c · Program service revenue: POLE RENTAL INCOME

  total $896,936 · excluded $896,936

• 3 · Investment income

  total $136,786 · excluded $136,786

• 6a · Gross rents

  real property $79,845

• 6b · Less rental expenses

  real property $2,109

• 6c · Rental income or loss

  real property $77,736

• 6d · Net rental income or loss

  total $77,736 · unrelated business $38,717 · excluded $39,019

• 7a · Gross sales of assets other than inventory

  other assets $761,194

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

  other assets $96,024

• 7c · Gain or loss

  other assets $665,170

• 7d · Net gain or loss

  total $665,170 · excluded $665,170

• 11a · Other revenue: PATRONAGE DIVIDENDS

  total $12,226,281 · related or exempt $12,226,281

• 11b · Other revenue: DEFERRED CREDITS INCOME

  total $4,949,596 · related or exempt $4,949,596

• 11c · Other revenue: MISCELLANEOUS REVENUE

  total $191,790 · related or exempt $191,790

• 11d · All other revenue

  total -$4,029,578 · related or exempt -$4,029,578

• 11e · Other revenue, total

  $13,338,089

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $7,303

• 4 · Benefits paid to or for members

  total $23,700,345

• 5 · Compensation of officers, directors and key employees

  total $3,176,524

• 20 · Interest

  total $42,583,511

• 22 · Depreciation, depletion and amortization

  total $25,099,790

• 24a · Other expenses: PURCHASED POWER

  total $268,226,894

• 24b · Other expenses: TAX EXPENSE

  total $43,394

• 24c · Other expenses: DISTRIBUTION EXPENSE

  total $26,797,493

• 24d · Other expenses: GENERAL & ADMINISTRATIO

  total $15,102,187

• 24e · All other expenses

  total $10,626,552

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,460,547 · end of year $2,089,167

• 2 · Savings and temporary cash investments

  beginning of year $2,600 · end of year $2,600

• 4 · Accounts receivable

  beginning of year $23,835,895 · end of year $24,364,188

• 8 · Inventories for sale or use

  beginning of year $2,235 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,481,964 · end of year $974,760

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

  $1,036,681,835

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

  $214,738,362

• 10c · Land, buildings and equipment, net

  beginning of year $741,403,530 · end of year $821,943,473

• 13 · Investments: program-related

  beginning of year $172,115,381 · end of year $175,742,436

• 15 · Other assets

  beginning of year $512,047,213 · end of year $496,478,946

• 17 · Accounts payable and accrued expenses

  beginning of year $41,726,057 · end of year $40,296,753

• 23 · Secured mortgages and notes payable

  beginning of year $879,744,116 · end of year $898,148,508

• 25 · Other liabilities

  beginning of year $93,407,791 · end of year $117,737,575

• 29 · Capital stock, trust principal or current funds

  beginning of year $2,689,298 · end of year $2,787,933

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

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $436,782,103 · end of year $462,624,801

The filer's explanations (Part III)

PART I, LINES 4A-B

SEVERANCE PAYMENTS TOTALING $165,000 AND $151,726 WERE MADE TO JENNIFER GROSS AND MELISSA WATTS RESPECTIVELY DURING THE CALENDAR YEAR AND ARE INCLUDED IN PART II, COLUMN B(III). MORE INFORMATION IS AVAILABLE UPON REQUEST. WESLEY SCHEETS IS A PARTICIPANT IN A 457(F) PLAN. THE COOPERATIVE WILL DEPOSIT $25,000 FOR EACH MEMBER INTO THE PLAN EACH YEAR BEGINNING IN 2021. THIS AMOUNT WILL BE DEPOSITED EACH YEAR THROUGH 2026. AS LONG AS THE INDIVIDUAL REMAINS EMPLOYED AS A SENIOR STAFF MEMBER THROUGH MAY 31, 2026, THEY WILL BE PAID A LUMP SUM PAYMENT FOR THE FULL AMOUNT. IF THE EMPLOYEE IS NO LONGER A SENIOR STAFF MEMBER THROUGH MAY 31, 2026, THE ENTIRE AMOUNT WILL BE FORFEITED BACK TO THE COOPERATIVE.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• VALUE CHOICE INC

  C · TELECOMMUNICATIONS · TX · 100% owned · share of assets $69,464 · controlled entity

  Directly controlled by TRI-COUNTY ELECTRIC COOPERATIVE INC