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Nonprofiteer
← SALT RIVER ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2023

Filed by SALT RIVER ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$134,671,914
Total expenses
$134,671,914
Contributions and grants received
$845,620
Grants paid
$10,000
Program service revenue
$129,212,122
Investment income
$1,153,049
Other revenue
$3,461,123
Total assets, end of year
$212,048,137
Total liabilities, end of year
$77,762,683
Net assets or fund balances, end of year
$134,285,454
Program services expenses (Part IX)
$134,671,914
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$134,671,914

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 1e · Government grants (contributions)

    $845,620

  • 2a · Program service revenue: ELECTRIC SERVICE

    total $128,995,906 · related or exempt $128,995,906

  • 2b · Program service revenue: ELECTRIC MERCHANDISE

    total $216,216 · related or exempt $216,216

  • 3 · Investment income

    total $1,153,049 · excluded $1,153,049

  • 11a · Other revenue: G&T CAPITAL CREDITS

    total $2,034,812 · related or exempt $2,034,812

  • 11b · Other revenue: JOINT USE POLE RENTALS

    total $809,087 · excluded $809,087

  • 11c · Other revenue: CAPITAL CREDITS ALLOCATED

    total $367,844 · related or exempt $367,844

  • 11d · All other revenue

    total $249,380 · related or exempt $41,390 · unrelated business $170,728 · excluded $37,262

  • 11e · Other revenue, total

    $3,461,123

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $10,000 · program services $10,000

  • 4 · Benefits paid to or for members

    total $5,755,613 · program services $5,755,613

  • 5 · Compensation of officers, directors and key employees

    total $465,403 · program services $465,403

  • 7 · Other salaries and wages

    total $6,329,280 · program services $6,329,280

  • 8 · Pension plan contributions

    total $2,241,491 · program services $2,241,491

  • 9 · Other employee benefits

    total $1,690,106 · program services $1,690,106

  • 10 · Payroll taxes

    total $506,988 · program services $506,988

  • 11b · Fees: legal

    total $26,527 · program services $26,527

  • 11c · Fees: accounting

    total $21,295 · program services $21,295

  • 13 · Office expenses

    total $622,082 · program services $622,082

  • 20 · Interest

    total $2,173,509 · program services $2,173,509

  • 22 · Depreciation, depletion and amortization

    total $6,518,543 · program services $6,518,543

  • 23 · Insurance

    total $161,453 · program services $161,453

  • 24a · Other expenses: COST OF POWER

    total $106,185,793 · program services $106,185,793

  • 24b · Other expenses: UBIT TAX

    total $52,960 · program services $52,960

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $4,962,165 · program services $4,962,165

  • 24d · Other expenses: ADMINISTRATIVE AND GENE

    total $3,628,571 · program services $3,628,571

  • 24e · All other expenses

    total -$6,679,865 · program services -$6,679,865

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,395,172 · end of year $20,924,137

  • 4 · Accounts receivable

    beginning of year $20,302,431 · end of year $16,060,528

  • 7 · Other notes and loans receivable

    beginning of year $519,466 · end of year $349,680

  • 8 · Inventories for sale or use

    beginning of year $1,820,006 · end of year $1,943,113

  • 9 · Prepaid expenses and deferred charges

    beginning of year $166,108 · end of year $169,750

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

    $189,622,825

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

    $114,204,183

  • 10c · Land, buildings and equipment, net

    beginning of year $71,670,144 · end of year $75,418,642

  • 13 · Investments: program-related

    beginning of year $76,441,278 · end of year $78,536,232

  • 15 · Other assets

    beginning of year $14,378,007 · end of year $18,646,055

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,260,790 · end of year $11,311,053

  • 23 · Secured mortgages and notes payable

    beginning of year $53,231,721 · end of year $58,988,201

  • 25 · Other liabilities

    beginning of year $6,676,432 · end of year $7,463,429

  • 29 · Capital stock, trust principal or current funds

    beginning of year $2,598,040 · end of year $2,665,990

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year -$1,802,395 · end of year $625,067

  • 31 · Retained earnings, endowment or other funds

    beginning of year $127,728,024 · end of year $130,994,397

Mission and programs · 2023

Mission

DISTRIBUTION SALES OF ELECTRICITY ON A PATRONAGE BASIS TO AN AVERAGE OF APPROXIMATELY 56,020 CONSUMERS MONTHLY.

  • PROVIDE DISTRIBUTION SALES OF ELECTRICITY TO AN AVERAGE OF APPROXIMATELY 56,020 CONSUMERS MONTHLY ON A PATRONAGE BASIS.

    Expenses $134,671,914 · Grants $10,000 · Revenue $131,656,168

As filed on the 2023 return.

Listed in Part VII

  • Darrell Tingle

    TREASURER

    Total calculated
    $17,000
    From this org
    $17,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Linda West

    CHAIRMAN

    Total calculated
    $17,467
    From this org
    $17,467
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • David Stevens

    VICE CHAIRMAN

    Total calculated
    $17,600
    From this org
    $17,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • George Maddox

    SECRETARY

    Total calculated
    $18,207
    From this org
    $18,207
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John Hutchins

    DIRECTOR

    Total calculated
    $17,749
    From this org
    $17,749
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joseph Osborne

    DIRECTOR

    Total calculated
    $17,207
    From this org
    $17,207
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Tim Sharp

    PRESIDENT & CEO

    Total calculated
    $418,455
    From this org
    $360,174
    From related orgs
    $0
    Other
    $58,281
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $360,174
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $58,281
    Filer's total
    $418,455

  • William Clements

    LINEMAN

    Total calculated
    $184,100
    From this org
    $149,807
    From related orgs
    $0
    Other
    $34,293
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $149,807
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,293
    Filer's total
    $184,100

  • William Tucker

    LINEMAN

    Total calculated
    $198,544
    From this org
    $163,674
    From related orgs
    $0
    Other
    $34,870
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $163,674
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,870
    Filer's total
    $198,544

  • Chase Mills

    COO

    Total calculated
    $198,723
    From this org
    $156,070
    From related orgs
    $0
    Other
    $42,653
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $156,070
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $42,653
    Filer's total
    $198,723

  • Richard Hoops

    LINEMAN

    Total calculated
    $183,111
    From this org
    $148,804
    From related orgs
    $0
    Other
    $34,307
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $148,804
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,307
    Filer's total
    $183,111

  • Joseph Sorrell

    LINEMAN

    Total calculated
    $163,921
    From this org
    $138,527
    From related orgs
    $0
    Other
    $25,394
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $138,527
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $25,394
    Filer's total
    $163,921

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 · Independent compensation consultant
  • 3 · Written employment contract
  • 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

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • LOCK 7 HYDRO PARTNERS LLC

    HYDRO ELECT · KY · 50% owned · share of income $37,262 · share of assets $408,651 · general or managing partner

  • ENVISION ENERGY SERVICES LLC

    ENERGY CONSULTING · KY · 10% owned · share of income $5,481 · share of assets $65,097

Provenance

Return type
form_990
Tax year
2023
Filed
10 May 2024
IRS schema version
2023v5.0
Source object
202401359349302265

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