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Nonprofiteer
← CANADIAN VALLEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by CANADIAN VALLEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$68,485,719
Total expenses
$92,064,449
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$90,092,188
Investment income
$542,892
Other revenue
-$22,149,361
Total assets, end of year
$211,219,672
Total liabilities, end of year
$135,578,487
Net assets or fund balances, end of year
$75,641,185
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: SALES OF ELECTRIC ENERGY

    total $88,515,032 · related or exempt $88,515,032

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

    total $1,407,930 · related or exempt $1,407,930

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $169,226 · related or exempt $169,226

  • 3 · Investment income

    total $395,261 · unrelated business $218,517 · excluded $176,744

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $1,170,274 · personal property $213,746

  • 6b · Less rental expenses

    real property $24,424,130

  • 6c · Rental income or loss

    real property -$23,253,856 · personal property $213,746

  • 6d · Net rental income or loss

    total -$23,040,110 · unrelated business -$23,253,856 · excluded $213,746

  • 7a · Gross sales of assets other than inventory

    other assets $147,631

  • 7c · Gain or loss

    other assets $147,631

  • 7d · Net gain or loss

    total $147,631 · excluded $147,631

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $207,339

  • 10b · Cost of goods sold

    $161,990

  • 10c · Net income from sales of inventory

    total $45,349 · excluded $45,349

  • 11a · Other revenue: Management Fees from CVEC Fiber

    total $845,400 · unrelated business $845,400

  • 11e · Other revenue, total

    $845,400

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $555,296

  • 5 · Compensation of officers, directors and key employees

    total $827,314

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $4,039,760

  • 8 · Pension plan contributions

    total $25,856

  • 9 · Other employee benefits

    total $725,635

  • 10 · Payroll taxes

    total $403,898

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $153,161

  • 11c · Fees: accounting

    total $96,866

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $4,059,542

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $214,127

  • 14 · Information technology

    total $614,578

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $106,890

  • 17 · Travel

    total $1,038,669

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $103,850

  • 20 · Interest

    total $3,609,568

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $5,505,366

  • 23 · Insurance

    total $1,716,134

  • 24a · Other expenses: COST OF ELECTRIC POWER

    total $64,779,431

  • 24b · Other expenses: TAXES

    total $1,783,525

  • 24c · Other expenses: TOOLS & LINE MATERIALS

    total $945,161

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $204,306

  • 24e · All other expenses

    total $555,516

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $305,433 · end of year $590,456

  • 2 · Savings and temporary cash investments

    beginning of year $212,125 · end of year $9,193

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $17,451,359 · end of year $17,462,828

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $5,256,908 · end of year $4,852,168

  • 9 · Prepaid expenses and deferred charges

    beginning of year $28,238 · end of year $31,909

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

    $204,496,024

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

    $60,084,953

  • 10c · Land, buildings and equipment, net

    beginning of year $105,578,763 · end of year $144,411,071

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $31,663,981 · end of year $31,164,914

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $13,389,173 · end of year $12,697,133

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,044,076 · end of year $13,054,482

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $76,947,507 · end of year $115,898,840

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $7,639,823 · end of year $6,625,165

  • 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 $75,254,574 · end of year $75,641,185

Mission and programs · 2022

Mission

TO PROVIDE RETAIL ELECTRIC UTILITY SERVICE TO COOPERATIVE MEMBERS ON A NOT-FOR-PROFIT BASIS, PRIMARILY IN RURAL AREAS.

  • TO PROVIDE RETAIL ELECTRIC UTILITY SERVICE TO COOPERATIVE MEMBERS ON A NOT-FOR-PROFIT BASIS, PRIMARILY IN RURAL AREAS.

As filed on the 2022 return.

Listed in Part VII

  • Gary Highley

    CEO

    Total calculated
    $327,509
    From this org
    $266,152
    From related orgs
    $0
    Other
    $61,357
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $265,902
    Bonus
    $250
    Other
    $0
    Deferred
    $37,369
    Nontaxable benefits
    $23,988
    Filer's total
    $327,509

  • Joshua Holt

    COO

    Total calculated
    $203,826
    From this org
    $158,617
    From related orgs
    $0
    Other
    $45,209
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $158,367
    Bonus
    $250
    Other
    $0
    Deferred
    $22,387
    Nontaxable benefits
    $22,822
    Filer's total
    $203,826

  • Sheila Allgood

    GENERAL MANAGER OF BROADBAND

    Total calculated
    $178,764
    From this org
    $142,021
    From related orgs
    $0
    Other
    $36,743
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $141,771
    Bonus
    $250
    Other
    $0
    Deferred
    $19,898
    Nontaxable benefits
    $16,845
    Filer's total
    $178,764

  • John Colvin

    AREA SERVICEMAN

    Total calculated
    $175,178
    From this org
    $149,155
    From related orgs
    $0
    Other
    $26,023
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $148,405
    Bonus
    $750
    Other
    $0
    Deferred
    $10,013
    Nontaxable benefits
    $16,010
    Filer's total
    $175,178

  • Jamie Scott

    MANAGER OF FINANCE

    Total calculated
    $171,832
    From this org
    $130,882
    From related orgs
    $0
    Other
    $40,950
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $130,632
    Bonus
    $250
    Other
    $0
    Deferred
    $18,529
    Nontaxable benefits
    $22,421
    Filer's total
    $171,832

  • Don Pak

    MANAGER OF IT & SMART GRID

    Total calculated
    $166,901
    From this org
    $126,390
    From related orgs
    $0
    Other
    $40,511
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $126,140
    Bonus
    $250
    Other
    $0
    Deferred
    $18,113
    Nontaxable benefits
    $22,398
    Filer's total
    $166,901

  • Jesse Murray

    DIRECTOR OF SAFETY & LOSS CTRL

    Total calculated
    $164,718
    From this org
    $124,667
    From related orgs
    $0
    Other
    $40,051
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $124,417
    Bonus
    $250
    Other
    $0
    Deferred
    $17,714
    Nontaxable benefits
    $22,337
    Filer's total
    $164,718

  • Kimberly Behrnes

    MANAGER OF ENGINEERING

    Total calculated
    $137,831
    From this org
    $123,738
    From related orgs
    $0
    Other
    $14,093
    Hours/week
    40

  • Matt Goodson

    BOARD TRUSTEE

    Total calculated
    $16,156
    From this org
    $16,156
    From related orgs
    $0
    Other
    $0
    Hours/week
    17 + 5 related

  • Robert Schoenecke

    BOARD TRUSTEE - SECRETARY

    Total calculated
    $16,036
    From this org
    $16,036
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Joe Semtner

    BOARD TRUSTEE - PRESIDENT

    Total calculated
    $15,956
    From this org
    $15,956
    From related orgs
    $0
    Other
    $0
    Hours/week
    18

  • Yates Adcock

    BOARD TRUSTEE - VICE PRESIDENT

    Total calculated
    $15,956
    From this org
    $15,956
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Steve Marak

    BOARD TRUSTEE - TREASURER

    Total calculated
    $15,606
    From this org
    $15,606
    From related orgs
    $0
    Other
    $0
    Hours/week
    18

  • Clayton Eads

    BOARD TRUSTEE

    Total calculated
    $14,296
    From this org
    $14,296
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Jp Duvall

    BOARD TRUSTEE

    Total calculated
    $14,264
    From this org
    $14,264
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Gary Crain

    BOARD TRUSTEE

    Total calculated
    $10,314
    From this org
    $10,314
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 20 related

  • Jesse Snyder

    BOARD TRUSTEE

    Total calculated
    $5,563
    From this org
    $5,563
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

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 · Independent compensation consultant
  • 3 · Written employment contract
  • 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.

  • CVEC FIBER LLC

    C CORPORATION · FIBER · OK · 100% owned · share of income $4,479,988 · share of assets $4,320,001 · controlled entity

    Directly controlled by CVEC

Provenance

Return type
form_990
Tax year
2022
Filed
19 October 2023
IRS schema version
2022v5.0
Source object
202323059349301507

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