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Nonprofiteer
← ADAMS ELECTRIC COOPERATIVE

Form 990 for tax year 2025

Filed by ADAMS ELECTRIC COOPERATIVE.

Totals

Total revenue
$30,904,367
Total expenses
$30,904,367
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$30,861,536
Investment income
$42,831
Other revenue
$0
Total assets, end of year
$74,234,971
Total liabilities, end of year
$41,244,608
Net assets or fund balances, end of year
$32,990,363
Program services expenses (Part IX)
$30,904,367
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$30,904,367

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 $29,405,433 · related or exempt $29,405,433

  • 2b · Program service revenue: Capital Credits

    total $1,262,789 · related or exempt $1,262,789

  • 2c · Program service revenue: Other Electric Revenues

    total $193,314 · related or exempt $193,314

  • 3 · Investment income

    total $42,831 · related or exempt $42,831

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,521,929 · program services $2,521,929

  • 5 · Compensation of officers, directors and key employees

    total $558,300 · program services $558,300

  • 20 · Interest

    total $1,878,286 · program services $1,878,286

  • 22 · Depreciation, depletion and amortization

    total $2,004,795 · program services $2,004,795

  • 24a · Other expenses: Purchased Power

    total $18,696,436 · program services $18,696,436

  • 24b · Other expenses: Distribution Expense

    total $3,020,175 · program services $3,020,175

  • 24c · Other expenses: Administrative

    total $1,075,496 · program services $1,075,496

  • 24d · Other expenses: Customer Accounts & Ser

    total $742,103 · program services $742,103

  • 24e · All other expenses

    total $406,847 · program services $406,847

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $161,000 · end of year $91,150

  • 2 · Savings and temporary cash investments

    beginning of year $370,316 · end of year $376,258

  • 4 · Accounts receivable

    beginning of year $2,532,922 · end of year $2,942,835

  • 7 · Other notes and loans receivable

    beginning of year $279,196 · end of year $269,613

  • 8 · Inventories for sale or use

    beginning of year $1,899,441 · end of year $1,837,483

  • 9 · Prepaid expenses and deferred charges

    beginning of year $132,448 · end of year $128,106

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

    $79,110,628

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

    $26,719,217

  • 10c · Land, buildings and equipment, net

    beginning of year $50,083,626 · end of year $52,391,411

  • 12 · Investments: other securities

    beginning of year $15,181,889 · end of year $16,198,115

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,736,148 · end of year $2,624,795

  • 20 · Tax-exempt bond liabilities

    beginning of year $167,734 · end of year $33,899

  • 23 · Secured mortgages and notes payable

    beginning of year $36,381,546 · end of year $38,218,037

  • 25 · Other liabilities

    beginning of year $400,613 · end of year $367,877

  • 29 · Capital stock, trust principal or current funds

    beginning of year $182,115 · end of year $183,465

  • 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 $30,772,682 · end of year $32,806,898

Mission and programs · 2025

Mission

To provide electric energy to our members on a cooperative basis

Activities or mission (Part I)

Provide electric service to over 8,900 members on a cooperative basis

  • Provide electric energy to cooperative members

    Expenses $30,904,367 · Revenue $30,904,367

As filed on the 2025 return.

Listed in Part VII

  • James Thompson

    General Manager

    Total calculated
    $376,755
    From this org
    $262,176
    From related orgs
    $0
    Other
    $114,579
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $247,132
    Bonus
    $0
    Other
    $15,044
    Deferred
    $100,823
    Nontaxable benefits
    $13,756
    Filer's total
    $376,755

  • Chad Reische

    Design/Const Super

    Total calculated
    $174,263
    From this org
    $130,637
    From related orgs
    $0
    Other
    $43,626
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,253
    Bonus
    $0
    Other
    $384
    Deferred
    $31,108
    Nontaxable benefits
    $12,518
    Filer's total
    $174,263

  • Alexander Mossman

    Mgr Engineering & Ops

    Total calculated
    $164,166
    From this org
    $126,993
    From related orgs
    $0
    Other
    $37,173
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,762
    Bonus
    $0
    Other
    $231
    Deferred
    $17,569
    Nontaxable benefits
    $19,604
    Filer's total
    $164,166

  • Cole Wellman

    Journeyman Lineman

    Total calculated
    $149,339
    From this org
    $126,066
    From related orgs
    $0
    Other
    $23,273
    Hours/week
    44

  • Austin Aschemann

    Journeyman Lineman

    Total calculated
    $148,076
    From this org
    $123,494
    From related orgs
    $0
    Other
    $24,582
    Hours/week
    44

  • Brennan Caspermeyer

    Line Foreman

    Total calculated
    $147,026
    From this org
    $122,817
    From related orgs
    $0
    Other
    $24,209
    Hours/week
    42

  • Tara Neisen

    Mgr of Finance & Accountin

    Total calculated
    $178,840
    From this org
    $114,856
    From related orgs
    $0
    Other
    $63,984
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $114,501
    Bonus
    $0
    Other
    $355
    Deferred
    $44,451
    Nontaxable benefits
    $19,533
    Filer's total
    $178,840

  • Rebecca Barlow

    Director

    Total calculated
    $6,750
    From this org
    $6,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Glen Koch

    Director

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Eric Ewing

    Director

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • James Ward

    Treasurer

    Total calculated
    $5,125
    From this org
    $5,125
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Rex Niekamp

    Director

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Laura Meyer

    President

    Total calculated
    $4,000
    From this org
    $4,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kristina Farwell

    Vice-President

    Total calculated
    $4,000
    From this org
    $4,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Thomas Travis

    Secretary

    Total calculated
    $3,929
    From this org
    $3,929
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Brent Clair

    Director

    Total calculated
    $3,750
    From this org
    $3,750
    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 · Written employment contract
  • 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 I, Line 3
The Board of Directors review compensation, based on industry surveys and employee performance before approving executive compensation.

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
2025
Filed
14 May 2026
IRS schema version
2025v4.1
Source object
202611349349304221

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