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Nonprofiteer
← SOUTHWEST IOWA REC

Form 990 for tax year 2025

Filed by SOUTHWEST IOWA REC.

Totals

Total revenue
$14,696,029
Total expenses
$13,991,236
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$13,914,701
Investment income
$75,264
Other revenue
$706,064
Total assets, end of year
$51,506,426
Total liabilities, end of year
$30,412,604
Net assets or fund balances, end of year
$21,093,822
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: ELECTRIC REVENUE

    total $13,840,560 · related or exempt $13,840,560

  • 2b · Program service revenue: MISC PROGRAM REVENUE

    total $74,141 · related or exempt $74,141

  • 3 · Investment income

    total $55,147 · excluded $55,147

  • 7a · Gross sales of assets other than inventory

    other assets $108,975

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

    other assets $88,858

  • 7c · Gain or loss

    other assets $20,117

  • 7d · Net gain or loss

    total $20,117 · excluded $20,117

  • 10a · Gross sales of inventory

    $184,273

  • 10b · Cost of goods sold

    $151,755

  • 10c · Net income from sales of inventory

    total $32,518 · related or exempt $20,861 · unrelated business $11,657

  • 11a · Other revenue: CAPITAL CREDITS

    total $670,113 · related or exempt $670,113

  • 11b · Other revenue: MISCELLANEOUS REVENUE

    total $3,433 · related or exempt $3,433

  • 11e · Other revenue, total

    $673,546

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $460,633

  • 5 · Compensation of officers, directors and key employees

    total $289,755

  • 20 · Interest

    total $1,009,887

  • 22 · Depreciation, depletion and amortization

    total $1,488,994

  • 24a · Other expenses: COST OF POWER

    total $6,934,238

  • 24b · Other expenses: DISTRIBUTION EXPENSE -

    total $1,398,824

  • 24c · Other expenses: DISTRIBUTION EXPENSE -

    total $957,123

  • 24d · Other expenses: ADMINISTRATIVE AND GENE

    total $857,094

  • 24e · All other expenses

    total $594,688

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $82,846 · end of year $76,914

  • 2 · Savings and temporary cash investments

    beginning of year $182,511 · end of year $371,784

  • 4 · Accounts receivable

    beginning of year $1,969,947 · end of year $1,621,962

  • 7 · Other notes and loans receivable

    beginning of year $1,277,352 · end of year $1,259,106

  • 8 · Inventories for sale or use

    beginning of year $1,094,362 · end of year $949,255

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,026,799 · end of year $979,347

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

    $62,226,658

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

    $20,178,716

  • 10c · Land, buildings and equipment, net

    beginning of year $39,941,672 · end of year $42,047,942

  • 13 · Investments: program-related

    beginning of year $3,959,872 · end of year $4,095,310

  • 15 · Other assets

    beginning of year $63,963 · end of year $104,806

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,036,062 · end of year $1,601,038

  • 23 · Secured mortgages and notes payable

    beginning of year $27,008,274 · end of year $28,266,345

  • 25 · Other liabilities

    beginning of year $229,821 · end of year $545,221

  • 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 $20,325,167 · end of year $21,093,822

Mission and programs · 2025

Mission

TO DISTRIBUTE ELECTRIC ENERGY TO OUR MEMBER-CONSUMERS OF RURAL RESIDENTIAL, SMALL COMMERCIAL, LARGE POWER AND PUBLIC AUTHORITY USERS IN A MANNER CONSISTENT WITH SOUND BUSINESS PRACTICES.

Activities or mission (Part I)

TO DISTRIBUTE ELECTRIC ENERGY TO OUR MEMBERS IN A MANNER CONSISTENT WITH SOUND BUSINESS PRACTICES.

  • WE DISTRIBUTED ELECTRIC ENERGY TO 6,095 MEMBER-CONSUMERS OF RURAL RESIDENTIAL, SMALL COMMERCIAL, LARGE POWER AND PUBLIC AUTHORITY USERS IN A MANNER CONSISTENT WITH SOUND BUSINESS PRACTICES. WE INSTALLED 75 NEW SERVICES AND RETIRED 73 SERVICES. WE ADDED 2.54 MILES OF OVERHEAD LINE AND RETIRED 1.86 MILES OF OVERHEAD LINE. WE INSTALLED 4.41 MILES OF UNDERGROUND LINE AND RETIRED 0.85 MILES OF UNDERGROUND LINE.

As filed on the 2025 return.

Listed in Part VII

  • Marilyn Werner

    PRESIDENT

    Total calculated
    $10,150
    From this org
    $10,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.41

  • Mark Herzberg

    VICE PRESIDENT

    Total calculated
    $4,000
    From this org
    $4,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.9

  • Kay Fast-Deyoe

    SECRETARY

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.19

  • Jason Smith

    TREASURER

    Total calculated
    $3,250
    From this org
    $3,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.16

  • Adam Boswell

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.71

  • Dana Morgan

    DIRECTOR

    Total calculated
    $4,750
    From this org
    $4,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.88

  • Dale Walkup

    DIRECTOR

    Total calculated
    $3,750
    From this org
    $3,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Terry Barnes

    DIRECTOR

    Total calculated
    $4,500
    From this org
    $4,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.64

  • Alan Spencer

    DIRECTOR

    Total calculated
    $3,500
    From this org
    $3,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.62

  • Bonnie Larson

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.33

  • Justin Akers

    DIRECTOR

    Total calculated
    $1,000
    From this org
    $1,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.15

  • Phil Kinser

    CEO/GENERAL MANAGER

    Total calculated
    $237,855
    From this org
    $195,521
    From related orgs
    $0
    Other
    $42,334
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,521
    Bonus
    $0
    Other
    $0
    Deferred
    $16,770
    Nontaxable benefits
    $25,564
    Filer's total
    $237,855

  • Justin Murphy

    DIRECTOR OF OPERATIONS

    Total calculated
    $147,646
    From this org
    $110,914
    From related orgs
    $0
    Other
    $36,732
    Hours/week
    40

  • Shayne Larson

    LINEMAN

    Total calculated
    $139,936
    From this org
    $105,023
    From related orgs
    $0
    Other
    $34,913
    Hours/week
    44

  • Lester Helvie

    FOREMAN

    Total calculated
    $137,510
    From this org
    $101,089
    From related orgs
    $0
    Other
    $36,421
    Hours/week
    43

  • Sarah Newton

    DIRECTOR OF FINANCE & ADMIN. SERV.

    Total calculated
    $135,330
    From this org
    $100,531
    From related orgs
    $0
    Other
    $34,799
    Hours/week
    40

  • Lucas Brockshus

    LINEMAN

    Total calculated
    $131,595
    From this org
    $102,018
    From related orgs
    $0
    Other
    $29,577
    Hours/week
    45

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

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
2025
Filed
30 May 2026
IRS schema version
2025v4.1
Source object
202641529349301319

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