Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC SERVICE REVENUE

  total $7,383,210 · related or exempt $7,383,210

• 2b · Program service revenue: FIBER OPTIC BROADBAND

  total $4,743,650 · related or exempt $3,224,127 · unrelated business $1,519,523

• 2c · Program service revenue: NYS FTTH GRANT

  total $437,772 · related or exempt $437,772

• 2d · Program service revenue: POLE ATTACHMENTS

  total $108,143 · related or exempt $108,143

• 2e · Program service revenue: RESALE UTILITY CONTRACT

  total $573,981 · related or exempt $573,981

• 2f · All other program service revenue

  total $97,515 · related or exempt $81,172 · unrelated business $16,343

• 3 · Investment income

  total $144,719 · unrelated business $42,531 · excluded $102,188

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

  total $0

• 5 · Royalties

  total $0

• 6d · Net rental income or loss

  total $0

• 7d · Net gain or loss

  total $0

• 8c · Net income from fundraising events

  total $0

• 9c · Net income from gaming

  total $0

• 10c · Net income from sales of inventory

  total $0

• 11e · Other revenue, total

  $0

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 $1,531,099

• 5 · Compensation of officers, directors and key employees

  total $457,190

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $1,335,802

• 8 · Pension plan contributions

  total $0

• 9 · Other employee benefits

  total $704,583

• 10 · Payroll taxes

  total $164,642

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $0

• 11c · Fees: accounting

  total $0

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $0

• 12 · Advertising and promotion

  total $0

• 13 · Office expenses

  total $0

• 14 · Information technology

  total $0

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $0

• 17 · Travel

  total $0

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $0

• 20 · Interest

  total $881,828

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $2,478,671

• 23 · Insurance

  total $0

• 24a · Other expenses: ACCESS COST

  total $2,253,795

• 24b · Other expenses: DISTRIBUTION OPERATIONS

  total $1,165,173

• 24c · Other expenses: DISTRIBUTION MAINTENANCE

  total $613,632

• 24d · Other expenses: ADMIN & GENERAL

  total $573,900

• 24e · All other expenses

  total $894,602

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $301,472 · end of year $464,130

• 2 · Savings and temporary cash investments

  beginning of year $2,808,922 · end of year $3,881,346

• 3 · Pledges and grants receivable

  beginning of year $1,295,120 · end of year $258,588

• 4 · Accounts receivable

  beginning of year $888,084 · end of year $1,218,344

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  end of year $0

• 8 · Inventories for sale or use

  beginning of year $1,706,526 · end of year $1,160,041

• 9 · Prepaid expenses and deferred charges

  beginning of year $518,425 · end of year $452,962

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

  $66,903,171

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

  $23,917,681

• 10c · Land, buildings and equipment, net

  beginning of year $42,555,585 · end of year $42,985,490

• 11 · Investments: publicly traded securities

  end of year $0

• 12 · Investments: other securities

  end of year $0

• 13 · Investments: program-related

  beginning of year $1,268,985 · end of year $1,311,159

• 14 · Intangible assets

  beginning of year $122,552 · end of year $122,552

• 15 · Other assets

  beginning of year $3,453,018 · end of year $3,320,526

• 17 · Accounts payable and accrued expenses

  beginning of year $1,610,458 · end of year $1,311,719

• 19 · Deferred revenue

  beginning of year $297,099 · end of year $349,141

• 23 · Secured mortgages and notes payable

  beginning of year $23,966,363 · end of year $22,817,716

• 25 · Other liabilities

  beginning of year $13,361,329 · end of year $13,245,787

• 31 · Retained earnings, endowment or other funds

  beginning of year $15,683,440 · end of year $17,450,775

The filer's explanations (Part III)

Part III, Additional Information

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, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. 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 CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. NAME: TIMOTHY JOHNSON $ 31,715EMPLOYER CONTRIBUTION TO 401(K) PLAN -0-TOTAL REPORTED IN COLUMN C $ 31,715 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,715)ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,063EXPENSE TO THE COOPERATIVE $ 29,063NAME: KEVIN ROTTINGENACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 55,072EMPLOYER CONTRIBUTION TO 401(K) PLAN -0-TOTAL REPORTED IN COLUMN C $ 55,072 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (55,072)ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 40,674EXPENSE TO THE COOPERATIVE $ 40,674NAME: JUSTIN MARCHACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,209EMPLOYER CONTRIBUTION TO 401(K) PLAN -0-TOTAL REPORTED IN COLUMN C $ 27,209LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,209)ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,497EXPENSE TO THE COOPERATIVE $ 33,497NAME: STEVEN SICKLERACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 9,490EMPLOYER CONTRIBUTION TO 401(K) PLAN -0-TOTAL REPORTED IN COLUMN C $ 9,490LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN ( 9,490)ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 15,573EXPENSE TO THE COOPERATIVE $ 15,573NAME: BRAD ALGERACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,969EMPLOYER CONTRIBUTION TO 401(K) PLAN -0-TOTAL REPORTED IN COLUMN C $ 10,969LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,969)ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 18,318EXPENSE TO THE COOPERATIVE $ 18,318

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• OECONNECT LLC

  BROADBAND · NY · income $1,508,685 · assets $4,883,499

  Directly controlled by OTSEGO ELECTRIC