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Nonprofiteer
← CHOPTANK ELECTRIC CORP

Form 990 for tax year 2023

Filed by CHOPTANK ELECTRIC CORP.

Totals

Total revenue
$183,421,421
Total expenses
$160,337,675
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$182,485,696
Investment income
$650,242
Other revenue
$285,483
Total assets, end of year
$511,081,877
Total liabilities, end of year
$316,572,111
Net assets or fund balances, end of year
$194,509,766
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.

  • 2a · Program service revenue: SALE AND DIST. OF ELECTR

    total $157,734,037 · related or exempt $157,734,037

  • 2b · Program service revenue: CONTRIB IN AID OF CONST

    total $24,188,569 · related or exempt $24,188,569

  • 2c · Program service revenue: PATRONAGE ALLOC RECEIVED

    total $563,090 · related or exempt $563,090

  • 3 · Investment income

    total $620,371 · excluded $620,371

  • 6a · Gross rents

    real property $15,174 · personal property $60,155

  • 6b · Less rental expenses

    real property $7,479

  • 6c · Rental income or loss

    real property $7,695 · personal property $60,155

  • 6d · Net rental income or loss

    total $67,850 · related or exempt $7,695 · excluded $60,155

  • 7a · Gross sales of assets other than inventory

    other assets $174,398

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

    other assets $144,527

  • 7c · Gain or loss

    other assets $29,871

  • 7d · Net gain or loss

    total $29,871 · excluded $29,871

  • 10a · Gross sales of inventory

    $249,651

  • 10b · Cost of goods sold

    $128,462

  • 10c · Net income from sales of inventory

    total $121,189 · related or exempt $61,301 · unrelated business $59,888

  • 11a · Other revenue: NET REC SALES PROF (LOSS)

    total $66,444 · related or exempt $66,444

  • 11b · Other revenue: FIBER LEASE

    total $30,000 · unrelated business $30,000

  • 11e · Other revenue, total

    $96,444

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,966,561

  • 5 · Compensation of officers, directors and key employees

    total $3,095,316

  • 7 · Other salaries and wages

    total $15,522,899

  • 8 · Pension plan contributions

    total $2,664,687

  • 9 · Other employee benefits

    total -$1,071,473

  • 10 · Payroll taxes

    total $1,429,716

  • 11b · Fees: legal

    total $14,786

  • 11d · Fees: lobbying

    total $165,200

  • 17 · Travel

    total $3,485,051

  • 19 · Conferences, conventions and meetings

    total $363,911

  • 20 · Interest

    total $12,169,999

  • 22 · Depreciation, depletion and amortization

    total $16,138,632

  • 24a · Other expenses: COST OF POWER

    total $97,735,440

  • 24b · Other expenses: DIST. MAINTENANCE

    total $6,018,469

  • 24c · Other expenses: TAXES

    total $3,014,061

  • 24d · Other expenses: GENERAL AND ADMIN

    total $2,776,502

  • 24e · All other expenses

    total -$6,152,082

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $884,010 · end of year $295,774

  • 2 · Savings and temporary cash investments

    beginning of year $1,462,646 · end of year $1,431,714

  • 4 · Accounts receivable

    beginning of year $56,636,473 · end of year $48,107,246

  • 8 · Inventories for sale or use

    beginning of year $12,237,333 · end of year $16,950,474

  • 9 · Prepaid expenses and deferred charges

    beginning of year $35,053,749 · end of year $34,157,428

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

    $512,781,912

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

    $179,888,243

  • 10c · Land, buildings and equipment, net

    beginning of year $305,571,666 · end of year $332,893,669

  • 12 · Investments: other securities

    beginning of year $6,534,395 · end of year $6,317,088

  • 13 · Investments: program-related

    beginning of year $68,769,907 · end of year $70,651,265

  • 15 · Other assets

    beginning of year $183,029 · end of year $277,219

  • 17 · Accounts payable and accrued expenses

    beginning of year $21,821,648 · end of year $29,234,414

  • 23 · Secured mortgages and notes payable

    beginning of year $230,853,276 · end of year $251,686,778

  • 25 · Other liabilities

    beginning of year $42,650,528 · end of year $35,650,919

  • 31 · Retained earnings, endowment or other funds

    beginning of year $192,007,756 · end of year $194,509,766

Mission and programs · 2023

Mission

CEC EXISTS TO PROVIDE RELIABLE AND COST EFFECTIVE ELECTRICITY THAT IMPROVES THE QUALITY OF LIFE FOR OUR MEMBER-OWNERS. CEC IS COMMITTED TO SERVICE EXCELLENCE GUIDED BY THE SEVEN COOPERATIVE PRINCIPLES.

Activities or mission (Part I)

CHOPTANK ELECTRIC COOPERATIVE ("CEC") EXISTS TO PROVIDE RELIABLE AND COST EFFECTIVE ELECTRICITY THAT IMPROVES THE QUALITY OF LIFE FOR OUR MEMBER- OWNERS. CEC IS COMMITTED TO SERVICE EXCELLENCE GUIDED BY THE SEVEN COOPERATIVE PRINCIPLES.

  • CEC EXISTS TO PROVIDE RELIABLE AND COST EFFECTIVE ELECTRICITY THAT IMPROVES THE QUALITY OF LIFE FOR OUR MEMBER-OWNERS. CEC IS COMMITTED TO SERVICE EXCELLENCE GUIDED BY THE SEVEN COOPERATIVE PRINCIPLES. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, ARE AS FOLLOWS: COST OF POWER 97,735,440 DEPRECIATION 16,138,632 OTHER SALARIES AND WAGES 15,522,899

As filed on the 2023 return.

Listed in Part VII

  • Micheal E Malandro

    PRESIDENT &

    Total calculated
    $744,305
    From this org
    $664,244
    From related orgs
    $0
    Other
    $80,061
    Hours/week
    40 + 14 related

    Schedule J breakdown matched by us

    Base
    $571,600
    Bonus
    $92,644
    Other
    not reported
    Deferred
    $62,700
    Nontaxable benefits
    $17,361
    Filer's total
    $744,305

  • Timothy McGaha

    VP TECH SERV

    Total calculated
    $341,692
    From this org
    $285,574
    From related orgs
    $0
    Other
    $56,118
    Hours/week
    40 + 25 related

    Schedule J breakdown matched by us

    Base
    $226,574
    Bonus
    $59,000
    Other
    not reported
    Deferred
    $40,360
    Nontaxable benefits
    $15,758
    Filer's total
    $341,692

  • Leroy Sverduk

    VP ENGINEERI

    Total calculated
    $327,267
    From this org
    $274,933
    From related orgs
    $0
    Other
    $52,334
    Hours/week
    40 + 19 related

    Schedule J breakdown matched by us

    Base
    $226,433
    Bonus
    $48,500
    Other
    not reported
    Deferred
    $35,090
    Nontaxable benefits
    $17,244
    Filer's total
    $327,267

  • Lance Lockerman

    VP OPERATION

    Total calculated
    $312,120
    From this org
    $226,067
    From related orgs
    $0
    Other
    $86,053
    Hours/week
    40 + 2 related

    Schedule J breakdown matched by us

    Base
    $216,067
    Bonus
    $10,000
    Other
    not reported
    Deferred
    $70,400
    Nontaxable benefits
    $15,653
    Filer's total
    $312,120

  • Lisa Desantis

    VP & CFO

    Total calculated
    $307,945
    From this org
    $238,673
    From related orgs
    $0
    Other
    $69,272
    Hours/week
    40 + 16 related

    Schedule J breakdown matched by us

    Base
    $228,673
    Bonus
    $10,000
    Other
    not reported
    Deferred
    $53,514
    Nontaxable benefits
    $15,758
    Filer's total
    $307,945

  • Paula J Bishop

    VP H.R.

    Total calculated
    $277,640
    From this org
    $212,326
    From related orgs
    $0
    Other
    $65,314
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,326
    Bonus
    not reported
    Other
    not reported
    Deferred
    $48,070
    Nontaxable benefits
    $17,244
    Filer's total
    $277,640

  • William Davis

    SUP MEMBER S

    Total calculated
    $276,153
    From this org
    $237,630
    From related orgs
    $0
    Other
    $38,523
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $237,630
    Bonus
    not reported
    Other
    not reported
    Deferred
    $26,293
    Nontaxable benefits
    $12,230
    Filer's total
    $276,153

  • Valerie Connelly

    VP GOV. AFFA

    Total calculated
    $266,712
    From this org
    $230,753
    From related orgs
    $0
    Other
    $35,959
    Hours/week
    40 + 9 related

    Schedule J breakdown matched by us

    Base
    $205,753
    Bonus
    $25,000
    Other
    not reported
    Deferred
    $30,750
    Nontaxable benefits
    $5,209
    Filer's total
    $266,712

  • Sarah M Dahl

    VP GENERAL C

    Total calculated
    $265,883
    From this org
    $215,984
    From related orgs
    $0
    Other
    $49,899
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $205,984
    Bonus
    $10,000
    Other
    not reported
    Deferred
    $32,550
    Nontaxable benefits
    $17,349
    Filer's total
    $265,883

  • Shawn Sparks

    MGR OPERATIO

    Total calculated
    $250,295
    From this org
    $176,871
    From related orgs
    $0
    Other
    $73,424
    Hours/week
    40 + 22 related

    Schedule J breakdown matched by us

    Base
    $176,871
    Bonus
    not reported
    Other
    not reported
    Deferred
    $56,063
    Nontaxable benefits
    $17,361
    Filer's total
    $250,295

  • Charles Gleaton Jr

    CHIEF ENGINE

    Total calculated
    $221,369
    From this org
    $178,025
    From related orgs
    $0
    Other
    $43,344
    Hours/week
    40 + 3 related

    Schedule J breakdown matched by us

    Base
    $178,025
    Bonus
    not reported
    Other
    not reported
    Deferred
    $26,100
    Nontaxable benefits
    $17,244
    Filer's total
    $221,369

  • Nathan Schreppler

    CHIEF ENGINE

    Total calculated
    $201,980
    From this org
    $170,540
    From related orgs
    $0
    Other
    $31,440
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,540
    Bonus
    $7,000
    Other
    not reported
    Deferred
    $26,231
    Nontaxable benefits
    $5,209
    Filer's total
    $201,980

  • Curtis Short

    MGR DISTRICT

    Total calculated
    $199,878
    From this org
    $139,765
    From related orgs
    $0
    Other
    $60,113
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,765
    Bonus
    not reported
    Other
    not reported
    Deferred
    $45,424
    Nontaxable benefits
    $14,689
    Filer's total
    $199,878

  • Donna R West

    DIRECTOR

    Total calculated
    $42,600
    From this org
    $34,800
    From related orgs
    $7,800
    Other
    $0
    Hours/week
    10.1 + 1 related

  • John J Burke

    TREASURER

    Total calculated
    $35,800
    From this org
    $28,000
    From related orgs
    $7,800
    Other
    $0
    Hours/week
    7.4 + 1 related

  • Craig N Mathies

    DIRECTOR

    Total calculated
    $35,000
    From this org
    $27,200
    From related orgs
    $7,800
    Other
    $0
    Hours/week
    5.6 + 1 related

  • Jeffrey D Rathell Sr

    DIRECTOR

    Total calculated
    $35,000
    From this org
    $27,200
    From related orgs
    $7,800
    Other
    $0
    Hours/week
    7.4 + 1 related

  • Douglas D Scott

    CHAIRMAN

    Total calculated
    $34,800
    From this org
    $27,000
    From related orgs
    $7,800
    Other
    $0
    Hours/week
    4.8 + 1 related

  • Amy I Brandt

    DIRECTOR

    Total calculated
    $30,000
    From this org
    $22,200
    From related orgs
    $7,800
    Other
    $0
    Hours/week
    3.9 + 1 related

  • Robert E Arnold

    VICE CHAIRMA

    Total calculated
    $29,550
    From this org
    $21,750
    From related orgs
    $7,800
    Other
    $0
    Hours/week
    4.9 + 1 related

  • Matthew Holloway

    SECRETARY

    Total calculated
    $28,200
    From this org
    $20,400
    From related orgs
    $7,800
    Other
    $0
    Hours/week
    4.3 + 1 related

  • Robert B Thompson

    DIRECTOR

    Total calculated
    $27,200
    From this org
    $19,400
    From related orgs
    $7,800
    Other
    $0
    Hours/week
    4.5 + 1 related

  • Olin S Davis III

    DIRECTOR

    Total calculated
    $18,350
    From this org
    $13,800
    From related orgs
    $4,550
    Other
    $0
    Hours/week
    4.6 + 1 related

  • Kristen Nickerson

    DIRECTOR

    Total calculated
    $13,250
    From this org
    $10,000
    From related orgs
    $3,250
    Other
    $0
    Hours/week
    4.1 + 1 related

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 1A
HEALTH CLUB DUES: AS PART OF THE COOPERATIVE'S WELLNESS PROGRAM, THE COOPERATIVE REIMBURSES EMPLOYEES UP TO 25 PER MONTH TOWARDS THE COST OF A HEALTH CLUB MEMBERSHIP. 15 EMPLOYEES PARTICIPATED IN THIS PROGRAM IN 2023.
SCHEDULE J, PAGE 1, PART I, LINE 4
WILLIAM DAVIS 160,000 0 0

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • CHOPTANK SERVICES CORPORATION

    C CORP · HOLDING CO · MD · 100% owned · share of income -$311,289 · share of assets $6,758,253

    Directly controlled by CHOPTANK

  • CHOPTANK FIBER

    C CORP · INTERNET · MD · 100% owned · share of income -$906,017 · share of assets $26,194,622

    Directly controlled by CHOPTANK

Provenance

Return type
form_990
Tax year
2023
Filed
24 April 2024
IRS schema version
2023v5.0
Source object
202411239349301936

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