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Nonprofiteer
← PAULDING-PUTNAM ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by PAULDING-PUTNAM ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$47,142,326
Total expenses
$47,142,326
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$44,802,489
Investment income
$2,189,623
Other revenue
$150,214
Total assets, end of year
$124,568,771
Total liabilities, end of year
$47,857,122
Net assets or fund balances, end of year
$76,711,649
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$46,606,247

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 TO MEMBERS

    total $44,605,716 · related or exempt $44,605,716

  • 2b · Program service revenue: METER READ & RECONNECT FEES

    total $196,773 · related or exempt $196,773

  • 3 · Investment income

    total $2,135,648 · related or exempt $1,620,567 · excluded $515,081

  • 6a · Gross rents

    real property $101,549

  • 6c · Rental income or loss

    real property $101,549

  • 6d · Net rental income or loss

    total $101,549 · excluded $101,549

  • 7a · Gross sales of assets other than inventory

    other assets $53,975

  • 7c · Gain or loss

    other assets $53,975

  • 7d · Net gain or loss

    total $53,975 · related or exempt $53,975

  • 11a · Other revenue: SHARED SERVICES

    total $33,033 · related or exempt $33,033

  • 11b · Other revenue: OTHER NON-OPERATING INCOME

    total $15,632 · related or exempt $15,632

  • 11e · Other revenue, total

    $48,665

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,339,046

  • 7 · Other salaries and wages

    total $2,101,098

  • 9 · Other employee benefits

    total $68,777

  • 10 · Payroll taxes

    total $195,184

  • 11a · Fees: management

    total $153,415

  • 11b · Fees: legal

    total $12,222

  • 11c · Fees: accounting

    total $23,052

  • 13 · Office expenses

    total $35,164

  • 16 · Occupancy

    total $2,020,596

  • 17 · Travel

    total $61,762

  • 19 · Conferences, conventions and meetings

    total $101,934

  • 20 · Interest

    total $1,773,736

  • 22 · Depreciation, depletion and amortization

    total $3,811,508

  • 23 · Insurance

    total $79,248

  • 24a · Other expenses: PURCHASED POWER COST

    total $29,347,421

  • 24b · Other expenses: PROPERTY TAXES

    total $1,192,697

  • 24c · Other expenses: DUES TO ASSOC ORGANIZATNS

    total $260,336

  • 24d · Other expenses: DATA PROCESSING EXPENSE

    total $231,782

  • 24e · All other expenses

    total $1,333,348

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $811,300 · end of year $548,004

  • 2 · Savings and temporary cash investments

    beginning of year $482,421 · end of year $283,806

  • 4 · Accounts receivable

    beginning of year $2,917,721 · end of year $2,428,730

  • 7 · Other notes and loans receivable

    beginning of year $14,622 · end of year $7,119

  • 8 · Inventories for sale or use

    beginning of year $1,006,240 · end of year $989,359

  • 9 · Prepaid expenses and deferred charges

    beginning of year $171,403 · end of year $206,369

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

    $123,480,381

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

    $27,879,673

  • 10c · Land, buildings and equipment, net

    beginning of year $90,371,350 · end of year $95,600,708

  • 12 · Investments: other securities

    beginning of year $24,788,703 · end of year $24,489,067

  • 15 · Other assets

    beginning of year $15,045 · end of year $15,609

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,068,989 · end of year $6,684,453

  • 23 · Secured mortgages and notes payable

    beginning of year $39,843,708 · end of year $41,012,294

  • 25 · Other liabilities

    beginning of year $172,125 · end of year $160,375

  • 29 · Capital stock, trust principal or current funds

    beginning of year $63,293 · end of year $61,783

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

    beginning of year $74,430,690 · end of year $76,649,866

Mission and programs · 2023

Mission

DISTRIBUTE ELECTRICITY SAFELY, RELIABLY AND AFFORDABLY TO OUR MEMBERS/CONSUMERS.

  • DISTRIBUTION OF ELECTRICAL ENERGY TO 14,023 CONSUMERS AT 13,649 SERVICE POINTS AND THE MAINTENANCE OF APPROXIMATELY 1,725 MILES OF OVERHEAD AND UNDERGROUND DISTRIBUTION LINES.

    Expenses $46,606,247 · Revenue $44,802,489

As filed on the 2023 return.

Listed in Part VII

  • George Carter

    CEO

    Total calculated
    $321,268
    From this org
    $281,290
    From related orgs
    $0
    Other
    $39,978
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $281,290
    Bonus
    not reported
    Other
    not reported
    Deferred
    $23,713
    Nontaxable benefits
    $16,265
    Filer's total
    $321,268

  • Randy Price

    CEO

    Total calculated
    $210,190
    From this org
    $166,242
    From related orgs
    $0
    Other
    $43,948
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,242
    Bonus
    not reported
    Other
    not reported
    Deferred
    $25,183
    Nontaxable benefits
    $18,765
    Filer's total
    $210,190

  • Timothy Bowley

    OPERATIONS M

    Total calculated
    $134,642
    From this org
    $134,642
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Rob Weisenburger

    SYSTEM ENGIN

    Total calculated
    $126,952
    From this org
    $126,952
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Doug Johanns

    SENIOR STAKI

    Total calculated
    $114,921
    From this org
    $114,921
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • John McMaster

    LINE SUPERVI

    Total calculated
    $113,306
    From this org
    $113,306
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Andrew Hermiller

    LINEMAN SUPE

    Total calculated
    $111,633
    From this org
    $111,633
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Steven McMichael

    CHAIRMAN

    Total calculated
    $20,820
    From this org
    $20,710
    From related orgs
    $0
    Other
    $110
    Hours/week
    8.59

  • Joseph Kohnen

    VICE-CHAIRMA

    Total calculated
    $19,183
    From this org
    $19,073
    From related orgs
    $0
    Other
    $110
    Hours/week
    7.77

  • Ronald Black

    SECRETARY/TR

    Total calculated
    $17,819
    From this org
    $17,725
    From related orgs
    $0
    Other
    $94
    Hours/week
    8.31

  • John M Saxton

    TRUSTEE

    Total calculated
    $16,949
    From this org
    $16,875
    From related orgs
    $0
    Other
    $74
    Hours/week
    7.71

  • Adam Schnipke

    TRUSTEE

    Total calculated
    $16,785
    From this org
    $16,675
    From related orgs
    $0
    Other
    $110
    Hours/week
    7.23

  • Timothy A Derck

    TRUSTEE

    Total calculated
    $16,468
    From this org
    $16,358
    From related orgs
    $0
    Other
    $110
    Hours/week
    6.22

  • Bill Beckman

    TRUSTEE

    Total calculated
    $13,910
    From this org
    $13,800
    From related orgs
    $0
    Other
    $110
    Hours/week
    6.36

  • Ken W Niese

    TRUSTEE

    Total calculated
    $13,048
    From this org
    $12,938
    From related orgs
    $0
    Other
    $110
    Hours/week
    6.52

  • William Dowler

    TRUSTEE

    Total calculated
    $12,560
    From this org
    $12,450
    From related orgs
    $0
    Other
    $110
    Hours/week
    4.79

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 committee
  • 3 · Form 990 of other organizations
  • 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
13 November 2024
IRS schema version
2023v5.0
Source object
202413199349312856

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