Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALE OF POWER

  total $231,347,298 · related or exempt $231,347,298

• 2b · Program service revenue: VEHICLE REPAIR REVENUE

  total $9,587 · unrelated business $9,587

• 3 · Investment income

  total $134,136 · excluded $134,136

• 7a · Gross sales of assets other than inventory

  other assets $67,778

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

  other assets $8,766

• 7c · Gain or loss

  other assets $59,012

• 7d · Net gain or loss

  total $59,012 · excluded $59,012

• 10a · Gross sales of inventory

  $125,869

• 10b · Cost of goods sold

  $109,597

• 10c · Net income from sales of inventory

  total $16,272 · related or exempt $16,272

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $506,410

• 4 · Benefits paid to or for members

  total $2,537,692

• 5 · Compensation of officers, directors and key employees

  total $2,883,171

• 7 · Other salaries and wages

  total $15,954,479

• 8 · Pension plan contributions

  total $2,780,781

• 9 · Other employee benefits

  total $1,607,082

• 10 · Payroll taxes

  total $1,292,380

• 11b · Fees: legal

  total $149,387

• 11c · Fees: accounting

  total $52,297

• 11g · Fees: other

  total $5,646,407

• 12 · Advertising and promotion

  total $2,165,206

• 13 · Office expenses

  total $3,130,586

• 16 · Occupancy

  total $123,888

• 17 · Travel

  total $233,294

• 20 · Interest

  total $5,535,509

• 22 · Depreciation, depletion and amortization

  total $13,879,212

• 23 · Insurance

  total $501,430

• 24a · Other expenses: COST OF PURCHASED POWER

  total $155,365,288

• 24b · Other expenses: PROPERTY & OTHER TAXES

  total $3,261,945

• 24c · Other expenses: EXTERNAL CONTRACT LABOR

  total $2,374,024

• 24d · Other expenses: BAD DEBT EXPENSE

  total $749,198

• 24e · All other expenses

  total $839,290

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $173,155 · end of year $142,859

• 4 · Accounts receivable

  beginning of year $26,971,962 · end of year $24,825,375

• 8 · Inventories for sale or use

  beginning of year $12,624,730 · end of year $15,890,374

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,188,797 · end of year $1,323,680

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

  $374,528,252

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

  $156,602,747

• 10c · Land, buildings and equipment, net

  beginning of year $212,761,256 · end of year $217,925,505

• 12 · Investments: other securities

  beginning of year $3,503,310 · end of year $3,488,347

• 13 · Investments: program-related

  beginning of year $130,428,615 · end of year $134,960,623

• 15 · Other assets

  beginning of year $3,846,582 · end of year $8,734,294

• 17 · Accounts payable and accrued expenses

  beginning of year $41,039,458 · end of year $39,336,315

• 19 · Deferred revenue

  beginning of year $73,123 · end of year $47,530

• 21 · Escrow or custodial account liability

  beginning of year $575,592 · end of year $798,746

• 23 · Secured mortgages and notes payable

  beginning of year $139,311,305 · end of year $140,534,542

• 24 · Unsecured notes and loans payable

  beginning of year $13,500,000 · end of year $9,100,000

• 25 · Other liabilities

  beginning of year $10,080,803 · end of year $18,478,797

• 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 $188,918,126 · end of year $198,995,127

The filer's explanations (Part III)

PART I, LINE 1A

HEALTH CLUB DUES ARE AVAILABLE TO ALL EMPLOYEES OF DEA AND WERE PAID PER COMPANY POLICY. THE ANNUAL HOLIDAY CASH GIFT TO EMPLOYEES (EXCLUDING EXECUTIVE MANAGEMENT) WAS GROSSED-UP TO COVER APPLICABLE TAXES.

PART I, LINE 4B

SCHEDULE J LINE 1(I) COLUMN B (III) INCLUDES A REQUIRED DISTRIBUTION OF $35,446 OF DEFERRED COMPENSATION FROM THE NRECA PENSION RESTORATION PLAN THAT HAD PREVIOUSLY BEEN REPORTED ON PRIOR 990'S. THIS IS THE SAME AMOUNT THAT IS REPORTED ON SCHEDULE J LINE 1(I) COLUMN F.

SCHEDULE J, PART II, COLUMN C

THE ESTIMATED CURRENT YEAR INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN IS INCLUDED IN OTHER COMPENSATION FOR EMPLOYEES LISTED IN PART II OF SCHEDULE J. THESE AMOUNTS DO NOT REPRESENT ANY CURRENT YEAR CONTRIBUTIONS TO THE PLAN. THEY ARE ESTIMATES OF THE INCREASE IN THE ACTUARIAL VALUE OF THE PLANS PROVIDED BY THE NRECA.