Form 990 for tax year 2022

Filed by LA PLATA ELECTRIC ASSOCIATION INC.

Totals

Total revenue: $112,117,449
Total expenses: $108,527,921
Contributions and grants received: $0
Grants paid: $293,148
Program service revenue: $110,374,571
Investment income: $345,414
Other revenue: $1,397,464
Total assets, end of year: $284,945,015
Total liabilities, end of year: $136,195,673
Net assets or fund balances, end of year: $148,749,342
Program services expenses (Part IX): $108,527,921
Management and general expenses: $0
Fundraising expenses: $0
Program service expenses (Part III): $108,527,921

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$0
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$0
1g · Noncash contributions included above

$0
2a · Program service revenue: Electric Energy Revenue & Gross Sales

total $109,513,910 · related or exempt $109,513,910 · unrelated business $0 · excluded $0
2b · Program service revenue: Miscellaneous Revenue

total $860,661 · related or exempt $860,661 · unrelated business $0 · excluded $0
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $277,464 · related or exempt $0 · unrelated business $0 · excluded $277,464
4 · Income from investment of tax-exempt bond proceeds

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
5 · Royalties

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6a · Gross rents

real property $0 · personal property $0
6b · Less rental expenses

real property $0 · personal property $0
6c · Rental income or loss

real property $0 · personal property $0
6d · Net rental income or loss

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
7a · Gross sales of assets other than inventory

securities $0 · other assets $67,950
7b · Less cost or other basis and sales expenses

securities $0 · other assets $0
7c · Gain or loss

securities $0 · other assets $67,950
7d · Net gain or loss

total $67,950 · related or exempt $0 · unrelated business $67,950 · excluded $0
8a · Fundraising events: gross income

$0
8a · Fundraising events: contributions included on line 1c

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0 · unrelated business $0 · excluded $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
10a · Gross sales of inventory

$25,956
10b · Cost of goods sold

$22,072
10c · Net income from sales of inventory

total $3,884 · related or exempt $0 · unrelated business $3,884 · excluded $0
11a · Other revenue: G&T and other capital credits

total $1,050,130 · related or exempt $1,050,130 · unrelated business $0 · excluded $0
11b · Other revenue: Other Revenue

total $232,734 · related or exempt $232,734 · unrelated business $0 · excluded $0
11c · Other revenue: Gain/Loss from Subsidiary

total $110,716 · related or exempt $110,716 · unrelated business $0 · excluded $0
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$1,393,580

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $124,148 · program services $124,148
2 · Grants to domestic individuals

total $169,000 · program services $169,000
3 · Grants to foreign organizations and individuals

total $0 · program services $0
4 · Benefits paid to or for members

total $0 · program services $0
5 · Compensation of officers, directors and key employees

total $0 · program services $0 · management and general $0 · fundraising $0
6 · Compensation of disqualified persons

total $0 · program services $0 · management and general $0 · fundraising $0
7 · Other salaries and wages

total $0 · program services $0 · management and general $0 · fundraising $0
8 · Pension plan contributions

total $0 · program services $0 · management and general $0 · fundraising $0
9 · Other employee benefits

total $0 · program services $0 · management and general $0 · fundraising $0
10 · Payroll taxes

total $0 · program services $0 · management and general $0 · fundraising $0
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $250,831 · program services $250,831 · management and general $0 · fundraising $0
11c · Fees: accounting

total $71,092 · program services $71,092 · management and general $0 · fundraising $0
11d · Fees: lobbying

total $0 · program services $0 · management and general $0 · fundraising $0
11e · Fees: professional fundraising services

total $0 · fundraising $0
11f · Fees: investment management

total $0 · program services $0 · management and general $0 · fundraising $0
11g · Fees: other

total $305,556 · program services $305,556 · management and general $0 · fundraising $0
12 · Advertising and promotion

total $54,730 · program services $54,730 · management and general $0 · fundraising $0
13 · Office expenses

total $314,858 · program services $314,858 · management and general $0 · fundraising $0
14 · Information technology

total $1,296,106 · program services $1,296,106 · management and general $0 · fundraising $0
15 · Royalties

total $0 · program services $0 · management and general $0 · fundraising $0
16 · Occupancy

total $0 · program services $0 · management and general $0 · fundraising $0
17 · Travel

total $130,104 · program services $130,104 · management and general $0 · fundraising $0
18 · Travel or entertainment for public officials

total $0 · program services $0 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $244,718 · program services $244,718 · management and general $0 · fundraising $0
20 · Interest

total $4,169,384 · program services $4,169,384 · management and general $0 · fundraising $0
21 · Payments to affiliates

total $0 · program services $0 · management and general $0 · fundraising $0
22 · Depreciation, depletion and amortization

total $9,961,768 · program services $9,961,768 · management and general $0 · fundraising $0
23 · Insurance

total $1,649,158 · program services $1,649,158
24a · Other expenses: Cost of Power

total $68,506,034 · program services $68,506,034 · management and general $0 · fundraising $0
24b · Other expenses: Transmission & Distribution

total $6,605,894 · program services $6,605,894 · management and general $0 · fundraising $0
24c · Other expenses: Maintenance of distribution plant

total $3,234,789 · program services $3,234,789 · management and general $0 · fundraising $0
24d · Other expenses: G&A and other Customer Expenses

total $8,502,022 · program services $8,502,022 · management and general $0 · fundraising $0
24e · All other expenses

total $2,937,729 · program services $2,937,729 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $11,089,425 · end of year $11,785,851
2 · Savings and temporary cash investments

beginning of year $4,001,980 · end of year $0
3 · Pledges and grants receivable

beginning of year $0 · end of year $0
4 · Accounts receivable

beginning of year $11,907,531 · end of year $12,853,177
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 $1,772,136 · end of year $2,675,455
9 · Prepaid expenses and deferred charges

beginning of year $581,039 · end of year $601,808
10a · Land, buildings and equipment: cost or other basis

$319,496,354
10b · Land, buildings and equipment: accumulated depreciation

$154,128,281
10c · Land, buildings and equipment, net

beginning of year $165,872,231 · end of year $165,368,073
11 · Investments: publicly traded securities

beginning of year $0 · end of year $0
12 · Investments: other securities

beginning of year $87,132,295 · end of year $86,749,808
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 $5,165,248 · end of year $4,910,843
17 · Accounts payable and accrued expenses

beginning of year $6,995,149 · end of year $7,295,196
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $11,137,861 · end of year $15,863,418
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 $111,266,324 · end of year $106,772,345
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $6,550,395 · end of year $6,264,714
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 $151,572,156 · end of year $148,749,342

Mission and programs · 2022

Mission

To provide our members with safe, reliable electricity at the lowest reasonable cost while being environmentally responsible.

LPEA is an electric distribution system; as of December 31, 2022, LPEA had 48,341 services in place and 3,772 miles of line.

Expenses $108,527,921 · Revenue $112,117,449

As filed on the 2022 return.

Listed in Part VII

Jessica Matlock

Chief Executive Officer

Total calculated

$562,870

From this org

$479,894

From related orgs

$0

Other

$82,976

Hours/week

60 + 3 related

Schedule J breakdown matched by us

Base

$423,636

Bonus

$56,259

Other

$6,678

Deferred

$49,698

Nontaxable benefits

$26,599

Filer's total

$562,870
Dan Harms

Executive VP of Grid Solutions & Special Projects

Total calculated

$315,212

From this org

$249,932

From related orgs

$0

Other

$65,280

Hours/week

60

Schedule J breakdown matched by us

Base

$211,076

Bonus

$16,878

Other

$35,254

Deferred

$25,398

Nontaxable benefits

$26,606

Filer's total

$315,212
Karl Ramsey

Vice President of Finance

Total calculated

$279,173

From this org

$216,798

From related orgs

$0

Other

$62,375

Hours/week

50

Schedule J breakdown matched by us

Base

$200,120

Bonus

$16,678

Other

$7,105

Deferred

$26,421

Nontaxable benefits

$28,849

Filer's total

$279,173
Graham Smith

General Counsel

Total calculated

$274,662

From this org

$222,789

From related orgs

$0

Other

$51,873

Hours/week

50

Schedule J breakdown matched by us

Base

$206,039

Bonus

$16,750

Other

$5,520

Deferred

$25,425

Nontaxable benefits

$20,927

Filer's total

$274,661
Jerry Sutherlin

Vice President of Operations

Total calculated

$274,637

From this org

$228,940

From related orgs

$0

Other

$45,697

Hours/week

50

Schedule J breakdown matched by us

Base

$156,226

Bonus

$8,115

Other

$69,829

Deferred

$18,804

Nontaxable benefits

$21,663

Filer's total

$274,637
Jake Wills

System Engineer

Total calculated

$263,039

From this org

$209,368

From related orgs

$0

Other

$53,671

Hours/week

40

Schedule J breakdown matched by us

Base

$124,355

Bonus

$7,132

Other

$89,801

Deferred

$15,152

Nontaxable benefits

$26,599

Filer's total

$263,039
Drew Timmerman

Vice President of Information Technology

Total calculated

$242,326

From this org

$178,119

From related orgs

$0

Other

$64,207

Hours/week

50

Schedule J breakdown matched by us

Base

$163,908

Bonus

$7,639

Other

$23,684

Deferred

$19,689

Nontaxable benefits

$27,406

Filer's total

$242,326
Hillary Knox

Vice President of Communications

Total calculated

$232,527

From this org

$197,693

From related orgs

$0

Other

$34,834

Hours/week

50

Schedule J breakdown matched by us

Base

$190,054

Bonus

$7,639

Other

$2,783

Deferred

$22,029

Nontaxable benefits

$10,022

Filer's total

$232,527
John Hahn

Dispatcher

Total calculated

$226,374

From this org

$173,918

From related orgs

$0

Other

$52,456

Hours/week

40

Schedule J breakdown matched by us

Base

$122,889

Bonus

$0

Other

$71,135

Deferred

$10,427

Nontaxable benefits

$21,923

Filer's total

$226,374
Garrett Hammer

District Manager - Pagosa Springs

Total calculated

$222,074

From this org

$161,429

From related orgs

$0

Other

$60,645

Hours/week

50

Schedule J breakdown matched by us

Base

$130,544

Bonus

$7,230

Other

$38,946

Deferred

$16,198

Nontaxable benefits

$29,156

Filer's total

$222,074
Michael Messier

Foreman

Total calculated

$213,356

From this org

$172,679

From related orgs

$0

Other

$40,677

Hours/week

50

Schedule J breakdown matched by us

Base

$170,678

Bonus

$0

Other

$7,453

Deferred

$13,159

Nontaxable benefits

$22,066

Filer's total

$213,356
Jerry McKonly

Dispatcher

Total calculated

$209,144

From this org

$161,260

From related orgs

$0

Other

$47,884

Hours/week

50

Schedule J breakdown matched by us

Base

$144,442

Bonus

$0

Other

$24,032

Deferred

$11,533

Nontaxable benefits

$29,136

Filer's total

$209,143
Darrick Robinson

Manager of System Operations

Total calculated

$204,545

From this org

$150,918

From related orgs

$0

Other

$53,627

Hours/week

50

Schedule J breakdown matched by us

Base

$116,284

Bonus

$4,559

Other

$37,304

Deferred

$14,734

Nontaxable benefits

$31,664

Filer's total

$204,545
Elizabeth Howe

VP of Administrative Services

Total calculated

$166,540

From this org

$131,632

From related orgs

$0

Other

$34,908

Hours/week

50

Schedule J breakdown matched by us

Base

$120,552

Bonus

$6,080

Other

$9,354

Deferred

$15,286

Nontaxable benefits

$15,268

Filer's total

$166,540
Kohler McInnis

Director

Total calculated

$36,369

From this org

$15,869

From related orgs

$20,500

Other

$0

Hours/week

8 + 7 related
Holly Metzler

Director

Total calculated

$17,935

From this org

$17,935

From related orgs

$0

Other

$0

Hours/week

11
Kirsten Skeehan

Director

Total calculated

$17,729

From this org

$17,729

From related orgs

$0

Other

$0

Hours/week

12
Ted Compton

Director

Total calculated

$16,950

From this org

$16,950

From related orgs

$0

Other

$0

Hours/week

6
Rachel Landis

Director

Total calculated

$16,200

From this org

$16,200

From related orgs

$0

Other

$0

Hours/week

6
Joe Lewandowski

Director

Total calculated

$15,950

From this org

$15,950

From related orgs

$0

Other

$0

Hours/week

5
Tim Wheeler

Board Vice President

Total calculated

$15,700

From this org

$15,700

From related orgs

$0

Other

$0

Hours/week

6
Daniel K Huntington

Secretary

Total calculated

$15,450

From this org

$15,450

From related orgs

$0

Other

$0

Hours/week

6
Sue McWilliams

Treasurer

Total calculated

$15,388

From this org

$15,388

From related orgs

$0

Other

$0

Hours/week

7
Bob Lynch

Director

Total calculated

$14,875

From this org

$14,875

From related orgs

$0

Other

$0

Hours/week

5
John Lee

Director

Total calculated

$14,720

From this org

$14,720

From related orgs

$0

Other

$0

Hours/week

8
John Witchel

Board President

Total calculated

$14,700

From this org

$14,700

From related orgs

$0

Other

$0

Hours/week

6

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

1a · Health or social club dues or initiation fees
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
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)

Schedule J, Part I, Line 1a: As a benefit to all employees, LPEA will pay a portion of health club dues.
Schedule J, Part I, Line 3: LPEA obtains salary compensation reports developed by an independent third party from data gathered from cooperatives with similar demographics nation-wide. All compensation changes are reviewed and approved by the Executive committee; the Board of Directors gives final approval. Annual contracts are signed, and documentation of the discussions is noted in the Board of Director minutes.

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

Upper San Juan Library District Ruby Sisson Memorial Library

$25,000

Stem Grant
DURANGO SCHOOL DISTRICT 9R

$21,000

STEM GRANT
FRIENDS OF THE IGNACIO LIBRARY

$5,750

EDUCATIONAL DONATION

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.

FastTrack Communications

C · Telecommunications for Business · CO · 76.25% owned · controlled entity

Provenance

Return type: form_990
Tax year: 2022
Filed: 11 July 2023
IRS schema version: 2022v5.0
Source object: 202321929349301612

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