Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $78,484,311 · related or exempt $78,484,311

• 2b · Program service revenue: SERVICE FEES

  total $5,320,353 · related or exempt $5,320,353

• 2c · Program service revenue: PATRONAGE DIVIDENDS

  total $3,414,634 · related or exempt $3,414,634

• 2d · Program service revenue: TRANSMISSION/WHEELING

  total $256,792 · related or exempt $256,792

• 3 · Investment income

  total $125,002 · excluded $125,002

• 6a · Gross rents

  real property $1,147

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $1,147

• 6d · Net rental income or loss

  total $1,147 · related or exempt $1,147

• 7a · Gross sales of assets other than inventory

  other assets $86,208

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

  other assets $16,379

• 7c · Gain or loss

  other assets $69,829

• 7d · Net gain or loss

  total $69,829 · related or exempt $69,829

• 10a · Gross sales of inventory

  $4,177

• 10b · Cost of goods sold

  $15,097

• 10c · Net income from sales of inventory

  total -$10,920 · related or exempt -$10,920

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $68,283 · excluded $68,283

• 11e · Other revenue, total

  $68,283

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $59,458

• 4 · Benefits paid to or for members

  total $7,386,691

• 5 · Compensation of officers, directors and key employees

  total $1,374,626

• 7 · Other salaries and wages

  total $3,649,787

• 8 · Pension plan contributions

  total $995,107

• 9 · Other employee benefits

  total $2,092,332

• 10 · Payroll taxes

  total $288,671

• 20 · Interest

  total $3,603,176

• 22 · Depreciation, depletion and amortization

  total $5,121,525

• 24a · Other expenses: PURCHASED POWER

  total $58,349,663

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $2,535,975

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $1,012,810

• 24d · Other expenses: TRANSMISSION EXPENSE

  total $565,450

• 24e · All other expenses

  total $510,249

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,444,213 · end of year $4,168,099

• 2 · Savings and temporary cash investments

  beginning of year $6,376,236 · end of year $5,012,210

• 4 · Accounts receivable

  beginning of year $8,001,941 · end of year $7,346,173

• 7 · Other notes and loans receivable

  beginning of year $13,466 · end of year $8,193

• 8 · Inventories for sale or use

  beginning of year $2,924,686 · end of year $4,745,901

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,192,388 · end of year $1,664,187

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

  $186,753,494

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

  $64,714,749

• 10c · Land, buildings and equipment, net

  beginning of year $118,380,665 · end of year $122,038,745

• 13 · Investments: program-related

  beginning of year $36,641,247 · end of year $39,104,853

• 15 · Other assets

  beginning of year $5,864,838 · end of year $862,257

• 17 · Accounts payable and accrued expenses

  beginning of year $5,400,457 · end of year $6,123,396

• 23 · Secured mortgages and notes payable

  beginning of year $103,175,096 · end of year $98,884,036

• 25 · Other liabilities

  beginning of year $3,137,240 · end of year $3,217,074

• 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 $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $70,126,887 · end of year $76,726,112

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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. ANTHONY S. LAWS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 109,817 EMPLOYER CONTRIBUTION TO 401(K) PLAN 21,350 TOTAL REPORTED IN COLUMN C $ 131,167 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (109,817) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 109,344 EXPENSE TO THE COOPERATIVE $ 130,694 RYAN MILLER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 111,578 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,094 TOTAL REPORTED IN COLUMN C $ 121,672 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (111,578) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 51,225 EXPENSE TO THE COOPERATIVE $ 61,319 ANGELA UNRUH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 53,170 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,481 TOTAL REPORTED IN COLUMN C $ 65,651 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (53,170) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 65,880 EXPENSE TO THE COOPERATIVE $ 78,361 DENZIL MCGILL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 62,318 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,913 TOTAL REPORTED IN COLUMN C $ 73,231 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (62,318) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 56,320 EXPENSE TO THE COOPERATIVE $ 67,233 ERIC SPEER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 94,022 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,362 TOTAL REPORTED IN COLUMN C $ 102,384 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (94,022) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,484 EXPENSE TO THE COOPERATIVE $ 50,846 ROB HENRY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 54,483 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,309 TOTAL REPORTED IN COLUMN C $ 63,792 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (54,483) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 47,239 EXPENSE TO THE COOPERATIVE $ 56,548 AMY GRASSER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,114 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,147 TOTAL REPORTED IN COLUMN C $ 44,261 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,114) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 46,391 EXPENSE TO THE COOPERATIVE $ 55,538 DUSTIN FORSYTH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 12,990 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,784 TOTAL REPORTED IN COLUMN C $ 19,774 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (12,990) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,163 EXPENSE TO THE COOPERATIVE $ 33,947