Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $17,136,549 · related or exempt $17,136,549

• 2b · Program service revenue: SERVICE FEES

  total $2,395,142 · related or exempt $2,395,142

• 2c · Program service revenue: SALES OF WATER

  total $2,238,208 · related or exempt $2,238,208

• 2d · Program service revenue: PATRONAGE DIVIDENDS

  total $341,431 · related or exempt $341,431

• 3 · Investment income

  total $22,476 · excluded $22,476

• 6a · Gross rents

  real property $1,683

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $1,683

• 6d · Net rental income or loss

  total $1,683 · excluded $1,683

• 10a · Gross sales of inventory

  $53,890

• 10b · Cost of goods sold

  $52,431

• 10c · Net income from sales of inventory

  total $1,459 · related or exempt $1,459

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $297,442 · excluded $297,442

• 11e · Other revenue, total

  $297,442

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $523,231

• 7 · Other salaries and wages

  total $2,169,668

• 8 · Pension plan contributions

  total $626,711

• 9 · Other employee benefits

  total $448,719

• 10 · Payroll taxes

  total $166,662

• 20 · Interest

  total $1,704,656

• 22 · Depreciation, depletion and amortization

  total $3,000,808

• 24a · Other expenses: PURCHASED POWER

  total $10,314,815

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $1,644,842

• 24c · Other expenses: ADMINISTRATIVE AND GENE

  total $1,492,574

• 24d · Other expenses: CONSUMER EXPENSE

  total $254,845

• 24e · All other expenses

  total $31,546

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $774,164 · end of year $212,062

• 4 · Accounts receivable

  beginning of year $1,069,298 · end of year $3,174,800

• 7 · Other notes and loans receivable

  beginning of year $291,667 · end of year $236,111

• 8 · Inventories for sale or use

  beginning of year $2,138,051 · end of year $2,288,663

• 9 · Prepaid expenses and deferred charges

  beginning of year $892,501 · end of year $1,295,569

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

  $78,029,453

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

  $33,125,676

• 10c · Land, buildings and equipment, net

  beginning of year $42,650,769 · end of year $44,903,777

• 13 · Investments: program-related

  beginning of year $14,839,750 · end of year $15,076,434

• 15 · Other assets

  beginning of year $5,006,022 · end of year $5,322,513

• 17 · Accounts payable and accrued expenses

  beginning of year $3,604,766 · end of year $5,530,014

• 23 · Secured mortgages and notes payable

  beginning of year $29,111,336 · end of year $31,567,954

• 25 · Other liabilities

  beginning of year $6,890,346 · end of year $7,354,337

• 29 · Capital stock, trust principal or current funds

  beginning of year $29,460 · end of year $29,630

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

  beginning of year $6,690 · end of year $10,523

• 31 · Retained earnings, endowment or other funds

  beginning of year $28,019,624 · end of year $28,017,471

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 CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. PHILLIP COOK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,181 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,910 TOTAL REPORTED IN COLUMN C $ 38,091 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,181) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 43,680 EXPENSE TO THE COOPERATIVE $ 49,590 THAN ASHBY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,051 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,257 TOTAL REPORTED IN COLUMN C $ 35,308 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,051) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 48,321 EXPENSE TO THE COOPERATIVE $ 52,578 RUSTY SHERMAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 53,429 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,886 TOTAL REPORTED IN COLUMN C $ 57,315 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (53,429) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 46,323 EXPENSE TO THE COOPERATIVE $ 50,209 JOSEPH BINGHAM: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,116 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,819 TOTAL REPORTED IN COLUMN C $ 42,935 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,116) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,117 EXPENSE TO THE COOPERATIVE $ 48,936 VICTOR TRUJILLO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 19,186 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,325 TOTAL REPORTED IN COLUMN C $ 22,511 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (19,186) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 38,278 EXPENSE TO THE COOPERATIVE $ 41,603