Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELECTRIC REVENUE

  total $409,144,056 · related or exempt $409,144,056

• 3 · Investment income

  total $6,756,320 · excluded $6,756,320

• 6a · Gross rents

  real property $10,070

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $10,070

• 6d · Net rental income or loss

  total $10,070 · related or exempt $10,070

• 7a · Gross sales of assets other than inventory

  other assets $48,208

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

  other assets $0

• 7c · Gain or loss

  other assets $48,208

• 7d · Net gain or loss

  total $48,208 · excluded $48,208

• 11a · Other revenue: CAPITAL CREDITS

  total $25,496,939 · related or exempt $25,496,939

• 11b · Other revenue: MISC REVENUE

  total $284,732 · excluded $284,732

• 11e · Other revenue, total

  $25,781,671

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $43,355,102

• 5 · Compensation of officers, directors and key employees

  total $701,979

• 7 · Other salaries and wages

  total $6,127,825

• 8 · Pension plan contributions

  total $1,234,831

• 10 · Payroll taxes

  total $516,435

• 20 · Interest

  total $1,215,613

• 22 · Depreciation, depletion and amortization

  total $12,144,660

• 24a · Other expenses: COST OF POWER

  total $352,312,123

• 24b · Other expenses: ADMIN AND GENERAL

  total $16,289,551

• 24c · Other expenses: DISTRIBUTION

  total $9,502,407

• 24d · Other expenses: TAXES

  total $4,574,552

• 24e · All other expenses

  total -$6,234,753

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $94,197,443 · end of year $67,281,119

• 2 · Savings and temporary cash investments

  beginning of year $65,714,720 · end of year $123,376,768

• 4 · Accounts receivable

  beginning of year $58,392,841 · end of year $61,820,272

• 8 · Inventories for sale or use

  beginning of year $11,816,941 · end of year $13,179,149

• 9 · Prepaid expenses and deferred charges

  beginning of year $80,589 · end of year $76,456

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

  $253,788,182

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

  $120,195,661

• 10c · Land, buildings and equipment, net

  beginning of year $133,317,449 · end of year $133,592,521

• 13 · Investments: program-related

  beginning of year $156,494,973 · end of year $180,829,387

• 15 · Other assets

  beginning of year $121,912 · end of year $49,813

• 17 · Accounts payable and accrued expenses

  beginning of year $102,436,135 · end of year $123,647,637

• 23 · Secured mortgages and notes payable

  beginning of year $29,593,660 · end of year $27,399,397

• 25 · Other liabilities

  beginning of year $9,816,403 · end of year $10,402,080

• 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 $255,635,600 · end of year $293,910,629

• 31 · Retained earnings, endowment or other funds

  beginning of year $122,655,070 · end of year $124,845,742

The filer's explanations (Part III)

PART I, LINE 3

THE PROCESS FOR DETERMINING THE COMPENSATION INCLUDES THE REVIEW OF STATE WIDE SALARY DATA THROUGH NDAREC AND CONSULTING, AS NEEDED, BY THE NRECA CONSULTING SERVICE. COMPENSATION FOR ALL MANAGEMENT POSITIONS ARE APPROVED BY THE BOARD.

SCHEDULE J, PART II, COLUMN C, DEFERRED COMPENSATION

INCLUDED IN OTHER COMPENSATION IS THE ESTIMATED CURRENT YEAR INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THESE AMOUNTS DO NOT REPRESENT ANY CURRENT YEAR CONTRIBUTIONS TO THE PLAN. THEY ARE ESTIMATES OF THE INCREASE IN ACTUARIAL VALUE OF THE PLANS RECEIVED FROM NRECA. THE CURRENT YEAR EXPENSE AND INCREASE IN ACTUARIAL VALUE FOR EACH EMPLOYEE IS REFLECTED IN SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F.