Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $17,070,044 · related or exempt $17,070,044

• 2b · Program service revenue: SERVICE FEES

  total $153,088 · related or exempt $153,088

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $146,115 · related or exempt $146,115

• 3 · Investment income

  total $48,974 · excluded $48,974

• 6a · Gross rents

  real property $5,400

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $5,400

• 6d · Net rental income or loss

  total $5,400 · excluded $5,400

• 7a · Gross sales of assets other than inventory

  other assets $41,763

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

  other assets $0

• 7c · Gain or loss

  other assets $41,763

• 7d · Net gain or loss

  total $41,763 · related or exempt $41,763

• 10a · Gross sales of inventory

  $244

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $244 · related or exempt $244

• 11a · Other revenue: MISCELLANEOUS NON-OPERATING INCOM

  total $11,950 · excluded $11,950

• 11e · Other revenue, total

  $11,950

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $8,154

• 4 · Benefits paid to or for members

  total $428,488

• 5 · Compensation of officers, directors and key employees

  total $458,536

• 7 · Other salaries and wages

  total $1,238,840

• 8 · Pension plan contributions

  total $175,687

• 9 · Other employee benefits

  total $290,043

• 10 · Payroll taxes

  total $100,271

• 20 · Interest

  total $355,872

• 22 · Depreciation, depletion and amortization

  total $1,298,990

• 24a · Other expenses: PURCHASED POWER

  total $11,801,121

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $744,389

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $502,899

• 24d · Other expenses: CONSUMER EXPENSE

  total $74,288

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $268,229 · end of year $329,948

• 2 · Savings and temporary cash investments

  end of year $999,622

• 4 · Accounts receivable

  beginning of year $1,508,308 · end of year $1,554,806

• 8 · Inventories for sale or use

  beginning of year $828,912 · end of year $771,795

• 9 · Prepaid expenses and deferred charges

  beginning of year $468,887 · end of year $268,149

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

  $41,739,745

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

  $16,550,978

• 10c · Land, buildings and equipment, net

  beginning of year $23,802,016 · end of year $25,188,767

• 12 · Investments: other securities

  beginning of year $2,823,075 · end of year $874,080

• 13 · Investments: program-related

  beginning of year $11,038,482 · end of year $10,118,109

• 15 · Other assets

  beginning of year $637,533 · end of year $551,260

• 17 · Accounts payable and accrued expenses

  beginning of year $1,440,782 · end of year $1,238,941

• 21 · Escrow or custodial account liability

  beginning of year $290,535 · end of year $359,318

• 23 · Secured mortgages and notes payable

  beginning of year $7,473,744 · end of year $5,755,798

• 25 · Other liabilities

  beginning of year $1,814,212 · end of year $2,267,040

• 29 · Capital stock, trust principal or current funds

  beginning of year $59,090 · end of year $58,865

• 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 $30,297,079 · end of year $30,976,574

The filer's explanations (Part III)

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, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. 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. KENDALL MONTGOMERY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 53,606 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,200 TOTAL REPORTED IN COLUMN C $ 56,806 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (53,606) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,353 EXPENSE TO THE COOPERATIVE $ 33,553

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• FORT BELKNAP SERVICES CORPORATION AND SUBSIDIARY

  C · SURVEYING, MAPPING FOR PIPELINES/EQUITY INVESTMENTS · TX · 100% owned · share of income $857,146 · share of assets $907,310 · controlled entity

  Directly controlled by FORT BELKNAP ELECTRIC COOPERATIVE INC