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Nonprofiteer
← NOLIN RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2023

Filed by NOLIN RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$88,481,923
Total expenses
$88,481,923
Contributions and grants received
$0
Grants paid
$13,000
Program service revenue
$85,029,659
Investment income
$1,451,011
Other revenue
$2,001,253
Total assets, end of year
$169,582,019
Total liabilities, end of year
$74,036,571
Net assets or fund balances, end of year
$95,545,448
Program services expenses (Part IX)
$88,481,923
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$88,481,923

Program services were 100.0% 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: SALE ELECTRICITY

    total $85,023,679 · related or exempt $85,023,679

  • 2b · Program service revenue: OTHER ELECTRIC REVENUES

    total $5,980 · related or exempt $5,980

  • 3 · Investment income

    total $1,440,511 · excluded $1,440,511

  • 7a · Gross sales of assets other than inventory

    other assets $10,500

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

    other assets $0

  • 7c · Gain or loss

    other assets $10,500

  • 7d · Net gain or loss

    total $10,500 · related or exempt $10,500

  • 11a · Other revenue: G&T CAPITAL CREDIT

    total $1,070,621 · related or exempt $1,070,621

  • 11b · Other revenue: PATRONAGE CAPITAL ASSIGND

    total $585,162 · related or exempt $585,162

  • 11c · Other revenue: JOINT USE ATTACHMENTS

    total $345,470 · excluded $345,470

  • 11e · Other revenue, total

    $2,001,253

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $13,000 · program services $13,000

  • 4 · Benefits paid to or for members

    total $3,609,604 · program services $3,609,604

  • 5 · Compensation of officers, directors and key employees

    total $537,596 · program services $537,596

  • 7 · Other salaries and wages

    total $8,583,676 · program services $8,583,676

  • 8 · Pension plan contributions

    total $2,190,658 · program services $2,190,658

  • 9 · Other employee benefits

    total $1,453,708 · program services $1,453,708

  • 10 · Payroll taxes

    total $2,374,639 · program services $2,374,639

  • 11b · Fees: legal

    total $22,523 · program services $22,523

  • 11c · Fees: accounting

    total $24,665 · program services $24,665

  • 13 · Office expenses

    total $169,945 · program services $169,945

  • 20 · Interest

    total $3,191,480 · program services $3,191,480

  • 22 · Depreciation, depletion and amortization

    total $4,975,593 · program services $4,975,593

  • 23 · Insurance

    total $366,533 · program services $366,533

  • 24a · Other expenses: COST OF POWER

    total $59,298,279 · program services $59,298,279

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $5,784,702 · program services $5,784,702

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $4,220,206 · program services $4,220,206

  • 24d · Other expenses: ADMINISTRATIVE AND GENE

    total $3,670,809 · program services $3,670,809

  • 24e · All other expenses

    total -$12,005,693 · program services -$12,005,693

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,964,991 · end of year $12,540,560

  • 4 · Accounts receivable

    beginning of year $11,661,886 · end of year $10,139,576

  • 7 · Other notes and loans receivable

    beginning of year $13,712,004 · end of year $9,096,787

  • 8 · Inventories for sale or use

    beginning of year $1,600,750 · end of year $1,918,465

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,704 · end of year $47,430

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

    $144,341,463

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

    $65,930,121

  • 10c · Land, buildings and equipment, net

    beginning of year $77,124,972 · end of year $78,411,342

  • 13 · Investments: program-related

    beginning of year $52,502,459 · end of year $57,427,859

  • 15 · Other assets

    beginning of year $30,682 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,261,344 · end of year $7,667,819

  • 23 · Secured mortgages and notes payable

    beginning of year $60,236,029 · end of year $54,659,461

  • 25 · Other liabilities

    beginning of year $11,272,096 · end of year $11,709,291

  • 29 · Capital stock, trust principal or current funds

    beginning of year $252,920 · end of year $250,980

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

    beginning of year -$1,388,302 · end of year -$1,226,266

  • 31 · Retained earnings, endowment or other funds

    beginning of year $93,974,361 · end of year $96,520,734

Mission and programs · 2023

Mission

PROVIDE ELECTRIC SERVICE ON A PATRONAGE BASIS TO A MONTHLY AVERAGE OF 37,248 CONSUMERS.

  • PROVIDE ELECTRIC SERVICE ON A PATRONAGE BASIS TO A MONTHLY AVERAGE OF 37,248 CONSUMERS.

    Expenses $88,481,923 · Grants $13,000 · Revenue $86,695,942

As filed on the 2023 return.

Listed in Part VII

  • David Brown

    CHAIRMAN

    Total calculated
    $20,972
    From this org
    $20,972
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.35

  • Gene Straney

    VICE CHAIRMAN

    Total calculated
    $20,385
    From this org
    $20,385
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.48

  • Lawrence Ireland

    DIRECTOR

    Total calculated
    $19,720
    From this org
    $19,720
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.23

  • Linda Grimes

    DIRECTOR

    Total calculated
    $26,572
    From this org
    $26,572
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.45

  • Raymond Thomas

    SECRETARY/TREASURER

    Total calculated
    $19,772
    From this org
    $19,772
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.38

  • Mark Cochran

    DIRECTOR

    Total calculated
    $14,930
    From this org
    $14,930
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.62

  • Greg Lee

    PRESIDENT/CEO

    Total calculated
    $357,698
    From this org
    $260,782
    From related orgs
    $0
    Other
    $96,916
    Hours/week
    40.55

    Schedule J breakdown matched by us

    Base
    $260,782
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $96,916
    Filer's total
    $357,698

  • Sara Roberson

    VP, ADMINISTRATION/FINANCE

    Total calculated
    $222,504
    From this org
    $154,462
    From related orgs
    $0
    Other
    $68,042
    Hours/week
    42.82

    Schedule J breakdown matched by us

    Base
    $154,462
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $68,042
    Filer's total
    $222,504

  • David Cox

    VP INFORMATION TECHNOLOGY

    Total calculated
    $211,238
    From this org
    $144,700
    From related orgs
    $0
    Other
    $66,538
    Hours/week
    40.71

    Schedule J breakdown matched by us

    Base
    $144,700
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $66,538
    Filer's total
    $211,238

  • Andrew Patterson

    MGR OF OPERATIONS

    Total calculated
    $167,541
    From this org
    $147,505
    From related orgs
    $0
    Other
    $20,036
    Hours/week
    41.63

    Schedule J breakdown matched by us

    Base
    $147,505
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $20,036
    Filer's total
    $167,541

  • Chelsea Faber

    VP CORPORATE SERVICES

    Total calculated
    $208,364
    From this org
    $144,776
    From related orgs
    $0
    Other
    $63,588
    Hours/week
    41.1

    Schedule J breakdown matched by us

    Base
    $144,776
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $63,588
    Filer's total
    $208,364

  • Russ Stanger

    LEAD FOREMAN

    Total calculated
    $200,162
    From this org
    $147,712
    From related orgs
    $0
    Other
    $52,450
    Hours/week
    53.35

    Schedule J breakdown matched by us

    Base
    $147,712
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $52,450
    Filer's total
    $200,162

  • Devon Woosley

    MANAGER ENGINEERING

    Total calculated
    $190,216
    From this org
    $131,027
    From related orgs
    $0
    Other
    $59,189
    Hours/week
    44.34

    Schedule J breakdown matched by us

    Base
    $131,027
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $59,189
    Filer's total
    $190,216

  • Al Rosenberger

    FORMER OFFICER

    Total calculated
    $10,530
    From this org
    $10,530
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.43

    Schedule J breakdown matched by us

    Base
    $10,530
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $10,530

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 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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

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

  • WIDE OPEN UTILITY SERVICE LLC

    UTILITY SERVICE · KY · assets $3,481,400

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • ENVISION ENERGY SERVICES LLC

    RELATED · ENERGY CONSULTING · KY · 10% owned · share of income $5,480 · share of assets $65,097

Provenance

Return type
form_990
Tax year
2023
Filed
13 May 2024
IRS schema version
2023v5.0
Source object
202441349349306904

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