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Nonprofiteer
← UNITED POWER INC

Form 990 for tax year 2022

Filed by UNITED POWER INC.

Totals

Total revenue
$320,285,113
Total expenses
$319,044,963
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$319,452,970
Investment income
$324,701
Other revenue
$507,442
Total assets, end of year
$649,423,331
Total liabilities, end of year
$403,158,665
Net assets or fund balances, end of year
$246,264,666
Program services expenses (Part IX)
$319,044,963
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$319,044,963

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.

  • 2a · Program service revenue: Electricity Sales

    total $313,321,232 · related or exempt $313,321,232

  • 2b · Program service revenue: Capital Credits

    total $3,727,958 · related or exempt $3,727,958

  • 2c · Program service revenue: Other Operating Rev

    total $2,403,780 · related or exempt $2,403,780

  • 3 · Investment income

    total $324,701 · excluded $324,701

  • 6a · Gross rents

    personal property $507,442

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $507,442

  • 6d · Net rental income or loss

    total $507,442 · excluded $507,442

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $12,283,816 · program services $12,283,816

  • 5 · Compensation of officers, directors and key employees

    total $2,309,393 · program services $2,309,393

  • 12 · Advertising and promotion

    total $86,409 · program services $86,409

  • 20 · Interest

    total $11,403,527 · program services $11,403,527

  • 22 · Depreciation, depletion and amortization

    total $15,323,400 · program services $15,323,400

  • 24a · Other expenses: Purchased Power

    total $229,750,040 · program services $229,750,040

  • 24b · Other expenses: Administrative and Gene

    total $13,171,272 · program services $13,171,272

  • 24c · Other expenses: Distrib. Exp. - Mainten

    total $8,589,866 · program services $8,589,866

  • 24d · Other expenses: Property Taxes

    total $8,470,698 · program services $8,470,698

  • 24e · All other expenses

    total $17,656,542 · program services $17,656,542

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,869,156 · end of year $3,379,790

  • 4 · Accounts receivable

    beginning of year $7,400,126 · end of year $8,181,602

  • 8 · Inventories for sale or use

    beginning of year $10,113,567 · end of year $12,277,293

  • 9 · Prepaid expenses and deferred charges

    beginning of year $26,235,641 · end of year $38,507,562

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

    $517,451,042

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

    $120,026,785

  • 10c · Land, buildings and equipment, net

    beginning of year $360,275,363 · end of year $397,424,257

  • 13 · Investments: program-related

    beginning of year $147,101,490 · end of year $149,084,196

  • 14 · Intangible assets

    beginning of year $13,215,899 · end of year $13,215,899

  • 15 · Other assets

    beginning of year $25,086,138 · end of year $27,352,732

  • 17 · Accounts payable and accrued expenses

    beginning of year $39,250,037 · end of year $48,924,613

  • 23 · Secured mortgages and notes payable

    beginning of year $274,426,810 · end of year $330,300,007

  • 24 · Unsecured notes and loans payable

    beginning of year $38,700,000 · end of year $16,100,000

  • 25 · Other liabilities

    beginning of year $7,201,230 · end of year $7,834,045

  • 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 $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $236,719,303 · end of year $246,264,666

Mission and programs · 2022

Mission

To provide reliable electric power and related services to our members at the most affordable cost.

  • The Cooperative provides electric services to approximately 107,000 members.

    Expenses $319,044,963

As filed on the 2022 return.

Listed in Part VII

  • Elizabeth Martin

    Chairman

    Total calculated
    $33,236
    From this org
    $33,236
    From related orgs
    $0
    Other
    $0
    Hours/week
    32

  • Tamra Waltemath

    Assistant Secretary/Treasu

    Total calculated
    $28,236
    From this org
    $28,236
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Brian McCormick

    Director

    Total calculated
    $28,236
    From this org
    $28,236
    From related orgs
    $0
    Other
    $0
    Hours/week
    17

  • Dave Rose

    Director

    Total calculated
    $28,236
    From this org
    $28,236
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • James Vigesaa

    Vice Chairman

    Total calculated
    $28,236
    From this org
    $28,236
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Keith Alquist

    Treasurer

    Total calculated
    $28,236
    From this org
    $28,236
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Virginia Buczek

    Director/CREA Director

    Total calculated
    $31,611
    From this org
    $31,611
    From related orgs
    $0
    Other
    $0
    Hours/week
    23

  • Ursula Morgan

    Director

    Total calculated
    $30,736
    From this org
    $30,736
    From related orgs
    $0
    Other
    $0
    Hours/week
    22

  • Tim Erickson

    Secretary

    Total calculated
    $28,236
    From this org
    $28,236
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Stephen Whiteside

    Director

    Total calculated
    $28,236
    From this org
    $28,236
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Brad Case

    Director

    Total calculated
    $28,236
    From this org
    $28,236
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Dean Hubbuck

    SVP & Chief Energy Resource Offi

    Total calculated
    $330,253
    From this org
    $230,531
    From related orgs
    $0
    Other
    $99,722
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,531
    Bonus
    $1,000
    Other
    $0
    Deferred
    $64,317
    Nontaxable benefits
    $35,405
    Filer's total
    $330,253

  • Laura Burkhart

    EVP & Chief Financial Officer

    Total calculated
    $402,994
    From this org
    $288,710
    From related orgs
    $0
    Other
    $114,284
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,710
    Bonus
    $1,000
    Other
    $0
    Deferred
    $78,722
    Nontaxable benefits
    $35,562
    Filer's total
    $402,994

  • Russell Robbins

    EVP & Chief Operating Officer

    Total calculated
    $414,398
    From this org
    $309,406
    From related orgs
    $0
    Other
    $104,992
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $308,406
    Bonus
    $1,000
    Other
    $0
    Deferred
    $78,722
    Nontaxable benefits
    $26,270
    Filer's total
    $414,398

  • Mark Gabriel

    President and Chief Execut

    Total calculated
    $623,770
    From this org
    $550,759
    From related orgs
    $0
    Other
    $73,011
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $464,759
    Bonus
    $86,000
    Other
    $0
    Deferred
    $67,237
    Nontaxable benefits
    $5,774
    Filer's total
    $623,770

  • Trista Fugate

    Senior VP and Chief Marketing Officer

    Total calculated
    $216,507
    From this org
    $215,444
    From related orgs
    $0
    Other
    $1,063
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,444
    Bonus
    $21,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $1,063
    Filer's total
    $216,507

  • Brent Sydow

    VP of Operations

    Total calculated
    $262,560
    From this org
    $176,571
    From related orgs
    $0
    Other
    $85,989
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,571
    Bonus
    $1,000
    Other
    $0
    Deferred
    $50,723
    Nontaxable benefits
    $35,266
    Filer's total
    $262,560

  • Alice Beauchamp

    SVP & Chief Information Officer

    Total calculated
    $286,230
    From this org
    $208,244
    From related orgs
    $0
    Other
    $77,986
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,244
    Bonus
    $21,000
    Other
    $0
    Deferred
    $51,967
    Nontaxable benefits
    $26,019
    Filer's total
    $286,230

  • Robert Maxwell

    VP of Engineering

    Total calculated
    $276,277
    From this org
    $190,110
    From related orgs
    $0
    Other
    $86,167
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,110
    Bonus
    $1,000
    Other
    $0
    Deferred
    $50,907
    Nontaxable benefits
    $35,260
    Filer's total
    $276,277

  • Troy Whitmore

    VP & Public Affairs Officer

    Total calculated
    $298,031
    From this org
    $212,623
    From related orgs
    $0
    Other
    $85,408
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,623
    Bonus
    $1,000
    Other
    $0
    Deferred
    $53,986
    Nontaxable benefits
    $31,422
    Filer's total
    $298,031

  • Jason Moore

    Troubleshooter

    Total calculated
    $242,930
    From this org
    $177,653
    From related orgs
    $0
    Other
    $65,277
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,653
    Bonus
    $1,000
    Other
    $0
    Deferred
    $30,323
    Nontaxable benefits
    $34,954
    Filer's total
    $242,930

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 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.

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.

  • Consumer Service Association

    C · Telecommunications · CO · 100% owned · controlled entity

    Directly controlled by United Power Inc

Provenance

Return type
form_990
Tax year
2022
Filed
26 April 2023
IRS schema version
2022v5.0
Source object
202301219349301615

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