Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRICITY SALES

  total $98,499,452 · related or exempt $98,499,452

• 2b · Program service revenue: ELECTRICITY WHEELING

  total $2,162,264 · related or exempt $2,162,264

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $837,376 · related or exempt $837,376

• 2d · Program service revenue: SERVICE FEES

  total $230,925 · related or exempt $230,925

• 2e · Program service revenue: OTHER

  total $75 · related or exempt $75

• 3 · Investment income

  total $97,051 · excluded $97,051

• 6a · Gross rents

  real property $146,873 · personal property $823,977

• 6b · Less rental expenses

  real property $19,157 · personal property $0

• 6c · Rental income or loss

  real property $127,716 · personal property $823,977

• 6d · Net rental income or loss

  total $951,693 · unrelated business $127,716 · excluded $823,977

• 10a · Gross sales of inventory

  $71,105

• 10b · Cost of goods sold

  $50,736

• 10c · Net income from sales of inventory

  total $20,369 · related or exempt $20,369

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $36,848

• 4 · Benefits paid to or for members

  total $3,154,608

• 5 · Compensation of officers, directors and key employees

  total $1,540,358

• 7 · Other salaries and wages

  total $8,060,510

• 8 · Pension plan contributions

  total $1,504,981

• 9 · Other employee benefits

  total $1,291,993

• 10 · Payroll taxes

  total $659,742

• 20 · Interest

  total $5,683,359

• 22 · Depreciation, depletion and amortization

  total $7,574,577

• 24a · Other expenses: PURCHASED POWER

  total $57,881,721

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $4,394,084

• 24c · Other expenses: ADMINISTRATIVE & GENERA

  total $4,352,299

• 24d · Other expenses: TRANSMISSION EXPENSE

  total $3,020,681

• 24e · All other expenses

  total $3,643,444

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,290,950 · end of year $2,166,885

• 4 · Accounts receivable

  beginning of year $13,349,546 · end of year $8,214,518

• 8 · Inventories for sale or use

  beginning of year $5,019,122 · end of year $6,005,189

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,724,277 · end of year $1,441,535

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

  $253,058,309

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

  $55,969,529

• 10c · Land, buildings and equipment, net

  beginning of year $181,722,570 · end of year $197,088,780

• 13 · Investments: program-related

  beginning of year $7,782,256 · end of year $7,575,269

• 15 · Other assets

  beginning of year $572,732 · end of year $396,323

• 17 · Accounts payable and accrued expenses

  beginning of year $10,732,827 · end of year $9,916,012

• 23 · Secured mortgages and notes payable

  beginning of year $117,695,654 · end of year $125,827,049

• 25 · Other liabilities

  beginning of year $10,232,287 · end of year $10,170,832

• 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 $2,654,304 · end of year $2,610,993

• 31 · Retained earnings, endowment or other funds

  beginning of year $72,146,381 · end of year $74,363,613

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART II, COLUMN C

INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS.