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Nonprofiteer
← ROSEBUD ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by ROSEBUD ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$10,015,700
Total expenses
$10,015,700
Contributions and grants received
$0
Grants paid
$1,737
Program service revenue
$9,913,390
Investment income
$111,675
Other revenue
-$9,365
Total assets, end of year
$30,215,363
Total liabilities, end of year
$20,685,907
Net assets or fund balances, end of year
$9,529,456
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: SALE OF POWER

    total $9,421,207 · related or exempt $9,421,207

  • 2b · Program service revenue: CAPITAL CREDITS

    total $337,092 · related or exempt $337,092

  • 2c · Program service revenue: OTHER SALES

    total $155,091 · related or exempt $155,091

  • 3 · Investment income

    total $85,023 · excluded $85,023

  • 7a · Gross sales of assets other than inventory

    other assets $26,652

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

    other assets $0

  • 7c · Gain or loss

    other assets $26,652

  • 7d · Net gain or loss

    total $26,652 · excluded $26,652

  • 10a · Gross sales of inventory

    $15,695

  • 10b · Cost of goods sold

    $25,060

  • 10c · Net income from sales of inventory

    total -$9,365 · related or exempt -$9,365

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,737

  • 4 · Benefits paid to or for members

    total $594,472

  • 5 · Compensation of officers, directors and key employees

    total $246,459

  • 7 · Other salaries and wages

    total $1,771,807

  • 8 · Pension plan contributions

    total $366,056

  • 10 · Payroll taxes

    total $146,552

  • 20 · Interest

    total $634,593

  • 22 · Depreciation, depletion and amortization

    total $1,446,358

  • 24a · Other expenses: COST OF POWER

    total $3,961,756

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $1,124,875

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $480,739

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $264,839

  • 24e · All other expenses

    total -$1,024,543

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,873,148 · end of year $1,037,337

  • 4 · Accounts receivable

    beginning of year $564,320 · end of year $478,010

  • 8 · Inventories for sale or use

    beginning of year $1,085,381 · end of year $1,032,584

  • 9 · Prepaid expenses and deferred charges

    beginning of year $74,360 · end of year $75,422

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

    $42,679,214

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

    $18,308,560

  • 10c · Land, buildings and equipment, net

    beginning of year $23,679,573 · end of year $24,370,654

  • 12 · Investments: other securities

    beginning of year $310,294 · end of year $321,120

  • 13 · Investments: program-related

    beginning of year $2,421,295 · end of year $2,632,089

  • 15 · Other assets

    beginning of year $255,435 · end of year $268,147

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,343,487 · end of year $1,176,210

  • 23 · Secured mortgages and notes payable

    beginning of year $19,937,101 · end of year $19,100,972

  • 25 · Other liabilities

    beginning of year $707,408 · end of year $408,725

  • 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 $9,275,810 · end of year $9,529,456

Mission and programs · 2023

Mission

TO PROVIDE ELECTRICITY TO MEMBERS.

  • DURING 2023, THE COOPERATIVE SERVED 3,025 MEMBERS WITH 2,371 MILES OF LINES. IT ALSO ADDED 1.97 MILES AND REMOVED 6.37 MILES.

As filed on the 2023 return.

Listed in Part VII

  • Leroy Littau

    PRESIDENT

    Total calculated
    $3,311
    From this org
    $3,311
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • William Ringstmeyer

    VICE-PRESIDENT

    Total calculated
    $4,816
    From this org
    $4,816
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Eastlund

    SECRETARY

    Total calculated
    $3,913
    From this org
    $3,913
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Dennis Purvis

    TREASURER

    Total calculated
    $4,364
    From this org
    $4,364
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Boyt Young

    DIRECTOR

    Total calculated
    $3,913
    From this org
    $3,913
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Robert Shaffer

    DIRECTOR

    Total calculated
    $4,515
    From this org
    $4,515
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • David Shipman

    DIRECTOR

    Total calculated
    $3,010
    From this org
    $3,010
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Richard Hartland

    DIRECTOR

    Total calculated
    $3,612
    From this org
    $3,612
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michael Jacobsen

    DIRECTOR

    Total calculated
    $6,321
    From this org
    $6,321
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kevin Mikkelsen

    GENERAL MANAGER

    Total calculated
    $225,927
    From this org
    $143,911
    From related orgs
    $0
    Other
    $82,016
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,911
    Bonus
    $0
    Other
    $0
    Deferred
    $52,445
    Nontaxable benefits
    $30,391
    Filer's total
    $226,747

  • Vic Warnke

    LINE SUPERINTENDENT

    Total calculated
    $163,844
    From this org
    $106,133
    From related orgs
    $0
    Other
    $57,711
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $106,133
    Bonus
    $0
    Other
    $0
    Deferred
    $29,099
    Nontaxable benefits
    $29,261
    Filer's total
    $164,493

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 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)

SCHEDULE J, PART II, COLUMN C
INCLUDED IN THE AMOUNT REPORTED IN COLUMN C FOR THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: - KEVIN MIKKELSEN $46,765 - VIC WARNKE $24,794 ACTUAL EXPENSES ON THE BOOKS OF THE COOPERATIVE ARE AS FOLLOWS: - KEVIN MIKKELSEN $28,701 - VIC WARNKE $22,691

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
29 October 2024
IRS schema version
2023v5.1
Source object
202443169349303364

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