Form 990 for tax year 2023
Filed by NEW MEXICO RURAL ELECTRIFICATION COOPERATIVE ASSOCIATION INC.
Totals
- Total revenue
- $2,318,252
- Total expenses
- $2,340,724
- Contributions and grants received
- $29,500
- Grants paid
- $6,000
- Program service revenue
- $2,193,213
- Investment income
- $135
- Other revenue
- $95,404
- Total assets, end of year
- $572,887
- Total liabilities, end of year
- $265,823
- Net assets or fund balances, end of year
- $307,064
- 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.
-
1f · All other contributions, gifts and grants
$29,500
-
2a · Program service revenue: MEMBERSHIP DUES
total $1,842,366 · related or exempt $1,842,366
-
2b · Program service revenue: ADMINISTRATIVE FEE
total $200,000 · related or exempt $200,000
-
2c · Program service revenue: REGISTRATION FEES
total $150,847 · related or exempt $150,847
-
3 · Investment income
total $135 · excluded $135
-
6a · Gross rents
real property $10,436
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $10,436
-
6d · Net rental income or loss
total $10,436 · excluded $10,436
-
11a · Other revenue: ADVERTISING
total $84,968 · unrelated business $84,968
-
11e · Other revenue, total
$84,968
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $6,000
-
5 · Compensation of officers, directors and key employees
total $256,636
-
7 · Other salaries and wages
total $468,596
-
9 · Other employee benefits
total $264,300
-
10 · Payroll taxes
total $47,768
-
11b · Fees: legal
total $51,103
-
11c · Fees: accounting
total $16,767
-
12 · Advertising and promotion
total $34,775
-
13 · Office expenses
total $133,812
-
16 · Occupancy
total $78,485
-
17 · Travel
total $54,117
-
19 · Conferences, conventions and meetings
total $133,929
-
20 · Interest
total $73
-
22 · Depreciation, depletion and amortization
total $1,358
-
23 · Insurance
total $33,337
-
24a · Other expenses: MAGAZINE PROD & POSTAGE
total $683,088
-
24b · Other expenses: EDUCATION & TRAINING
total $55,775
-
24c · Other expenses: MAGAZINE PRINTING EXP
total $9,472
-
24d · Other expenses: DUES & SUBSCRIPTIONS
total $5,481
-
24e · All other expenses
total $5,852
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $197,729 · end of year $171,989
-
2 · Savings and temporary cash investments
beginning of year $71,859 · end of year $71,791
-
4 · Accounts receivable
beginning of year $21,701 · end of year $49,202
-
10a · Land, buildings and equipment: cost or other basis
$547,259
-
10b · Land, buildings and equipment: accumulated depreciation
$335,308
-
10c · Land, buildings and equipment, net
beginning of year $213,309 · end of year $211,951
-
13 · Investments: program-related
beginning of year $30,378 · end of year $31,555
-
15 · Other assets
beginning of year $17,118 · end of year $36,399
-
17 · Accounts payable and accrued expenses
beginning of year $185,403 · end of year $229,454
-
23 · Secured mortgages and notes payable
beginning of year $37,155 · end of year $36,369
-
27 · Net assets without donor restrictions
beginning of year $329,536 · end of year $307,064
Mission and programs · 2023
Mission
THE MISSION OF THE NEW MEXICO RURAL ELECTRIC COOPERATIVES (NMREC) IS TO ADVANCE PROTECT AND ADVOCATE MEMBER INTERESTS.
-
PROVIDING EDUCATION, PERSONAL TRAINING AND ADVOCACY FOR 15 NEW MEXICO ELECTRIC COOPERATIVES, 2 GENERATION AND TRANSMISSION COOPERATIVES, AND 3 RURAL ELECTRIC DISTRIBUTION COOPERATIVE ASSOCIATE MEMBERS.
As filed on the 2023 return.
Listed in Part VII
-
Timothy MorrowTIMOTHY MORROW
PRESIDENT
- Total calculated
- $0
- Hours/week
- 5
-
Charles WagnerCHARLES WAGNER
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 7
-
Duane FrostDUANE FROST
SECRETARY/TREASURER
- Total calculated
- $0
- Hours/week
- 5
-
Chris MartinezCHRIS MARTINEZ
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Keith GottliebKEITH GOTTLIEB
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Charles T Pinson JrCHARLES T PINSON JR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3
-
Thomas RivasTHOMAS RIVAS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3
-
Preston StonePRESTON STONE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 4.6
-
Antonio SanchezANTONIO SANCHEZ
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3
-
Gene CreightonGENE CREIGHTON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
George BielGEORGE BIEL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 5
-
Wayne ConnellWAYNE CONNELL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Bobby FerrisBOBBY FERRIS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Judith HolcombJUDITH HOLCOMB
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
James OrtizJAMES ORTIZ
TRUSTEE
- Total calculated
- $0
- Hours/week
- 2
-
Manuel BustosMANUEL BUSTOS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Joe ReeserJOE REESER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 8
-
Charise SwansonCHARISE SWANSON
CEO & GENERAL MANAGER
- Total calculated
- $256,636
- From this org
- $219,876
- From related orgs
- $0
- Other
- $36,760
- Hours/week
- 60
Schedule J breakdown matched by us
- Base
- $219,876
- Bonus
- $0
- Other
- $0
- Deferred
- $35,684
- Nontaxable benefits
- $1,076
- Filer's total
- $256,636
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 · 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 THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BREAKDOWN OF DEFERRED COMPENSATION REPORTED ON PART II, COLUMN (C): CHARISE SWANSON: INCREASE IN DEFINED BENEFIT PLAN: $ 31,284 MATCHING CONTRIBUTION TO 401K 4,400 TOTAL REPORTED IN COLUMN C $ 35,684
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
-
NEW MEXICO STATE UNIVERSITY
$6,000
DONATION TO ELECTRIC UTILITY MANAGEMENT PROGRAM.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 13 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202423209349302492
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