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Nonprofiteer
← MAGIC VALLEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by MAGIC VALLEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$320,139,415
Total expenses
$320,112,415
Contributions and grants received
$0
Grants paid
$119,148
Program service revenue
$318,632,504
Investment income
$343,113
Other revenue
$1,163,798
Total assets, end of year
$584,754,679
Total liabilities, end of year
$273,946,705
Net assets or fund balances, end of year
$310,807,974
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: SALES OF ELECTRICITY

    total $298,782,222 · related or exempt $298,782,222

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $13,140,659 · related or exempt $13,140,659

  • 2c · Program service revenue: SERVICE FEES

    total $6,677,283 · related or exempt $6,677,283

  • 2d · Program service revenue: OTHER PROGRAM REVENUE

    total $32,340 · related or exempt $32,340

  • 3 · Investment income

    total $327,917 · excluded $327,917

  • 6a · Gross rents

    real property $6,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $6,000

  • 6d · Net rental income or loss

    total $6,000 · excluded $6,000

  • 7a · Gross sales of assets other than inventory

    other assets $16,500

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

    other assets $1,304

  • 7c · Gain or loss

    other assets $15,196

  • 7d · Net gain or loss

    total $15,196 · related or exempt $15,196

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $1,157,798 · excluded $1,157,798

  • 11e · Other revenue, total

    $1,157,798

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $119,148

  • 4 · Benefits paid to or for members

    total $19,242,621

  • 5 · Compensation of officers, directors and key employees

    total $1,020,528

  • 7 · Other salaries and wages

    total $12,151,499

  • 8 · Pension plan contributions

    total $2,701,627

  • 9 · Other employee benefits

    total $2,069,191

  • 10 · Payroll taxes

    total $955,769

  • 20 · Interest

    total $8,250,041

  • 22 · Depreciation, depletion and amortization

    total $14,631,587

  • 24a · Other expenses: PURCHASED POWER

    total $238,419,596

  • 24b · Other expenses: ADMIN & GENERAL EXPENSE

    total $8,806,799

  • 24c · Other expenses: DISTRIBUTION EXPENSE

    total $7,175,017

  • 24d · Other expenses: CONSUMER EXPENSE

    total $4,301,427

  • 24e · All other expenses

    total $267,565

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,337,790 · end of year $4,904,770

  • 2 · Savings and temporary cash investments

    beginning of year $827,378

  • 4 · Accounts receivable

    beginning of year $10,990,762 · end of year $10,815,919

  • 8 · Inventories for sale or use

    beginning of year $6,156,014 · end of year $8,605,453

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,048,713 · end of year $2,134,750

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

    $484,822,096

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

    $101,059,805

  • 10c · Land, buildings and equipment, net

    beginning of year $356,970,327 · end of year $383,762,291

  • 13 · Investments: program-related

    beginning of year $158,528,877 · end of year $171,472,046

  • 15 · Other assets

    beginning of year $2,298,688 · end of year $3,059,450

  • 17 · Accounts payable and accrued expenses

    beginning of year $28,676,619 · end of year $31,213,050

  • 21 · Escrow or custodial account liability

    beginning of year $961,789 · end of year $989,970

  • 23 · Secured mortgages and notes payable

    beginning of year $203,535,601 · end of year $228,104,397

  • 25 · Other liabilities

    beginning of year $11,874,718 · end of year $13,639,288

  • 29 · Capital stock, trust principal or current funds

    beginning of year $577,535 · end of year $594,765

  • 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 $296,532,287 · end of year $310,213,209

Mission and programs · 2022

Mission

TO ENHANCE PEOPLE'S LIVES BY SAFELY PROVIDING THE MOST RELIABLE AND AFFORDABLE ELECTRIC SERVICE BY KEEPING OUR MEMBERS' BEST INTEREST IN MIND.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 144,161 ACTIVE SERVICES AT YEAR END.

As filed on the 2022 return.

Listed in Part VII

  • Martin Garcia

    PRESIDENT (JAN-NOV)

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Barbara S Miller

    PRESIDENT

    Total calculated
    $34,000
    From this org
    $34,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.7

  • Reynaldo Lopez

    VICE PRESIDENT

    Total calculated
    $28,750
    From this org
    $28,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Douglas Martin

    SECRETARY/TREASURER

    Total calculated
    $24,500
    From this org
    $24,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2

  • Rolando Alaniz

    ASST SECRETARY/TREASURER

    Total calculated
    $36,150
    From this org
    $36,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.7

  • Adrienne Pena-Garza

    DIRECTOR

    Total calculated
    $27,550
    From this org
    $27,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.8

  • Frank Ferris

    ASST SECRETARY/TREASURER

    Total calculated
    $30,000
    From this org
    $30,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Brian Acosta

    GENERAL MANAGER

    Total calculated
    $465,856
    From this org
    $266,192
    From related orgs
    $0
    Other
    $199,664
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $245,214
    Bonus
    $6,968
    Other
    $14,010
    Deferred
    $191,205
    Nontaxable benefits
    $8,459
    Filer's total
    $465,856

  • Dane Hocott

    SERVICES DIVISION MANAGER

    Total calculated
    $182,592
    From this org
    $172,942
    From related orgs
    $0
    Other
    $9,650
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $106,073
    Bonus
    $0
    Other
    $66,869
    Deferred
    $4,619
    Nontaxable benefits
    $5,031
    Filer's total
    $182,592

  • Sonia Salazar-Rangel

    SERVICES DIVISION MANAGER

    Total calculated
    $164,130
    From this org
    $119,121
    From related orgs
    $0
    Other
    $45,009
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $111,665
    Bonus
    $4,272
    Other
    $3,184
    Deferred
    $35,985
    Nontaxable benefits
    $9,024
    Filer's total
    $164,130

  • Felipe Amaya

    TECHNICAL SERVICES MANAGER

    Total calculated
    $227,579
    From this org
    $163,212
    From related orgs
    $0
    Other
    $64,367
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,365
    Bonus
    $0
    Other
    $48,847
    Deferred
    $55,454
    Nontaxable benefits
    $8,913
    Filer's total
    $227,579

  • Abraham Quiroga

    CENTRAL DIVISION MANAGER

    Total calculated
    $208,474
    From this org
    $156,327
    From related orgs
    $0
    Other
    $52,147
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,210
    Bonus
    $4,666
    Other
    $13,451
    Deferred
    $45,906
    Nontaxable benefits
    $6,241
    Filer's total
    $208,474

  • Juan Sanchez

    LINEMAN A/OPERATIONS SUPERINTENDENT

    Total calculated
    $205,576
    From this org
    $144,586
    From related orgs
    $0
    Other
    $60,990
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $138,283
    Bonus
    $5,941
    Other
    $362
    Deferred
    $51,038
    Nontaxable benefits
    $9,952
    Filer's total
    $205,576

  • Eleno Torres Jr

    LINEMAN A

    Total calculated
    $182,581
    From this org
    $144,168
    From related orgs
    $0
    Other
    $38,413
    Hours/week
    57

    Schedule J breakdown matched by us

    Base
    $139,598
    Bonus
    $4,433
    Other
    $137
    Deferred
    $29,887
    Nontaxable benefits
    $8,526
    Filer's total
    $182,581

  • Domitilo Cantu

    EASTERN DIVISION MANAGER

    Total calculated
    $172,998
    From this org
    $138,510
    From related orgs
    $0
    Other
    $34,488
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,288
    Bonus
    $3,854
    Other
    $13,368
    Deferred
    $28,081
    Nontaxable benefits
    $6,407
    Filer's total
    $172,998

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 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 II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. BRIAN ACOSTA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 182,119 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,086 TOTAL REPORTED IN COLUMN C $ 191,205 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (182,119) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 67,457 EXPENSE TO THE COOPERATIVE $ 76,543 FELIPE AMAYA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 50,293 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,161 TOTAL REPORTED IN COLUMN C $ 55,454 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (50,293) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,083 EXPENSE TO THE COOPERATIVE $ 37,244 ABRAHAM QUIROGA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,571 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,335 TOTAL REPORTED IN COLUMN C $ 45,906 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,571) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,000 EXPENSE TO THE COOPERATIVE $ 41,335 JUAN SANCHEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 46,695 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,343 TOTAL REPORTED IN COLUMN C $ 51,038 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (46,695) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,436 EXPENSE TO THE COOPERATIVE $ 28,779 DANE HOCOTT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 0 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,619 TOTAL REPORTED IN COLUMN C $ 4,619 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,713 EXPENSE TO THE COOPERATIVE $ 33,332 ELENO TORRES JR: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 25,947 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,940 TOTAL REPORTED IN COLUMN C $ 29,887 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (25,947) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,202 EXPENSE TO THE COOPERATIVE $ 26,142 DOMITILO CANTU: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 22,500 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,581 TOTAL REPORTED IN COLUMN C $ 28,081 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (22,500) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,728 EXPENSE TO THE COOPERATIVE $ 33,309 SONIA SALAZAR-RANGEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,719 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,266 TOTAL REPORTED IN COLUMN C $ 35,985 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,719) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,568 EXPENSE TO THE COOPERATIVE $ 34,834

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.

  • MVEC CARES CHARITABLE FOUNDATION

    501(C)(3) · GIVING BACK TO THE COMMUNITIES WE LOVE AND CALL HOME · TX · controlled entity

    Directly controlled by MAGIC VALLEY ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202313199349317311

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