Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC OPERATING REV

  total $18,602,242 · related or exempt $18,602,242

• 2b · Program service revenue: CAPITAL CREDITS

  total $1,347,752 · related or exempt $1,347,752

• 2c · Program service revenue: SUBSIDIARY INCOME

  total $67,072 · related or exempt $67,072

• 2f · All other program service revenue

  total $47,169 · related or exempt $47,169

• 3 · Investment income

  total $38,784 · excluded $38,784

• 7a · Gross sales of assets other than inventory

  other assets $4,500

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

  other assets $0

• 7c · Gain or loss

  other assets $4,500

• 7d · Net gain or loss

  total $4,500 · excluded $4,500

• 10a · Gross sales of inventory

  $97,690

• 10b · Cost of goods sold

  $112,290

• 10c · Net income from sales of inventory

  total -$14,600 · excluded -$14,600

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $15,965

• 4 · Benefits paid to or for members

  total $1,616,985

• 5 · Compensation of officers, directors and key employees

  total $174,655

• 7 · Other salaries and wages

  total $760,233

• 8 · Pension plan contributions

  total $193,312

• 9 · Other employee benefits

  total $140,344

• 10 · Payroll taxes

  total $62,814

• 11a · Fees: management

  total $166,129

• 11b · Fees: legal

  total $14,533

• 11c · Fees: accounting

  total $15,640

• 11g · Fees: other

  total $327,904

• 12 · Advertising and promotion

  total $2,803

• 13 · Office expenses

  total $38,207

• 14 · Information technology

  total $21,940

• 19 · Conferences, conventions and meetings

  total $109,826

• 20 · Interest

  total $884,081

• 22 · Depreciation, depletion and amortization

  total $1,630,265

• 23 · Insurance

  total $9,462

• 24a · Other expenses: COST OF POWER

  total $11,471,597

• 24b · Other expenses: DISTRIBUTION - OPERATIO

  total $394,557

• 24c · Other expenses: DISTRIBUTION - MAINTENA

  total $394,300

• 24d · Other expenses: ADMINISTRATIVE & GENERA

  total $201,405

• 24e · All other expenses

  total $235,555

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $1,324,295 · end of year $1,176,249

• 4 · Accounts receivable

  beginning of year $1,594,924 · end of year $1,584,861

• 7 · Other notes and loans receivable

  beginning of year $302,640 · end of year $138,516

• 8 · Inventories for sale or use

  beginning of year $1,945,149 · end of year $1,847,252

• 9 · Prepaid expenses and deferred charges

  beginning of year $216,135 · end of year $110,360

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

  $55,752,410

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

  $17,514,713

• 10c · Land, buildings and equipment, net

  beginning of year $35,096,679 · end of year $38,237,697

• 12 · Investments: other securities

  beginning of year $493,840 · end of year $560,911

• 13 · Investments: program-related

  beginning of year $8,251,715 · end of year $9,195,108

• 17 · Accounts payable and accrued expenses

  beginning of year $1,310,449 · end of year $1,740,206

• 19 · Deferred revenue

  beginning of year $328,005 · end of year $665,886

• 23 · Secured mortgages and notes payable

  beginning of year $21,842,282 · end of year $22,206,655

• 25 · Other liabilities

  beginning of year $89,188 · end of year $123,858

• 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 $25,655,453 · end of year $28,114,349

The filer's explanations (Part III)

PART I, LINE 3

COMPENSATION IS DETERMINED BY A MANAGEMENT ORGANIZATION, ENOVUS MANAGEMENT COOPERATIVE. THE ORGANIZATION RELIED ON ENOVUS MANAGEMENT COOPERATIVE TO ESTABLISH COMPENSATION AS DETERMINED BY METHODS DESCRIBED ON SCHEDULE J, PART I, LINE 3.

SCHEDULE J, PART II, COLUMN C

PER IRS INSTRUCTIONS, THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN IS INCLUDED IN SCHEDULE J, PART II, COLUMN C FOR EMPLOYEES WHO PARTICIPATE IN THE PLAN. THIS IS NOT REFLECTIVE OF ACTUAL CONTRIBUTIONS MADE TO THE PLAN DURING THE YEAR.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• GREAT WESTERN DEVELOPMENT LTD

  C · REAL ESTATE · IA · 100% owned · share of income $35,766 · share of assets $563,071 · controlled entity

  Directly controlled by NISHNABOTNA VALLEY RURAL ELECTRIC COOPERATIVE

• WESTERN VENTURES INC

  C · REAL ESTATE · IA · 100% owned · share of income $86,205 · share of assets $560,030 · controlled entity

  Directly controlled by NISHNABOTNA VALLEY RURAL ELECTRIC COOPERATIVE