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Nonprofiteer
← EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE.

Totals

Total revenue
$27,019,653
Total expenses
$24,583,806
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$25,644,494
Investment income
$95,536
Other revenue
$1,279,623
Total assets, end of year
$86,999,273
Total liabilities, end of year
$44,836,474
Net assets or fund balances, end of year
$42,162,799
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: ELECTRICITY SALES

    total $25,644,494 · related or exempt $25,644,494

  • 3 · Investment income

    total $95,536 · excluded $95,536

  • 10a · Gross sales of inventory

    $5,476

  • 10b · Cost of goods sold

    $10,619

  • 10c · Net income from sales of inventory

    total -$5,143 · related or exempt -$5,143

  • 11a · Other revenue: CAPITAL CREDITS

    total $1,285,072 · related or exempt $1,285,072

  • 11b · Other revenue: SCHEDULE K-1 INCOME/LOSS

    total -$306 · unrelated business -$306

  • 11e · Other revenue, total

    $1,284,766

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $511,558

  • 5 · Compensation of officers, directors and key employees

    total $288,480

  • 7 · Other salaries and wages

    total $376,888

  • 10 · Payroll taxes

    total $50,103

  • 11c · Fees: accounting

    total $21,621

  • 13 · Office expenses

    total $791,575

  • 20 · Interest

    total $1,597,212

  • 22 · Depreciation, depletion and amortization

    total $2,690,219

  • 24a · Other expenses: COST OF POWER

    total $13,883,043

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $2,631,242

  • 24c · Other expenses: CONSUMER ACCOUNTS

    total $1,097,451

  • 24d · Other expenses: DISTRIBUTION MAINTENANC

    total $614,502

  • 24e · All other expenses

    total $29,912

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $335,859 · end of year $517,292

  • 2 · Savings and temporary cash investments

    beginning of year $824,323 · end of year $507,078

  • 4 · Accounts receivable

    beginning of year $3,444,188 · end of year $3,193,530

  • 8 · Inventories for sale or use

    beginning of year $2,100,584 · end of year $1,996,216

  • 9 · Prepaid expenses and deferred charges

    beginning of year $186,728 · end of year $176,822

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

    $93,074,110

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

    $21,535,343

  • 10c · Land, buildings and equipment, net

    beginning of year $67,052,231 · end of year $71,538,767

  • 12 · Investments: other securities

    beginning of year $7,532,675 · end of year $8,045,174

  • 14 · Intangible assets

    beginning of year $18,180 · end of year $18,180

  • 15 · Other assets

    beginning of year $1,840,028 · end of year $1,006,214

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,491,318 · end of year $2,509,369

  • 23 · Secured mortgages and notes payable

    beginning of year $39,307,776 · end of year $41,558,819

  • 25 · Other liabilities

    beginning of year $795,893 · end of year $768,286

  • 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 $39,739,809 · end of year $42,162,799

Mission and programs · 2023

Mission

EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE PROVIDES ELECTRIC ENERGY SERVICE TO APPROXIMATELY 7,240 MEMBERS TO PARTS OF 10 COUNTIES IN EAST-CENTRAL IOWA. ITS PRIMARY MISSION IS TO PROVIDE THE BEST POSSIBLE SERVICE TO ITS MEMBERS FOR THE LOWEST POSSIBLE COST.

Activities or mission (Part I)

EAST CENTRAL IOWA RURAL ELECTRIC COOPERATIVE PROVIDES ELECTRIC ENERGY SERVICE TO APPROXIMATELY 7,240 MEMBERS TO PARTS OF 10 COUNTIES IN EAST-CENTRAL IOWA. IT'S PRIMARY MISSION IS TO PROVIDE THE BEST POSSIBLE ELECTRICAL SERVICE TO ITS MEMBERS AT THE LOWEST POSSIBLE COST.

  • PROVISION OF ELECTRICITY AND ELECTRIC SERVICES TO THE COOPERATIVE'S 7,240 MEMBERS. THIS REPRESENTS 99% OF THE TOTAL REVENUE FOR THE COOPERATIVE FOR 2023.

As filed on the 2023 return.

Listed in Part VII

  • Steve Rau

    PRESIDENT

    Total calculated
    $8,965
    From this org
    $8,965
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.85

  • Jeff Elliott

    VICE PRESIDENT

    Total calculated
    $9,630
    From this org
    $9,630
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.77

  • Ryan Kress

    SECRETARY/TREASURER

    Total calculated
    $5,370
    From this org
    $5,370
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.73

  • Gary McKenna

    ASSISTANT SECRETARY/TREASU

    Total calculated
    $8,595
    From this org
    $8,595
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.31

  • Brian McNulty

    DIRECTOR

    Total calculated
    $4,660
    From this org
    $4,660
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Nick Donlea

    DIRECTOR

    Total calculated
    $5,015
    From this org
    $5,015
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.15

  • Donald Shonka

    DIRECTOR

    Total calculated
    $10,385
    From this org
    $10,385
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.67

  • Julie Kester

    DIRECTOR

    Total calculated
    $7,915
    From this org
    $7,915
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.06

  • Teresa Floyd

    CEO

    Total calculated
    $227,945
    From this org
    $172,574
    From related orgs
    $0
    Other
    $55,371
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,574
    Bonus
    $0
    Other
    $0
    Deferred
    $40,375
    Nontaxable benefits
    $14,996
    Filer's total
    $227,945

  • Thomas Schmitt

    OPERATIONS MANAGER

    Total calculated
    $155,565
    From this org
    $120,569
    From related orgs
    $0
    Other
    $34,996
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $120,569
    Bonus
    $0
    Other
    $0
    Deferred
    $27,689
    Nontaxable benefits
    $7,307
    Filer's total
    $155,565

  • Adam R Albertsen

    MEMBER SERVICE MANGER

    Total calculated
    $145,177
    From this org
    $102,781
    From related orgs
    $0
    Other
    $42,396
    Hours/week
    40

  • Nathan Groom

    INFORMATION SYSTEMS MANAGER

    Total calculated
    $144,776
    From this org
    $101,318
    From related orgs
    $0
    Other
    $43,458
    Hours/week
    40

  • Jared Grover

    LINEWORKER

    Total calculated
    $134,137
    From this org
    $102,634
    From related orgs
    $0
    Other
    $31,503
    Hours/week
    40

  • Braxton Clubb

    LINEWORKER

    Total calculated
    $135,728
    From this org
    $104,446
    From related orgs
    $0
    Other
    $31,282
    Hours/week
    40

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 committee
  • 3 · Independent compensation consultant
  • 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

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.

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.

  • BECCA GROUP INC

    C · ECONOMIC DEVELOPMENT · IA · 100% owned · share of income $2,493 · share of assets $195,199

    Directly controlled by EAST-CENTRAL IOWA RURAL ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
10 April 2024
IRS schema version
2023v5.0
Source object
202401139349300720

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