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Nonprofiteer
← MIDSTATE ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by MIDSTATE ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$40,163,355
Total expenses
$40,163,355
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$39,539,864
Investment income
$418,569
Other revenue
$204,922
Total assets, end of year
$97,783,444
Total liabilities, end of year
$63,342,205
Net assets or fund balances, end of year
$34,441,239
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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 Sales

    total $39,519,000 · related or exempt $39,519,000 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Dark Fiber Leasing

    total $17,851 · related or exempt $0 · unrelated business $17,851 · excluded $0

  • 2c · Program service revenue: Outside Billing

    total $3,013 · related or exempt $3,013 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $418,569 · related or exempt $0 · unrelated business $0 · excluded $418,569

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

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $66,214 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $66,214 · personal property $0

  • 6d · Net rental income or loss

    total $66,214 · related or exempt $66,214 · unrelated business $0 · excluded $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: Gain on Disposition of Property

    total $138,708 · related or exempt $138,708 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $138,708

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,568,673

  • 5 · Compensation of officers, directors and key employees

    total $942,755

  • 6 · Compensation of disqualified persons

    total $3,655,642

  • 8 · Pension plan contributions

    total $1,274,198

  • 9 · Other employee benefits

    total $1,343,714

  • 10 · Payroll taxes

    total $578,586

  • 11a · Fees: management

    total $17,850

  • 11b · Fees: legal

    total $52,636

  • 11c · Fees: accounting

    total $26,225

  • 11g · Fees: other

    total $1,000,207

  • 12 · Advertising and promotion

    total $780,282

  • 13 · Office expenses

    total $167,551

  • 14 · Information technology

    total $848,993

  • 17 · Travel

    total $100,112

  • 19 · Conferences, conventions and meetings

    total $503,344

  • 20 · Interest

    total $2,031,603

  • 22 · Depreciation, depletion and amortization

    total $3,758,312

  • 23 · Insurance

    total $277,757

  • 24a · Other expenses: Cost of Power

    total $18,393,735

  • 24b · Other expenses: Taxes

    total $927,390

  • 24e · All other expenses

    total $1,913,790

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $439,688 · end of year $200,026

  • 2 · Savings and temporary cash investments

    beginning of year $53,479 · end of year $305,718

  • 4 · Accounts receivable

    beginning of year $5,174,469 · end of year $4,625,242

  • 8 · Inventories for sale or use

    beginning of year $3,525,298 · end of year $6,188,965

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,988,526 · end of year $1,688,616

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

    $152,440,037

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

    $70,390,736

  • 10c · Land, buildings and equipment, net

    beginning of year $72,291,244 · end of year $82,049,301

  • 13 · Investments: program-related

    beginning of year $2,606,688 · end of year $2,725,576

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,074,526 · end of year $3,430,908

  • 23 · Secured mortgages and notes payable

    beginning of year $43,802,166 · end of year $53,580,544

  • 25 · Other liabilities

    beginning of year $5,385,806 · end of year $6,330,753

  • 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 $4,559,493 · end of year $5,194,954

  • 31 · Retained earnings, endowment or other funds

    beginning of year $29,257,401 · end of year $29,246,285

Mission and programs · 2023

Mission

Midstate Electric Cooperative provides cost-effective reliable utility services to its members.

Activities or mission (Part I)

Delivering and selling electricity to the members of the Cooperative.

  • Distribution of electricity to members: 17,752 members

  • BPA Weatherization Programs:29 jobs completed

As filed on the 2023 return.

Listed in Part VII

  • James Anderson

    General Manager

    Total calculated
    $474,485
    From this org
    $304,026
    From related orgs
    $0
    Other
    $170,459
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $299,738
    Bonus
    $0
    Other
    $4,288
    Deferred
    $126,984
    Nontaxable benefits
    $47,165
    Filer's total
    $478,175

  • Pat Barker

    Working Foreman Area Coordinator

    Total calculated
    $310,102
    From this org
    $240,763
    From related orgs
    $0
    Other
    $69,339
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $140,472
    Bonus
    $31,062
    Other
    $69,229
    Deferred
    $38,811
    Nontaxable benefits
    $32,400
    Filer's total
    $311,974

  • Jami Steinhauer

    Accounting Manager

    Total calculated
    $292,581
    From this org
    $181,672
    From related orgs
    $0
    Other
    $110,909
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $175,740
    Bonus
    $1,500
    Other
    $4,432
    Deferred
    $103,159
    Nontaxable benefits
    $10,065
    Filer's total
    $294,896

  • Tom Weller

    Engineering Manager

    Total calculated
    $290,263
    From this org
    $183,492
    From related orgs
    $0
    Other
    $106,771
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $172,139
    Bonus
    $1,500
    Other
    $9,853
    Deferred
    $73,642
    Nontaxable benefits
    $35,414
    Filer's total
    $292,548

  • Gary Green

    Serviceman

    Total calculated
    $269,153
    From this org
    $206,047
    From related orgs
    $0
    Other
    $63,106
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $122,201
    Bonus
    $1,620
    Other
    $82,227
    Deferred
    $35,972
    Nontaxable benefits
    $28,752
    Filer's total
    $270,772

  • Chad Wearin

    Line Foreman

    Total calculated
    $262,570
    From this org
    $195,408
    From related orgs
    $0
    Other
    $67,162
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $119,771
    Bonus
    $1,360
    Other
    $74,277
    Deferred
    $23,687
    Nontaxable benefits
    $45,023
    Filer's total
    $264,118

  • Tyler Graff

    Line Foreman

    Total calculated
    $232,568
    From this org
    $199,934
    From related orgs
    $0
    Other
    $32,634
    Hours/week
    51

    Schedule J breakdown matched by us

    Base
    $134,814
    Bonus
    $1,500
    Other
    $63,619
    Deferred
    $17,432
    Nontaxable benefits
    $16,750
    Filer's total
    $234,115

  • Tyler Peterson

    Lineman

    Total calculated
    $208,551
    From this org
    $204,159
    From related orgs
    $0
    Other
    $4,392
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $111,419
    Bonus
    $1,780
    Other
    $90,960
    Deferred
    $1,098
    Nontaxable benefits
    $4,502
    Filer's total
    $209,759

  • Dan Jansen

    Director

    Total calculated
    $42,422
    From this org
    $42,422
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Victor Russell

    Director

    Total calculated
    $35,459
    From this org
    $35,459
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Tanna King

    Secretary / Treasurer

    Total calculated
    $35,301
    From this org
    $35,301
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Alan Parks

    Director

    Total calculated
    $34,844
    From this org
    $34,844
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Garry Journey

    Director

    Total calculated
    $34,394
    From this org
    $34,394
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Richard Luebke

    Chairman

    Total calculated
    $25,356
    From this org
    $25,356
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Wayne Ernst

    Director

    Total calculated
    $25,281
    From this org
    $25,281
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Ron Cass

    Vice Chairman

    Total calculated
    $23,331
    From this org
    $23,331
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Donovan Kendall

    Director

    Total calculated
    $18,986
    From this org
    $18,986
    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 · Independent compensation consultant

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
2023
Filed
2 May 2024
IRS schema version
2023v5.0
Source object
202401279349302060

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