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Nonprofiteer
← CONCHO VALLEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by CONCHO VALLEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$51,035,614
Total expenses
$51,035,614
Contributions and grants received
$0
Grants paid
$26,556
Program service revenue
$50,743,794
Investment income
$47,934
Other revenue
$243,886
Total assets, end of year
$163,180,402
Total liabilities, end of year
$101,257,635
Net assets or fund balances, end of year
$61,922,767
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: SALES OF ELECTRICITY

    total $47,805,618 · related or exempt $47,805,618

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $2,317,194 · related or exempt $2,317,194

  • 2c · Program service revenue: SALES OF BROADBAND INTERNET

    total $341,450 · related or exempt $341,450

  • 2d · Program service revenue: SERVICE FEES

    total $279,532 · related or exempt $279,532

  • 3 · Investment income

    total $47,934 · excluded $47,934

  • 6a · Gross rents

    personal property $40,965

  • 6b · Less rental expenses

    personal property $10,142

  • 6c · Rental income or loss

    personal property $30,823

  • 6d · Net rental income or loss

    total $30,823 · unrelated business $30,823

  • 10a · Gross sales of inventory

    $143,301

  • 10b · Cost of goods sold

    $75,140

  • 10c · Net income from sales of inventory

    total $68,161 · related or exempt $68,161

  • 11a · Other revenue: MISC. NON-OPERATING INCOME

    total $104,450 · related or exempt $104,450

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $40,452 · excluded $40,452

  • 11e · Other revenue, total

    $144,902

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $26,556

  • 4 · Benefits paid to or for members

    total $3,056,818

  • 5 · Compensation of officers, directors and key employees

    total $620,829

  • 7 · Other salaries and wages

    total $3,604,851

  • 8 · Pension plan contributions

    total $772,443

  • 9 · Other employee benefits

    total $861,628

  • 10 · Payroll taxes

    total $296,054

  • 20 · Interest

    total $3,341,383

  • 22 · Depreciation, depletion and amortization

    total $4,284,915

  • 24a · Other expenses: PURCHASED POWER

    total $29,382,592

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $2,493,036

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,103,520

  • 24d · Other expenses: UNRELATED BUS. INC. TAX

    total $5,679

  • 24e · All other expenses

    total $1,185,310

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,651,707 · end of year $1,388,071

  • 4 · Accounts receivable

    beginning of year $9,074,297 · end of year $15,265,808

  • 8 · Inventories for sale or use

    beginning of year $5,118,141 · end of year $5,819,709

  • 9 · Prepaid expenses and deferred charges

    beginning of year $682,642 · end of year $454,014

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

    $158,189,778

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

    $47,917,879

  • 10c · Land, buildings and equipment, net

    beginning of year $99,733,730 · end of year $110,271,899

  • 13 · Investments: program-related

    beginning of year $26,329,808 · end of year $27,832,911

  • 15 · Other assets

    beginning of year $1,801,641 · end of year $2,147,990

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,474,467 · end of year $18,223,951

  • 21 · Escrow or custodial account liability

    beginning of year $303,592 · end of year $356,756

  • 23 · Secured mortgages and notes payable

    beginning of year $67,991,341 · end of year $80,048,637

  • 25 · Other liabilities

    beginning of year $3,052,140 · end of year $2,628,291

  • 29 · Capital stock, trust principal or current funds

    beginning of year $182,960 · end of year $187,130

  • 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 $60,387,466 · end of year $61,735,637

Mission and programs · 2023

Mission

CONCHO VALLEY ELECTRIC COOPERATIVE, INC. DEDICATES ITSELF TO THE IMPROVEMENT OF ITS MEMBERS' LIFESTYLE AND THE ECONOMIC ENVRIONMENT OF ITS SERVICE AREA. THE COOPERATIVE IS COMMITTED TO PROVIDING SAFE, RELIABLE ELECTRIC SERVICE AT THE LOWEST PRACTICAL COST AND TO MEETING THE CHANGING NEEDS OF ITS MEMBERSHIP WITH A WELL TRAINED, QUALITY WORK FORCE AND WITH THE USE OF SOUND BUSINESS PRACTICES.

Activities or mission (Part I)

TO PROVIDE ELECTRIC ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.

  • ELECTRIC DIVISION:SALES OF ELECTRIC POWER TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 15,996 ACTIVE SERVICES AT YEAR END.

  • BROADBAND DIVISION:SALES OF FIBER BASED BROADBAND INTERNET SERVICES TO MEMBERS ON A COOPERATIVE BASIS. WHEN CUMULATIVE NET MARGINS DERIVED FROM MEMBER SALES OF BROADBAND INTERNET SERVICES EXCEED CUMULATIVE NET LOSSES FROM SUCH SALES, THE COOPERATIVE WILL ALLOCATE PATRONAGE CAPITAL TO THE MEMBER SUBSCRIBERS OF THIS DIVISION. THERE WERE 297 BROADBAND SUBSCRIBERS AT YEAR END.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • David Kempen

    DIRECTOR

    Total calculated
    $5,250
    From this org
    $5,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.4

  • Thomas Carter

    SECRETARY/TREASURER

    Total calculated
    $2,700
    From this org
    $2,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Jeff Copeland

    PRESIDENT

    Total calculated
    $2,900
    From this org
    $2,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    20.4

  • Larry W Klattenhoff

    VICE-PRESIDENT

    Total calculated
    $2,400
    From this org
    $2,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9

  • Ralph Willberg

    DIRECTOR

    Total calculated
    $2,400
    From this org
    $2,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.4

  • Daryl Schniers

    DIRECTOR

    Total calculated
    $4,100
    From this org
    $4,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.6

  • Will Wiggins

    DIRECTOR

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Kelly Lankford

    EXECUTIVE VP/CEO

    Total calculated
    $389,902
    From this org
    $311,468
    From related orgs
    $0
    Other
    $78,434
    Hours/week
    45.5

    Schedule J breakdown matched by us

    Base
    $290,963
    Bonus
    $0
    Other
    $20,505
    Deferred
    $64,591
    Nontaxable benefits
    $13,843
    Filer's total
    $389,902

  • Dustin Brown

    DIRECTOR OF ENGINEERING & OPERATIONS

    Total calculated
    $209,377
    From this org
    $157,900
    From related orgs
    $0
    Other
    $51,477
    Hours/week
    42.5

    Schedule J breakdown matched by us

    Base
    $156,476
    Bonus
    $0
    Other
    $1,424
    Deferred
    $23,339
    Nontaxable benefits
    $28,138
    Filer's total
    $209,377

  • Jonathan Cutrer

    DIRECTOR OF INFORMATION TECHNOLOGY

    Total calculated
    $201,459
    From this org
    $141,766
    From related orgs
    $0
    Other
    $59,693
    Hours/week
    40.4

    Schedule J breakdown matched by us

    Base
    $140,036
    Bonus
    $0
    Other
    $1,730
    Deferred
    $33,532
    Nontaxable benefits
    $26,161
    Filer's total
    $201,459

  • David Watson

    DIRECTOR OF FINANCE & OFFICE SERVICES

    Total calculated
    $224,225
    From this org
    $139,181
    From related orgs
    $0
    Other
    $85,044
    Hours/week
    41.8

    Schedule J breakdown matched by us

    Base
    $136,943
    Bonus
    $0
    Other
    $2,238
    Deferred
    $55,703
    Nontaxable benefits
    $29,341
    Filer's total
    $224,225

  • Terry Ward

    ENGINEERING FOREMAN

    Total calculated
    $182,757
    From this org
    $134,649
    From related orgs
    $0
    Other
    $48,108
    Hours/week
    45.6

    Schedule J breakdown matched by us

    Base
    $132,801
    Bonus
    $0
    Other
    $1,848
    Deferred
    $35,434
    Nontaxable benefits
    $12,674
    Filer's total
    $182,757

  • Buster Matheny

    LINE SUPERINTENDENT

    Total calculated
    $180,428
    From this org
    $134,543
    From related orgs
    $0
    Other
    $45,885
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $133,316
    Bonus
    $0
    Other
    $1,227
    Deferred
    $19,512
    Nontaxable benefits
    $26,373
    Filer's total
    $180,428

  • Zachary Bryan

    FOREMAN

    Total calculated
    $154,504
    From this org
    $120,433
    From related orgs
    $0
    Other
    $34,071
    Hours/week
    46.9

    Schedule J breakdown matched by us

    Base
    $119,293
    Bonus
    $0
    Other
    $1,140
    Deferred
    $13,793
    Nontaxable benefits
    $20,278
    Filer's total
    $154,504

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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

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. 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. KELLY LANKFORD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 55,856 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,735 TOTAL REPORTED IN COLUMN C $ 64,591 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (55,856) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 66,779 EXPENSE TO THE COOPERATIVE $ 75,514 DAVID WATSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 51,332 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,371 TOTAL REPORTED IN COLUMN C $ 55,703 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (51,332) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,129 EXPENSE TO THE COOPERATIVE $ 41,500 DUSTIN BROWN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 18,454 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,885 TOTAL REPORTED IN COLUMN C $ 23,339 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (18,454) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 41,495 EXPENSE TO THE COOPERATIVE $ 46,380 JONATHAN CUTRER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 29,164 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,368 TOTAL REPORTED IN COLUMN C $ 33,532 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (29,164) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,106 EXPENSE TO THE COOPERATIVE $ 41,474 TERRY WARD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,131 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,303 TOTAL REPORTED IN COLUMN C $ 35,434 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,131) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,053 EXPENSE TO THE COOPERATIVE $ 31,356 BUSTER MATHENY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 16,003 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,509 TOTAL REPORTED IN COLUMN C $ 19,512 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (16,003) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,787 EXPENSE TO THE COOPERATIVE $ 33,296 ZACHARY BRYAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,934 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,859 TOTAL REPORTED IN COLUMN C $ 13,793 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,934) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,629 EXPENSE TO THE COOPERATIVE $ 27,488

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

  • TEXAS ELECTRIC COOPERATIVES

    $11,200

    WASHINGTON YOUTH TOUR SPONSORSHIPS

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202413199349312681

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