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Nonprofiteer
← FRANKLIN RURAL ELECTRIC COOP

Form 990 for tax year 2022

Filed by FRANKLIN RURAL ELECTRIC COOP.

Totals

Total revenue
$8,423,010
Total expenses
$8,423,010
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$7,468,479
Investment income
$43,506
Other revenue
$911,025
Total assets, end of year
$20,255,882
Total liabilities, end of year
$11,305,007
Net assets or fund balances, end of year
$8,950,875
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: SALE OF POWER

    total $7,468,479 · related or exempt $7,468,479

  • 3 · Investment income

    total $8,466 · excluded $8,466

  • 7a · Gross sales of assets other than inventory

    other assets $35,040

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

    other assets $0

  • 7c · Gain or loss

    other assets $35,040

  • 7d · Net gain or loss

    total $35,040 · excluded $35,040

  • 10a · Gross sales of inventory

    $131,052

  • 10b · Cost of goods sold

    $30,395

  • 10c · Net income from sales of inventory

    total $100,657 · related or exempt $98,635 · unrelated business $2,022

  • 11a · Other revenue: CAPITAL CREDITS

    total $810,368 · related or exempt $810,368

  • 11e · Other revenue, total

    $810,368

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $971,624

  • 5 · Compensation of officers, directors and key employees

    total $404,818

  • 20 · Interest

    total $266,353

  • 22 · Depreciation, depletion and amortization

    total $602,562

  • 24a · Other expenses: COST OF POWER

    total $4,533,006

  • 24b · Other expenses: ADMIN & GENERAL EXP

    total $543,499

  • 24c · Other expenses: DISTR EXP - OPERATIONS

    total $417,582

  • 24d · Other expenses: DISTR EXP - MAINT

    total $320,437

  • 24e · All other expenses

    total $363,129

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,595,090 · end of year $925,899

  • 2 · Savings and temporary cash investments

    beginning of year $311,844 · end of year $117,573

  • 4 · Accounts receivable

    beginning of year $718,543 · end of year $624,258

  • 7 · Other notes and loans receivable

    beginning of year $2,355 · end of year $3,253

  • 8 · Inventories for sale or use

    beginning of year $159,784 · end of year $345,631

  • 9 · Prepaid expenses and deferred charges

    beginning of year $117,642 · end of year $138,526

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

    $18,382,907

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

    $6,570,232

  • 10c · Land, buildings and equipment, net

    beginning of year $10,559,693 · end of year $11,812,675

  • 13 · Investments: program-related

    beginning of year $6,338,051 · end of year $6,284,381

  • 14 · Intangible assets

    beginning of year $3,686 · end of year $3,686

  • 17 · Accounts payable and accrued expenses

    beginning of year $545,135 · end of year $830,890

  • 19 · Deferred revenue

    beginning of year $160,306 · end of year $160,753

  • 23 · Secured mortgages and notes payable

    beginning of year $10,830,212 · end of year $10,283,684

  • 25 · Other liabilities

    beginning of year $25,290 · end of year $29,680

  • 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 $8,245,745 · end of year $8,950,875

Mission and programs · 2022

Mission

TO PROVIDE RELIABLE AND AFFORDABLE ELECTRICITY TO OUR MEMBERS

  • THE SALE OF ENERGY AND RELATED SERVICES TO APPROXIMATELY 1,444 MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Gordon Greimann

    BOARD PRESIDENT

    Total calculated
    $6,440
    From this org
    $6,440
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • John Snyder

    BOARD VICE PRESIDENT

    Total calculated
    $6,195
    From this org
    $6,195
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • David Keninger

    BOARD SECRETARY/TREASURER

    Total calculated
    $4,515
    From this org
    $4,515
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.4

  • Don Greimann

    BOARD DIRECTOR

    Total calculated
    $5,145
    From this org
    $5,145
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Matthew Roelfs

    BOARD DIRECTOR

    Total calculated
    $3,675
    From this org
    $3,675
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dale Schaefer

    BOARD DIRECTOR

    Total calculated
    $3,880
    From this org
    $3,880
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.3

  • Darwin Van Horn

    BOARD DIRECTOR

    Total calculated
    $4,725
    From this org
    $4,725
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.9

  • Garrett Thompson

    GENERAL MANAGER

    Total calculated
    $164,745
    From this org
    $117,170
    From related orgs
    $0
    Other
    $47,575
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,069
    Bonus
    $0
    Other
    $2,101
    Deferred
    $12,528
    Nontaxable benefits
    $35,047
    Filer's total
    $164,745

  • Karen Ringleb

    OFFICE MANAGER/ACCOUNTANT

    Total calculated
    $205,498
    From this org
    $83,089
    From related orgs
    $0
    Other
    $122,409
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $82,681
    Bonus
    $0
    Other
    $408
    Deferred
    $61,963
    Nontaxable benefits
    $60,446
    Filer's total
    $205,498

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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

No itemized grants to organizations on this return.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • ENCOMPASS FREC LLC

    SOLAR ACTIVITY · IA · income -$965 · assets $670,042

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • FRANKLIN REC SOLAR LLC

    SOLAR ENERGY · IA · share of income -$181,881 · share of assets $321,363

Provenance

Return type
form_990
Tax year
2022
Filed
6 October 2023
IRS schema version
2022v5.0
Source object
202312989349300231

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