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← FARMERS RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2022

Filed by FARMERS RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$67,395,267
Total expenses
$67,395,267
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$65,454,721
Investment income
$21,240
Other revenue
$1,919,306
Total assets, end of year
$129,515,239
Total liabilities, end of year
$75,139,836
Net assets or fund balances, end of year
$54,375,403
Program services expenses (Part IX)
$67,395,267
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$67,395,267

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: DISTRIBUTION OF ELECTRICITY

    total $60,864,735 · related or exempt $60,864,735

  • 2b · Program service revenue: DISTRIBUTION OF PORPANE

    total $4,589,986 · unrelated business $4,589,986

  • 3 · Investment income

    total $21,240 · unrelated business $351 · excluded $20,889

  • 6a · Gross rents

    real property $24,924

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $24,924

  • 6d · Net rental income or loss

    total $24,924 · excluded $24,924

  • 11a · Other revenue: G&T CAPITAL CREDITS

    total $1,680,606 · excluded $1,680,606

  • 11b · Other revenue: JOINT USE ATTACHMENTS

    total $237,449 · excluded $237,449

  • 11c · Other revenue: NONOPERATING REVENUE

    total -$23,673 · related or exempt -$29,720 · unrelated business $6,047

  • 11e · Other revenue, total

    $1,894,382

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,281,606 · program services $2,281,606

  • 5 · Compensation of officers, directors and key employees

    total $340,517 · program services $340,517

  • 7 · Other salaries and wages

    total $2,437,203 · program services $2,437,203

  • 8 · Pension plan contributions

    total $871,139 · program services $871,139

  • 9 · Other employee benefits

    total $968,722 · program services $968,722

  • 10 · Payroll taxes

    total $347,624 · program services $347,624

  • 11b · Fees: legal

    total $90,541 · program services $90,541

  • 11c · Fees: accounting

    total $24,750 · program services $24,750

  • 12 · Advertising and promotion

    total $201,281 · program services $201,281

  • 13 · Office expenses

    total $897,157 · program services $897,157

  • 19 · Conferences, conventions and meetings

    total $83,144 · program services $83,144

  • 20 · Interest

    total $1,839,544 · program services $1,839,544

  • 22 · Depreciation, depletion and amortization

    total $3,728,106 · program services $3,728,106

  • 23 · Insurance

    total $129,820 · program services $129,820

  • 24a · Other expenses: UNRELATED BUSINESS EXPE

    total $4,050,185 · program services $4,050,185

  • 24b · Other expenses: PURCHASE OF POWER

    total $45,844,519 · program services $45,844,519

  • 24c · Other expenses: OTHER DISTRIBUTION EXPE

    total $1,356,585 · program services $1,356,585

  • 24d · Other expenses: RIGHT OF WAY CLEARING

    total $1,019,132 · program services $1,019,132

  • 24e · All other expenses

    total $883,692 · program services $883,692

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,242,328 · end of year $1,350,180

  • 4 · Accounts receivable

    beginning of year $5,917,489 · end of year $7,229,444

  • 8 · Inventories for sale or use

    beginning of year $1,334,488 · end of year $1,620,998

  • 9 · Prepaid expenses and deferred charges

    beginning of year $303,181 · end of year $316,045

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

    $119,209,660

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

    $38,007,417

  • 10c · Land, buildings and equipment, net

    beginning of year $77,499,744 · end of year $81,202,243

  • 12 · Investments: other securities

    beginning of year $34,216,655 · end of year $34,800,948

  • 14 · Intangible assets

    beginning of year $458,052 · end of year $412,247

  • 15 · Other assets

    beginning of year $3,006,061 · end of year $2,583,134

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,178,588 · end of year $7,113,666

  • 23 · Secured mortgages and notes payable

    beginning of year $62,950,190 · end of year $65,534,682

  • 25 · Other liabilities

    beginning of year $2,366,041 · end of year $2,491,488

  • 29 · Capital stock, trust principal or current funds

    beginning of year $575,795 · end of year $584,700

  • 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 $51,907,384 · end of year $53,790,703

Mission and programs · 2022

Mission

FARMERS RECC'S MISSION IS TO PROVIDE RELIABLE AND COMPETITIVELY PRICED ENERGY SERVICES THAT WILL ENHANCE THE QUALITY OF LIFE FOR OUR MEMBER-OWNERS AND COMMMUNITIES.

Activities or mission (Part I)

THE COOPERATIVE IS A RURAL ELECTRIC DISTRIBUTION SYSTEM WITH A MISSION OF PROVIDING RELIABLE ELECTRIC SERVICE TO ITS MEMBER-OWNERS IN A COST EFFECTIVE MANNER.

  • AS OF DECEMBER 31, 2021, THE COOPERATIVE DISTRIBUTED ELECTRICITY TO 26,254 CUSTOMERS.

    Expenses $67,395,267

As filed on the 2022 return.

Listed in Part VII

  • Paul Hawkins

    CHAIRMAN

    Total calculated
    $20,200
    From this org
    $20,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Ronnie Smith

    VICE CHAIRMAN

    Total calculated
    $15,700
    From this org
    $15,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Randy London

    SECRETARY

    Total calculated
    $16,600
    From this org
    $16,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Cf Martin Jr

    DIRECTOR

    Total calculated
    $14,350
    From this org
    $14,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Cornelius Faulkner

    DIRECTOR

    Total calculated
    $16,900
    From this org
    $16,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Randy Sexton

    DIRECTOR

    Total calculated
    $14,800
    From this org
    $14,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4 + 1 related

  • Brandi Williams

    DIRECTOR

    Total calculated
    $16,600
    From this org
    $16,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • William Prather

    PRESIDENT & CEO

    Total calculated
    $296,756
    From this org
    $225,367
    From related orgs
    $0
    Other
    $71,389
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $225,367
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $71,389
    Filer's total
    $296,756

  • Jennie Phelps

    VICE PRESIDENT, FINANCE &

    Total calculated
    $164,643
    From this org
    $117,697
    From related orgs
    $0
    Other
    $46,946
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $117,697
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $46,946
    Filer's total
    $164,643

  • Scott Lester

    VICE PRESIDENT, OPERATIONS

    Total calculated
    $177,825
    From this org
    $123,952
    From related orgs
    $0
    Other
    $53,873
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $123,952
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $53,873
    Filer's total
    $177,825

  • Chuck Bishop

    VICE PRESIDENT, ENGINEERIN

    Total calculated
    $170,038
    From this org
    $122,746
    From related orgs
    $0
    Other
    $47,292
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $122,746
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $47,292
    Filer's total
    $170,038

  • Corey Jackson

    VICE PRESIDENT, MEMBER & C

    Total calculated
    $134,162
    From this org
    $107,878
    From related orgs
    $0
    Other
    $26,284
    Hours/week
    45

  • Steve Morrison

    FEPP PLANT MANAGER

    Total calculated
    $170,910
    From this org
    $121,965
    From related orgs
    $0
    Other
    $48,945
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $121,965
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $48,945
    Filer's total
    $170,910

  • Jason Riggs

    VICE PRESIDENT, TECHNOLOGY & SECURITY

    Total calculated
    $152,739
    From this org
    $104,027
    From related orgs
    $0
    Other
    $48,712
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $104,027
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $48,712
    Filer's total
    $152,739

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 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 ANNUALLY APPRAISES THE PERFORMANCE OF THE PRESIDENT & CEO AND MAKES SALARY ADJUSTMENTS WITHIN AN ESTABLISHED SALARY RANGE FOR THE POSITION. THE BOARD REVIEWS THE APPROPRIATENESS OF THE SALARY ON A REGULAR BASIS WITH THE ASSISTANCE OF AN INDEPENDENT OUTSIDE CONSULTANT.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • FARMERS ENERGY PROPANE PLUS

    DISTRIBUTION OF PROPANE · KY · income $4,596,384 · assets $3,385,703

    Directly controlled by FARMERS RURAL ELECTRIC COOPERATIVE CORPORATION

Provenance

Return type
form_990
Tax year
2022
Filed
9 May 2023
IRS schema version
2022v5.0
Source object
202341359349310229

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