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Nonprofiteer
← RURAL ELECTRIC CONVENIENCE COOPERATIVE CO

Form 990 for tax year 2023

Filed by RURAL ELECTRIC CONVENIENCE COOPERATIVE CO.

Totals

Total revenue
$16,211,341
Total expenses
$15,998,185
Contributions and grants received
$213,156
Grants paid
$0
Program service revenue
$15,939,380
Investment income
$46,146
Other revenue
$12,659
Total assets, end of year
$44,110,557
Total liabilities, end of year
$29,322,771
Net assets or fund balances, end of year
$14,787,786
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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.

  • 1e · Government grants (contributions)

    $213,156

  • 2a · Program service revenue: Sale of Electricity

    total $15,519,957 · related or exempt $15,519,957

  • 2b · Program service revenue: Capital Credits

    total $240,324 · related or exempt $240,324

  • 2c · Program service revenue: Other Operating

    total $179,099 · related or exempt $179,099

  • 3 · Investment income

    total $25,506 · excluded $25,506

  • 7a · Gross sales of assets other than inventory

    other assets $20,640

  • 7c · Gain or loss

    other assets $20,640

  • 7d · Net gain or loss

    total $20,640 · related or exempt $20,640

  • 11a · Other revenue: 990-T

    total $10,466 · unrelated business $10,466

  • 11b · Other revenue: Non-Operating

    total $2,193 · related or exempt $2,193

  • 11e · Other revenue, total

    $12,659

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $785,250

  • 5 · Compensation of officers, directors and key employees

    total $818,802

  • 20 · Interest

    total $1,107,598

  • 22 · Depreciation, depletion and amortization

    total $1,747,311

  • 24a · Other expenses: Cost of Power

    total $8,626,117 · program services $8,626,117

  • 24b · Other expenses: Distribution Expense

    total $1,417,499 · program services $1,417,499

  • 24c · Other expenses: Admin & General

    total $1,078,478 · program services $1,078,478

  • 24d · Other expenses: Member Services

    total $356,786 · program services $356,786

  • 24e · All other expenses

    total $60,344

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $125,046 · end of year $177,681

  • 4 · Accounts receivable

    beginning of year $1,476,122 · end of year $1,682,909

  • 8 · Inventories for sale or use

    beginning of year $737,084 · end of year $751,993

  • 9 · Prepaid expenses and deferred charges

    beginning of year $292,402 · end of year $234,350

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

    $60,012,163

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

    $20,828,487

  • 10c · Land, buildings and equipment, net

    beginning of year $38,922,850 · end of year $39,183,676

  • 13 · Investments: program-related

    beginning of year $1,982,781 · end of year $2,079,948

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,099,469 · end of year $2,077,652

  • 19 · Deferred revenue

    beginning of year $287,256 · end of year $314,044

  • 23 · Secured mortgages and notes payable

    beginning of year $26,024,126 · end of year $25,804,863

  • 24 · Unsecured notes and loans payable

    beginning of year $810,000 · end of year $825,000

  • 25 · Other liabilities

    beginning of year $303,005 · end of year $301,212

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $1,141,059 · end of year $1,151,709

  • 31 · Retained earnings, endowment or other funds

    beginning of year $12,871,370 · end of year $13,636,077

Mission and programs · 2023

Mission

As an energy and services cooperative, our Members needs are Rural Electric Convenience Cooperatives first priority.

  • Rural Electric Convenience Cooperative (RECC) serves 5,904 consumers in Sangamon, Morgan, Macoupin, Christian, and Montgomery counties. RECC also serves consumers in several growing subdivisions around Springfield, Taylorville, Litchfield, and other towns.

As filed on the 2023 return.

Listed in Part VII

  • Sean R Middleton

    PresidentCEO

    Total calculated
    $225,706
    From this org
    $182,507
    From related orgs
    $0
    Other
    $43,199
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $182,507
    Bonus
    not reported
    Other
    not reported
    Deferred
    $31,749
    Nontaxable benefits
    $11,450
    Filer's total
    $225,706

  • Timothy Hemberger

    Mgr Operations

    Total calculated
    $212,343
    From this org
    $104,374
    From related orgs
    $0
    Other
    $107,969
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $104,374
    Bonus
    not reported
    Other
    not reported
    Deferred
    $93,919
    Nontaxable benefits
    $14,050
    Filer's total
    $212,343

  • David E Stuva

    Retired PresidentCEO

    Total calculated
    $144,579
    From this org
    $138,745
    From related orgs
    $0
    Other
    $5,834
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $138,745
    Bonus
    not reported
    Other
    not reported
    Deferred
    $2,105
    Nontaxable benefits
    $3,729
    Filer's total
    $144,579

  • Aubrie Megginson

    Mgr FinanceAdmn

    Total calculated
    $121,574
    From this org
    $89,518
    From related orgs
    $0
    Other
    $32,056
    Hours/week
    45

  • Melvin Repescher

    Director

    Total calculated
    $16,656
    From this org
    $16,656
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Gary Niemyer

    Director

    Total calculated
    $16,556
    From this org
    $16,556
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Cassie Eigenmann

    Director

    Total calculated
    $16,206
    From this org
    $16,206
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Chris Wilcox

    Director

    Total calculated
    $13,731
    From this org
    $13,731
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Thomas Hart

    Director

    Total calculated
    $13,729
    From this org
    $13,729
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Andy Goleman

    Director

    Total calculated
    $13,006
    From this org
    $13,006
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Jimmy Ayers

    Director

    Total calculated
    $10,581
    From this org
    $10,581
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Clayton Bloome

    Director

    Total calculated
    $8,781
    From this org
    $8,781
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Neil Bryan

    Director

    Total calculated
    $5,354
    From this org
    $5,354
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

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 · 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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
30 October 2024
IRS schema version
2023v5.1
Source object
202443119349302774

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