Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $204,926,991 · related or exempt $204,926,991

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $5,048,102 · related or exempt $5,048,102

• 2c · Program service revenue: SERVICE FEES

  total $1,736,280 · related or exempt $1,736,280

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $65,931 · related or exempt $65,931

• 2e · Program service revenue: SURGE PROTECTOR REVENUE

  total $380 · related or exempt $380

• 3 · Investment income

  total $4,555,905 · excluded $4,555,905

• 5 · Royalties

  total $2,120 · excluded $2,120

• 6a · Gross rents

  personal property $776

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $776

• 6d · Net rental income or loss

  total $776 · unrelated business $776

• 7a · Gross sales of assets other than inventory

  other assets $507,025

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

  other assets $112,454

• 7c · Gain or loss

  other assets $394,571

• 7d · Net gain or loss

  total $394,571 · related or exempt $394,571

• 10a · Gross sales of inventory

  $77,780

• 10b · Cost of goods sold

  $83,890

• 10c · Net income from sales of inventory

  total -$6,110 · related or exempt -$6,110

• 11a · Other revenue: INTERNET SERVICES

  total $15,774,088 · unrelated business $15,774,088

• 11b · Other revenue: POLE ATTACHMENT INCOME

  total $1,364,993 · excluded $1,364,993

• 11c · Other revenue: BROADBAND P'SHIP LOSS

  total -$296,305 · unrelated business -$296,305

• 11e · Other revenue, total

  $16,842,776

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $29,360

• 4 · Benefits paid to or for members

  total $12,373,975

• 5 · Compensation of officers, directors and key employees

  total $3,339,428

• 7 · Other salaries and wages

  total $15,621,873

• 8 · Pension plan contributions

  total $2,434,390

• 9 · Other employee benefits

  total $3,573,728

• 10 · Payroll taxes

  total $2,149,525

• 20 · Interest

  total $16,997,676

• 22 · Depreciation, depletion and amortization

  total $23,650,048

• 24a · Other expenses: PURCHASED POWER

  total $120,831,567

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $19,435,432

• 24c · Other expenses: CONSUMER EXPENSE

  total $13,039,991

• 24d · Other expenses: ADMIN & GENERAL EXPENSE

  total $5,182,017

• 24e · All other expenses

  total -$1,605,433

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $9,680,014 · end of year $10,956,421

• 2 · Savings and temporary cash investments

  beginning of year $6,550,668 · end of year $699,584

• 4 · Accounts receivable

  beginning of year $15,433,375 · end of year $17,715,627

• 8 · Inventories for sale or use

  beginning of year $934,379 · end of year $1,417,137

• 9 · Prepaid expenses and deferred charges

  beginning of year $11,050,339 · end of year $13,114,045

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

  $835,386,906

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

  $227,704,976

• 10c · Land, buildings and equipment, net

  beginning of year $517,052,365 · end of year $607,681,930

• 13 · Investments: program-related

  beginning of year $82,595,193 · end of year $85,035,928

• 14 · Intangible assets

  beginning of year $101,876 · end of year $139,764

• 15 · Other assets

  beginning of year $21,872,129 · end of year $11,462,695

• 17 · Accounts payable and accrued expenses

  beginning of year $26,778,251 · end of year $27,330,928

• 23 · Secured mortgages and notes payable

  beginning of year $293,614,186 · end of year $371,058,499

• 25 · Other liabilities

  beginning of year $37,588,497 · end of year $35,573,723

• 29 · Capital stock, trust principal or current funds

  beginning of year $805,070 · end of year $819,745

• 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 $306,484,334 · end of year $313,440,236

The filer's explanations (Part III)

PART I, LINE 4B

DON CRABBE PARTICIPATES IN A SEPARATE SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION (NQDC) PLAN. TOTAL BENEFITS VESTED, PAID, AND INCLUDED AS W-2 WAGES DURING THE YEAR WERE $250,000, RESPECTIVELY.

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 ENVIORNMENT. 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. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. RANDY EVERETT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 146,348 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,394 TOTAL REPORTED IN COLUMN C $ 150,742 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (146,348) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 62,188 EXPENSE TO THE COOPERATIVE $ 66,582 MARK SNOWDEN: ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 34,766 EMPLOYER CONTRIBUTION TO 401(K) 5,704 TOTAL REPORTED IN COLUMN C $ 40,470 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (34,766) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 66,000 EXPENSE TO THE COOPERATIVE $ 71,704 DANIEL RIEDEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 106,453 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,535 TOTAL REPORTED IN COLUMN C $ 110,988 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (106,453) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 64,921 EXPENSE TO THE COOPERATIVE $ 69,456 JERRY DRISKEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 72,576 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,494 TOTAL REPORTED IN COLUMN C $ 77,070 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (72,576) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 63,648 EXPENSE TO THE COOPERATIVE $ 68,142 ASHLEY GARRINGER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,810 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,346 TOTAL REPORTED IN COLUMN C $ 62,156 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,810) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 61,882 EXPENSE TO THE COOPERATIVE $ 66,228 MELISSA WOOD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 0 EMPLOYER CONTRIBUTION TO 401(K) PLAN 23,297 TOTAL REPORTED IN COLUMN C $ 23,297 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 0 EXPENSE TO THE COOPERATIVE $ 23,297 THEODORE DEWEESE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,986 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,176 TOTAL REPORTED IN COLUMN C $ 34,162 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,986) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,071 EXPENSE TO THE COOPERATIVE $ 32,247 JAMES BRANSCUM: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 74,092 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,139 TOTAL REPORTED IN COLUMN C $ 77,231 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (74,092) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,296 EXPENSE TO THE COOPERATIVE $ 48,435 TONYA SEXTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 0 EMPLOYER CONTRIBUTION TO 401(K) PLAN 20,275 TOTAL REPORTED IN COLUMN C $ 20,275 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 0 EXPENSE TO THE COOPERATIVE $ 20,275 LLOYD SCIFRES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,138 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,196 TOTAL REPORTED IN COLUMN C $ 32,334 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,138) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,071 EXPENSE TO THE COOPERATIVE $ 32,267 DAVID JONES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 40,388 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,994 TOTAL REPORTED IN COLUMN C $ 43,382 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,388) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,476 EXPENSE TO THE COOPERATIVE $ 45,470 JOHN HAWKINS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 20,753 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,203 TOTAL REPORTED IN COLUMN C $ 22,956 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (20,753) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,408 EXPENSE TO THE COOPERATIVE $ 32,611

Disregarded entities

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

• CONNECT2FIRST LLC

  INTERNET SERVICE PROVIDER · AR · income $15,477,783 · assets $39,449,226

  Directly controlled by FIRST ELECTRIC COOPERATIVE CORPORATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• FIRST ENERGY SERVICES OF ARKANSAS INC

  C · INACTIVE · AR · 100% owned · controlled entity

  Directly controlled by FIRST ELECTRIC COOPERATIVE CORPORATION