Form 990 for tax year 2024

Filed by KANSAS ELECTRIC POWER COOPERATIVE INC.

Totals

Total revenue: $152,486,482
Total expenses: $151,496,067
Contributions and grants received: $0
Grants paid: $21,169
Program service revenue: $150,655,639
Investment income: $1,541,960
Other revenue: $288,883
Total assets, end of year: $309,487,229
Total liabilities, end of year: $217,456,048
Net assets or fund balances, end of year: $92,031,181
Program services expenses (Part IX): not reported
Management and general expenses: not reported
Fundraising expenses: not reported
Program service expenses (Part III): $0

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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$0
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$0
1g · Noncash contributions included above

$0
2a · Program service revenue: SALE OF ELECTRICITY

total $150,471,625 · related or exempt $150,471,625 · unrelated business $0 · excluded $0
2b · Program service revenue: CAPITAL CREDITS

total $180,429 · related or exempt $180,429 · unrelated business $0 · excluded $0
2c · Program service revenue: OTHER ELECTRIC REVENUE

total $3,585 · related or exempt $3,585 · unrelated business $0 · excluded $0
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $1,541,501 · related or exempt $0 · unrelated business $0 · excluded $1,541,501
4 · Income from investment of tax-exempt bond proceeds

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
5 · Royalties

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6a · Gross rents

real property $2,242 · personal property $0
6b · Less rental expenses

real property $0 · personal property $0
6c · Rental income or loss

real property $2,242 · personal property $0
6d · Net rental income or loss

total $2,242 · related or exempt $0 · unrelated business $0 · excluded $2,242
7a · Gross sales of assets other than inventory

securities $0 · other assets $459
7b · Less cost or other basis and sales expenses

securities $0 · other assets $0
7c · Gain or loss

securities $0 · other assets $459
7d · Net gain or loss

total $459 · related or exempt $0 · unrelated business $0 · excluded $459
8a · Fundraising events: gross income

$0
8a · Fundraising events: contributions included on line 1c

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0 · unrelated business $0 · excluded $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11a · Other revenue: MGMT FEES FROM KSI

total $259,262 · related or exempt $0 · unrelated business $259,262 · excluded $0
11b · Other revenue: INSURANCE PROCEEDS

total $27,379 · related or exempt $0 · unrelated business $0 · excluded $27,379
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$286,641

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $21,169
2 · Grants to domestic individuals

total $0
3 · Grants to foreign organizations and individuals

total $0
4 · Benefits paid to or for members

total $0
5 · Compensation of officers, directors and key employees

total $1,260,214
6 · Compensation of disqualified persons

total $0
7 · Other salaries and wages

total $6,284,531
8 · Pension plan contributions

total $729,670
9 · Other employee benefits

total $1,933,470
10 · Payroll taxes

total $592,726
11a · Fees: management

total $0
11b · Fees: legal

total $0
11c · Fees: accounting

total $0
11d · Fees: lobbying

total $11,572
11e · Fees: professional fundraising services

total $0
11f · Fees: investment management

total $0
11g · Fees: other

total $1,788,304
12 · Advertising and promotion

total $134,533
13 · Office expenses

total $523,885
14 · Information technology

total $364,888
15 · Royalties

total $0
16 · Occupancy

total $2,486,081
17 · Travel

total $98,865
18 · Travel or entertainment for public officials

total $0
19 · Conferences, conventions and meetings

total $640,805
20 · Interest

total $7,185,130
21 · Payments to affiliates

total $0
22 · Depreciation, depletion and amortization

total $11,717,823
23 · Insurance

total $144,082
24a · Other expenses: COST OF POWER

total $104,421,263
24b · Other expenses: DISTRIBUTION EXPENSE

total $7,153,290
24c · Other expenses: NUCLEAR FUEL

total $3,544,919
24d · Other expenses: DUES & SUBSCRIPTIONS

total $356,638
24e · All other expenses

total $102,209

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $201,349 · end of year $29,059
2 · Savings and temporary cash investments

beginning of year $30,232,701 · end of year $24,946,751
3 · Pledges and grants receivable

beginning of year $0 · end of year $0
4 · Accounts receivable

beginning of year $10,591,037 · end of year $12,117,867
5 · Loans and receivables from officers and key people

beginning of year $0 · end of year $0
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $0 · end of year $0
8 · Inventories for sale or use

beginning of year $8,183,259 · end of year $8,697,978
9 · Prepaid expenses and deferred charges

beginning of year $6,643,526 · end of year $2,110,063
10a · Land, buildings and equipment: cost or other basis

$425,210,905
10b · Land, buildings and equipment: accumulated depreciation

$225,770,644
10c · Land, buildings and equipment, net

beginning of year $192,189,432 · end of year $199,440,261
11 · Investments: publicly traded securities

beginning of year $39,482,268 · end of year $44,983,386
12 · Investments: other securities

beginning of year $0
13 · Investments: program-related

beginning of year $10,451,378 · end of year $9,915,907
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $14,065,437 · end of year $7,245,957
17 · Accounts payable and accrued expenses

beginning of year $23,635,913 · end of year $16,937,568
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $446,193 · end of year $0
20 · Tax-exempt bond liabilities

beginning of year $0 · end of year $0
21 · Escrow or custodial account liability

beginning of year $0 · end of year $0
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $144,840,833 · end of year $145,256,541
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $53,411,202 · end of year $55,261,939
27 · Net assets without donor restrictions

beginning of year $0 · end of year $0
28 · Net assets with donor restrictions

beginning of year $0 · end of year $0
29 · Capital stock, trust principal or current funds

beginning of year $3,200 · end of year $3,200
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 $89,703,046 · end of year $92,027,981

Mission and programs · 2024

Mission

To procure an adequate and reliable power supply for the organization's 16 distribution rural electric cooperative member/owners at a reasonable cost.

Provide electricity to 16 member/owner distribution cooperatives.

As filed on the 2024 return.

Listed in Part VII

Byran Coover

Secretary

Total calculated

$15,684

From this org

$15,684

From related orgs

$0

Other

$0

Hours/week

3
Chuck Goeckel

Vice-President

Total calculated

$20,062

From this org

$20,062

From related orgs

$0

Other

$0

Hours/week

3
Ken Hedberg

Treasurer

Total calculated

$14,267

From this org

$14,267

From related orgs

$0

Other

$0

Hours/week

3
Michael Morton

President

Total calculated

$19,497

From this org

$19,497

From related orgs

$0

Other

$0

Hours/week

6
Chris Parr

Trustee

Total calculated

$14,977

From this org

$14,977

From related orgs

$0

Other

$0

Hours/week

3
Dan Hubert

Trustee

Total calculated

$12,572

From this org

$12,572

From related orgs

$0

Other

$0

Hours/week

3
Dennis Svanes

Trustee

Total calculated

$14,267

From this org

$14,267

From related orgs

$0

Other

$0

Hours/week

3
Don MetzenDON METZEN

TRUSTEE

Total calculated

$4,520

From this org

$4,520

From related orgs

$0

Other

$0

Hours/week

1
Gene ScheerGENE SCHEER

TRUSTEE

Total calculated

$9,747

From this org

$9,747

From related orgs

$0

Other

$0

Hours/week

1
John Schon

Trustee

Total calculated

$12,291

From this org

$12,291

From related orgs

$0

Other

$0

Hours/week

3
Kevin Brownlee

Trustee

Total calculated

$13,253

From this org

$13,253

From related orgs

$0

Other

$0

Hours/week

3
Kevin Compton

Trustee

Total calculated

$13,137

From this org

$13,137

From related orgs

$0

Other

$0

Hours/week

3
Kirk Thompson

Trustee

Total calculated

$19,216

From this org

$19,216

From related orgs

$0

Other

$0

Hours/week

3
Larry FroeseLARRY FROESE

TRUSTEE

Total calculated

$14,267

From this org

$14,267

From related orgs

$0

Other

$0

Hours/week

1
Lori Jones

Trustee

Total calculated

$24,017

From this org

$24,017

From related orgs

$0

Other

$0

Hours/week

3
Mark Scheibe

Trustee

Total calculated

$15,609

From this org

$15,609

From related orgs

$0

Other

$0

Hours/week

3
Paul Wilson

Trustee

Total calculated

$12,995

From this org

$12,995

From related orgs

$0

Other

$0

Hours/week

3
Coleen Wells

Sr VP & Chief Financial Officer

Total calculated

$417,392

From this org

$285,284

From related orgs

$0

Other

$132,108

Hours/week

40

Schedule J breakdown matched by us

Base

$255,295

Bonus

$6,458

Other

$23,531

Deferred

$122,362

Nontaxable benefits

$9,746

Filer's total

$417,392
Steven O Foss

Executive VP & CEO Since 03/22/2024

Total calculated

$360,450

From this org

$360,450

From related orgs

$0

Other

$0

Hours/week

40

Schedule J breakdown matched by us

Base

$360,450

Bonus

$0

Other

$0

Deferred

$0

Nontaxable benefits

$0

Filer's total

$360,450
Suzanne Lane

Executive VP & CEO Through 03/22/2024

Total calculated

$218,257

From this org

$209,115

From related orgs

$0

Other

$9,142

Hours/week

40

Schedule J breakdown matched by us

Base

$99,971

Bonus

$0

Other

$109,144

Deferred

$5,151

Nontaxable benefits

$3,991

Filer's total

$218,257
Mark Barbee

Sr VP & Chief Operating Officer

Total calculated

$400,134

From this org

$260,620

From related orgs

$0

Other

$139,514

Hours/week

40

Schedule J breakdown matched by us

Base

$229,523

Bonus

$6,458

Other

$24,639

Deferred

$123,595

Nontaxable benefits

$15,919

Filer's total

$400,134
Mark Doljac

Executive Director, Rates & Planning

Total calculated

$235,605

From this org

$162,770

From related orgs

$0

Other

$72,835

Hours/week

40

Schedule J breakdown matched by us

Base

$140,286

Bonus

$0

Other

$22,484

Deferred

$58,923

Nontaxable benefits

$13,912

Filer's total

$235,605
Rebecca Fowler

Director Regulatory Affairs

Total calculated

$192,013

From this org

$141,246

From related orgs

$0

Other

$50,767

Hours/week

40

Schedule J breakdown matched by us

Base

$118,504

Bonus

$0

Other

$22,742

Deferred

$37,681

Nontaxable benefits

$13,086

Filer's total

$192,013
Shawn Geil

Executive Director, Technical & Energy Services

Total calculated

$201,691

From this org

$153,453

From related orgs

$0

Other

$48,238

Hours/week

40

Schedule J breakdown matched by us

Base

$122,166

Bonus

$0

Other

$31,287

Deferred

$35,141

Nontaxable benefits

$13,097

Filer's total

$201,691
Susan Cunningham

SR VP & General Counsel

Total calculated

$322,694

From this org

$238,412

From related orgs

$0

Other

$84,282

Hours/week

40

Schedule J breakdown matched by us

Base

$213,692

Bonus

$0

Other

$24,720

Deferred

$69,708

Nontaxable benefits

$14,574

Filer's total

$322,694

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

1a · Health or social club dues or initiation fees
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4a · Severance or change-of-control payment

Answered no

4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Health or social club dues or initiation fees: The organization paid health club dues for the following persons: the SR VP & CFO, SR VP & COO, SR VP & GENERAL COUNSEL. The dues were included as taxable compensation on each person's W-2.
Schedule J, Part I, Line 4a Severance or change-of-control payment: Suzanne Lane's separation date was March 22, 2024. She received a separation payment equal to 12 weeks of compensation for a total of $101,884.68.

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.

Related corporations and trusts

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

KEPCO SERVICES INC

C Corporation · Engineering Services · KS · controlled entity

Directly controlled by KEPCO

Provenance

Return type: form_990
Tax year: 2024
Filed: 6 November 2025
IRS schema version: 2024v5.1
Source object: 202523109349302362

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