Form 990 for tax year 2022
Filed by BRAZOS ELECTRIC POWER COOPERATIVE INC.
Totals
- Total revenue
- $1,870,614,504
- Total expenses
- $2,636,440,308
- Contributions and grants received
- $0
- Grants paid
- $140,000,000
- Program service revenue
- $1,959,369,342
- Investment income
- $2,418
- Other revenue
- -$88,757,256
- Total assets, end of year
- $2,840,038,435
- Total liabilities, end of year
- $2,677,039,491
- Net assets or fund balances, end of year
- $162,998,944
- 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: ELECTRIC ENERGY REVENUE
total $1,951,109,096 · related or exempt $1,951,109,096
-
2b · Program service revenue: SALE OF EXCESS NATURAL GAS
total $5,149,845 · related or exempt $5,149,845
-
2c · Program service revenue: OTHER MEMBER REVENUES
total $2,546,034 · related or exempt $2,546,034
-
2d · Program service revenue: CAPTIAL CREDITS
total $323,219 · related or exempt $323,219
-
2e · Program service revenue: TRANSMISSION EXPORT REVENUE
total $241,148 · related or exempt $241,148
-
3 · Investment income
total $2,602,552 · excluded $2,602,552
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $453,642 · excluded $453,642
-
6a · Gross rents
personal property $183,250
-
6c · Rental income or loss
real property $0 · personal property $183,250
-
6d · Net rental income or loss
total $183,250 · excluded $183,250
-
7a · Gross sales of assets other than inventory
other assets $96,256
-
7b · Less cost or other basis and sales expenses
other assets $2,696,390
-
7c · Gain or loss
other assets -$2,600,134
-
7d · Net gain or loss
total -$2,600,134 · excluded -$2,600,134
-
8a · Fundraising events: gross income
$0
-
8b · Fundraising events: direct expenses
$0
-
8c · Net income from fundraising events
total $0
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0
-
11a · Other revenue: LOSS ON WRITE-OFF OF BSCEC INVESTMENT
total -$89,394,148 · excluded -$89,394,148
-
11e · Other revenue, total
-$89,394,148
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $140,000,000
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $3,895,748
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $26,965,890
-
8 · Pension plan contributions
total $4,118,676
-
9 · Other employee benefits
total $4,617,319
-
10 · Payroll taxes
total $2,357,522
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $29,503,887
-
11c · Fees: accounting
total $314,422
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $34,727,442
-
12 · Advertising and promotion
total $0
-
13 · Office expenses
total $583,747
-
14 · Information technology
total $952,455
-
15 · Royalties
total $0
-
16 · Occupancy
total $5,761,557
-
17 · Travel
total $2,688,545
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $306,955
-
20 · Interest
total $43,973,732
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $85,577,503
-
23 · Insurance
total $4,507,823
-
24a · Other expenses: PURCHASED POWER
total $1,172,848,042
-
24b · Other expenses: FUEL EXPENSE
total $378,132,246
-
24c · Other expenses: LOSS ON INTEREST RATE SWAP
total $232,764,457
-
24d · Other expenses: OPERATING EXPENSE
total $100,730,959
-
24e · All other expenses
total $361,111,381
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $74,604,743 · end of year $145,416,617
-
2 · Savings and temporary cash investments
beginning of year $128,053,827 · end of year $87,878,843
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $156,082,960 · end of year $176,726,562
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $0 · end of year $0
-
8 · Inventories for sale or use
beginning of year $93,972,469 · end of year $116,363,112
-
9 · Prepaid expenses and deferred charges
beginning of year $2,940,806,240 · end of year $135,269,739
-
10a · Land, buildings and equipment: cost or other basis
$3,285,208,371
-
10b · Land, buildings and equipment: accumulated depreciation
$1,140,310,774
-
10c · Land, buildings and equipment, net
beginning of year $2,163,804,107 · end of year $2,144,897,597
-
11 · Investments: publicly traded securities
beginning of year $0 · end of year $0
-
12 · Investments: other securities
beginning of year $0 · end of year $0
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $124,038,606 · end of year $33,485,965
-
17 · Accounts payable and accrued expenses
beginning of year $2,393,200,951 · end of year $762,394,268
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $9,307,029 · end of year $4,006,308
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $2,339,254,527 · end of year $1,903,933,151
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $10,745,731 · end of year $6,705,764
-
29 · Capital stock, trust principal or current funds
beginning of year $95 · end of year $95
-
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 $928,854,619 · end of year $162,998,849
Mission and programs · 2022
Mission
TO PROVIDE VALUED SERVICE TO OUR MEMBERS AND CUSTOMERS BY GENERATING, PROCURING, AND TRANSMITTING RELIABLE POWER AT THE LOWEST COST.
-
BRAZOS ELECTRIC POWER COOPERATIVE WAS FORMED FOR THE PURPOSE OF FURNISHING DEPENDABLE AND ECONOMICAL WHOLESALE ELECTRIC POWER AND ENERGY FOR RURAL ELECTRIC DISTRIBUTION COOPERATIVES. BRAZOS SERVES SIXTEEN MEMBER COOPERATIVES.
As filed on the 2022 return.
Listed in Part VII
-
Clifton KerneiCLIFTON KERNEI
EXECUTIVE VP & GM
- Total calculated
- $847,509
- From this org
- $1,111,005
- From related orgs
- $0
- Other
- -$263,496
- Hours/week
- 45 + 3 related
Schedule J breakdown matched by us
- Base
- $867,860
- Bonus
- $231,661
- Other
- $11,484
- Deferred
- -$298,128
- Nontaxable benefits
- $34,632
- Filer's total
- $847,509
-
Travis ThrallTRAVIS THRALL
VICE PRESIDENT - GENERATION
- Total calculated
- $361,879
- From this org
- $306,433
- From related orgs
- $0
- Other
- $55,446
- Hours/week
- 44
Schedule J breakdown matched by us
- Base
- $249,230
- Bonus
- $55,955
- Other
- $1,248
- Deferred
- $28,017
- Nontaxable benefits
- $27,429
- Filer's total
- $361,879
-
Shari HeinoSHARI HEINO
CHIEF COMPLIANCE OFFICER
- Total calculated
- $312,645
- From this org
- $261,703
- From related orgs
- $0
- Other
- $50,942
- Hours/week
- 42
Schedule J breakdown matched by us
- Base
- $212,382
- Bonus
- $48,267
- Other
- $1,054
- Deferred
- $25,410
- Nontaxable benefits
- $25,532
- Filer's total
- $312,645
-
Khaki BordovskyKHAKI BORDOVSKY
VICE PRESIDENT - SERVICES
- Total calculated
- $305,435
- From this org
- $461,090
- From related orgs
- $0
- Other
- -$155,655
- Hours/week
- 39 + 3 related
Schedule J breakdown matched by us
- Base
- $363,030
- Bonus
- $87,554
- Other
- $10,506
- Deferred
- -$183,324
- Nontaxable benefits
- $27,669
- Filer's total
- $305,435
-
Michael TavaglioneMICHAEL TAVAGLIONE
PLANT OPERATOR
- Total calculated
- $260,170
- From this org
- $208,611
- From related orgs
- $0
- Other
- $51,559
- Hours/week
- 65
Schedule J breakdown matched by us
- Base
- $204,963
- Bonus
- $2,864
- Other
- $784
- Deferred
- $21,792
- Nontaxable benefits
- $29,767
- Filer's total
- $260,170
-
Joshua ClevengerJOSHUA CLEVENGER
VICE PRESIDENT - POWER SUPPLY
- Total calculated
- $249,694
- From this org
- $415,435
- From related orgs
- $0
- Other
- -$165,741
- Hours/week
- 44
Schedule J breakdown matched by us
- Base
- $320,260
- Bonus
- $85,714
- Other
- $9,461
- Deferred
- -$202,189
- Nontaxable benefits
- $36,448
- Filer's total
- $249,694
-
Robert WalkerROBERT WALKER
PLANT MANAGER
- Total calculated
- $249,020
- From this org
- $204,692
- From related orgs
- $0
- Other
- $44,328
- Hours/week
- 46
Schedule J breakdown matched by us
- Base
- $174,760
- Bonus
- $15,350
- Other
- $14,582
- Deferred
- $19,944
- Nontaxable benefits
- $24,384
- Filer's total
- $249,020
-
Rodney LittleRODNEY LITTLE
MANAGER NETWORK SERVICES
- Total calculated
- $235,527
- From this org
- $219,730
- From related orgs
- $0
- Other
- $15,797
- Hours/week
- 41
Schedule J breakdown matched by us
- Base
- $194,450
- Bonus
- $10,241
- Other
- $15,039
- Deferred
- -$15,176
- Nontaxable benefits
- $30,973
- Filer's total
- $235,527
-
Brent FoxBRENT FOX
MANAGER FISCAL SERVICES
- Total calculated
- $211,985
- From this org
- $211,047
- From related orgs
- $0
- Other
- $938
- Hours/week
- 49
Schedule J breakdown matched by us
- Base
- $180,365
- Bonus
- $16,656
- Other
- $14,026
- Deferred
- -$29,824
- Nontaxable benefits
- $30,762
- Filer's total
- $211,985
-
Kyle MinnixKYLE MINNIX
MANAGER COMMUNICATION
- Total calculated
- $149,800
- From this org
- $218,434
- From related orgs
- $0
- Other
- -$68,634
- Hours/week
- 44
Schedule J breakdown matched by us
- Base
- $184,478
- Bonus
- $17,696
- Other
- $16,260
- Deferred
- -$94,702
- Nontaxable benefits
- $26,068
- Filer's total
- $149,800
-
Rick IckertRICK ICKERT
SECRETARY/TREASURER
- Total calculated
- $53,892
- From this org
- $53,892
- From related orgs
- $0
- Other
- $0
- Hours/week
- 10
-
Audie MorrisAUDIE MORRIS
VICE PRESIDENT
- Total calculated
- $50,598
- From this org
- $50,598
- From related orgs
- $0
- Other
- $0
- Hours/week
- 9 + 1 related
-
William J AllenWILLIAM J ALLEN
DIRECTOR
- Total calculated
- $50,569
- From this org
- $50,569
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8
-
Dennis McWhorterDENNIS MCWHORTER
PRESIDENT
- Total calculated
- $50,075
- From this org
- $50,075
- From related orgs
- $0
- Other
- $0
- Hours/week
- 24 + 1 related
-
Steve JonesSTEVE JONES
DIRECTOR
- Total calculated
- $49,292
- From this org
- $49,292
- From related orgs
- $0
- Other
- $0
- Hours/week
- 12
-
Frankie Elaine MartinFRANKIE ELAINE MARTIN
DIRECTOR
- Total calculated
- $45,974
- From this org
- $45,974
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Kenneth Doyle AlexanderKENNETH DOYLE ALEXANDER
DIRECTOR
- Total calculated
- $45,257
- From this org
- $45,257
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7 + 3 related
-
Billy JonesBILLY JONES
DIRECTOR
- Total calculated
- $44,932
- From this org
- $44,932
- From related orgs
- $0
- Other
- $0
- Hours/week
- 12
-
Monte CarlisleMONTE CARLISLE
DIRECTOR
- Total calculated
- $44,621
- From this org
- $44,621
- From related orgs
- $0
- Other
- $0
- Hours/week
- 10
-
Bill RagsdaleBILL RAGSDALE
DIRECTOR
- Total calculated
- $44,451
- From this org
- $44,451
- From related orgs
- $0
- Other
- $0
- Hours/week
- 15
-
Henry BradfordHENRY BRADFORD
DIRECTOR
- Total calculated
- $43,804
- From this org
- $43,804
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5 + 1 related
-
Glenn JonesGLENN JONES
DIRECTOR
- Total calculated
- $43,072
- From this org
- $43,072
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7 + 1 related
-
Larry BaysLARRY BAYS
DIRECTOR
- Total calculated
- $41,255
- From this org
- $41,255
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7 + 1 related
-
Neil HesseNEIL HESSE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2.5 + 3 related
-
Brandon YoungBRANDON YOUNG
DIRECTOR
- Total calculated
- $0
- Hours/week
- 4
-
James Cody LasaterJAMES CODY LASATER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Darryl Wayne SchriverDARRYL WAYNE SCHRIVER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 30
-
Johnny YorkJOHNNY YORK
VICE PRESIDENT - TRANSMISSION
- Total calculated
- -$12,150
- From this org
- $437,893
- From related orgs
- $0
- Other
- -$450,043
- Hours/week
- 44
Schedule J breakdown matched by us
- Base
- $339,087
- Bonus
- $89,269
- Other
- $9,537
- Deferred
- -$476,778
- Nontaxable benefits
- $26,735
- Filer's total
- -$12,150
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 · Written employment contract
- 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)
- FORM 990, SCHEDULE J, PART I, LINE 4B
- THE FOLLOWING INDIVDUALS PARTICIPATED IN A 457(F) PLAN AND RECEIVED DISTRIBUTIONS OF THE FOLLOWING AMOUNTS DURING THE CALENDAR YEAR: RODNEY LITTLE $9,372 KYLE MINNIX $6,751 ROBERT WALKER $6,119 BRENT FOX $7,965
- FORM 990, SCHEDULE J, PART II, COLUMN C
- THE CHANGE IN ACTUARIAL VALUE OF THE PENSION PLAN IS INCLUDED IN COLUMN C. THE DECREASE IN ACTUARIAL VALUE IS CAUSING THE FOLLOWING INDIVIDUALS TO HAVE NEGATIVE AMOUNTS IN COLUMNN C. CLIFTON KERNEI KHAKI BORDOVSKY JOHNNY YORK JOSHUA CLEVENGER RODNEY LITTLE BRENT FOX KYLE MINNIX
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
-
BRAZOS ELECTRIC RATE PAYER HARDSHIP FUND
$140,000,000
GENERAL SUPPORT
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
BRAZOS SANDY CREEK ELECTRIC COOPERATIVE
501(C)(12) · GENERATE PWR · TX · controlled entity
Directly controlled by BRAZOS ELECT
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
BRAZOS FUEL COMPANY INC
C CORPORATION · FUEL PRODUCTS · TX · 100% owned · share of income $0 · share of assets $27 · controlled entity
Directly controlled by BRAZOS ELECTRIC
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 9 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202343179349311434
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