Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $17,800,043 · related or exempt $17,800,043

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $534,102 · related or exempt $534,102

• 2c · Program service revenue: SERVICE FEES

  total $39,975 · related or exempt $39,975

• 3 · Investment income

  total $400,256 · excluded $400,256

• 6a · Gross rents

  personal property $2,330

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $2,330

• 6d · Net rental income or loss

  total $2,330 · unrelated business $2,330

• 11a · Other revenue: ELECTRICIAN/HVAC SERVICE

  total $1,053,376 · unrelated business $1,053,376

• 11b · Other revenue: MISC NON-OPERATING INCOME

  total $3,924 · related or exempt $3,924

• 11e · Other revenue, total

  $1,057,300

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $23,866

• 2 · Grants to domestic individuals

  total $10,500

• 4 · Benefits paid to or for members

  total $501,621

• 5 · Compensation of officers, directors and key employees

  total $603,820

• 7 · Other salaries and wages

  total $1,158,611

• 8 · Pension plan contributions

  total $269,836

• 9 · Other employee benefits

  total $281,752

• 10 · Payroll taxes

  total $103,261

• 20 · Interest

  total $1,222,359

• 22 · Depreciation, depletion and amortization

  total $1,955,181

• 24a · Other expenses: PURCHASED POWER

  total $10,346,476

• 24b · Other expenses: DISTRIBUTION EXP.

  total $1,023,202

• 24c · Other expenses: ELECTRICIAN/HVAC EXP.

  total $978,021

• 24d · Other expenses: ADMIN & GENERAL EXP.

  total $837,940

• 24e · All other expenses

  total $212,986

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $29,960 · end of year $157,091

• 2 · Savings and temporary cash investments

  beginning of year $5,167,155 · end of year $6,596,459

• 4 · Accounts receivable

  beginning of year $1,957,432 · end of year $1,411,374

• 8 · Inventories for sale or use

  beginning of year $508,040 · end of year $703,772

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,930,259 · end of year $1,003,054

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

  $65,689,143

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

  $23,543,489

• 10c · Land, buildings and equipment, net

  beginning of year $41,136,027 · end of year $42,145,654

• 13 · Investments: program-related

  beginning of year $13,636,718 · end of year $13,712,352

• 15 · Other assets

  beginning of year $336,126 · end of year $136,417

• 17 · Accounts payable and accrued expenses

  beginning of year $1,350,905 · end of year $1,524,708

• 23 · Secured mortgages and notes payable

  beginning of year $37,171,353 · end of year $36,771,902

• 25 · Other liabilities

  beginning of year $529,971 · end of year $1,633,064

• 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 $25,649,488 · end of year $25,936,499

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE TRUSTEES THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL BUSINESS OF THE COOPERATIVE. REIMBURSABLE COSTS INCLUDE TRAVEL AND MEAL ALLOWANCES. THE COOPERATIVE WILL ALSO REIMBURSE AN EMPLOYEE FOR TRANSPORTATION AND LODGING COSTS OF HIS/HER SPOUSE FOR APPROVED TRAVEL. DURING THE YEAR, TWO INDIVIDUALS REPORTED ON FORM 990, PART VII - HOSS AND RAMSEY - RECEIVED THIS BENEFIT. SINCE THE COOPERATIVE CONSIDERS THE REIMBURSEMENT TO BE CONSISTENT TO A BONA FIDE BUSINESS PURPOSE, SUCH REIMBURSEMENTS WERE TREATED AS EXPENSES EXCLUDED FROM THE REPORTABLE COMPENSATION OF EACH.

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. RICHARD MCLEON ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 73,877 EMPLOYER CONTRIBUTION TO 401(K) 7,151 TOTAL REPORTED IN COLUMN C 81,028 LESS: ACTUARIAL INCREASE IN DBP (73,877) ADD: CASH CONTRIBUTION TO DBP 72,580 EXPENSE TO THE COOPERATIVE $ 79,731 KASEY JENKINSON ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 54,769 EMPLOYER CONTRIBUTION TO 401(K) 5,499 TOTAL REPORTED IN COLUMN C 60,268 LESS: ACTUARIAL INCREASE IN DBP (54,769) ADD: CASH CONTRIBUTION TO DBP 31,251 EXPENSE TO THE COOPERATIVE $ 36,750 KATHERINE E. LEWIS ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 42,967 EMPLOYER CONTRIBUTION TO 401(K) 6,482 TOTAL REPORTED IN COLUMN C 49,449 LESS: ACTUARIAL INCREASE IN DBP (42,967) ADD: CASH CONTRIBUTION TO DBP 39,885 EXPENSE TO THE COOPERATIVE $ 46,367 BENJAMIN MANN ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 42,487 EMPLOYER CONTRIBUTION TO 401(K) 5,061 TOTAL REPORTED IN COLUMN C 47,548 LESS: ACTUARIAL INCREASE IN DBP (42,487) ADD: CASH CONTRIBUTION TO DBP 31,251 EXPENSE TO THE COOPERATIVE $ 36,312 MYRON SEIB ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 35,022 EMPLOYER CONTRIBUTION TO 401(K) 4,812 TOTAL REPORTED IN COLUMN C 39,834 LESS: ACTUARIAL INCREASE IN DBP (35,022) ADD: CASH CONTRIBUTION TO DBP 30,054 EXPENSE TO THE COOPERATIVE $ 34,866 CHAD RUPP ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 21,708 EMPLOYER CONTRIBUTION TO 401(K) 4,963 TOTAL REPORTED IN COLUMN C 26,671 LESS: ACTUARIAL INCREASE IN DBP (21,708) ADD: CASH CONTRIBUTION TO DBP 28,850 EXPENSE TO THE COOPERATIVE $ 33,813 CHRIS TERHUNE ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 21,412 EMPLOYER CONTRIBUTION TO 401(K) 4,673 TOTAL REPORTED IN COLUMN C 26,085 LESS: ACTUARIAL INCREASE IN DBP (21,412) ADD: CASH CONTRIBUTION TO DBP 28,850 EXPENSE TO THE COOPERATIVE $ 33,523