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Nonprofiteer
← FARMERS ELECTRIC COOPERATIVE INC OF NEW MEXICO

Form 990 for tax year 2022

Filed by FARMERS ELECTRIC COOPERATIVE INC OF NEW MEXICO.

Totals

Total revenue
$47,264,526
Total expenses
$46,762,466
Contributions and grants received
$0
Grants paid
$20,716
Program service revenue
$46,990,855
Investment income
$267,119
Other revenue
$6,552
Total assets, end of year
$137,800,646
Total liabilities, end of year
$80,395,080
Net assets or fund balances, end of year
$57,405,566
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 ELECTRICITY

    total $46,135,426 · related or exempt $46,135,426

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $842,604 · related or exempt $842,604

  • 2c · Program service revenue: SERVICE FEES

    total $12,825 · related or exempt $12,825

  • 3 · Investment income

    total $267,119 · excluded $267,119

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $4,302 · excluded $4,302

  • 11b · Other revenue: MISCELLANEOUS REVENUES

    total $2,250 · related or exempt $2,250

  • 11e · Other revenue, total

    $6,552

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $20,716

  • 4 · Benefits paid to or for members

    total $1,559,537

  • 5 · Compensation of officers, directors and key employees

    total $836,029

  • 7 · Other salaries and wages

    total $2,970,787

  • 8 · Pension plan contributions

    total $705,127

  • 9 · Other employee benefits

    total $747,584

  • 10 · Payroll taxes

    total $256,218

  • 20 · Interest

    total $2,074,278

  • 22 · Depreciation, depletion and amortization

    total $3,836,994

  • 24a · Other expenses: PURCHASED POWER

    total $29,946,636

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $2,416,216

  • 24c · Other expenses: CONSUMER EXPENSE

    total $583,193

  • 24d · Other expenses: ADMIN & GENERAL EXPENSE

    total $529,528

  • 24e · All other expenses

    total $279,623

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,240,378 · end of year $258,619

  • 2 · Savings and temporary cash investments

    beginning of year $3,589,024 · end of year $7,282,945

  • 4 · Accounts receivable

    beginning of year $3,463,117 · end of year $3,991,955

  • 8 · Inventories for sale or use

    beginning of year $2,643,977 · end of year $3,065,658

  • 9 · Prepaid expenses and deferred charges

    beginning of year $909,907 · end of year $693,750

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

    $150,033,820

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

    $45,519,281

  • 10c · Land, buildings and equipment, net

    beginning of year $102,150,034 · end of year $104,514,539

  • 11 · Investments: publicly traded securities

    beginning of year $1,845,630 · end of year $1,495,901

  • 13 · Investments: program-related

    beginning of year $22,132,052 · end of year $14,620,778

  • 15 · Other assets

    beginning of year $1,825,852 · end of year $1,876,501

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,198,676 · end of year $4,530,001

  • 23 · Secured mortgages and notes payable

    beginning of year $76,663,257 · end of year $73,698,112

  • 25 · Other liabilities

    beginning of year $2,087,513 · end of year $2,166,967

  • 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 $56,850,525 · end of year $57,405,566

Mission and programs · 2022

Mission

NONE

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 16,028 ACTIVE SERVICES AT YEAR END.

As filed on the 2022 return.

Listed in Part VII

  • Michael B West

    PRESIDENT

    Total calculated
    $4,901
    From this org
    $4,901
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.3 + 0.3 related

  • George Dodge Jr

    VICE PRESIDENT

    Total calculated
    $4,527
    From this org
    $4,527
    From related orgs
    $0
    Other
    $0
    Hours/week
    3 + 0.3 related

  • Donnie Bidegain

    SECRETARY/TREASURER

    Total calculated
    $2,927
    From this org
    $2,927
    From related orgs
    $0
    Other
    $0
    Hours/week
    4 + 0.3 related

  • Ernest Riley

    DIRECTOR (JAN-NOV)

    Total calculated
    $2,600
    From this org
    $2,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3 + 0.3 related

  • Judy Smith

    DIRECTOR

    Total calculated
    $4,927
    From this org
    $4,927
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.1 + 0.3 related

  • Justin Barnes

    DIRECTOR

    Total calculated
    $3,527
    From this org
    $3,527
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1 + 0.3 related

  • John Pat Woods

    DIRECTOR

    Total calculated
    $3,079
    From this org
    $3,079
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4 + 0.3 related

  • Lance R Adkins

    GENERAL MANAGER (JAN-APR)

    Total calculated
    $299,372
    From this org
    $146,566
    From related orgs
    $0
    Other
    $152,806
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $143,578
    Bonus
    $0
    Other
    $2,988
    Deferred
    $150,918
    Nontaxable benefits
    $1,888
    Filer's total
    $299,372

  • Thomas J Moore

    DIRECTOR OF MEMBER SERVICES

    Total calculated
    $177,710
    From this org
    $115,450
    From related orgs
    $0
    Other
    $62,260
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $109,296
    Bonus
    $541
    Other
    $5,613
    Deferred
    $58,330
    Nontaxable benefits
    $3,930
    Filer's total
    $177,710

  • Suzette Howard

    ACCOUNTING MANAGER

    Total calculated
    $177,656
    From this org
    $112,183
    From related orgs
    $0
    Other
    $65,473
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $104,648
    Bonus
    $541
    Other
    $6,994
    Deferred
    $57,730
    Nontaxable benefits
    $7,743
    Filer's total
    $177,656

  • Antonio Sanchez

    CEO/GENERAL MANAGER (MAY-DEC)

    Total calculated
    $154,803
    From this org
    $103,680
    From related orgs
    $0
    Other
    $51,123
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $99,173
    Bonus
    $812
    Other
    $3,695
    Deferred
    $48,920
    Nontaxable benefits
    $2,203
    Filer's total
    $154,803

  • Darrel B Gomez

    LINE SUPERINTENDENT

    Total calculated
    $150,424
    From this org
    $117,906
    From related orgs
    $0
    Other
    $32,518
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $111,300
    Bonus
    $541
    Other
    $6,065
    Deferred
    $29,366
    Nontaxable benefits
    $3,152
    Filer's total
    $150,424

  • Michael Sorrels

    LINE FOREMAN

    Total calculated
    $126,464
    From this org
    $121,335
    From related orgs
    $0
    Other
    $5,129
    Hours/week
    58

  • Michael L McCord

    ENGINEERING MANAGER

    Total calculated
    $169,762
    From this org
    $113,100
    From related orgs
    $0
    Other
    $56,662
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $107,203
    Bonus
    $541
    Other
    $5,356
    Deferred
    $49,814
    Nontaxable benefits
    $6,848
    Filer's total
    $169,762

  • Barry T Bass

    LINE SUPERINTENDENT

    Total calculated
    $232,403
    From this org
    $111,726
    From related orgs
    $0
    Other
    $120,677
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $108,681
    Bonus
    $541
    Other
    $2,504
    Deferred
    $118,286
    Nontaxable benefits
    $2,391
    Filer's total
    $232,403

  • Helen Jo Wallin

    CUSTOMER SERVICE/HR MANAGER

    Total calculated
    $166,238
    From this org
    $111,488
    From related orgs
    $0
    Other
    $54,750
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $105,983
    Bonus
    $541
    Other
    $4,964
    Deferred
    $49,624
    Nontaxable benefits
    $5,126
    Filer's total
    $166,238

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

The filer's explanations (Part III)

PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. LANCE R. ADKINS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 150,139 EMPLOYER CONTRIBUTION TO 401(K) PLAN 779 TOTAL REPORTED IN COLUMN C $ 150,918 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (150,139) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,865 EXPENSE TO THE COOPERATIVE $ 31,644 BARRY BASS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 117,175 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,111 TOTAL REPORTED IN COLUMN C $ 118,286 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (117,175) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,949 EXPENSE TO THE COOPERATIVE $ 40,060 THOMAS J. MOORE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,183 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,147 TOTAL REPORTED IN COLUMN C $ 58,330 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,183) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 39,909 EXPENSE TO THE COOPERATIVE $ 41,056 SUZETTE HOWARD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 56,566 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,164 TOTAL REPORTED IN COLUMN C $ 57,730 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (56,566) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 39,938 EXPENSE TO THE COOPERATIVE $ 41,102 MICHAEL MCCORD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 48,631 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,183 TOTAL REPORTED IN COLUMN C $ 49,814 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (48,631) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 41,540 EXPENSE TO THE COOPERATIVE $ 42,723 HELEN JO WALLIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 48,493 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,131 TOTAL REPORTED IN COLUMN C $ 49,624 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (48,493) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,843 EXPENSE TO THE COOPERATIVE $ 39,974 ANTONIO SANCHEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,089 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,831 TOTAL REPORTED IN COLUMN C $ 48,920 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,089) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,574 EXPENSE TO THE COOPERATIVE $ 24,405 DARREL B. GOMEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 28,170 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,196 TOTAL REPORTED IN COLUMN C $ 29,366 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (28,170) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 41,676 EXPENSE TO THE COOPERATIVE $ 42,872

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.

  • FARMERS ELECTRIC EDUCATION FOUNDATION

    501(C)(3) · TO PROVIDE COLLEGE SCHOLARSHIPS TO ACTIVE MEMBERS AND THEIR FAMILY. · NM · controlled entity

    Directly controlled by FARMERS ELECTRIC COOPERATVIE INC

Provenance

Return type
form_990
Tax year
2022
Filed
21 July 2023
IRS schema version
2022v5.0
Source object
202332079349301223

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