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Nonprofiteer
← PEOPLES RURAL TELEPHONE COOPERATIVE CORPORATION INC

Form 990 for tax year 2023

Filed by PEOPLES RURAL TELEPHONE COOPERATIVE CORPORATION INC.

Totals

Total revenue
$21,601,799
Total expenses
$22,414,777
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$18,528,971
Investment income
$0
Other revenue
$3,072,828
Total assets, end of year
$103,140,148
Total liabilities, end of year
$19,020,385
Net assets or fund balances, end of year
$84,119,763
Program services expenses (Part IX)
$22,414,777
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$22,414,777

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: LOCAL TOLL AND INTERNET

    total $12,198,086 · related or exempt $12,198,086

  • 2b · Program service revenue: ACCESS REVENUES

    total $6,330,885 · related or exempt $6,330,885

  • 11a · Other revenue: EAST KY NETWORK, LLC

    total $1,891,710 · unrelated business $1,891,710

  • 11b · Other revenue: PEOPLES TELECOM, LLC

    total $1,110,420 · unrelated business $1,110,420

  • 11c · Other revenue: JOINT USE ATTACHMENTS

    total $63,769 · excluded $63,769

  • 11d · All other revenue

    total $6,929 · unrelated business $6,929

  • 11e · Other revenue, total

    $3,072,828

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,929,888 · program services $2,929,888

  • 5 · Compensation of officers, directors and key employees

    total $749,837 · program services $749,837

  • 7 · Other salaries and wages

    total $2,852,449 · program services $2,852,449

  • 8 · Pension plan contributions

    total $554,873 · program services $554,873

  • 9 · Other employee benefits

    total $1,457,460 · program services $1,457,460

  • 10 · Payroll taxes

    total $266,469 · program services $266,469

  • 11b · Fees: legal

    total $13,071 · program services $13,071

  • 11c · Fees: accounting

    total $24,700 · program services $24,700

  • 20 · Interest

    total $102,934 · program services $102,934

  • 22 · Depreciation, depletion and amortization

    total $3,386,290 · program services $3,386,290

  • 23 · Insurance

    total $117,485 · program services $117,485

  • 24a · Other expenses: PLANT SPECIFIC

    total $3,993,556 · program services $3,993,556

  • 24b · Other expenses: VIDEO TO THE HOME

    total $3,443,376 · program services $3,443,376

  • 24c · Other expenses: CORPORATE OPERATIONS

    total $1,700,209 · program services $1,700,209

  • 24d · Other expenses: CUSTOMER OPERATIONS

    total $1,509,178 · program services $1,509,178

  • 24e · All other expenses

    total -$686,998 · program services -$686,998

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,619,791 · end of year $1,350,766

  • 2 · Savings and temporary cash investments

    beginning of year $9,739,877 · end of year $10,089,966

  • 4 · Accounts receivable

    beginning of year $2,848,962 · end of year $1,492,655

  • 8 · Inventories for sale or use

    beginning of year $6,699,397 · end of year $5,094,224

  • 9 · Prepaid expenses and deferred charges

    beginning of year $296,315 · end of year $53,997

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

    $69,780,589

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

    $41,926,901

  • 10c · Land, buildings and equipment, net

    beginning of year $29,569,823 · end of year $27,853,688

  • 15 · Other assets

    beginning of year $48,711,739 · end of year $57,204,852

  • 17 · Accounts payable and accrued expenses

    beginning of year $488,857 · end of year $393,695

  • 23 · Secured mortgages and notes payable

    beginning of year $3,940,820 · end of year $3,581,206

  • 25 · Other liabilities

    beginning of year $18,089,744 · end of year $15,045,484

  • 29 · Capital stock, trust principal or current funds

    beginning of year $236,584 · end of year $239,587

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

    beginning of year -$5,680,779 · end of year -$1,904,544

  • 31 · Retained earnings, endowment or other funds

    beginning of year $83,410,678 · end of year $85,784,720

Mission and programs · 2023

Mission

PROVIDE TELEPHONE SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 6,300 CUSTOMERS ON A MONTHLY BASIS.

  • PROVIDE TELEPHONE SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 6,300 CUSTOMERS ON A MONTHLY BASIS

    Expenses $22,414,777 · Revenue $18,528,971

As filed on the 2023 return.

Listed in Part VII

  • Armel Davidson

    DIRECTOR

    Total calculated
    $8,612
    From this org
    $8,612
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Don Barrett

    DIRECTOR

    Total calculated
    $46,571
    From this org
    $46,571
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Patricia Henderson

    DIRECTOR

    Total calculated
    $22,083
    From this org
    $22,083
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Gary Cornett

    SECRETARY

    Total calculated
    $7,758
    From this org
    $7,758
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Nelson Bobrowski

    TREASURER

    Total calculated
    $34,750
    From this org
    $34,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Wendell Gabbard

    VICE PRESIDENT

    Total calculated
    $41,565
    From this org
    $41,565
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Kendell Norris

    PRESIDENT

    Total calculated
    $11,810
    From this org
    $11,810
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian McCoy

    DIRECTOR

    Total calculated
    $17,648
    From this org
    $17,648
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Keith Gabbard

    CEO

    Total calculated
    $220,167
    From this org
    $176,570
    From related orgs
    $0
    Other
    $43,597
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,570
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $43,597
    Filer's total
    $220,167

  • Michael Stidham

    OPERATIONS MGR

    Total calculated
    $183,523
    From this org
    $123,929
    From related orgs
    $0
    Other
    $59,594
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,929
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $59,594
    Filer's total
    $183,523

  • Jason Lamb

    SOFTWARE ENGINEER/IT

    Total calculated
    $196,512
    From this org
    $136,971
    From related orgs
    $0
    Other
    $59,541
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,971
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $59,541
    Filer's total
    $196,512

  • Christine Duncan

    CFO

    Total calculated
    $173,000
    From this org
    $121,571
    From related orgs
    $0
    Other
    $51,429
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,571
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $51,429
    Filer's total
    $173,000

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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.

  • PEOPLES TELECOM

    CABLE TV · KY · income $1,110,420 · assets $24,305,136

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • EAST KENTUCKY NETWORK

    CELLULAR SERVICE · KY · 20% owned · share of income $3,618,602

Provenance

Return type
form_990
Tax year
2023
Filed
13 May 2024
IRS schema version
2023v5.0
Source object
202441359349303224

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