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Nonprofiteer
← POLK-BURNETT ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by POLK-BURNETT ELECTRIC COOPERATIVE.

Totals

Total revenue
$38,989,288
Total expenses
$37,586,386
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$36,337,183
Investment income
$115,318
Other revenue
$2,536,787
Total assets, end of year
$110,847,800
Total liabilities, end of year
$44,912,920
Net assets or fund balances, end of year
$65,934,880
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$61,050

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: ELECTRIC REVENUE

    total $36,337,183 · related or exempt $36,337,183

  • 3 · Investment income

    total $68,850 · excluded $68,850

  • 6a · Gross rents

    real property $32,880 · personal property $24,000

  • 6c · Rental income or loss

    real property $32,880 · personal property $24,000

  • 6d · Net rental income or loss

    total $56,880 · unrelated business $24,000 · excluded $32,880

  • 7a · Gross sales of assets other than inventory

    other assets $46,468

  • 7c · Gain or loss

    other assets $46,468

  • 7d · Net gain or loss

    total $46,468 · related or exempt $46,468

  • 10a · Gross sales of inventory

    $124,212

  • 10b · Cost of goods sold

    $229,694

  • 10c · Net income from sales of inventory

    total -$105,482 · related or exempt -$105,482

  • 11a · Other revenue: CAPITAL CREDITS

    total $1,225,201 · related or exempt $1,225,201

  • 11b · Other revenue: NON-MEMBER INCOME

    total $700,380 · related or exempt $700,380

  • 11c · Other revenue: EQUITY IN SUBSIDIARY INCOME

    total $659,808 · related or exempt $659,808

  • 11e · Other revenue, total

    $2,585,389

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,822,140

  • 5 · Compensation of officers, directors and key employees

    total $404,988

  • 20 · Interest

    total $1,468,202

  • 22 · Depreciation, depletion and amortization

    total $3,228,780

  • 24a · Other expenses: COST OF POWER

    total $20,485,338

  • 24b · Other expenses: DISTRIBUTION EXP - MAINT

    total $2,560,708

  • 24c · Other expenses: ADMINISTRATIVE AND GENERA

    total $2,254,380

  • 24d · Other expenses: DISTRBUTION EXP - OPERATI

    total $1,529,954

  • 24e · All other expenses

    total $1,831,896

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $844,715 · end of year $509,570

  • 2 · Savings and temporary cash investments

    beginning of year $583,464 · end of year $402,233

  • 4 · Accounts receivable

    beginning of year $2,187,484 · end of year $2,501,628

  • 8 · Inventories for sale or use

    beginning of year $2,107,124 · end of year $1,034,380

  • 9 · Prepaid expenses and deferred charges

    beginning of year $383,336 · end of year $340,517

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

    $112,735,364

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

    $28,211,388

  • 10c · Land, buildings and equipment, net

    beginning of year $81,137,457 · end of year $84,523,976

  • 12 · Investments: other securities

    beginning of year $3,653,878 · end of year $3,890,198

  • 13 · Investments: program-related

    beginning of year $16,908,756 · end of year $17,645,298

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,970,000 · end of year $5,798,568

  • 23 · Secured mortgages and notes payable

    beginning of year $35,455,036 · end of year $35,330,850

  • 24 · Unsecured notes and loans payable

    end of year $1,000,000

  • 25 · Other liabilities

    beginning of year $2,894,968 · end of year $2,783,502

  • 31 · Retained earnings, endowment or other funds

    beginning of year $62,486,210 · end of year $65,934,880

Mission and programs · 2023

Mission

TO BENEFIT MEMBER-OWNERS BY PROVIDING RELIABLE ELECTRICITY WITH EFFICIENCY AND EXTRAORDINARY SERVICE.

  • RURAL ELECTRIC COOPERATIVE-SALE OF ELECTRICITY AND MERCHANDISE TO MEMBERS OF THE COOPERATIVE.

  • BOARD MEMBER COMPENSATION

    Expenses $61,050

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Steven Stroshane

    GM/CEO

    Total calculated
    $403,520
    From this org
    $235,473
    From related orgs
    $0
    Other
    $168,047
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $235,473
    Bonus
    not reported
    Other
    not reported
    Deferred
    $136,557
    Nontaxable benefits
    $31,490
    Filer's total
    $403,520

  • Jesse Seering

    OPERATIONS M

    Total calculated
    $174,989
    From this org
    $138,678
    From related orgs
    $0
    Other
    $36,311
    Hours/week
    51

    Schedule J breakdown matched by us

    Base
    $138,678
    Bonus
    not reported
    Other
    not reported
    Deferred
    $7,790
    Nontaxable benefits
    $28,521
    Filer's total
    $174,989

  • Heather Gerber

    ACCOUNTING M

    Total calculated
    $163,647
    From this org
    $108,465
    From related orgs
    $0
    Other
    $55,182
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $108,465
    Bonus
    not reported
    Other
    not reported
    Deferred
    $26,698
    Nontaxable benefits
    $28,484
    Filer's total
    $163,647

  • Matthew Kurtzhals

    IS MANAGER

    Total calculated
    $160,661
    From this org
    $129,451
    From related orgs
    $0
    Other
    $31,210
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $129,451
    Bonus
    not reported
    Other
    not reported
    Deferred
    $28,289
    Nontaxable benefits
    $2,921
    Filer's total
    $160,661

  • Travis Gingras

    LINEMAN

    Total calculated
    $132,851
    From this org
    $116,506
    From related orgs
    $0
    Other
    $16,345
    Hours/week
    43

  • Cody Engstrand

    LINEMAN

    Total calculated
    $131,916
    From this org
    $117,014
    From related orgs
    $0
    Other
    $14,902
    Hours/week
    42

  • Brett Holdt

    LINEMAN

    Total calculated
    $125,230
    From this org
    $115,747
    From related orgs
    $0
    Other
    $9,483
    Hours/week
    42

  • Edward Gullickson

    PRESIDENT

    Total calculated
    $11,150
    From this org
    $11,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Cynthia Thorman

    DIRECTOR

    Total calculated
    $9,100
    From this org
    $9,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Joe Metro

    DIRECTOR

    Total calculated
    $8,850
    From this org
    $7,450
    From related orgs
    $1,400
    Other
    $0
    Hours/week
    4

  • Wilfred Owens

    DIRECTOR

    Total calculated
    $7,600
    From this org
    $6,200
    From related orgs
    $1,400
    Other
    $0
    Hours/week
    4

  • John Ukura

    DIRECTOR

    Total calculated
    $6,700
    From this org
    $6,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Michael Morris

    VICE-PRESIDE

    Total calculated
    $6,500
    From this org
    $4,700
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    2

  • Gerald Okonek

    DIRECTOR

    Total calculated
    $6,450
    From this org
    $6,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Thomas Swenson

    DIRECTOR

    Total calculated
    $4,700
    From this org
    $4,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Charles Brookshaw

    SECRETARY/TR

    Total calculated
    $4,600
    From this org
    $4,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 · 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.

  • POLK-BURNETT ECONOMIC DEVELOPMENT C

    C CORP · PART VII · WI · 100% owned · share of income -$345 · share of assets $6,646 · controlled entity

    Directly controlled by PART VII

  • POLK-BURNETT DIVERSIFIED INC

    C CORP · PART VII · WI · 100% owned · share of income $660,153 · share of assets $8,225,044 · controlled entity

    Directly controlled by PART VII

  • POLK-BURNETT PROPANE SERVICES INC

    C CORP · PART VII · WI · 100% owned · share of income $660,788 · share of assets $8,203,597 · controlled entity

    Directly controlled by PART VII

Provenance

Return type
form_990
Tax year
2023
Filed
7 May 2024
IRS schema version
2023v5.0
Source object
202442419349300319

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