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Nonprofiteer
← POWDER RIVER ENERGY CORPORATION

Form 990 for tax year 2022

Filed by POWDER RIVER ENERGY CORPORATION.

Totals

Total revenue
$176,963,725
Total expenses
$176,963,725
Contributions and grants received
$0
Grants paid
$228,012
Program service revenue
$176,486,655
Investment income
$471,377
Other revenue
$5,693
Total assets, end of year
$491,148,467
Total liabilities, end of year
$261,783,351
Net assets or fund balances, end of year
$229,365,116
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 SERVICE

    total $158,502,321 · related or exempt $158,502,321

  • 2b · Program service revenue: CAPITAL CREDITS

    total $15,117,190 · related or exempt $15,117,190

  • 2c · Program service revenue: TRANSMISSION REVENUE

    total $2,658,495 · related or exempt $2,658,495

  • 2d · Program service revenue: OTHER RENTAL INCOME

    total $190,397 · related or exempt $190,397

  • 2e · Program service revenue: JOINT USE POLE REVENUE

    total $18,252 · excluded $18,252

  • 3 · Investment income

    total $390,454 · excluded $390,454

  • 6a · Gross rents

    real property $18,398

  • 6b · Less rental expenses

    real property $12,705

  • 6c · Rental income or loss

    real property $5,693

  • 6d · Net rental income or loss

    total $5,693 · excluded $5,693

  • 7a · Gross sales of assets other than inventory

    other assets $151,984

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

    other assets $71,061

  • 7c · Gain or loss

    other assets $80,923

  • 7d · Net gain or loss

    total $80,923 · excluded $80,923

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $228,012

  • 4 · Benefits paid to or for members

    total $15,932,660

  • 5 · Compensation of officers, directors and key employees

    total $1,540,625

  • 7 · Other salaries and wages

    total $8,369,803

  • 8 · Pension plan contributions

    total $2,540,979

  • 9 · Other employee benefits

    total $2,108,623

  • 10 · Payroll taxes

    total $713,005

  • 11b · Fees: legal

    total $109,500

  • 11c · Fees: accounting

    total $44,343

  • 11f · Fees: investment management

    total $44,558

  • 11g · Fees: other

    total $172,773

  • 12 · Advertising and promotion

    total $65,069

  • 20 · Interest

    total $5,150,522

  • 22 · Depreciation, depletion and amortization

    total $10,704,198

  • 24a · Other expenses: PURCHASED POWER

    total $120,285,259

  • 24b · Other expenses: OPER & MAINT. EXP.-DIST

    total $4,707,980

  • 24c · Other expenses: OPER & MAINT. EXP.-TRAN

    total $1,412,253

  • 24d · Other expenses: TAX EXPENSE - PROPERTY

    total $630,590

  • 24e · All other expenses

    total $2,202,973

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,700 · end of year $1,750

  • 2 · Savings and temporary cash investments

    beginning of year $14,776,514 · end of year $22,721,446

  • 4 · Accounts receivable

    beginning of year $16,020,795 · end of year $17,246,290

  • 7 · Other notes and loans receivable

    beginning of year $1,491,492 · end of year $1,411,706

  • 8 · Inventories for sale or use

    beginning of year $5,649,975 · end of year $6,806,232

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,126,235 · end of year $1,214,590

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

    $432,984,675

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

    $217,802,207

  • 10c · Land, buildings and equipment, net

    beginning of year $212,424,475 · end of year $215,182,468

  • 11 · Investments: publicly traded securities

    beginning of year $19,082,097 · end of year $18,049,384

  • 12 · Investments: other securities

    beginning of year $16,983,387 · end of year $15,261,841

  • 13 · Investments: program-related

    beginning of year $143,432,439 · end of year $148,817,988

  • 14 · Intangible assets

    beginning of year $137,599 · end of year $122,869

  • 15 · Other assets

    beginning of year $45,157,972 · end of year $44,311,903

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,253,035 · end of year $19,409,866

  • 19 · Deferred revenue

    beginning of year $7,000,000 · end of year $18,500,000

  • 23 · Secured mortgages and notes payable

    beginning of year $173,611,590 · end of year $172,460,689

  • 25 · Other liabilities

    beginning of year $49,588,145 · end of year $51,412,796

  • 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 $228,831,910 · end of year $229,365,116

Mission and programs · 2022

Mission

THE MISSION OF POWDER RIVER ENERGY CORPORATION, A NONPROFIT COOPERATIVE ORGANIZATION, IS POSITIVELY INFLUENCING AND IMPROVING LIVES FOR THOSE WE SERVE BY PROVIDING RELIABLE ENERGY AND SERVICES WHILE PAVING THE WAY FOR ACCESS AND AFFORDABILITY.

Activities or mission (Part I)

DISTRIBUTES ELECTRIC SERVICE TO RURAL CUSTOMERS IN NORTHEAST WYOMING AND SOUTHEASTERN MONTANA.

  • THE PRIMARY FUNCTION OF POWDER RIVER ENERGY CORPORATION, A NONPROFIT COOPERATIVE ORGANIZATION, IS THE DISTRIBUTION OF ELECTRICITY TO ITS 12,686 MEMBER-OWNERS UNDER 501 (C) (12). IN 2022, THE COMPANY SOLD ITS MEMBER-OWNERS 2,034,599,896 KWH OF ELECTRICITY WITH A PEAK CONICIDENT LOAD OF 311,195 KW IN FEBRUARY. THE COMPANY ADDED ROUGHLY $4 MILLION IN UTILITY PLANT IN ORDER TO EXTEND AND IMPROVE SERVICE.

As filed on the 2022 return.

Listed in Part VII

  • Reuben Ritthaler

    PRESIDENT-THRU 9/19/22

    Total calculated
    $11,822
    From this org
    $11,800
    From related orgs
    $0
    Other
    $22
    Hours/week
    5

  • Clay Branscom

    DIRECTOR

    Total calculated
    $7,782
    From this org
    $7,750
    From related orgs
    $0
    Other
    $32
    Hours/week
    5

  • Philip Habeck

    VICE PRESIDENT

    Total calculated
    $7,932
    From this org
    $7,900
    From related orgs
    $0
    Other
    $32
    Hours/week
    5

  • James Baumgartner

    DIRECTOR

    Total calculated
    $6,582
    From this org
    $6,550
    From related orgs
    $0
    Other
    $32
    Hours/week
    5

  • Gerald Geis

    SECRETARY/TREASURER

    Total calculated
    $14,382
    From this org
    $14,350
    From related orgs
    $0
    Other
    $32
    Hours/week
    5

  • Mike Lohse

    DIRECTOR

    Total calculated
    $9,782
    From this org
    $9,750
    From related orgs
    $0
    Other
    $32
    Hours/week
    11

  • Paul Baker II

    DIRECTOR

    Total calculated
    $6,182
    From this org
    $6,150
    From related orgs
    $0
    Other
    $32
    Hours/week
    12

  • Alison Gee

    DIRECTOR

    Total calculated
    $5,782
    From this org
    $5,750
    From related orgs
    $0
    Other
    $32
    Hours/week
    5

  • James Purdy

    DIRECTOR/PRESIDENT-BEG 9/20/22

    Total calculated
    $8,232
    From this org
    $8,200
    From related orgs
    $0
    Other
    $32
    Hours/week
    5

  • Michael Hall Helvey

    DIRECTOR

    Total calculated
    $5,032
    From this org
    $5,000
    From related orgs
    $0
    Other
    $32
    Hours/week
    2

  • Tyrel Miller

    DIRECTOR

    Total calculated
    $6,032
    From this org
    $6,000
    From related orgs
    $0
    Other
    $32
    Hours/week
    5

  • Michael Easley

    CHIEF EXECUTIVE OFFICER-THRU 7/31/22

    Total calculated
    $571,218
    From this org
    $329,344
    From related orgs
    $0
    Other
    $241,874
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $328,017
    Bonus
    $307
    Other
    $1,020
    Deferred
    $210,966
    Nontaxable benefits
    $30,908
    Filer's total
    $571,218

  • William Mertz

    CHIEF FINANCE & ADMIN OFFICER

    Total calculated
    $314,373
    From this org
    $205,652
    From related orgs
    $0
    Other
    $108,721
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $205,047
    Bonus
    $605
    Other
    $0
    Deferred
    $78,804
    Nontaxable benefits
    $29,917
    Filer's total
    $314,373

  • Brian Mills - Deputy Gm

    CHIEF EXECUTIVE OFFICER-BEG 8/1/22

    Total calculated
    $283,741
    From this org
    $184,440
    From related orgs
    $0
    Other
    $99,301
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $183,069
    Bonus
    $1,371
    Other
    $0
    Deferred
    $69,165
    Nontaxable benefits
    $30,136
    Filer's total
    $283,741

  • Quentin Rogers

    VICE PRESIDENT OF ENGINEER

    Total calculated
    $261,908
    From this org
    $164,351
    From related orgs
    $0
    Other
    $97,557
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $162,990
    Bonus
    $1,361
    Other
    $0
    Deferred
    $67,921
    Nontaxable benefits
    $29,636
    Filer's total
    $261,908

  • Jeffery Bumgarner

    VICE PRESIDENT MEMBER SERVICES

    Total calculated
    $246,646
    From this org
    $157,000
    From related orgs
    $0
    Other
    $89,646
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $155,197
    Bonus
    $1,803
    Other
    $0
    Deferred
    $58,572
    Nontaxable benefits
    $31,074
    Filer's total
    $246,646

  • Michael Bingham

    DISTRICT FOREMAN

    Total calculated
    $255,856
    From this org
    $155,039
    From related orgs
    $0
    Other
    $100,817
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $153,177
    Bonus
    $1,483
    Other
    $379
    Deferred
    $76,502
    Nontaxable benefits
    $24,315
    Filer's total
    $255,856

  • Thomas Mulloy

    DISTRICT FOREMAN

    Total calculated
    $203,452
    From this org
    $148,727
    From related orgs
    $0
    Other
    $54,725
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $146,902
    Bonus
    $1,446
    Other
    $379
    Deferred
    $44,591
    Nontaxable benefits
    $10,134
    Filer's total
    $203,452

  • Justin Dooley

    DISTRICT FOREMAN

    Total calculated
    $202,429
    From this org
    $147,015
    From related orgs
    $0
    Other
    $55,414
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $145,261
    Bonus
    $1,375
    Other
    $379
    Deferred
    $45,280
    Nontaxable benefits
    $10,134
    Filer's total
    $202,429

  • Richard Halloran

    VICE PRESIDENT SYSTEM OPERATIONS

    Total calculated
    $234,019
    From this org
    $145,402
    From related orgs
    $0
    Other
    $88,617
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $143,977
    Bonus
    $1,425
    Other
    $0
    Deferred
    $64,502
    Nontaxable benefits
    $24,115
    Filer's total
    $234,019

  • Wayne Pollat

    DISTRICT FOREMAN

    Total calculated
    $211,262
    From this org
    $144,816
    From related orgs
    $0
    Other
    $66,446
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $143,062
    Bonus
    $1,375
    Other
    $379
    Deferred
    $35,447
    Nontaxable benefits
    $30,999
    Filer's total
    $211,262

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 · First-class or charter travel
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 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)

PART I, LINE 1A
THE COMPANY HEADQUARTERS ARE LOCATED IN A REMOTE, RURAL AREA IN THE EXTREME NORTHEAST CORNER OF WYOMING. IT IS OCCASIONALLY DEEMED EXPEDIENT TO CHARTER SMALL PISTON-ENGINED AIRPLANES WHEN THE COMPANY BUSINESS REQUIRES TRAVEL OUTSIDE OF OUR SERVICE TERRITORY. THIS OCCURS PRIMARILY WHEN TRAVEL IS NECESSARY TO TWO DESTINATIONS. THE FIRST DESTINATION IS THE STATE CAPITAL IN CHEYENNE, WYOMONG FOR REGULATORY, GOVERNMENTAL, AND ASSOCIATED MEETINGS OR ACTIVITIES AFFECTING THE COMPANY. THE SECOND LOCATION IS THE BISMARCK, NORTH DAKOTA OFFICES OF OUR PRINCIPAL POWER SUPPLIER BASIN ELECTRIC POWER COOPERATIVE. POWDER RIVER ENERGY PURCHASES POWER FROM BASIN ELECTRIC THROUGH MEMBERS 1ST POWER COOPERATIVE. THESE CHARTERS ARE FOR BUSINESS PURPOSES ONLY, HAVE NO COMPENSATORY PURPOSES WHATSOEVER, AND OFTEN ALLOW FOR SAME DAY ROUND TRIP TRAVEL. ONLY THE COMPANY CEO, BRIAN MILLS, OR ITS BOARD OF DIRECTORS CAN AUTHORIZE CHARTER EXPENSE. THE COMPANY OFFERS A WELLNESS PROGRAM EACH YEAR FOR ALL EMPLOYEES. PART OF THE PROGRAM INCLUDES REIMBURSEMENT OF FITNESS CENTER OR WEIGHT MANAGEMENT PROGRAM FEES IN AN AMOUNT OF 50% OF THE TOTAL FEES, WITH A MAXIMUM OF $50 PER QUARTER.
PART II, COLUMN C
COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. SEE BELOW FOR THE CHANGE IN ACTUARIAL VALUE AND ACTUAL DEFINED BENEFIT PLAN COSTS: EMPLOYEE CHANGE IN ACTUARIAL VALUE ACTUAL BENEFIT EXPENSE MICHAEL E EASLEY $191,646 $68,361 JEFFERY BUMGARNER $49,539 $30,800 MICHAEL BINGHAM $69,615 $30,375 BRIAN MILLS $58,400 $32,798 QUENTIN ROGERS $58,503 $32,796 WILLIAM MERTZ III $66,516 $41,399 JUSTIN DOOLEY $38,393 $30,375 THOMAS MULLOY $37,703 $30,375 RICHARD HALLORAN $57,615 $29,532 WAYNE POLLAT $26,787 $30,375

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

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.

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.

  • PRECORP SERVICES LLC

    NO ACTIVITY · WY · income $0 · assets $0

    Directly controlled by POWDER RIVER ENERGY CORPORATION

Provenance

Return type
form_990
Tax year
2022
Filed
23 October 2023
IRS schema version
2022v5.0
Source object
202312979349301716

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