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Nonprofiteer
← MAGIC VALLEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by MAGIC VALLEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$311,413,338
Total expenses
$311,236,338
Contributions and grants received
$0
Grants paid
$89,950
Program service revenue
$308,647,742
Investment income
$1,464,880
Other revenue
$1,300,716
Total assets, end of year
$636,948,801
Total liabilities, end of year
$304,034,043
Net assets or fund balances, end of year
$332,914,758
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 $279,673,048 · related or exempt $279,673,048

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $22,444,177 · related or exempt $22,444,177

  • 2c · Program service revenue: SERVICE FEES

    total $6,497,602 · related or exempt $6,497,602

  • 2d · Program service revenue: OTHER PROGRAM REVENUE

    total $32,915 · related or exempt $32,915

  • 3 · Investment income

    total $749,996 · excluded $749,996

  • 6a · Gross rents

    real property $6,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $6,000

  • 6d · Net rental income or loss

    total $6,000 · excluded $6,000

  • 7a · Gross sales of assets other than inventory

    other assets $714,884

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

    other assets $0

  • 7c · Gain or loss

    other assets $714,884

  • 7d · Net gain or loss

    total $714,884 · related or exempt $714,884

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $1,294,716 · excluded $1,294,716

  • 11e · Other revenue, total

    $1,294,716

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $89,950

  • 4 · Benefits paid to or for members

    total $27,252,448

  • 5 · Compensation of officers, directors and key employees

    total $819,260

  • 7 · Other salaries and wages

    total $13,332,870

  • 8 · Pension plan contributions

    total $2,313,008

  • 9 · Other employee benefits

    total $1,997,763

  • 10 · Payroll taxes

    total $928,361

  • 20 · Interest

    total $9,441,824

  • 22 · Depreciation, depletion and amortization

    total $15,522,489

  • 24a · Other expenses: PURCHASED POWER

    total $217,210,002

  • 24b · Other expenses: ADMIN & GENERAL EXPENSE

    total $9,764,514

  • 24c · Other expenses: DISTRIBUTION EXPENSE

    total $7,655,505

  • 24d · Other expenses: CONSUMER EXPENSE

    total $4,638,142

  • 24e · All other expenses

    total $270,202

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,904,770 · end of year $4,742,284

  • 2 · Savings and temporary cash investments

    end of year $838,506

  • 4 · Accounts receivable

    beginning of year $10,815,919 · end of year $11,232,838

  • 8 · Inventories for sale or use

    beginning of year $8,605,453 · end of year $10,571,767

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,134,750 · end of year $2,439,641

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

    $521,194,269

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

    $110,328,148

  • 10c · Land, buildings and equipment, net

    beginning of year $383,762,291 · end of year $410,866,121

  • 13 · Investments: program-related

    beginning of year $171,472,046 · end of year $193,695,782

  • 15 · Other assets

    beginning of year $3,059,450 · end of year $2,561,862

  • 17 · Accounts payable and accrued expenses

    beginning of year $31,213,050 · end of year $30,431,152

  • 21 · Escrow or custodial account liability

    beginning of year $989,970 · end of year $1,018,287

  • 23 · Secured mortgages and notes payable

    beginning of year $228,104,397 · end of year $244,689,759

  • 25 · Other liabilities

    beginning of year $13,639,288 · end of year $27,894,845

  • 29 · Capital stock, trust principal or current funds

    beginning of year $594,765 · end of year $615,705

  • 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 $310,213,209 · end of year $332,299,053

Mission and programs · 2023

Mission

TO ENHANCE PEOPLE'S LIVES BY SAFELY PROVIDING THE MOST RELIABLE AND AFFORDABLE ELECTRIC SERVICE BY KEEPING OUR MEMBERS' BEST INTEREST IN MIND.

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 150,164 ACTIVE SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Barbara S Miller

    PRESIDENT

    Total calculated
    $38,500
    From this org
    $38,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.4

  • Rolando Alaniz

    VICE PRESIDENT

    Total calculated
    $34,000
    From this org
    $34,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.6

  • Douglas Martin

    SECRETARY/TREASURER

    Total calculated
    $26,750
    From this org
    $26,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Frank Ferris

    ASST SECRETARY/TREASURER

    Total calculated
    $29,500
    From this org
    $29,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.3

  • Adrienne Pena-Garza

    DIRECTOR

    Total calculated
    $33,500
    From this org
    $33,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6

  • David Morales

    DIRECTOR

    Total calculated
    $34,000
    From this org
    $34,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.6

  • Joshua Klostermann

    DIRECTOR

    Total calculated
    $28,000
    From this org
    $28,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Brian Acosta

    GENERAL MANAGER

    Total calculated
    $413,800
    From this org
    $275,075
    From related orgs
    $0
    Other
    $138,725
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $253,005
    Bonus
    $7,628
    Other
    $14,442
    Deferred
    $128,781
    Nontaxable benefits
    $9,944
    Filer's total
    $413,800

  • Sonia Salazar-Rangel

    SERVICES DIVISION MANAGER

    Total calculated
    $181,210
    From this org
    $147,687
    From related orgs
    $0
    Other
    $33,523
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $129,335
    Bonus
    $4,936
    Other
    $13,416
    Deferred
    $23,378
    Nontaxable benefits
    $10,145
    Filer's total
    $181,210

  • Abraham Quiroga

    CENTRAL DIVISION MANAGER

    Total calculated
    $203,807
    From this org
    $164,463
    From related orgs
    $0
    Other
    $39,344
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,828
    Bonus
    $5,157
    Other
    $13,478
    Deferred
    $30,830
    Nontaxable benefits
    $8,514
    Filer's total
    $203,807

  • Domitilo Cantu

    TECHNICAL SERVICES DIVISON MANAGER

    Total calculated
    $186,587
    From this org
    $157,276
    From related orgs
    $0
    Other
    $29,311
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,433
    Bonus
    $4,405
    Other
    $13,438
    Deferred
    $21,483
    Nontaxable benefits
    $7,828
    Filer's total
    $186,587

  • Eleno Torres Jr

    LINEMAN A

    Total calculated
    $180,078
    From this org
    $151,081
    From related orgs
    $0
    Other
    $28,997
    Hours/week
    57

    Schedule J breakdown matched by us

    Base
    $145,721
    Bonus
    $5,204
    Other
    $156
    Deferred
    $20,426
    Nontaxable benefits
    $8,571
    Filer's total
    $180,078

  • Deborah Zarate Bocanegra

    HUMAN RESOURCES MANAGER

    Total calculated
    $181,999
    From this org
    $144,478
    From related orgs
    $0
    Other
    $37,521
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,132
    Bonus
    $4,904
    Other
    $13,442
    Deferred
    $26,395
    Nontaxable benefits
    $11,126
    Filer's total
    $181,999

  • Rene Saenz

    INFORMATION TECHNOLOGY MANAGER

    Total calculated
    $182,204
    From this org
    $139,634
    From related orgs
    $0
    Other
    $42,570
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,103
    Bonus
    $5,918
    Other
    $1,613
    Deferred
    $39,803
    Nontaxable benefits
    $2,767
    Filer's total
    $182,204

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 CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. BRIAN ACOSTA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 117,116 EMPLOYER CONTRIBUTION TO 401(K) PLAN 11,665 TOTAL REPORTED IN COLUMN C $ 128,781 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (117,116) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 60,667 EXPENSE TO THE COOPERATIVE $ 72,332 ABRAHAM QUIROGA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 24,115 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,715 TOTAL REPORTED IN COLUMN C $ 30,830 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (24,115) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,162 EXPENSE TO THE COOPERATIVE $ 40,877 DOMITILO CANTU: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 15,085 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,398 TOTAL REPORTED IN COLUMN C $ 21,483 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (15,085) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,096 EXPENSE TO THE COOPERATIVE $ 36,494 RENE SAENZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 33,811 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,992 TOTAL REPORTED IN COLUMN C $ 39,803 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (33,811) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,775 EXPENSE TO THE COOPERATIVE $ 36,767 DEBORAH ZARATE BOCANEGRA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 20,386 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,009 TOTAL REPORTED IN COLUMN C $ 26,395 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (20,386) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,571 EXPENSE TO THE COOPERATIVE $ 36,580 SONIA SALAZAR-RANGEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 17,269 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,109 TOTAL REPORTED IN COLUMN C $ 23,378 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (17,269) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,860 EXPENSE TO THE COOPERATIVE $ 33,969 ELENO TORRES JR: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 16,227 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,199 TOTAL REPORTED IN COLUMN C $ 20,426 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (16,227) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,876 EXPENSE TO THE COOPERATIVE $ 26,075

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

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.

  • MVEC CARES CHARITABLE FOUNDATION

    501(C)(3) · GIVING BACK TO THE COMMUNITIES WE LOVE AND CALL HOME · TX · controlled entity

    Directly controlled by MAGIC VALLEY ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202403189349305310

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