Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $84,763,633 · related or exempt $84,763,633

• 2b · Program service revenue: SALES OF FIBER INTERNET

  total $12,806,433 · related or exempt $11,173,947 · unrelated business $1,632,486

• 2c · Program service revenue: TRANSMISSION LEASE

  total $6,650,064 · related or exempt $6,650,064

• 2d · Program service revenue: ENERGY SERVICES

  total $6,603,543 · related or exempt $6,603,312 · unrelated business $231

• 2e · Program service revenue: PATRONAGE DIVIDENDS

  total $1,148,773 · related or exempt $1,148,773

• 2f · All other program service revenue

  total $1,693,847 · related or exempt $1,157,731 · unrelated business $536,116

• 3 · Investment income

  total $128,874 · excluded $128,874

• 6a · Gross rents

  personal property $6,000

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $6,000

• 6d · Net rental income or loss

  total $6,000 · related or exempt $6,000

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

  other assets $36,300

• 7c · Gain or loss

  other assets -$36,300

• 7d · Net gain or loss

  total -$36,300 · related or exempt -$36,300

• 10a · Gross sales of inventory

  $335,730

• 10b · Cost of goods sold

  $159,299

• 10c · Net income from sales of inventory

  total $176,431 · related or exempt $176,431

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $425,340 · excluded $425,340

• 11e · Other revenue, total

  $425,340

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $101,968

• 4 · Benefits paid to or for members

  total $11,934,781

• 5 · Compensation of officers, directors and key employees

  total $3,883,108

• 7 · Other salaries and wages

  total $7,890,014

• 8 · Pension plan contributions

  total $1,022,542

• 9 · Other employee benefits

  total $1,284,215

• 10 · Payroll taxes

  total $627,859

• 20 · Interest

  total $7,854,026

• 22 · Depreciation, depletion and amortization

  total $11,443,461

• 24a · Other expenses: PURCHASED POWER

  total $46,420,029

• 24b · Other expenses: ADMIN & GENERAL EXPENSE

  total $7,659,485

• 24c · Other expenses: ENERGY SERVICES

  total $6,478,264

• 24d · Other expenses: DISTRIBUTION EXPENSE

  total $5,259,980

• 24e · All other expenses

  total $2,414,640

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $642,834 · end of year $539,175

• 4 · Accounts receivable

  beginning of year $5,925,283 · end of year $5,440,789

• 7 · Other notes and loans receivable

  beginning of year $8,832,150 · end of year $13,225,540

• 8 · Inventories for sale or use

  beginning of year $6,152,992 · end of year $5,718,240

• 9 · Prepaid expenses and deferred charges

  beginning of year $8,698,256 · end of year $5,359,842

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

  $426,856,555

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

  $110,969,384

• 10c · Land, buildings and equipment, net

  beginning of year $294,742,189 · end of year $315,887,171

• 13 · Investments: program-related

  beginning of year $7,822,537 · end of year $8,627,735

• 15 · Other assets

  beginning of year $3,759,540 · end of year $2,927,693

• 17 · Accounts payable and accrued expenses

  beginning of year $8,379,387 · end of year $10,143,543

• 21 · Escrow or custodial account liability

  beginning of year $32,046 · end of year $74,278

• 23 · Secured mortgages and notes payable

  beginning of year $203,935,700 · end of year $207,757,498

• 25 · Other liabilities

  beginning of year $18,653,561 · end of year $24,001,285

• 29 · Capital stock, trust principal or current funds

  beginning of year $718,965 · end of year $735,145

• 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 $104,856,122 · end of year $115,014,436

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE - ONE INDIVIDUAL REPORTED ON FORM 990 PART VII, JOHNNY OLIBAS, RECEIVED THIS BENEFIT DURING THE YEAR. ADDITIONALLY, THE VALUE OF THE BENEFIT WAS INCLUDED IN THE RESPECTIVE REPORTABLE COMPENSATION. THE CEO PROVIDED AN OFFER LETTER OF EMPLOYMENT AND APPROVED THE HOUSING ALLOWANCE AS A PART OF THE COMPENSATION PACKAGE. GYM/FITNESS REIMBURSEMENT - TWO INDIVIDUALS REPORTED ON FORM 990 PART VII, JOHNNY OLIBAS AND THILO JANSSEN, RECEIVED THIS BENEFIT DURING THE YEAR.

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, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. 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. WILLIAM HETHERINGTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 100,834 EMPLOYER CONTRIBUTION TO 401(K) PLAN 20,700 TOTAL REPORTED IN COLUMN C $ 121,534 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (100,834) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 58,409 EXPENSE TO THE COOPERATIVE $ 79,109 JOHN PADALINO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 29,892 EMPLOYER CONTRIBUTION TO 401(K) PLAN 19,030 TOTAL REPORTED IN COLUMN C $ 48,922 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (29,892) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 47,190 EXPENSE TO THE COOPERATIVE $ 66,220 SHANE SCHMIDT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,663 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,350 TOTAL REPORTED IN COLUMN C $ 45,013 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,663) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 44,022 EXPENSE TO THE COOPERATIVE $ 53,372 JOHN RUSH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 40,041 EMPLOYER CONTRIBUTION TO 401(K) PLAN 11,400 TOTAL REPORTED IN COLUMN C $ 51,441 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,041) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,890 EXPENSE TO THE COOPERATIVE $ 39,290 MARK BUSBY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 82,394 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,001 TOTAL REPORTED IN COLUMN C $ 91,395 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (82,394) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,400 EXPENSE TO THE COOPERATIVE $ 30,401 THILO JANSSEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,234 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,200 TOTAL REPORTED IN COLUMN C $ 37,434 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,234) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 26,952 EXPENSE TO THE COOPERATIVE $ 37,152 STEPHANIE PANKRATZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 9,302 EMPLOYER CONTRIBUTION TO 401(K) PLAN (0) TOTAL REPORTED IN COLUMN C $ 9,302 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,655 EXPENSE TO THE COOPERATIVE $ 20,655 ALLEN MARSHALL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 17,701 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,200 TOTAL REPORTED IN COLUMN C $ 27,901 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (17,701) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,530 EXPENSE TO THE COOPERATIVE $ 35,730 JOHNNY OLIBAS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,114 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,243 TOTAL REPORTED IN COLUMN C $ 52,357 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,114) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,445 EXPENSE TO THE COOPERATIVE $ 28,688 JOHN HERNANDEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,094 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,690 TOTAL REPORTED IN COLUMN C $ 39,784 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,094) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 16,318 EXPENSE TO THE COOPERATIVE $ 26,008 MICHAEL SHULTS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 9,989 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,319 TOTAL REPORTED IN COLUMN C $ 19,308 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (9,989) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,530 EXPENSE TO THE COOPERATIVE $ 34,849 BILLY SIMPSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 16,659 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,290 TOTAL REPORTED IN COLUMN C $ 20,949 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (16,659) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,210 EXPENSE TO THE COOPERATIVE $ 28,500 GARRETT CLARK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 7,968 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,008 TOTAL REPORTED IN COLUMN C $ 17,056 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (7,968) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 16,206 EXPENSE TO THE COOPERATIVE $ 25,294 WILLIAM DOWNUM: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,190 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,142 TOTAL REPORTED IN COLUMN C $ 17,332 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,190) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 16,206 EXPENSE TO THE COOPERATIVE $ 25,348 JOSEPH SAUCE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 11,125 EMPLOYER CONTRIBUTION TO 401(K) PLAN 944 TOTAL REPORTED IN COLUMN C $ 12,069 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (11,125) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,248 EXPENSE TO THE COOPERATIVE $ 21,192