Form 990 for tax year 2025

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $0

• 1b · Membership dues

  $0

• 1c · Fundraising events

  $0

• 1d · Related organizations

  $0

• 1e · Government grants (contributions)

  $0

• 1f · All other contributions, gifts and grants

  $0

• 1g · Noncash contributions included above

  $0

• 2a · Program service revenue: SALES OF ELECTRICITY-MEMBER COOPERATIVES

  total $1,144,266,725 · related or exempt $1,144,266,725 · unrelated business $0 · excluded $0

• 2b · Program service revenue: SALES OF ELECTRICITY-OTHER UTILITIES

  total $99,578,976 · related or exempt $99,578,976 · unrelated business $0 · excluded $0

• 2c · Program service revenue: STEAM SALES-MEMBER COOPERATIVES

  total $13,617,046 · related or exempt $13,617,046 · unrelated business $0 · excluded $0

• 2d · Program service revenue: TRANSMISSION SERVICE REVENUE

  total $4,236,478 · related or exempt $4,236,478 · unrelated business $0 · excluded $0

• 2e · Program service revenue: OTHER POWER SALES ARRANGEMENTS

  total $567,100 · related or exempt $567,100 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $4,753,549 · related or exempt $4,753,549 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $8,837,677 · related or exempt $8,837,677 · unrelated business $0 · excluded $0

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6a · Gross rents

  real property $0 · personal property $0

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 7a · Gross sales of assets other than inventory

  securities $0 · other assets $315,479

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

  securities $0 · other assets $191,610

• 7c · Gain or loss

  securities $0 · other assets $123,869

• 7d · Net gain or loss

  total $123,869 · related or exempt $123,869 · unrelated business $0 · excluded $0

• 8a · Fundraising events: gross income

  $0

• 8a · Fundraising events: contributions included on line 1c

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0 · unrelated business $0 · excluded $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11a · Other revenue: CAPITAL CREDITS

  total $480,502 · related or exempt $480,502 · unrelated business $0 · excluded $0

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

  total $666,295 · related or exempt $666,295 · unrelated business $0 · excluded $0

• 11c · Other revenue: GAIN FROM SALE OF ALLOWANCES

  total $11 · related or exempt $11 · unrelated business $0 · excluded $0

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $1,146,808

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $122,199

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $5,921,441

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $84,319,860

• 8 · Pension plan contributions

  total $14,162,389

• 9 · Other employee benefits

  total $15,050,353

• 10 · Payroll taxes

  total $7,026,758

• 11a · Fees: management

  total $2,430,006

• 11b · Fees: legal

  total $2,925,797

• 11c · Fees: accounting

  total $267,946

• 11d · Fees: lobbying

  total $6,000

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $9,574,413

• 12 · Advertising and promotion

  total $2,409,878

• 13 · Office expenses

  total $26,456,342

• 14 · Information technology

  total $1,636,963

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $17,850,605

• 17 · Travel

  total $4,629,188

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $87,128

• 20 · Interest

  total $114,321,028

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $148,538,474

• 23 · Insurance

  total $2,357,105

• 24a · Other expenses: FUEL (POWER GENERATION)

  total $341,445,927

• 24b · Other expenses: PURCHASED POWER

  total $223,612,601

• 24c · Other expenses: OTHER POWER PRODUCTION/POWER SUPPLY EXPENSE

  total $158,895,774

• 24d · Other expenses: OTHER TRANSMISSION AND DISTRIBUTION EXPENSE

  total $29,567,874

• 24e · All other expenses

  total $24,283,531

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $32,760,959 · end of year $20,306,747

• 2 · Savings and temporary cash investments

  beginning of year $192,348,963 · end of year $209,202,787

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $113,771,147 · end of year $136,078,744

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $88,212 · end of year $46,530

• 8 · Inventories for sale or use

  beginning of year $239,235,235 · end of year $219,117,723

• 9 · Prepaid expenses and deferred charges

  beginning of year $173,847,562 · end of year $144,447,951

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

  $5,490,252,729

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

  $2,049,352,603

• 10c · Land, buildings and equipment, net

  beginning of year $3,099,872,404 · end of year $3,440,900,126

• 11 · Investments: publicly traded securities

  beginning of year $15,006,225 · end of year $13,770,726

• 12 · Investments: other securities

  beginning of year $15,187,013 · end of year $16,632,108

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $1,029,507 · end of year $1,305,219

• 17 · Accounts payable and accrued expenses

  beginning of year $96,130,469 · end of year $157,754,227

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $0 · end of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $2,439,532,677 · end of year $2,624,248,241

• 24 · Unsecured notes and loans payable

  beginning of year $450,000,000 · end of year $410,000,000

• 25 · Other liabilities

  beginning of year $114,624,151 · end of year $186,262,021

• 27 · Net assets without donor restrictions

  beginning of year $0 · end of year $0

• 28 · Net assets with donor restrictions

  beginning of year $0 · end of year $0

• 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 $782,859,930 · end of year $823,544,172

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A FIRST-CLASS OR CHARTER TRAVEL

EKPC HAS A WRITTEN EMPLOYEE TRAVEL AND EXPENSE POLICY. OF ALL TRAVEL COMPLETED BY LISTED PERSONS IN 2025, THERE WERE TWO FIRST-CLASS FLIGHTS. THE FLIGHTS WERE FOR BUSINESS PURPOSES AND ACCORDINGLY, NOT INCLUDED IN EMPLOYEE TAXABLE COMPENSATION. LISTED PERSON PARTICIPATING IN THE FIRST-CLASS FLIGHTS WAS A CORPORATE OFFICER.

SCHEDULE J, PART I, LINE 4B SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN

THE COOPERATIVE PROVIDES A 457(F) SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN TO CERTAIN EXECUTIVES OF THE ORGANIZATION. THE PLAN IS CONSIDERED A DEFINED CONTRIBUTION PLAN WHEREBY ANNUAL CONTRIBUTIONS ARE MADE BASED UPON A PERCENTAGE OF BASE SALARY. PARTICIPANTS BECOME 100% VESTED AND THE ACCOUNT BALANCE PAID OUT UPON ATTAINING AGE 62 OR IF SEPARATION OCCURS DUE TO INVOLUNTARY TERMINATION WITHOUT CAUSE, DISABILITY, OR DEATH. SEPARATION FOR ANY OTHER REASON BEFORE AGE 62 WILL RESULT IN PARTICIPANTS FORFEITING THEIR BENEFITS. 457(F) PAYMENTS MADE IN 2025 INCLUDE: ANTHONY S. CAMPBELL, $156,000; DON M. MOSIER, $169,895; AND CRAIG A. JOHNSON, $27,390. THESE AMOUNTS, WHICH REPRESENT WHAT WOULD HAVE BEEN CONTRIBUTED TO THE PLAN IF THEY HAD NOT ATTAINED AGE 62 IN A PREVIOUS YEAR, ARE INCLUDED IN OTHER REPORTABLE COMPENSATION ON SCHEDULE J, PART II, COLUMN B(III). THE COOPERATIVE ALSO PARTICIPATES IN A DEFERRED COMPENSATION PENSION RESTORATION PLAN, WHICH IS INTENDED TO PROVIDE A SUPPLEMENTAL BENEFIT TO HIGHLY COMPENSATED EMPLOYEES WHO WOULD EXPERIENCE A REDUCTION IN THEIR PENSION BENEFIT FROM THE NRECA RETIREMENT AND SECURITY PLAN DUE TO INTERNAL REVENUE CODE LIMITATIONS. THE PRESIDENT AND CEO IS THE ONLY NAMED PARTICIPANT. THE PLAN WAS CLOSED TO NEW PARTICIPANTS, EFFECTIVE JANUARY 1, 2015. ANTHONY S. CAMPBELL RECEIVED A PENSION RESTORATION PLAN PAYMENT OF $264,941 WHICH IS INCLUDED IN OTHER REPORTABLE COMPENSATION ON SCHEDULE J, PART II, COLUMN B(III).

SCHEDULE J, PART I, LINE 3

THE PRESIDENT AND CEO'S COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS RETAINS A CONSULTING GROUP TO PERFORM A COMPARABILITY DATA ASSESSMENT TO BENCHMARK THE COMPENSATION OF PEER GROUPS. THERE IS A WRITTEN EMPLOYMENT CONTRACT.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• MANGROVE CELL 77 PC

  CAPTIVE CELL · DC · income $127,355 · assets $2,762,734

  Directly controlled by EAST KENTUCKY POWER COOPERATIVE INC