Skip to content
Nonprofiteer
← BOONE ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by BOONE ELECTRIC COOPERATIVE.

Totals

Total revenue
$72,698,018
Total expenses
$68,204,910
Contributions and grants received
$0
Grants paid
$248,913
Program service revenue
$72,517,881
Investment income
$180,137
Other revenue
$0
Total assets, end of year
$219,609,893
Total liabilities, end of year
$127,648,030
Net assets or fund balances, end of year
$91,961,863
Program services expenses (Part IX)
$68,204,910
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$68,204,910

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.

  • 2a · Program service revenue: Sales of Energy

    total $68,771,436 · related or exempt $68,771,436

  • 2b · Program service revenue: Capital Credits

    total $2,942,019 · related or exempt $2,942,019

  • 2c · Program service revenue: Other Electric Revenues

    total $682,246 · related or exempt $682,246

  • 2d · Program service revenue: Merchandising

    total $104,599 · related or exempt $104,599

  • 2e · Program service revenue: Non-Operating Margins

    total $17,581 · related or exempt $17,581

  • 3 · Investment income

    total $206,880 · related or exempt $206,880

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

    other assets $26,743

  • 7c · Gain or loss

    other assets -$26,743

  • 7d · Net gain or loss

    total -$26,743 · related or exempt -$26,743

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $248,913 · program services $248,913

  • 4 · Benefits paid to or for members

    total $2,314,309 · program services $2,314,309

  • 5 · Compensation of officers, directors and key employees

    total $932,432 · program services $932,432

  • 20 · Interest

    total $4,822,200 · program services $4,822,200

  • 22 · Depreciation, depletion and amortization

    total $6,706,373 · program services $6,706,373

  • 24a · Other expenses: Cost of Purchased Power

    total $35,937,039 · program services $35,937,039

  • 24b · Other expenses: Distribution Exp-Mainte

    total $5,129,276 · program services $5,129,276

  • 24c · Other expenses: Distribution Exp-Operat

    total $4,575,103 · program services $4,575,103

  • 24d · Other expenses: Administrative and Gene

    total $4,371,236 · program services $4,371,236

  • 24e · All other expenses

    total $3,168,029 · program services $3,168,029

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,118,593 · end of year $3,035,488

  • 4 · Accounts receivable

    beginning of year $7,151,692 · end of year $6,525,794

  • 7 · Other notes and loans receivable

    beginning of year $36,000

  • 8 · Inventories for sale or use

    beginning of year $2,776,817 · end of year $3,849,644

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,092,658 · end of year $141,720

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

    $220,948,742

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

    $54,480,223

  • 10c · Land, buildings and equipment, net

    beginning of year $159,806,249 · end of year $166,468,519

  • 13 · Investments: program-related

    beginning of year $37,451,863 · end of year $39,588,728

  • 15 · Other assets

    beginning of year $32,526 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,139,016 · end of year $9,076,475

  • 23 · Secured mortgages and notes payable

    beginning of year $114,625,590 · end of year $117,391,644

  • 25 · Other liabilities

    beginning of year $1,233,037 · end of year $1,179,911

  • 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 $87,468,755 · end of year $91,961,863

Mission and programs · 2023

Mission

The mission of Boone Electric Cooperative is to be responsive to our members' needs by providing a dependable supply of electric energy and other services at the lowest possible cost consistent with sound business practices and cooperative principles.

Activities or mission (Part I)

To provide electricity to our cooperative members

  • Retail sale of electricity to members, owners and consumers

    Expenses $68,204,910 · Grants $248,913 · Revenue $72,698,018

As filed on the 2023 return.

Listed in Part VII

  • Todd Culley

    CEO

    Total calculated
    $467,112
    From this org
    $322,976
    From related orgs
    $0
    Other
    $144,136
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $309,999
    Bonus
    $7,600
    Other
    $5,377
    Deferred
    $119,668
    Nontaxable benefits
    $24,468
    Filer's total
    $467,112

  • Vicki Kemna

    Assistant Manager

    Total calculated
    $388,290
    From this org
    $218,430
    From related orgs
    $0
    Other
    $169,860
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $198,538
    Bonus
    $6,293
    Other
    $13,599
    Deferred
    $146,369
    Nontaxable benefits
    $23,491
    Filer's total
    $388,290

  • Ryan Euliss

    CFO/Manager of Finance

    Total calculated
    $308,464
    From this org
    $197,584
    From related orgs
    $0
    Other
    $110,880
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $182,507
    Bonus
    $5,841
    Other
    $9,236
    Deferred
    $88,020
    Nontaxable benefits
    $22,860
    Filer's total
    $308,464

  • James Goodnight

    Operations Manager

    Total calculated
    $297,781
    From this org
    $171,077
    From related orgs
    $0
    Other
    $126,704
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $153,832
    Bonus
    $5,675
    Other
    $11,570
    Deferred
    $96,934
    Nontaxable benefits
    $29,770
    Filer's total
    $297,781

  • Andrew Petri

    Manager of Engineering and

    Total calculated
    $248,001
    From this org
    $165,281
    From related orgs
    $0
    Other
    $82,720
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $148,963
    Bonus
    $5,592
    Other
    $10,726
    Deferred
    $53,153
    Nontaxable benefits
    $29,567
    Filer's total
    $248,001

  • Laura Baker

    Mgr Member Svcs

    Total calculated
    $266,195
    From this org
    $144,654
    From related orgs
    $0
    Other
    $121,541
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $130,329
    Bonus
    $5,467
    Other
    $8,858
    Deferred
    $91,861
    Nontaxable benefits
    $29,680
    Filer's total
    $266,195

  • Jason Toalson

    Line Foreman

    Total calculated
    $192,705
    From this org
    $129,858
    From related orgs
    $0
    Other
    $62,847
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $104,255
    Bonus
    $24,526
    Other
    $1,077
    Deferred
    $40,695
    Nontaxable benefits
    $22,152
    Filer's total
    $192,705

  • Joshua Turner

    Lead Lineman

    Total calculated
    $181,343
    From this org
    $128,206
    From related orgs
    $0
    Other
    $53,137
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $97,618
    Bonus
    $30,310
    Other
    $278
    Deferred
    $24,411
    Nontaxable benefits
    $28,726
    Filer's total
    $181,343

  • Jeremy Drechsel

    Journeyman Lineman

    Total calculated
    $164,221
    From this org
    $126,191
    From related orgs
    $0
    Other
    $38,030
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $97,331
    Bonus
    $28,343
    Other
    $517
    Deferred
    $25,742
    Nontaxable benefits
    $12,288
    Filer's total
    $164,221

  • Scott Douglas

    System Engineer

    Total calculated
    $153,577
    From this org
    $125,020
    From related orgs
    $0
    Other
    $28,557
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,534
    Bonus
    $2,818
    Other
    $668
    Deferred
    $15,916
    Nontaxable benefits
    $12,641
    Filer's total
    $153,577

  • Darin Schnarre

    Treasurer

    Total calculated
    $41,244
    From this org
    $41,244
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • John Bullard

    Director

    Total calculated
    $39,239
    From this org
    $39,239
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Andrew Stanton

    Director

    Total calculated
    $38,194
    From this org
    $38,194
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Joel Bullard

    Director

    Total calculated
    $28,772
    From this org
    $28,772
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Kimberly Ponder

    President

    Total calculated
    $18,292
    From this org
    $18,292
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Wayne Wilcox

    Vice President

    Total calculated
    $14,591
    From this org
    $14,591
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Timothy Hudspeth

    Director

    Total calculated
    $13,141
    From this org
    $13,141
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michelle Motley

    Secretary

    Total calculated
    $12,768
    From this org
    $12,768
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Frank Glenn

    Director

    Total calculated
    $6,285
    From this org
    $6,285
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Maria Haag

    Director

    Total calculated
    $3,208
    From this org
    $3,208
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

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

  • 2 · Substantiation required before reimbursing expenses
  • 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 3
The Board of directors approves the salary of the CEO annually, based on market conditions and information about other electric cooperatives of similar size.

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

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.

  • Boone Electric Satellite Systems Inc

    C · Satellite Sales · MO · 100% owned · share of income -$9,092 · share of assets $2,362,100

  • Boone Electric Service Company

    C · Service Company · MO · 100% owned · share of assets $405

Provenance

Return type
form_990
Tax year
2023
Filed
7 October 2024
IRS schema version
2023v5.1
Source object
202422819349301857

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.