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Nonprofiteer
← CHERRYLAND ELECTRIC CO OP

Form 990 for tax year 2023

Filed by CHERRYLAND ELECTRIC CO OP.

Totals

Total revenue
$59,803,199
Total expenses
$58,398,020
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$56,539,884
Investment income
$3,064,993
Other revenue
$198,322
Total assets, end of year
$145,405,666
Total liabilities, end of year
$88,090,529
Net assets or fund balances, end of year
$57,315,137
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: MEMBER ELECTRIC REVENUE

    total $56,224,485 · related or exempt $56,224,485

  • 2b · Program service revenue: SERVICE CHARGES

    total $135,910 · related or exempt $135,910

  • 2c · Program service revenue: STREET LIGHTS

    total $100,246 · related or exempt $100,246

  • 2d · Program service revenue: POLE CONTACT FEES

    total $79,243 · excluded $79,243

  • 3 · Investment income

    total $2,964,583 · related or exempt $2,918,489 · unrelated business $182 · excluded $45,912

  • 7a · Gross sales of assets other than inventory

    other assets $100,410

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

    other assets $0

  • 7c · Gain or loss

    other assets $100,410

  • 7d · Net gain or loss

    total $100,410 · excluded $100,410

  • 11a · Other revenue: MISCELLANEOUS

    total $198,322 · related or exempt $198,322

  • 11e · Other revenue, total

    $198,322

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $108,379

  • 5 · Compensation of officers, directors and key employees

    total $1,103,089

  • 7 · Other salaries and wages

    total $672,040

  • 11a · Fees: management

    total $4,400

  • 11b · Fees: legal

    total $67,901

  • 11c · Fees: accounting

    total $36,200

  • 12 · Advertising and promotion

    total $32,826

  • 13 · Office expenses

    total $105,415

  • 14 · Information technology

    total $531,040

  • 16 · Occupancy

    total $160,227

  • 19 · Conferences, conventions and meetings

    total $59,636

  • 20 · Interest

    total $3,361,186

  • 22 · Depreciation, depletion and amortization

    total $4,402,718

  • 23 · Insurance

    total $113,217

  • 24a · Other expenses: COST OF POWER

    total $35,175,983

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $5,109,264

  • 24c · Other expenses: MEMBER SERVICE

    total $2,888,651

  • 24d · Other expenses: OPERATIONS

    total $2,189,002

  • 24e · All other expenses

    total $2,276,846

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $156,472 · end of year $411,874

  • 2 · Savings and temporary cash investments

    beginning of year $105,006 · end of year $393,923

  • 4 · Accounts receivable

    beginning of year $7,145,559 · end of year $7,476,010

  • 7 · Other notes and loans receivable

    beginning of year $1,125,279 · end of year $2,112,725

  • 8 · Inventories for sale or use

    beginning of year $1,173,272 · end of year $1,476,908

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,828,235 · end of year $3,560,140

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

    $142,725,161

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

    $50,832,662

  • 10c · Land, buildings and equipment, net

    beginning of year $86,445,593 · end of year $91,892,499

  • 12 · Investments: other securities

    beginning of year $35,262,974 · end of year $37,925,895

  • 15 · Other assets

    beginning of year $1,397,145 · end of year $155,692

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,025,918 · end of year $5,520,354

  • 23 · Secured mortgages and notes payable

    beginning of year $65,260,879 · end of year $74,241,656

  • 24 · Unsecured notes and loans payable

    beginning of year $6,380,173 · end of year $5,041,550

  • 25 · Other liabilities

    beginning of year $2,939,316 · end of year $3,286,969

  • 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 -$1,702,123 · end of year -$1,754,161

  • 31 · Retained earnings, endowment or other funds

    beginning of year $57,735,372 · end of year $59,069,298

Mission and programs · 2023

Mission

ELECTRIC COOPERATIVE

  • PROVIDE ELECTRIC SERVICES TO OVER 38,000 MEMBERS.

    Revenue $59,577,452

As filed on the 2023 return.

Listed in Part VII

  • Melinda Lautner

    DIRECTOR

    Total calculated
    $16,860
    From this org
    $16,850
    From related orgs
    $0
    Other
    $10
    Hours/week
    14

  • Terry Lautner

    DIRECTOR

    Total calculated
    $17,510
    From this org
    $17,500
    From related orgs
    $0
    Other
    $10
    Hours/week
    11

  • Dean Adams

    DIRECTOR

    Total calculated
    $15,505
    From this org
    $15,500
    From related orgs
    $0
    Other
    $5
    Hours/week
    3

  • Thomas Van Pelt

    TREASURER

    Total calculated
    $17,010
    From this org
    $17,000
    From related orgs
    $0
    Other
    $10
    Hours/week
    12

  • David Schweitzer

    PRESIDENT

    Total calculated
    $18,660
    From this org
    $18,650
    From related orgs
    $0
    Other
    $10
    Hours/week
    3

  • Gabriel Ts Schneider

    SENIOR VICE PRESIDENT

    Total calculated
    $17,160
    From this org
    $17,150
    From related orgs
    $0
    Other
    $10
    Hours/week
    10

  • Valarie Handy

    SECRETARY

    Total calculated
    $18,602
    From this org
    $18,600
    From related orgs
    $0
    Other
    $2
    Hours/week
    4

  • Anthony Anderson

    FORMER GENERAL MANAGER

    Total calculated
    $486,705
    From this org
    $324,668
    From related orgs
    $0
    Other
    $162,037
    Hours/week
    30

    Schedule J breakdown matched by us

    Base
    $324,668
    Bonus
    $0
    Other
    $0
    Deferred
    $143,074
    Nontaxable benefits
    $18,963
    Filer's total
    $486,705

  • Mark Wilson

    CFO

    Total calculated
    $246,027
    From this org
    $177,149
    From related orgs
    $0
    Other
    $68,878
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $177,149
    Bonus
    $0
    Other
    $0
    Deferred
    $50,981
    Nontaxable benefits
    $17,897
    Filer's total
    $246,027

  • Frank Siepker

    COO

    Total calculated
    $564,021
    From this org
    $196,849
    From related orgs
    $0
    Other
    $367,172
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $196,849
    Bonus
    $0
    Other
    $0
    Deferred
    $346,901
    Nontaxable benefits
    $20,271
    Filer's total
    $564,021

  • Rachel Johnson

    CEO

    Total calculated
    $249,050
    From this org
    $199,580
    From related orgs
    $0
    Other
    $49,470
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $199,580
    Bonus
    $0
    Other
    $0
    Deferred
    $32,678
    Nontaxable benefits
    $16,792
    Filer's total
    $249,050

  • David Bott

    CREW FOREMAN

    Total calculated
    $200,872
    From this org
    $163,923
    From related orgs
    $0
    Other
    $36,949
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $163,923
    Bonus
    $0
    Other
    $0
    Deferred
    $20,188
    Nontaxable benefits
    $16,761
    Filer's total
    $200,872

  • Bruce Stocking

    CREW FOREMAN

    Total calculated
    $204,621
    From this org
    $148,266
    From related orgs
    $0
    Other
    $56,355
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $148,266
    Bonus
    $0
    Other
    $0
    Deferred
    $42,515
    Nontaxable benefits
    $13,840
    Filer's total
    $204,621

  • Chadwick Cordner

    LINEMAN

    Total calculated
    $186,833
    From this org
    $158,458
    From related orgs
    $0
    Other
    $28,375
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $158,458
    Bonus
    $0
    Other
    $0
    Deferred
    $11,654
    Nontaxable benefits
    $16,721
    Filer's total
    $186,833

  • Jeffrey Butcher

    LINEMAN

    Total calculated
    $180,842
    From this org
    $160,453
    From related orgs
    $0
    Other
    $20,389
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $160,453
    Bonus
    $0
    Other
    $0
    Deferred
    $13,419
    Nontaxable benefits
    $6,970
    Filer's total
    $180,842

  • Nicholas Newell

    LINEMAN

    Total calculated
    $178,399
    From this org
    $149,663
    From related orgs
    $0
    Other
    $28,736
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $149,663
    Bonus
    $0
    Other
    $0
    Deferred
    $12,016
    Nontaxable benefits
    $16,720
    Filer's total
    $178,399

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 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PART II, COLUMN C
A PORTION OF THE RETIREMENT AMOUNTS REPORTED ON SCHEDULE J, PART II, COLUMN C, REPRESENT THE ACTUARIAL CHANGE IN THE ORGANIZATION'S QUALIFIED DEFINED BENEFIT PLAN (RETIREMENT SECURITY PLAN) WHICH WAS NOT FUNDED AS OF 12/31/23. OF THESE AMOUNTS, BELOW IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE RETIREMENT SECURITY PLAN PER INDIVIDUAL: ANTHONY ANDERSON $130,694 MARK WILSON - $42,347 FRANK SIEPKER - $37,444 RACHEL JOHNSON - $22,925 DAVID BOTT - $14,502 BRUCE STOCKING - $36,544

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.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202443179349306764

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