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Nonprofiteer
← FREESTATE ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by FREESTATE ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$45,744,996
Total expenses
$45,744,996
Contributions and grants received
$0
Grants paid
$10,924
Program service revenue
$45,366,168
Investment income
$327,866
Other revenue
$50,962
Total assets, end of year
$125,115,119
Total liabilities, end of year
$78,950,181
Net assets or fund balances, end of year
$46,164,938
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: SALE OF ELECTRICITY

    total $42,461,713 · related or exempt $42,461,713

  • 2b · Program service revenue: CONTRACT REVENUES

    total $2,498,374 · related or exempt $2,498,374

  • 2c · Program service revenue: OTHER COOPERATIVE CAPITAL CREDITS

    total $406,081 · related or exempt $406,081

  • 3 · Investment income

    total $252,866 · excluded $252,866

  • 7a · Gross sales of assets other than inventory

    other assets $75,000

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

    other assets $0

  • 7c · Gain or loss

    other assets $75,000

  • 7d · Net gain or loss

    total $75,000 · excluded $75,000

  • 10a · Gross sales of inventory

    $44,230

  • 10b · Cost of goods sold

    $29,399

  • 10c · Net income from sales of inventory

    total $14,831 · related or exempt $14,831

  • 11a · Other revenue: NONOPERATING REVENUE

    total $36,131 · related or exempt $36,131

  • 11e · Other revenue, total

    $36,131

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,924

  • 4 · Benefits paid to or for members

    total $1,338,166

  • 5 · Compensation of officers, directors and key employees

    total $633,190

  • 20 · Interest

    total $2,270,399

  • 22 · Depreciation, depletion and amortization

    total $5,611,788

  • 24a · Other expenses: COST OF POWER

    total $23,097,183

  • 24b · Other expenses: ADMINISTRATIVE AND GENE

    total $4,404,519

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $3,565,836

  • 24d · Other expenses: DISTRIBUTION - OPERATIO

    total $3,301,489

  • 24e · All other expenses

    total $1,511,502

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $188,392 · end of year $134,264

  • 2 · Savings and temporary cash investments

    beginning of year $5,848,226 · end of year $6,366,677

  • 4 · Accounts receivable

    beginning of year $5,920,913 · end of year $5,423,188

  • 7 · Other notes and loans receivable

    beginning of year $140,614 · end of year $324,680

  • 8 · Inventories for sale or use

    beginning of year $3,803,310 · end of year $4,276,105

  • 9 · Prepaid expenses and deferred charges

    beginning of year $210,652 · end of year $219,707

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

    $147,114,975

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

    $51,054,743

  • 10c · Land, buildings and equipment, net

    beginning of year $93,247,700 · end of year $96,060,232

  • 12 · Investments: other securities

    beginning of year $854,015 · end of year $850,242

  • 13 · Investments: program-related

    beginning of year $7,638,913 · end of year $7,859,832

  • 15 · Other assets

    beginning of year $3,971,804 · end of year $3,600,192

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,630,948 · end of year $3,750,635

  • 21 · Escrow or custodial account liability

    beginning of year $17,765 · end of year $29,453

  • 23 · Secured mortgages and notes payable

    beginning of year $58,115,413 · end of year $60,143,482

  • 25 · Other liabilities

    beginning of year $13,428,905 · end of year $15,026,611

  • 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 $45,631,508 · end of year $46,164,938

Mission and programs · 2023

Mission

TO PROVIDE RELIABLE ELECTRIC POWER AND RELATED SERVICES TO OUR MEMBERS AT THE MOST AFFORDABLE COST.

Activities or mission (Part I)

PROVIDE ELECTRIC POWER AND RELATED SERVICES TO MEMBERS

  • PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 15,694 MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Ralph Phillips

    TRUSTEE

    Total calculated
    $15,960
    From this org
    $15,960
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6

  • Robert Sage

    TRUSTEE

    Total calculated
    $8,466
    From this org
    $8,466
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.1

  • Don Montgomery

    SECRETARY

    Total calculated
    $12,141
    From this org
    $12,141
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.2

  • Larry Butel

    TREASURER

    Total calculated
    $10,516
    From this org
    $10,516
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4

  • Mark Wulfkuhle

    VICE PRESIDENT

    Total calculated
    $13,516
    From this org
    $13,516
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.1

  • Bill Conley

    TRUSTEE

    Total calculated
    $10,216
    From this org
    $10,216
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.6

  • Jeanine Murphy

    PRESIDENT

    Total calculated
    $10,666
    From this org
    $10,666
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Matt Turecek

    TRUSTEE

    Total calculated
    $9,116
    From this org
    $9,116
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.9

  • Karol Lohman

    TRUSTEE

    Total calculated
    $13,966
    From this org
    $13,966
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.8

  • Christopher Parr

    CEO

    Total calculated
    $306,625
    From this org
    $235,891
    From related orgs
    $0
    Other
    $70,734
    Hours/week
    43.2

    Schedule J breakdown matched by us

    Base
    $233,091
    Bonus
    $0
    Other
    $2,800
    Deferred
    $39,672
    Nontaxable benefits
    $33,555
    Filer's total
    $309,118

  • Jill Taggart

    CFO

    Total calculated
    $183,745
    From this org
    $131,297
    From related orgs
    $0
    Other
    $52,448
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $127,289
    Bonus
    $2,500
    Other
    $1,508
    Deferred
    $21,387
    Nontaxable benefits
    $32,455
    Filer's total
    $185,139

  • Zachary Sterling

    CHIEF OPERATIONS MANAGER

    Total calculated
    $223,309
    From this org
    $139,200
    From related orgs
    $0
    Other
    $84,109
    Hours/week
    43.8

    Schedule J breakdown matched by us

    Base
    $134,950
    Bonus
    $1,500
    Other
    $2,750
    Deferred
    $53,048
    Nontaxable benefits
    $32,528
    Filer's total
    $224,776

  • Michelle Kippes-Meyer

    ACCOUNTING MANAGER

    Total calculated
    $198,077
    From this org
    $131,248
    From related orgs
    $0
    Other
    $66,829
    Hours/week
    40.1

    Schedule J breakdown matched by us

    Base
    $126,248
    Bonus
    $5,000
    Other
    $0
    Deferred
    $34,388
    Nontaxable benefits
    $33,843
    Filer's total
    $199,479

  • Kyle Hallgren

    JOURNEYMAN LINEMAN

    Total calculated
    $180,773
    From this org
    $139,184
    From related orgs
    $0
    Other
    $41,589
    Hours/week
    52.6

    Schedule J breakdown matched by us

    Base
    $139,184
    Bonus
    $0
    Other
    $0
    Deferred
    $9,898
    Nontaxable benefits
    $32,752
    Filer's total
    $181,834

  • Brent Edgecomb

    CHIEF INFORMATION OFFICER

    Total calculated
    $168,188
    From this org
    $127,857
    From related orgs
    $0
    Other
    $40,331
    Hours/week
    43.6

    Schedule J breakdown matched by us

    Base
    $125,857
    Bonus
    $2,000
    Other
    $0
    Deferred
    $15,246
    Nontaxable benefits
    $26,424
    Filer's total
    $169,527

  • Gregory Kramer

    LINE FOREMAN-JOURNEYMAN

    Total calculated
    $191,615
    From this org
    $128,034
    From related orgs
    $0
    Other
    $63,581
    Hours/week
    48.9

    Schedule J breakdown matched by us

    Base
    $128,034
    Bonus
    $0
    Other
    $0
    Deferred
    $32,519
    Nontaxable benefits
    $32,196
    Filer's total
    $192,749

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)

SCHEDULE J, PART II, COLUMN C
INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR EACH PARTICIPANT RATHER THAN THE ACTUAL CONTRIBUTION PAID TO THE PLAN. CHRISTOPHER PARR CHANGE IN ACTUARIAL VALUE: 32,577 CONTRIBUTION TO THE PLAN BY THE COOPERATIVE: $54,148 ZACHARY STERLING CHANGE IN ACTUARIAL VALUE: $46,986 CONTRIBUTION TO THE PLAN BY THE COOPERATIVE: $31,777 MICHELLE KIPPES-MEYER CHANGE IN ACTUARIAL VALUE: $30,445 CONTRIBUTION TO THE PLAN BY THE COOPERATIVE: $30,384 GREGORY KRAMER CHANGE IN ACTUARIAL VALUE: $29,319 CONTRIBUTION TO THE PLAN BY THE COOPERATIVE: $24,571 KYLE HALLGREN CHANGE IN ACTUARIAL VALUE: $6,920 CONTRIBUTION TO THE PLAN BY THE COOPERATIVE: 22,949 JILL TAGGART CHANGE IN ACTUARIAL VALUE: 17,446 CONTRIBUTION TO THE PLAN BY THE COOPERATIVE: 30,242 BRENT EDGECOMB CHANGE IN ACTUARIAL VALUE: $11,360 CONTRIBUTION TO THE PLAN BY THE COOPERATIVE: $28,999

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.

Provenance

Return type
form_990
Tax year
2023
Filed
29 October 2024
IRS schema version
2023v5.1
Source object
202403049349301110

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