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Nonprofiteer
← RURAL ELECTRIC CO OP INC

Form 990 for tax year 2023

Filed by RURAL ELECTRIC CO OP INC.

Totals

Total revenue
$56,899,575
Total expenses
$56,652,245
Contributions and grants received
$0
Grants paid
$20,834
Program service revenue
$56,605,543
Investment income
$252,625
Other revenue
$41,407
Total assets, end of year
$99,708,281
Total liabilities, end of year
$44,051,215
Net assets or fund balances, end of year
$55,657,066
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 $53,926,481 · related or exempt $53,926,481

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $2,171,576 · related or exempt $2,171,576

  • 2c · Program service revenue: SERVICE FEES

    total $488,725 · related or exempt $488,725

  • 2d · Program service revenue: OTHER PROGRAM REVENUE

    total $18,761 · related or exempt $18,761

  • 3 · Investment income

    total $164,969 · excluded $164,969

  • 6a · Gross rents

    real property $4,673

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $4,673

  • 6d · Net rental income or loss

    total $4,673 · excluded $4,673

  • 7a · Gross sales of assets other than inventory

    other assets $92,435

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

    other assets $4,779

  • 7c · Gain or loss

    other assets $87,656

  • 7d · Net gain or loss

    total $87,656 · related or exempt $87,656

  • 10a · Gross sales of inventory

    $1,403

  • 10b · Cost of goods sold

    $1,371

  • 10c · Net income from sales of inventory

    total $32 · related or exempt $32

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $36,702 · excluded $36,702

  • 11e · Other revenue, total

    $36,702

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $20,834

  • 4 · Benefits paid to or for members

    total $6,033,466

  • 5 · Compensation of officers, directors and key employees

    total $922,568

  • 7 · Other salaries and wages

    total $2,889,121

  • 8 · Pension plan contributions

    total $625,624

  • 9 · Other employee benefits

    total $866,429

  • 10 · Payroll taxes

    total $226,996

  • 20 · Interest

    total $1,498,634

  • 22 · Depreciation, depletion and amortization

    total $3,176,501

  • 24a · Other expenses: PURCHASED POWER

    total $34,837,423

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $3,640,672

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,018,770

  • 24d · Other expenses: CONSUMER EXPENSE

    total $490,361

  • 24e · All other expenses

    total $404,846

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $403,522 · end of year $515,506

  • 2 · Savings and temporary cash investments

    beginning of year $1,211,051 · end of year $1,200,054

  • 4 · Accounts receivable

    beginning of year $4,269,320 · end of year $3,854,656

  • 7 · Other notes and loans receivable

    beginning of year $428,854 · end of year $351,775

  • 8 · Inventories for sale or use

    beginning of year $21,731 · end of year $29,755

  • 9 · Prepaid expenses and deferred charges

    beginning of year $84,670 · end of year $64,229

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

    $104,787,962

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

    $33,780,065

  • 10c · Land, buildings and equipment, net

    beginning of year $68,122,346 · end of year $71,007,897

  • 13 · Investments: program-related

    beginning of year $18,377,146 · end of year $20,391,948

  • 15 · Other assets

    beginning of year $2,548,581 · end of year $2,292,461

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,603,339 · end of year $4,380,033

  • 23 · Secured mortgages and notes payable

    beginning of year $35,642,549 · end of year $33,947,229

  • 25 · Other liabilities

    beginning of year $5,122,996 · end of year $5,723,953

  • 29 · Capital stock, trust principal or current funds

    beginning of year $32,335 · end of year $32,615

  • 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 $50,066,002 · end of year $55,624,451

Mission and programs · 2023

Mission

ENHANCING THE MEMBERS' QUALITY OF LIFE.

Activities or mission (Part I)

TO PROVIDE ELECTRIC POWER TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 12,572 ACTIVE SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Larry Anderson

    DIRECTOR

    Total calculated
    $22,402
    From this org
    $22,402
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Brent Bacon

    SECRETARY/TREASURER

    Total calculated
    $47,146
    From this org
    $47,146
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Scott Christian

    VICE-PRESIDENT

    Total calculated
    $48,381
    From this org
    $48,381
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Mark Finch

    DIRECTOR

    Total calculated
    $26,740
    From this org
    $26,740
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Randall Griswold

    DIRECTOR

    Total calculated
    $29,231
    From this org
    $29,231
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Johnny Harrel

    DIRECTOR

    Total calculated
    $39,888
    From this org
    $39,888
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Emmett Harrison

    DIRECTOR (MAY-DEC)

    Total calculated
    $16,329
    From this org
    $16,329
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Terri Hays

    DIRECTOR

    Total calculated
    $25,398
    From this org
    $25,398
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Gary Jones

    PRESIDENT

    Total calculated
    $45,844
    From this org
    $45,844
    From related orgs
    $0
    Other
    $0
    Hours/week
    17

  • Freddy Ricks

    CEO

    Total calculated
    $313,843
    From this org
    $233,744
    From related orgs
    $0
    Other
    $80,099
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,992
    Bonus
    $6,500
    Other
    $18,252
    Deferred
    $64,167
    Nontaxable benefits
    $15,932
    Filer's total
    $313,843

  • Linda Ray

    CFO

    Total calculated
    $307,366
    From this org
    $197,025
    From related orgs
    $0
    Other
    $110,341
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,770
    Bonus
    $1,500
    Other
    $1,755
    Deferred
    $81,673
    Nontaxable benefits
    $28,668
    Filer's total
    $307,366

  • Shane J Mays

    OPERATIONS MANAGER

    Total calculated
    $221,282
    From this org
    $123,859
    From related orgs
    $0
    Other
    $97,423
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,817
    Bonus
    $1,500
    Other
    $542
    Deferred
    $68,755
    Nontaxable benefits
    $28,668
    Filer's total
    $221,282

  • Denny Horstman

    METER TECH

    Total calculated
    $183,888
    From this org
    $123,042
    From related orgs
    $0
    Other
    $60,846
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $120,568
    Bonus
    $1,500
    Other
    $974
    Deferred
    $31,467
    Nontaxable benefits
    $29,379
    Filer's total
    $183,888

  • David Crull

    LINE SUPERVISOR

    Total calculated
    $233,115
    From this org
    $117,825
    From related orgs
    $0
    Other
    $115,290
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,759
    Bonus
    $1,500
    Other
    $2,566
    Deferred
    $87,209
    Nontaxable benefits
    $28,081
    Filer's total
    $233,115

  • Benjamin Pigg

    LINEMAN

    Total calculated
    $154,388
    From this org
    $116,399
    From related orgs
    $0
    Other
    $37,989
    Hours/week
    51

    Schedule J breakdown matched by us

    Base
    $114,790
    Bonus
    $1,500
    Other
    $109
    Deferred
    $8,588
    Nontaxable benefits
    $29,401
    Filer's total
    $154,388

  • Aric Bearden

    DIST LINEMAN

    Total calculated
    $167,952
    From this org
    $113,954
    From related orgs
    $0
    Other
    $53,998
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $112,216
    Bonus
    $1,500
    Other
    $238
    Deferred
    $24,821
    Nontaxable benefits
    $29,177
    Filer's total
    $167,952

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 committee
  • 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 CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. FREDDY RICKS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 55,712 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,455 TOTAL REPORTED IN COLUMN C $ 64,167 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (55,712) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,585 EXPENSE TO THE COOPERATIVE $ 61,040 LINDA RAY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 73,869 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,804 TOTAL REPORTED IN COLUMN C $ 81,673 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (73,869) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 47,419 EXPENSE TO THE COOPERATIVE $ 55,223 DAVID CRULL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 82,659 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,550 TOTAL REPORTED IN COLUMN C $ 87,209 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (82,659) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,852 EXPENSE TO THE COOPERATIVE $ 32,402 SHANE J MAYS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 63,829 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,926 TOTAL REPORTED IN COLUMN C $ 68,755 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (63,829) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,148 EXPENSE TO THE COOPERATIVE $ 35,074 DENNY HORSTMAN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,602 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,865 TOTAL REPORTED IN COLUMN C $ 31,467 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,602) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,768 EXPENSE TO THE COOPERATIVE $ 24,633 ARIC BEARDEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 21,097 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,724 TOTAL REPORTED IN COLUMN C $ 24,821 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (21,097) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,374 EXPENSE TO THE COOPERATIVE $ 26,098 BENJAMIN PIGG: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 5,105 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,483 TOTAL REPORTED IN COLUMN C $ 8,588 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (5,105) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,908 EXPENSE TO THE COOPERATIVE $ 23,391

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.

Related corporations and trusts

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

  • REC SERVICES INC

    C · PROPANE DISTRIBUTION · OK · 100% owned · share of income $1,172 · share of assets $55,887 · controlled entity

    Directly controlled by RURAL ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2023
Filed
29 October 2024
IRS schema version
2023v5.1
Source object
202433209349321428

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