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Nonprofiteer
← MCKENZIE ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by MCKENZIE ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$401,082,882
Total expenses
$401,082,882
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$359,849,028
Investment income
$1,587,878
Other revenue
$39,645,976
Total assets, end of year
$520,136,868
Total liabilities, end of year
$141,846,198
Net assets or fund balances, end of year
$378,290,670
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 REVENUE

    total $359,849,028 · related or exempt $359,849,028

  • 3 · Investment income

    total $1,452,355 · excluded $1,452,355

  • 6a · Gross rents

    real property $10,647

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $10,647

  • 6d · Net rental income or loss

    total $10,647 · excluded $10,647

  • 7a · Gross sales of assets other than inventory

    other assets $135,523

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

    other assets $0

  • 7c · Gain or loss

    other assets $135,523

  • 7d · Net gain or loss

    total $135,523 · excluded $135,523

  • 11a · Other revenue: CAPITAL CREDITS

    total $39,271,792 · related or exempt $39,271,792

  • 11b · Other revenue: MISC REVENUE

    total $363,537 · excluded $363,537

  • 11e · Other revenue, total

    $39,635,329

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $53,356,302

  • 5 · Compensation of officers, directors and key employees

    total $590,982

  • 7 · Other salaries and wages

    total $5,668,843

  • 8 · Pension plan contributions

    total $1,084,854

  • 10 · Payroll taxes

    total $444,769

  • 20 · Interest

    total $1,325,892

  • 22 · Depreciation, depletion and amortization

    total $12,496,226

  • 24a · Other expenses: COST OF POWER

    total $307,282,676

  • 24b · Other expenses: ADMIN AND GENERAL

    total $12,239,443

  • 24c · Other expenses: DISTRIBUTION

    total $7,839,968

  • 24d · Other expenses: TAXES

    total $4,183,903

  • 24e · All other expenses

    total -$5,430,976

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $106,176,196 · end of year $94,197,443

  • 2 · Savings and temporary cash investments

    beginning of year $925,468 · end of year $65,714,720

  • 4 · Accounts receivable

    beginning of year $55,578,679 · end of year $58,392,841

  • 7 · Other notes and loans receivable

    beginning of year $8,491 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $7,942,668 · end of year $11,816,941

  • 9 · Prepaid expenses and deferred charges

    beginning of year $59,275 · end of year $80,589

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

    $247,321,660

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

    $114,004,211

  • 10c · Land, buildings and equipment, net

    beginning of year $132,523,241 · end of year $133,317,449

  • 13 · Investments: program-related

    beginning of year $118,902,717 · end of year $156,494,973

  • 15 · Other assets

    beginning of year $12,497 · end of year $121,912

  • 17 · Accounts payable and accrued expenses

    beginning of year $52,725,106 · end of year $102,436,135

  • 23 · Secured mortgages and notes payable

    beginning of year $33,006,739 · end of year $29,593,660

  • 25 · Other liabilities

    beginning of year $7,697,442 · end of year $9,816,403

  • 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 $207,132,125 · end of year $255,635,600

  • 31 · Retained earnings, endowment or other funds

    beginning of year $121,567,820 · end of year $122,655,070

Mission and programs · 2022

Mission

TO MAKE AVAILABLE AND TO SERVE ALL CONSUMERS WITHIN ITS BOUNDARIES WITH ELECTRIC ENERGY. TO ENSURE AN ADEQUATE SOURCE OF CENTRAL STATION POWER AND WORK TO MAKE THAT ENERGY AS RELIABLE AS POSSIBLE AT THE LOWEST COST POSSIBLE.

Activities or mission (Part I)

THE TAX-EXEMPT PURPOSE OF THE ORGANIZATION IS TO DELIVER ELECTRICITY TO ITS MEMBERS.

  • THE COOPERATIVE DELIVERS ELECTRIC ENERGY TO MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Clayton Monsen

    CHAIR

    Total calculated
    $22,352
    From this org
    $22,352
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.6

  • Ray Tescher

    VICE CHAIR

    Total calculated
    $23,438
    From this org
    $23,438
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Stephan Kershisnik

    DIRECTOR

    Total calculated
    $18,352
    From this org
    $18,352
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.7

  • Travis Thompson

    DIRECTOR-AT-LARGE

    Total calculated
    $24,638
    From this org
    $24,638
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.8

  • Tim Wasem

    SECRETARY/TREASURER

    Total calculated
    $21,288
    From this org
    $21,288
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.8

  • Ken Sanford

    DIRECTOR

    Total calculated
    $22,038
    From this org
    $22,038
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.1

  • Cameron Wahlstrom

    DIRECTOR

    Total calculated
    $24,767
    From this org
    $24,767
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.7

  • Chris Link

    DIRECTOR

    Total calculated
    $26,884
    From this org
    $26,884
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Richard Jore

    DIRECTOR

    Total calculated
    $28,013
    From this org
    $28,013
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.6

  • Matt Hanson

    CEO

    Total calculated
    $261,798
    From this org
    $222,722
    From related orgs
    $0
    Other
    $39,076
    Hours/week
    56.8

    Schedule J breakdown matched by us

    Base
    $218,528
    Bonus
    $0
    Other
    $4,194
    Deferred
    $33,734
    Nontaxable benefits
    $5,342
    Filer's total
    $261,798

  • Jamie Cross

    BUSINESS MANAGER

    Total calculated
    $214,145
    From this org
    $156,490
    From related orgs
    $0
    Other
    $57,655
    Hours/week
    47.4

    Schedule J breakdown matched by us

    Base
    $155,701
    Bonus
    $0
    Other
    $789
    Deferred
    $54,260
    Nontaxable benefits
    $3,395
    Filer's total
    $214,145

  • Karl Aaker

    DIRECTOR OF ENGINEERING SER

    Total calculated
    $201,547
    From this org
    $156,561
    From related orgs
    $0
    Other
    $44,986
    Hours/week
    42.8

    Schedule J breakdown matched by us

    Base
    $155,785
    Bonus
    $0
    Other
    $776
    Deferred
    $37,607
    Nontaxable benefits
    $7,379
    Filer's total
    $201,547

  • Colt Rangen

    JOURNEYMEN

    Total calculated
    $173,327
    From this org
    $136,317
    From related orgs
    $0
    Other
    $37,010
    Hours/week
    46.4

    Schedule J breakdown matched by us

    Base
    $135,935
    Bonus
    $0
    Other
    $382
    Deferred
    $37,010
    Nontaxable benefits
    $0
    Filer's total
    $173,327

  • Eric Hellandsaas

    JOURNEYMEN

    Total calculated
    $151,647
    From this org
    $139,163
    From related orgs
    $0
    Other
    $12,484
    Hours/week
    47.6

    Schedule J breakdown matched by us

    Base
    $138,972
    Bonus
    $0
    Other
    $191
    Deferred
    $12,370
    Nontaxable benefits
    $114
    Filer's total
    $151,647

  • Zane Frick

    DIRECTOR OF OPERATIONS

    Total calculated
    $170,033
    From this org
    $136,569
    From related orgs
    $0
    Other
    $33,464
    Hours/week
    46.75

    Schedule J breakdown matched by us

    Base
    $136,098
    Bonus
    $0
    Other
    $471
    Deferred
    $28,122
    Nontaxable benefits
    $5,342
    Filer's total
    $170,033

  • Steven Lautenschlager

    CONTRACTOR MANAGEMENT

    Total calculated
    $157,489
    From this org
    $151,246
    From related orgs
    $0
    Other
    $6,243
    Hours/week
    41.6

    Schedule J breakdown matched by us

    Base
    $149,127
    Bonus
    $0
    Other
    $2,119
    Deferred
    $4,314
    Nontaxable benefits
    $1,929
    Filer's total
    $157,489

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 · 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

The filer's explanations (Part III)

PART I, LINE 3
THE PROCESS FOR DETERMINING THE COMPENSATION INCLUDES THE REVIEW OF STATE WIDE SALARY DATA THROUGH NDAREC AND CONSULTING, AS NEEDED, BY THE NRECA CONSULTING SERVICE. COMPENSATION FOR ALL MANAGEMENT POSITIONS ARE APPROVED BY THE BOARD.
SCHEDULE J, PART II, COLUMN C, DEFERRED COMPENSATION
INCLUDED IN OTHER COMPENSATION IS THE ESTIMATED CURRENT YEAR INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THESE AMOUNTS DO NOT REPRESENT ANY CURRENT YEAR CONTRIBUTIONS TO THE PLAN. THEY ARE ESTIMATES OF THE INCREASE IN ACTUARIAL VALUE OF THE PLANS RECEIVED FROM NRECA. THE CURRENT YEAR EXPENSE AND INCREASE IN ACTUARIAL VALUE FOR EACH EMPLOYEE IS REFLECTED IN SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
23 October 2023
IRS schema version
2022v5.0
Source object
202342999349300349

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