Skip to content
Nonprofiteer
← ADAMS ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by ADAMS ELECTRIC COOPERATIVE.

Totals

Total revenue
$26,550,065
Total expenses
$26,550,065
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$26,505,647
Investment income
$44,418
Other revenue
$0
Total assets, end of year
$65,386,496
Total liabilities, end of year
$37,673,627
Net assets or fund balances, end of year
$27,712,869
Program services expenses (Part IX)
$26,550,065
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$26,550,065

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 $25,120,223 · related or exempt $25,120,223

  • 2b · Program service revenue: Capital Credits

    total $1,173,689 · related or exempt $1,173,689

  • 2c · Program service revenue: Other Electric Revenues

    total $173,796 · related or exempt $173,796

  • 2d · Program service revenue: Other

    total $37,939 · related or exempt $37,939

  • 3 · Investment income

    total $44,418 · related or exempt $44,418

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,005,592 · program services $2,005,592

  • 5 · Compensation of officers, directors and key employees

    total $427,802 · program services $427,802

  • 20 · Interest

    total $1,334,560 · program services $1,334,560

  • 22 · Depreciation, depletion and amortization

    total $1,807,726 · program services $1,807,726

  • 24a · Other expenses: Purchased Power

    total $16,269,371 · program services $16,269,371

  • 24b · Other expenses: Distribution Expense

    total $2,545,128 · program services $2,545,128

  • 24c · Other expenses: Administrative

    total $1,056,204 · program services $1,056,204

  • 24d · Other expenses: Customer Accounts & Ser

    total $738,469 · program services $738,469

  • 24e · All other expenses

    total $365,213 · program services $365,213

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $390,962 · end of year $92,179

  • 2 · Savings and temporary cash investments

    beginning of year $360,084 · end of year $361,635

  • 4 · Accounts receivable

    beginning of year $1,980,594 · end of year $2,690,208

  • 7 · Other notes and loans receivable

    beginning of year $156,134 · end of year $184,298

  • 8 · Inventories for sale or use

    beginning of year $1,147,092 · end of year $1,492,127

  • 9 · Prepaid expenses and deferred charges

    beginning of year $112,971 · end of year $180,419

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

    $70,422,004

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

    $23,802,722

  • 10c · Land, buildings and equipment, net

    beginning of year $44,528,098 · end of year $46,619,282

  • 12 · Investments: other securities

    beginning of year $13,322,338 · end of year $13,766,348

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,184,945 · end of year $2,777,804

  • 20 · Tax-exempt bond liabilities

    beginning of year $834,839 · end of year $615,150

  • 23 · Secured mortgages and notes payable

    beginning of year $32,146,893 · end of year $33,753,605

  • 25 · Other liabilities

    beginning of year $698,678 · end of year $527,068

  • 29 · Capital stock, trust principal or current funds

    beginning of year $177,990 · end of year $179,465

  • 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 $25,954,928 · end of year $27,533,404

Mission and programs · 2022

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 $26,550,065 · Revenue $26,550,065

As filed on the 2022 return.

Listed in Part VII

  • James Thompson

    General Manager

    Total calculated
    $320,001
    From this org
    $233,312
    From related orgs
    $0
    Other
    $86,689
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $221,580
    Bonus
    $0
    Other
    $11,732
    Deferred
    $76,640
    Nontaxable benefits
    $10,049
    Filer's total
    $320,001

  • Steven Jennings

    Manager of Finance

    Total calculated
    $198,152
    From this org
    $124,105
    From related orgs
    $0
    Other
    $74,047
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $121,090
    Bonus
    $0
    Other
    $3,015
    Deferred
    $63,998
    Nontaxable benefits
    $10,049
    Filer's total
    $198,152

  • Tim Brecht

    Mgr Eng & Ops

    Total calculated
    $196,443
    From this org
    $116,499
    From related orgs
    $0
    Other
    $79,944
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $114,900
    Bonus
    $0
    Other
    $1,599
    Deferred
    $54,056
    Nontaxable benefits
    $25,888
    Filer's total
    $196,443

  • Austin Aschemann

    Lineman

    Total calculated
    $142,874
    From this org
    $115,179
    From related orgs
    $0
    Other
    $27,695
    Hours/week
    45

  • Logan Schutte

    Lineman

    Total calculated
    $138,477
    From this org
    $114,942
    From related orgs
    $0
    Other
    $23,535
    Hours/week
    44

  • Nathan Smith

    Line Foreman

    Total calculated
    $135,228
    From this org
    $114,350
    From related orgs
    $0
    Other
    $20,878
    Hours/week
    43

  • Chad Reische

    Line Foreman

    Total calculated
    $154,548
    From this org
    $110,759
    From related orgs
    $0
    Other
    $43,789
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,548
    Bonus
    $0
    Other
    $211
    Deferred
    $33,740
    Nontaxable benefits
    $10,049
    Filer's total
    $154,548

  • Thomas Travis

    Treasurer

    Total calculated
    $4,200
    From this org
    $4,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Laura Meyer

    Vice-President

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Rebecca Barlow

    President

    Total calculated
    $3,400
    From this org
    $3,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kristina Farwell

    Secretary

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

  • Eric Ewing

    Director

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

  • Rex Niekamp

    Director

    Total calculated
    $2,850
    From this org
    $2,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Brent Clair

    Director

    Total calculated
    $2,400
    From this org
    $2,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Glen Koch

    Director

    Total calculated
    $2,400
    From this org
    $2,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • James Ward

    Director

    Total calculated
    $2,400
    From this org
    $2,400
    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
2022
Filed
19 May 2023
IRS schema version
2022v5.0
Source object
202321829349300002

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.