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Nonprofiteer
← NORVAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by NORVAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$8,395,274
Total expenses
$8,395,274
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$7,979,154
Investment income
$36,411
Other revenue
$379,709
Total assets, end of year
$29,999,792
Total liabilities, end of year
$13,058,679
Net assets or fund balances, end of year
$16,941,113
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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.

  • 2a · Program service revenue: Sale of Electricity

    total $7,979,154 · related or exempt $7,979,154 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $36,411 · related or exempt $36,411 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: G&T Capital Credits - CMEPC

    total $247,272 · related or exempt $247,272 · unrelated business $0 · excluded $0

  • 11b · Other revenue: G&T Capital Credits - BEPC

    total $63,826 · related or exempt $63,826 · unrelated business $0 · excluded $0

  • 11c · Other revenue: Other Capital Credits

    total $68,611 · related or exempt $68,611 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $379,709

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $397,394

  • 5 · Compensation of officers, directors and key employees

    total $593,356

  • 7 · Other salaries and wages

    total $965,500

  • 8 · Pension plan contributions

    total $269,578

  • 9 · Other employee benefits

    total $429,259

  • 10 · Payroll taxes

    total $132,044

  • 11a · Fees: management

    total $61,387

  • 11b · Fees: legal

    total $24,435

  • 11c · Fees: accounting

    total $17,267

  • 12 · Advertising and promotion

    total $15,515

  • 13 · Office expenses

    total $19,079

  • 14 · Information technology

    total $8,033

  • 20 · Interest

    total $552,966

  • 22 · Depreciation, depletion and amortization

    total $1,361,109

  • 23 · Insurance

    total $114,552

  • 24a · Other expenses: Cost of Purchased Power

    total $2,323,699

  • 24b · Other expenses: Property Tax

    total $462,082

  • 24c · Other expenses: Engineering

    total $20,826

  • 24e · All other expenses

    total $627,193

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,746,695 · end of year $728,701

  • 2 · Savings and temporary cash investments

    beginning of year $121,382 · end of year $126,463

  • 4 · Accounts receivable

    beginning of year $886,639 · end of year $1,055,427

  • 8 · Inventories for sale or use

    beginning of year $1,772,301 · end of year $1,688,026

  • 9 · Prepaid expenses and deferred charges

    beginning of year $115,693 · end of year $120,789

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

    $44,439,018

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

    $20,891,769

  • 10c · Land, buildings and equipment, net

    beginning of year $23,060,193 · end of year $23,547,249

  • 13 · Investments: program-related

    beginning of year $2,554,742 · end of year $2,685,345

  • 15 · Other assets

    beginning of year $86,092 · end of year $47,792

  • 17 · Accounts payable and accrued expenses

    beginning of year $436,177 · end of year $298,106

  • 23 · Secured mortgages and notes payable

    beginning of year $12,031,032 · end of year $11,861,576

  • 25 · Other liabilities

    beginning of year $1,951,157 · end of year $898,997

  • 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 $15,925,371 · end of year $16,941,113

Mission and programs · 2023

Mission

To provide electricity to rural farms, residences, businesses and other industrial entities in Northeastern Montana.

Activities or mission (Part I)

Electric Utility cooperative serving rural residences, farms, businesses and other industrial accounts located in Daniels, McCone, Phillips, Roosevelt and Valley Counties.

  • To provide electricity to rural farms, residences, businesses and other industrial entities in Northeast Montana.

As filed on the 2023 return.

Listed in Part VII

  • Nicholas Dulaney

    Line Superintendent

    Total calculated
    $130,676
    From this org
    $130,676
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

  • Doris Donaldson

    Office Manager

    Total calculated
    $112,856
    From this org
    $112,856
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

  • Jayson Nelson

    Foreman

    Total calculated
    $108,377
    From this org
    $108,377
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Cody Odom

    Foreman

    Total calculated
    $108,321
    From this org
    $108,321
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Joseph Odom

    Foreman

    Total calculated
    $102,326
    From this org
    $102,326
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Rick Stahl

    Director

    Total calculated
    $5,500
    From this org
    $5,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Chris Christensen

    President

    Total calculated
    $5,100
    From this org
    $5,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Ronald Reddig

    Director

    Total calculated
    $4,750
    From this org
    $4,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Richard Molvig

    Vice President

    Total calculated
    $4,650
    From this org
    $4,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Rocky Kittleson

    Secretary/Treasurer

    Total calculated
    $4,200
    From this org
    $4,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Sam Gundermann

    Director

    Total calculated
    $4,050
    From this org
    $4,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kevin Nelson

    Director

    Total calculated
    $2,550
    From this org
    $2,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
30 April 2024
IRS schema version
2023v5.0
Source object
202401219349302140

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