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Nonprofiteer
← INTER-COUNTY ENERGY COOPERATIVE CORPORATION

Form 990 for tax year 2023

Filed by INTER-COUNTY ENERGY COOPERATIVE CORPORATION.

Totals

Total revenue
$70,820,953
Total expenses
$70,820,953
Contributions and grants received
$0
Grants paid
$6,000
Program service revenue
$69,053,265
Investment income
$216,602
Other revenue
$1,551,086
Total assets, end of year
$155,321,919
Total liabilities, end of year
$94,703,653
Net assets or fund balances, end of year
$60,618,266
Program services expenses (Part IX)
$70,820,953
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$70,820,953

Program services were 100.0% 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: PROVIDE ELECTRIC SERVICE

    total $69,052,965 · related or exempt $69,052,965

  • 2b · Program service revenue: ELECTRIC MERCHANDISE

    total $300 · related or exempt $300

  • 3 · Investment income

    total $216,602 · excluded $216,602

  • 11a · Other revenue: G&T CAPITAL CREDITS

    total $757,826 · related or exempt $757,826

  • 11b · Other revenue: JOINT USE ATTACHMENTS

    total $647,067 · excluded $647,067

  • 11c · Other revenue: CAPITAL CREDITS ALLOCATED

    total $257,705 · related or exempt $257,705

  • 11d · All other revenue

    total -$111,512 · excluded -$111,512

  • 11e · Other revenue, total

    $1,551,086

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $6,000 · program services $6,000

  • 4 · Benefits paid to or for members

    total $3,200,470 · program services $3,200,470

  • 5 · Compensation of officers, directors and key employees

    total $351,808 · program services $351,808

  • 7 · Other salaries and wages

    total $5,356,701 · program services $5,356,701

  • 8 · Pension plan contributions

    total $1,100,833 · program services $1,100,833

  • 9 · Other employee benefits

    total $949,054 · program services $949,054

  • 10 · Payroll taxes

    total $436,605 · program services $436,605

  • 11b · Fees: legal

    total $44,621 · program services $44,621

  • 11c · Fees: accounting

    total $26,975 · program services $26,975

  • 12 · Advertising and promotion

    total $794 · program services $794

  • 13 · Office expenses

    total $306,740 · program services $306,740

  • 20 · Interest

    total $1,990,313 · program services $1,990,313

  • 22 · Depreciation, depletion and amortization

    total $4,987,428 · program services $4,987,428

  • 23 · Insurance

    total $319,641 · program services $319,641

  • 24a · Other expenses: COST OF POWER

    total $48,049,410 · program services $48,049,410

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $4,086,636 · program services $4,086,636

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $3,539,625 · program services $3,539,625

  • 24d · Other expenses: ADMINISTRATIVE AND GENE

    total $2,437,439 · program services $2,437,439

  • 24e · All other expenses

    total -$6,370,140 · program services -$6,370,140

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,108,631 · end of year $3,699,405

  • 4 · Accounts receivable

    beginning of year $7,207,046 · end of year $7,409,491

  • 8 · Inventories for sale or use

    beginning of year $991,971 · end of year $2,104,154

  • 9 · Prepaid expenses and deferred charges

    beginning of year $334,525 · end of year $263,697

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

    $156,018,886

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

    $52,554,663

  • 10c · Land, buildings and equipment, net

    beginning of year $98,907,784 · end of year $103,464,223

  • 12 · Investments: other securities

    beginning of year $5,011,364 · end of year $3,000,000

  • 13 · Investments: program-related

    beginning of year $33,839,487 · end of year $34,778,563

  • 15 · Other assets

    beginning of year $502,600 · end of year $602,386

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,926,163 · end of year $7,043,167

  • 23 · Secured mortgages and notes payable

    beginning of year $78,910,407 · end of year $80,976,746

  • 25 · Other liabilities

    beginning of year $7,000,499 · end of year $6,683,740

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,121,735 · end of year $1,126,755

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year -$916,138 · end of year -$408,595

  • 31 · Retained earnings, endowment or other funds

    beginning of year $56,860,742 · end of year $59,900,106

Mission and programs · 2023

Mission

PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 27,747 CUSTOMERS PER MONTH.

  • PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE APPROXIMATELY 27,747 CONSUMERS PER MONTH.

    Expenses $70,820,953 · Revenue $70,068,796

As filed on the 2023 return.

Listed in Part VII

  • Joe Spalding

    CHAIRMAN

    Total calculated
    $20,289
    From this org
    $20,289
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Jason Todd

    VICE CHAIRMAN

    Total calculated
    $25,644
    From this org
    $25,644
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • James Kevin Preston

    SEC/TREAS

    Total calculated
    $23,201
    From this org
    $23,201
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • William Goggin

    DIRECTOR

    Total calculated
    $18,834
    From this org
    $18,834
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • William Peyton

    DIRECTOR

    Total calculated
    $15,614
    From this org
    $15,614
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Louis Kerrick

    DIRECTOR

    Total calculated
    $18,837
    From this org
    $18,837
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Jerry Carter

    PRESIDENT/CEO

    Total calculated
    $269,130
    From this org
    $229,388
    From related orgs
    $0
    Other
    $39,742
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $229,388
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $39,742
    Filer's total
    $269,130

  • David Phelps

    VP OPERATIONS

    Total calculated
    $191,655
    From this org
    $162,344
    From related orgs
    $0
    Other
    $29,311
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $162,344
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $29,311
    Filer's total
    $191,655

  • Lori Stocker

    VP, OFFICE SERVICES

    Total calculated
    $159,552
    From this org
    $123,304
    From related orgs
    $0
    Other
    $36,248
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $123,304
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $36,248
    Filer's total
    $159,552

  • Dan Hitchcock

    VP, MEMBER SERVICES

    Total calculated
    $163,141
    From this org
    $137,564
    From related orgs
    $0
    Other
    $25,577
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $137,564
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $25,577
    Filer's total
    $163,141

  • Kasey Walls

    CREW LEADER

    Total calculated
    $141,709
    From this org
    $123,360
    From related orgs
    $0
    Other
    $18,349
    Hours/week
    61

  • Alyssa Kurtz

    VP OF FINANCE & ADMIN

    Total calculated
    $151,274
    From this org
    $134,069
    From related orgs
    $0
    Other
    $17,205
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $134,069
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $17,205
    Filer's total
    $151,274

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
2023
Filed
27 September 2024
IRS schema version
2023v5.1
Source object
202432889349300933

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