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Nonprofiteer
← WELLS RURAL ELECTRIC CO

Form 990 for tax year 2023

Filed by WELLS RURAL ELECTRIC CO.

Totals

Total revenue
$50,220,902
Total expenses
$43,638,774
Contributions and grants received
$0
Grants paid
$43,847
Program service revenue
$43,524,711
Investment income
$382,103
Other revenue
$6,314,088
Total assets, end of year
$74,702,858
Total liabilities, end of year
$37,585,969
Net assets or fund balances, end of year
$37,116,889
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.

  • 2a · Program service revenue: SALES OF ELECTRICITY

    total $42,557,288 · related or exempt $42,557,288

  • 2b · Program service revenue: TRANSMISSION LEASE

    total $301,500 · related or exempt $301,500

  • 2c · Program service revenue: ELECTRIC WIRING

    total $213,357 · related or exempt $213,357

  • 2d · Program service revenue: SERVICE & OTHER FEES

    total $177,347 · related or exempt $177,347

  • 2e · Program service revenue: PATRONAGE DIVIDENDS

    total $155,028 · related or exempt $155,028

  • 2f · All other program service revenue

    total $120,191 · related or exempt $120,191

  • 3 · Investment income

    total $382,103 · excluded $382,103

  • 11a · Other revenue: POWER SUPPLIER DISTRIBUTION

    total $6,263,040 · excluded $6,263,040

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $50,616 · excluded $50,616

  • 11c · Other revenue: SECURITY & MONITORING

    total $432 · unrelated business $432

  • 11e · Other revenue, total

    $6,314,088

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $43,847

  • 4 · Benefits paid to or for members

    total $2,528,363

  • 5 · Compensation of officers, directors and key employees

    total $1,851,895

  • 7 · Other salaries and wages

    total $2,334,874

  • 8 · Pension plan contributions

    total $291,457

  • 9 · Other employee benefits

    total $1,047,638

  • 10 · Payroll taxes

    total $258,491

  • 20 · Interest

    total $596,099

  • 22 · Depreciation, depletion and amortization

    total $2,700,750

  • 24a · Other expenses: PURCHASED POWER

    total $27,338,504

  • 24b · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,890,877

  • 24c · Other expenses: DISTRIBUTION EXPENSE

    total $1,693,761

  • 24d · Other expenses: CONSUMER EXPENSE

    total $642,224

  • 24e · All other expenses

    total $419,994

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,157,770 · end of year $3,683,517

  • 2 · Savings and temporary cash investments

    beginning of year $7,589,099 · end of year $14,817,883

  • 4 · Accounts receivable

    beginning of year $3,617,226 · end of year $3,590,370

  • 8 · Inventories for sale or use

    beginning of year $1,280,753 · end of year $1,497,691

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,054,312 · end of year $787,116

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

    $99,900,650

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

    $52,602,297

  • 10c · Land, buildings and equipment, net

    beginning of year $44,988,852 · end of year $47,298,353

  • 13 · Investments: program-related

    beginning of year $2,467,563 · end of year $2,546,298

  • 15 · Other assets

    beginning of year $550,580 · end of year $481,630

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,302,582 · end of year $3,551,600

  • 23 · Secured mortgages and notes payable

    beginning of year $17,335,999 · end of year $16,597,921

  • 25 · Other liabilities

    beginning of year $15,737,268 · end of year $17,436,448

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 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 $28,330,306 · end of year $37,116,889

Mission and programs · 2023

Mission

WELLS RURAL ELECTRIC COMPANY IMPROVES THE QUALITY OF LIFE OF THE COMMUNITIES WE SERVE BY MEETING THE CHANGING NEEDS OF OUR MEMBERS THROUGH THE GUIDING PRINCIPLES OF OUR LOCALLY CONTROLLED COOPERATIVE.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 6,339 ACTIVE SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Gerald Anderson

    DIRECTOR

    Total calculated
    $45,269
    From this org
    $45,269
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Kirk Dahl

    DIRECTOR

    Total calculated
    $17,050
    From this org
    $17,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • M Jonathan Dahl

    VICE PRESIDENT

    Total calculated
    $25,950
    From this org
    $25,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Scott Egbert

    PRESIDENT

    Total calculated
    $48,515
    From this org
    $48,515
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Ouida Madison

    DIRECTOR

    Total calculated
    $22,050
    From this org
    $22,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Alfred Montes De Oca

    DIRECTOR

    Total calculated
    $17,550
    From this org
    $17,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Lois Nannini

    DIRECTOR (JAN-AUG)

    Total calculated
    $30,883
    From this org
    $30,883
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Jim Whited

    SECRETARY/TREASURER

    Total calculated
    $15,425
    From this org
    $15,425
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Bruce Widmer

    DIRECTOR

    Total calculated
    $19,175
    From this org
    $19,175
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Robert Wilcox

    DIRECTOR

    Total calculated
    $24,052
    From this org
    $24,052
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Tony Macias

    DIRECTOR

    Total calculated
    $17,750
    From this org
    $17,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Cameron Huff

    DIRECTOR (SEP-DEC)

    Total calculated
    $2,800
    From this org
    $2,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Clay R Fitch

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $423,392
    From this org
    $316,187
    From related orgs
    $0
    Other
    $107,205
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $284,729
    Bonus
    $0
    Other
    $31,458
    Deferred
    $76,150
    Nontaxable benefits
    $31,055
    Filer's total
    $423,392

  • Thad Ballard

    DIRECTOR OF ADMIN & POWER SUPPLY

    Total calculated
    $275,501
    From this org
    $140,809
    From related orgs
    $0
    Other
    $134,692
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,411
    Bonus
    $0
    Other
    $9,398
    Deferred
    $95,980
    Nontaxable benefits
    $38,712
    Filer's total
    $275,501

  • Jeffery R Cromie

    DIRECTOR OF STRATEGY & DEVELOPMENT

    Total calculated
    $248,614
    From this org
    $161,671
    From related orgs
    $0
    Other
    $86,943
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,341
    Bonus
    $5,970
    Other
    $8,360
    Deferred
    $84,470
    Nontaxable benefits
    $2,473
    Filer's total
    $248,614

  • Cynthia Good

    DIRECTOR OF ACCT, FINANCE, & HR

    Total calculated
    $209,947
    From this org
    $126,747
    From related orgs
    $0
    Other
    $83,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,622
    Bonus
    $0
    Other
    $10,125
    Deferred
    $54,304
    Nontaxable benefits
    $28,896
    Filer's total
    $209,947

  • Ryan Brodsho

    DIRECTOR OF PLANNING

    Total calculated
    $244,234
    From this org
    $162,375
    From related orgs
    $0
    Other
    $81,859
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,703
    Bonus
    $2,550
    Other
    $1,122
    Deferred
    $47,347
    Nontaxable benefits
    $34,512
    Filer's total
    $244,234

  • Mike Girolamo

    DIRECTOR OF OPERATIONS

    Total calculated
    $163,738
    From this org
    $129,724
    From related orgs
    $0
    Other
    $34,014
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,359
    Bonus
    $0
    Other
    $2,365
    Deferred
    $20,265
    Nontaxable benefits
    $13,749
    Filer's total
    $163,738

  • Zane Peters

    TROUBLEMAN

    Total calculated
    $223,008
    From this org
    $165,471
    From related orgs
    $0
    Other
    $57,537
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $163,846
    Bonus
    $0
    Other
    $1,625
    Deferred
    $20,625
    Nontaxable benefits
    $36,912
    Filer's total
    $223,008

  • James Wines

    FOREMAN

    Total calculated
    $203,602
    From this org
    $157,137
    From related orgs
    $0
    Other
    $46,465
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $155,494
    Bonus
    $0
    Other
    $1,643
    Deferred
    $18,401
    Nontaxable benefits
    $28,064
    Filer's total
    $203,602

  • Colton Rasmussen

    LINEMAN

    Total calculated
    $180,791
    From this org
    $148,624
    From related orgs
    $0
    Other
    $32,167
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $147,277
    Bonus
    $0
    Other
    $1,347
    Deferred
    $3,819
    Nontaxable benefits
    $28,348
    Filer's total
    $180,791

  • Jacob Manning

    FOREMAN

    Total calculated
    $215,540
    From this org
    $149,586
    From related orgs
    $0
    Other
    $65,954
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $149,438
    Bonus
    $0
    Other
    $148
    Deferred
    $29,042
    Nontaxable benefits
    $36,912
    Filer's total
    $215,540

  • Kyle Murphy

    FOREMAN

    Total calculated
    $205,182
    From this org
    $146,582
    From related orgs
    $0
    Other
    $58,600
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $144,653
    Bonus
    $0
    Other
    $1,929
    Deferred
    $23,568
    Nontaxable benefits
    $35,032
    Filer's total
    $205,182

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 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. 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 CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. CLAY R. FITCH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 73,286 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,864 TOTAL REPORTED IN COLUMN C $ 76,150 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (73,286) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 89,095 EXPENSE TO COOPERATIVE $ 91,959 THAD BALLARD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 94,605 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,375 TOTAL REPORTED IN COLUMN C $ 95,980 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (94,605) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 115,012 EXPENSE TO COOPERATIVE $116,387 JEFFERY CROMIE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 82,972 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,498 TOTAL REPORTED IN COLUMN C $ 84,470 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (82,972) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 100,870 EXPENSE TO COOPERATIVE $102,368 RYAN BRODSHO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,742 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,605 TOTAL REPORTED IN COLUMN C $ 47,347 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,742) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 55,609 EXPENSE TO COOPERATIVE $ 57,214 ZANE PETERS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 19,387 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,238 TOTAL REPORTED IN COLUMN C $ 20,625 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (19,387) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,569 EXPENSE TO COOPERATIVE $ 24,807 JACOB MANNING: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,760 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,282 TOTAL REPORTED IN COLUMN C $ 29,042 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,760) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,748 EXPENSE TO COOPERATIVE $ 35,030 CYNTHIA GOOD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 53,057 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,247 TOTAL REPORTED IN COLUMN C $ 54,304 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (53,057) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 64,502 EXPENSE TO COOPERATIVE $ 65,749 KYLE MURPHY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 22,385 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,183 TOTAL REPORTED IN COLUMN C $ 23,568 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (22,385) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,214 EXPENSE TO COOPERATIVE $ 28,397 JAMES WINES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 5,586 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,815 TOTAL REPORTED IN COLUMN C $ 18,401 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (5,586) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 6,791 EXPENSE TO COOPERATIVE $ 19,606 COLTON RASMUSSEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 1,489 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,330 TOTAL REPORTED IN COLUMN C $ 3,819 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (1,489) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 1,810 EXPENSE TO COOPERATIVE $ 4,140 MIKE GIROLAMO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 7,529 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,736 TOTAL REPORTED IN COLUMN C $ 20,265 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (7,529) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 9,153 EXPENSE TO COOPERATIVE $ 21,889

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

  • ELKO COUNTY 4H SALE BOARD

    $10,073

    LIVESTOCK SALE

  • ELKO COUNTY SCHOOL DISTRICT

    $9,298

    2023 SPONSOR DONATIONS

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • NEXT DOLLAR CHARITABLE FOUNDATION

    501(C)(3) · TO PROVIDE CHARITABLE GRANTS IN THE COOPERATIVE'S AREA. · NV · controlled entity

    Directly controlled by WELLS RURAL ELECTRIC COMPANY

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202443219349301404

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