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Nonprofiteer
← PANHANDLE RURAL ELECTRIC MEMBERSHIP ASSOCIATION

Form 990 for tax year 2023

Filed by PANHANDLE RURAL ELECTRIC MEMBERSHIP ASSOCIATION.

Totals

Total revenue
$15,144,678
Total expenses
$14,535,395
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$14,948,178
Investment income
$168,840
Other revenue
$27,660
Total assets, end of year
$42,352,486
Total liabilities, end of year
$22,724,806
Net assets or fund balances, end of year
$19,627,680
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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: Other Electric Revenue

    total $31,962 · related or exempt $31,962

  • 2b · Program service revenue: Sales of Electricity

    total $14,916,216 · related or exempt $14,916,216

  • 3 · Investment income

    total $156,840 · related or exempt $139,088 · excluded $17,752

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    other assets $12,000

  • 7c · Gain or loss

    other assets $12,000

  • 7d · Net gain or loss

    total $12,000 · related or exempt $12,000

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: Other Non-Operating Net

    total $27,660 · related or exempt $27,660

  • 11e · Other revenue, total

    $27,660

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $574,237

  • 5 · Compensation of officers, directors and key employees

    total $210,574

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $1,361,064

  • 8 · Pension plan contributions

    total $274,406

  • 9 · Other employee benefits

    total $438,814

  • 10 · Payroll taxes

    total $129,528

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $8,411

  • 11c · Fees: accounting

    total $13,400

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $31,769

  • 13 · Office expenses

    total $63,630

  • 14 · Information technology

    total $184,201

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $245,521

  • 20 · Interest

    total $801,676

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $1,125,500

  • 23 · Insurance

    total $161,825

  • 24a · Other expenses: Cost of power

    total $7,737,438

  • 24b · Other expenses: Distribution - operations

    total $2,380,503

  • 24c · Other expenses: Distribution - maintenance

    total $641,294

  • 24d · Other expenses: Administration and general

    total $209,195

  • 24e · All other expenses

    total -$2,057,591

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $671,212 · end of year $857,678

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $918,518 · end of year $940,595

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    beginning of year $1,741,378 · end of year $1,594,805

  • 9 · Prepaid expenses and deferred charges

    beginning of year $277,520 · end of year $211,489

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

    $47,262,496

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

    $17,589,419

  • 10c · Land, buildings and equipment, net

    beginning of year $29,687,823 · end of year $29,673,077

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    beginning of year $9,154,180 · end of year $9,074,842

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,339,803 · end of year $1,382,595

  • 19 · Deferred revenue

    beginning of year $12,152 · end of year $12,852

  • 23 · Secured mortgages and notes payable

    beginning of year $19,631,811 · end of year $18,372,025

  • 24 · Unsecured notes and loans payable

    beginning of year $2,050,000 · end of year $2,300,000

  • 25 · Other liabilities

    beginning of year $496,925 · end of year $657,334

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,542,584 · end of year $1,641,041

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $17,377,356 · end of year $17,986,639

Mission and programs · 2023

Mission

PREMA believes that its members are entitled to safe, reliable, efficient and reasonably priced electricity and services that will improve their quality of life.

  • Provide electricity to rural members.

As filed on the 2023 return.

Listed in Part VII

  • Zac Bryant

    General Manager

    Total calculated
    $161,221
    From this org
    $148,421
    From related orgs
    $0
    Other
    $12,800
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,221
    Bonus
    not reported
    Other
    $7,200
    Deferred
    $11,866
    Nontaxable benefits
    $934
    Filer's total
    $161,221

  • Dale Knapp

    Staking Engineer

    Total calculated
    $132,926
    From this org
    $107,339
    From related orgs
    $0
    Other
    $25,587
    Hours/week
    40

  • Boone Manion

    Ops Manager

    Total calculated
    $128,966
    From this org
    $101,932
    From related orgs
    $0
    Other
    $27,034
    Hours/week
    40

  • Bryan Monahan

    Sec-Treasurer

    Total calculated
    $12,290
    From this org
    $12,244
    From related orgs
    $0
    Other
    $46
    Hours/week
    1

  • RD Sutphen

    President

    Total calculated
    $10,810
    From this org
    $10,764
    From related orgs
    $0
    Other
    $46
    Hours/week
    1

  • Dale Berndt

    Director

    Total calculated
    $8,106
    From this org
    $8,060
    From related orgs
    $0
    Other
    $46
    Hours/week
    1

  • Martin Larsen

    Director

    Total calculated
    $5,163
    From this org
    $5,117
    From related orgs
    $0
    Other
    $46
    Hours/week
    1

  • Phil Zochol

    Vice President

    Total calculated
    $4,481
    From this org
    $4,435
    From related orgs
    $0
    Other
    $46
    Hours/week
    1

  • Wayne Crawford

    Director

    Total calculated
    $4,460
    From this org
    $4,414
    From related orgs
    $0
    Other
    $46
    Hours/week
    1

  • Michael Collins

    Director

    Total calculated
    $4,043
    From this org
    $3,997
    From related orgs
    $0
    Other
    $46
    Hours/week
    1

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

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
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202443129349301794

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