Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC SERVICE

  total $13,196,324 · related or exempt $13,196,324

• 3 · Investment income

  total $272,360 · excluded $272,360

• 6a · Gross rents

  real property $22,307

• 6b · Less rental expenses

  real property $2,658

• 6c · Rental income or loss

  real property $19,649

• 6d · Net rental income or loss

  total $19,649 · excluded $19,649

• 7a · Gross sales of assets other than inventory

  other assets $5,222

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

  other assets $0

• 7c · Gain or loss

  other assets $5,222

• 7d · Net gain or loss

  total $5,222 · excluded $5,222

• 10a · Gross sales of inventory

  $197,119

• 10b · Cost of goods sold

  $180,616

• 10c · Net income from sales of inventory

  total $16,503 · related or exempt $14,286 · unrelated business $2,217

• 11a · Other revenue: CAPITAL CREDITS

  total $791,720 · related or exempt $791,720

• 11b · Other revenue: OTHER ELECTRIC REVENUE

  total $400,000 · related or exempt $400,000

• 11e · Other revenue, total

  $1,191,720

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $2,057,693

• 5 · Compensation of officers, directors and key employees

  total $568,186

• 20 · Interest

  total $806,253

• 22 · Depreciation, depletion and amortization

  total $914,937

• 24a · Other expenses: PURCHASED POWER

  total $7,833,664

• 24b · Other expenses: DISTRIBUTION EXPENSE -

  total $743,865

• 24c · Other expenses: DISTRIBUTION EXPENSE -

  total $488,027

• 24d · Other expenses: ADMINISTRATIVE AND GENE

  total $480,060

• 24e · All other expenses

  total $809,093

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $3,314,987 · end of year $4,580,843

• 4 · Accounts receivable

  beginning of year $922,266 · end of year $911,385

• 7 · Other notes and loans receivable

  beginning of year $136,994 · end of year $105,380

• 8 · Inventories for sale or use

  beginning of year $890,307 · end of year $1,056,158

• 9 · Prepaid expenses and deferred charges

  beginning of year $94,440 · end of year $182,142

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

  $41,020,753

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

  $12,176,095

• 10c · Land, buildings and equipment, net

  beginning of year $23,259,938 · end of year $28,844,658

• 12 · Investments: other securities

  beginning of year $7,700,311 · end of year $8,257,764

• 17 · Accounts payable and accrued expenses

  beginning of year $2,008,732 · end of year $1,054,831

• 19 · Deferred revenue

  beginning of year $1,195,467 · end of year $374,567

• 23 · Secured mortgages and notes payable

  beginning of year $16,387,905 · end of year $24,316,439

• 24 · Unsecured notes and loans payable

  beginning of year $34,077 · end of year $40,078

• 25 · Other liabilities

  beginning of year $11,850 · end of year $15,850

• 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 $575,313 · end of year $611,997

• 31 · Retained earnings, endowment or other funds

  beginning of year $16,105,899 · end of year $17,524,568

The filer's explanations (Part III)

PART I, LINE 3

OUR HR CONSULTANT MEETS WITH THE BOARD OF DIRECTORS AND FACILITATES THE GM ANNUAL PERFORMANCE REVIEW AND GIVES THE BOARD SALARY COMPARISONS FROM OTHER MN CO-OP'S OUR SIZE AND RECOMMEND A SALARY RANGE. THE BOARD THEN DECIDES ON THE GM'S SALARY.