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Nonprofiteer
← BENTON RURAL ELECTRIC ASSOCIATION

Form 990 for tax year 2024

Filed by BENTON RURAL ELECTRIC ASSOCIATION.

Totals

Total revenue
$49,768,983
Total expenses
$49,768,983
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$48,310,776
Investment income
$458,453
Other revenue
$999,754
Total assets, end of year
$114,171,170
Total liabilities, end of year
$21,646,360
Net assets or fund balances, end of year
$92,524,810
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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: Sale of Electricity

    total $48,148,860 · related or exempt $48,148,860 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Pole Rental

    total $161,916 · related or exempt $0 · unrelated business $0 · excluded $161,916

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $209,552 · related or exempt $0 · unrelated business $0 · excluded $209,552

  • 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 $224,210 · other assets $30,376

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

    securities $5,685 · other assets $0

  • 7c · Gain or loss

    securities $218,525 · other assets $30,376

  • 7d · Net gain or loss

    total $248,901 · related or exempt $248,901 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Internet Service Provider

    total $999,754 · related or exempt $0 · unrelated business $999,754 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $999,754

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,532,522

  • 5 · Compensation of officers, directors and key employees

    total $2,978,644

  • 7 · Other salaries and wages

    total $7,888,851

  • 8 · Pension plan contributions

    total $804,187

  • 9 · Other employee benefits

    total $1,374,945

  • 10 · Payroll taxes

    total $795,311

  • 20 · Interest

    total $178,421

  • 22 · Depreciation, depletion and amortization

    total $3,481,871

  • 24a · Other expenses: Purchased Power

    total $25,142,489

  • 24b · Other expenses: Operations/Maintenance

    total $8,437,512

  • 24c · Other expenses: Administrative & Customer Accounts

    total $8,645,356

  • 24d · Other expenses: Payroll Expenses included in line 5-10

    total -$13,841,938

  • 24e · All other expenses

    total $2,350,812

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,509,148 · end of year $3,733,250

  • 2 · Savings and temporary cash investments

    beginning of year $1,880,000 · end of year $1,450,000

  • 4 · Accounts receivable

    beginning of year $4,270,790 · end of year $4,565,613

  • 8 · Inventories for sale or use

    beginning of year $3,843,340 · end of year $4,429,450

  • 9 · Prepaid expenses and deferred charges

    beginning of year $287,690 · end of year $330,373

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

    $150,895,487

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

    $53,520,231

  • 10c · Land, buildings and equipment, net

    beginning of year $92,397,490 · end of year $97,375,256

  • 13 · Investments: program-related

    beginning of year $2,177,230 · end of year $2,287,228

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,611,603 · end of year $8,443,880

  • 23 · Secured mortgages and notes payable

    beginning of year $1,094,908 · end of year $6,131,105

  • 25 · Other liabilities

    beginning of year $5,412,727 · end of year $7,071,375

  • 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 $4,866,447 · end of year $5,112,169

  • 31 · Retained earnings, endowment or other funds

    beginning of year $86,380,003 · end of year $87,412,641

Mission and programs · 2024

Mission

Provide safe and reliable electricity at the lowest possible cost to the cooperative membership.

Activities or mission (Part I)

Distribution of Electricity to Rural Cooperative members.

  • The Benton Rural Electric Association (Benton REA) is a not for profit member owned electric cooperative. It has approximately 12,315 member/owners to whom it delivers electricity through its distribution system. The sale and distribution of electric service is the main program service.

As filed on the 2024 return.

Listed in Part VII

  • Ryan Redmond

    Chief Executive Officer

    Total calculated
    $389,941
    From this org
    $326,339
    From related orgs
    $0
    Other
    $63,602
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $299,321
    Bonus
    $27,018
    Other
    $0
    Deferred
    $34,742
    Nontaxable benefits
    $28,860
    Filer's total
    $389,941

  • Troy Berglund

    Deputy GM & VP of Member Experience

    Total calculated
    $309,994
    From this org
    $252,999
    From related orgs
    $0
    Other
    $56,995
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $241,393
    Bonus
    $11,606
    Other
    $0
    Deferred
    $27,339
    Nontaxable benefits
    $29,656
    Filer's total
    $309,994

  • Derek Miller

    Engineering Manager

    Total calculated
    $297,740
    From this org
    $242,892
    From related orgs
    $0
    Other
    $54,848
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $207,201
    Bonus
    $35,691
    Other
    $0
    Deferred
    $25,283
    Nontaxable benefits
    $29,565
    Filer's total
    $297,740

  • Andrew Gould

    COO/VP of Engineering

    Total calculated
    $295,766
    From this org
    $247,529
    From related orgs
    $0
    Other
    $48,237
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $146,029
    Bonus
    $69,533
    Other
    $0
    Deferred
    $18,246
    Nontaxable benefits
    $29,108
    Filer's total
    $262,916

  • Christopher Hill

    Line Foreman

    Total calculated
    $293,342
    From this org
    $247,503
    From related orgs
    $0
    Other
    $45,839
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $247,503
    Bonus
    $0
    Other
    $0
    Deferred
    $16,919
    Nontaxable benefits
    $28,920
    Filer's total
    $293,342

  • Jeff Bastow

    Information Technology Manager

    Total calculated
    $283,593
    From this org
    $229,238
    From related orgs
    $0
    Other
    $54,355
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,615
    Bonus
    $27,623
    Other
    $0
    Deferred
    $24,854
    Nontaxable benefits
    $29,501
    Filer's total
    $283,593

  • Steven Catlow

    Vice President of Finance

    Total calculated
    $276,105
    From this org
    $246,009
    From related orgs
    $0
    Other
    $30,096
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,423
    Bonus
    $27,586
    Other
    $0
    Deferred
    $15,968
    Nontaxable benefits
    $14,128
    Filer's total
    $276,105

  • Justin Waldron

    VP of Member Support/CFO

    Total calculated
    $262,916
    From this org
    $215,562
    From related orgs
    $0
    Other
    $47,354
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $146,029
    Bonus
    $69,533
    Other
    $0
    Deferred
    $18,246
    Nontaxable benefits
    $29,108
    Filer's total
    $262,916

  • Lori Cotsford

    Accounting Manager/Controller

    Total calculated
    $252,103
    From this org
    $203,021
    From related orgs
    $0
    Other
    $49,082
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $174,979
    Bonus
    $28,042
    Other
    $0
    Deferred
    $20,067
    Nontaxable benefits
    $29,015
    Filer's total
    $252,103

  • Larry Hall

    Line Foreman

    Total calculated
    $247,435
    From this org
    $201,208
    From related orgs
    $0
    Other
    $46,227
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $201,208
    Bonus
    $0
    Other
    $0
    Deferred
    $17,270
    Nontaxable benefits
    $28,957
    Filer's total
    $247,435

  • Michael Freepons

    Vice President

    Total calculated
    $15,291
    From this org
    $15,010
    From related orgs
    $0
    Other
    $281
    Hours/week
    3

  • George Theodore Wallace

    Trustee

    Total calculated
    $10,316
    From this org
    $10,070
    From related orgs
    $0
    Other
    $246
    Hours/week
    4

  • Robert Evans

    President

    Total calculated
    $9,872
    From this org
    $9,690
    From related orgs
    $0
    Other
    $182
    Hours/week
    4

  • Tim Grow

    Trustee

    Total calculated
    $7,388
    From this org
    $7,125
    From related orgs
    $0
    Other
    $263
    Hours/week
    10

  • Catherine Russell

    Secretary/Treasurer

    Total calculated
    $7,334
    From this org
    $7,170
    From related orgs
    $0
    Other
    $164
    Hours/week
    4

  • Scott Fisher

    Secretary/Treasurer

    Total calculated
    $6,706
    From this org
    $6,460
    From related orgs
    $0
    Other
    $246
    Hours/week
    2

  • Daniel Plung

    Trustee

    Total calculated
    $6,421
    From this org
    $6,175
    From related orgs
    $0
    Other
    $246
    Hours/week
    2

  • William Shibley

    Trustee

    Total calculated
    $3,523
    From this org
    $3,420
    From related orgs
    $0
    Other
    $103
    Hours/week
    2

  • Ron Johnson

    Trustee

    Total calculated
    $2,858
    From this org
    $2,755
    From related orgs
    $0
    Other
    $103
    Hours/week
    4

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 · 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.

Provenance

Return type
form_990
Tax year
2024
Filed
1 July 2025
IRS schema version
2024v5.0
Source object
202541839349300004

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