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Nonprofiteer
← OWEN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by OWEN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$246,541,238
Total expenses
$246,541,238
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$242,544,466
Investment income
$1,255,269
Other revenue
$2,741,503
Total assets, end of year
$319,181,309
Total liabilities, end of year
$143,039,185
Net assets or fund balances, end of year
$176,142,124
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% 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: Electric Service

    total $242,377,362 · related or exempt $242,377,362 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Other

    total $167,104 · related or exempt $167,104 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $1,255,269 · related or exempt $0 · unrelated business $0 · excluded $1,255,269

  • 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

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: G&T Capital Credits

    total $974,597 · related or exempt $0 · unrelated business $0 · excluded $974,597

  • 11b · Other revenue: Joint Pole Attachments

    total $1,233,590 · related or exempt $0 · unrelated business $0 · excluded $1,233,590

  • 11c · Other revenue: Other Capital Credits

    total $533,316 · related or exempt $0 · unrelated business $0 · excluded $533,316

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $2,741,503

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $7,881,720

  • 5 · Compensation of officers, directors and key employees

    total $2,813,936

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $5,033,315

  • 8 · Pension plan contributions

    total $1,155,848

  • 9 · Other employee benefits

    total $1,685,159

  • 10 · Payroll taxes

    total $526,738

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $48,667

  • 11c · Fees: accounting

    total $52,533

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $3,875,606

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $12,701,067

  • 23 · Insurance

    total $0

  • 24a · Other expenses: Cost of Purchase Power

    total $199,358,563

  • 24b · Other expenses: Operations and Maintenance

    total $7,456,111

  • 24c · Other expenses: General and Administrative

    total $2,080,325

  • 24d · Other expenses: Customer Service and Accounts

    total $1,808,023

  • 24e · All other expenses

    total $63,627

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,751,320 · end of year $2,546,457

  • 2 · Savings and temporary cash investments

    beginning of year $17,212,986 · end of year $14,272,895

  • 3 · Pledges and grants receivable

    beginning of year $0

  • 4 · Accounts receivable

    beginning of year $19,293,890 · end of year $21,768,329

  • 8 · Inventories for sale or use

    beginning of year $2,436,122 · end of year $2,141,055

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,819,979 · end of year $3,769,387

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

    $365,084,103

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

    $193,970,946

  • 10c · Land, buildings and equipment, net

    beginning of year $167,818,021 · end of year $171,113,157

  • 11 · Investments: publicly traded securities

    beginning of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $0

  • 15 · Other assets

    beginning of year $102,282,983 · end of year $103,570,029

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,783,081 · end of year $19,729,104

  • 23 · Secured mortgages and notes payable

    beginning of year $107,999,269 · end of year $103,284,746

  • 25 · Other liabilities

    beginning of year $21,399,460 · end of year $20,025,335

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,332,005 · end of year $1,350,060

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

    beginning of year $8,578,865 · end of year $11,251,732

  • 31 · Retained earnings, endowment or other funds

    beginning of year $158,522,621 · end of year $163,540,332

Mission and programs · 2024

Mission

Provide electric service to members on a patronage basis. Serve approximately 66,000 member accounts. Improve our member's lives by providing safe, reliable, and affordable electric service.

Activities or mission (Part I)

Provide electric service to members on a patronage basis. Serve an average of 66,000 member accounts. Improve our members' lives by providing safe, reliable, affordable electric service.

  • Not Applicable

As filed on the 2024 return.

Listed in Part VII

  • Michael L Cobb

    President and CEO

    Total calculated
    $469,889
    From this org
    $364,392
    From related orgs
    $0
    Other
    $105,497
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $364,392
    Bonus
    $0
    Other
    $0
    Deferred
    $85,388
    Nontaxable benefits
    $20,110
    Filer's total
    $469,890

  • Michael Stafford

    VP of Member Services

    Total calculated
    $236,983
    From this org
    $161,115
    From related orgs
    $0
    Other
    $75,868
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $161,115
    Bonus
    $0
    Other
    $0
    Deferred
    $57,089
    Nontaxable benefits
    $18,779
    Filer's total
    $236,983

  • Jim Petreshock

    VP of Information Systems

    Total calculated
    $236,802
    From this org
    $161,381
    From related orgs
    $0
    Other
    $75,421
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $161,381
    Bonus
    $0
    Other
    $0
    Deferred
    $56,633
    Nontaxable benefits
    $18,789
    Filer's total
    $236,803

  • Joseph Waichulis

    Service Technician

    Total calculated
    $212,745
    From this org
    $158,058
    From related orgs
    $0
    Other
    $54,687
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $158,058
    Bonus
    $0
    Other
    $0
    Deferred
    $35,857
    Nontaxable benefits
    $18,830
    Filer's total
    $212,745

  • Jennifer Taylor

    VP of Engineering

    Total calculated
    $211,184
    From this org
    $155,321
    From related orgs
    $0
    Other
    $55,863
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $155,321
    Bonus
    $0
    Other
    $0
    Deferred
    $47,909
    Nontaxable benefits
    $7,953
    Filer's total
    $211,183

  • Andrew Long

    VP of Engineering

    Total calculated
    $201,386
    From this org
    $139,290
    From related orgs
    $0
    Other
    $62,096
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $139,290
    Bonus
    $0
    Other
    $0
    Deferred
    $43,599
    Nontaxable benefits
    $18,497
    Filer's total
    $201,386

  • Steven Moore

    Service Technician

    Total calculated
    $199,392
    From this org
    $151,165
    From related orgs
    $0
    Other
    $48,227
    Hours/week
    57

    Schedule J breakdown matched by us

    Base
    $151,165
    Bonus
    $0
    Other
    $0
    Deferred
    $35,475
    Nontaxable benefits
    $12,752
    Filer's total
    $199,392

  • Brian Jones

    VP of Operations

    Total calculated
    $192,788
    From this org
    $166,978
    From related orgs
    $0
    Other
    $25,810
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $166,978
    Bonus
    $0
    Other
    $0
    Deferred
    $6,986
    Nontaxable benefits
    $18,825
    Filer's total
    $192,789

  • Albert Pickett

    Service Technician

    Total calculated
    $191,573
    From this org
    $153,038
    From related orgs
    $0
    Other
    $38,535
    Hours/week
    58

    Schedule J breakdown matched by us

    Base
    $153,038
    Bonus
    $0
    Other
    $0
    Deferred
    $35,540
    Nontaxable benefits
    $2,995
    Filer's total
    $191,573

  • Jerod Mulberry

    Service Technician

    Total calculated
    $191,177
    From this org
    $145,111
    From related orgs
    $0
    Other
    $46,066
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $145,111
    Bonus
    $0
    Other
    $0
    Deferred
    $35,185
    Nontaxable benefits
    $10,881
    Filer's total
    $191,177

  • Joe Schmiade

    Service Technician

    Total calculated
    $166,882
    From this org
    $149,791
    From related orgs
    $0
    Other
    $17,091
    Hours/week
    57

    Schedule J breakdown matched by us

    Base
    $149,791
    Bonus
    $0
    Other
    $0
    Deferred
    $6,131
    Nontaxable benefits
    $10,960
    Filer's total
    $166,882

  • Erin Rehkamp

    VP of Corporate Services

    Total calculated
    $146,003
    From this org
    $136,990
    From related orgs
    $0
    Other
    $9,013
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $136,990
    Bonus
    $0
    Other
    $0
    Deferred
    $7,762
    Nontaxable benefits
    $1,250
    Filer's total
    $146,002

  • John Grant

    Director

    Total calculated
    $26,775
    From this org
    $26,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Charles Richarson

    Secretary-Treasurer

    Total calculated
    $26,679
    From this org
    $26,679
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Richard Messingschlager

    Director

    Total calculated
    $24,906
    From this org
    $24,906
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Robert True

    Director

    Total calculated
    $20,235
    From this org
    $20,235
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Hope Kinman

    Director

    Total calculated
    $19,674
    From this org
    $19,674
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Eddie McCord

    Vice Chairman

    Total calculated
    $19,661
    From this org
    $19,661
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Charles Alan Ahrman

    Chairman

    Total calculated
    $19,200
    From this org
    $19,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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.

Provenance

Return type
form_990
Tax year
2024
Filed
6 May 2025
IRS schema version
2024v5.0
Source object
202511269349300226

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