Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALE OF POWER

  total $64,648,639 · related or exempt $64,648,639

• 3 · Investment income

  total $102,777 · excluded $102,777

• 6a · Gross rents

  real property $10,249

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $10,249

• 6d · Net rental income or loss

  total $10,249 · excluded $10,249

• 7a · Gross sales of assets other than inventory

  other assets $208,439

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

  other assets $73,356

• 7c · Gain or loss

  other assets $135,083

• 7d · Net gain or loss

  total $135,083 · excluded $135,083

• 11a · Other revenue: CAPITAL CREDITS

  total $3,343,077 · related or exempt $3,343,077

• 11b · Other revenue: INCOME FROM SUBSIDIARY

  total $21,523 · related or exempt $21,523

• 11c · Other revenue: MISC REVENUE

  total $204 · related or exempt $204

• 11e · Other revenue, total

  $3,364,804

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $4,059,312

• 5 · Compensation of officers, directors and key employees

  total $808,979

• 20 · Interest

  total $3,246,820

• 22 · Depreciation, depletion and amortization

  total $6,623,659

• 24a · Other expenses: COST OF POWER

  total $39,483,697

• 24b · Other expenses: DISTRIBUTION EXPENSE -

  total $4,093,528

• 24c · Other expenses: ADMINISTRATIVE AND GENE

  total $3,984,626

• 24d · Other expenses: DISTRIBUTION EXPENSE -

  total $3,150,025

• 24e · All other expenses

  total $985,860

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,219,737 · end of year $2,372,942

• 2 · Savings and temporary cash investments

  beginning of year $1,484,429 · end of year $490,130

• 4 · Accounts receivable

  beginning of year $7,576,486 · end of year $6,555,683

• 7 · Other notes and loans receivable

  beginning of year $1,476,736 · end of year $5,143,481

• 8 · Inventories for sale or use

  beginning of year $3,395,358 · end of year $4,445,982

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,221,823 · end of year $2,058,199

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

  $224,242,047

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

  $78,279,644

• 10c · Land, buildings and equipment, net

  beginning of year $139,878,036 · end of year $145,962,403

• 13 · Investments: program-related

  beginning of year $31,770,764 · end of year $33,045,511

• 15 · Other assets

  beginning of year $1,463,087 · end of year $2,083,053

• 17 · Accounts payable and accrued expenses

  beginning of year $6,542,867 · end of year $5,618,395

• 19 · Deferred revenue

  beginning of year $2,088,995 · end of year $2,051,627

• 23 · Secured mortgages and notes payable

  beginning of year $89,413,566 · end of year $96,181,108

• 24 · Unsecured notes and loans payable

  beginning of year $245,000 · end of year $845,000

• 25 · Other liabilities

  beginning of year $219,370 · end of year $214,950

• 29 · Capital stock, trust principal or current funds

  beginning of year $186,070 · end of year $187,000

• 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 $93,790,588 · end of year $97,059,304

The filer's explanations (Part III)

PART II, LINES 1 THROUGH 6, COLUMN C - RETIREMENT & DEFERRED COMPENSATION

THE COOPERATIVE HAS INTERPRETED THE INSTRUCTIONS FOR COLUMN C TO INCLUDE BOTH THE CONTRIBUTIONS PAID TO THE DEFINED BENEFIT RETIREMENT PLAN AND THE INCREASE IN THE ACTUARIAL VALUE OF PLAN ASSETS ATTRIBUTABLE TO THE LISTED COOPERATIVE OFFICER OR HIGHLY COMPENSATED EMPLOYEE. THE COOPERATIVE IS A PARTICIPANT IN THE NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION (NRECA) RETIREMENT SECURITY PLAN (RS PLAN) WHICH IS A DEFINED BENEFIT PLAN QUALIFIED UNDER SECTION 401 AND TAX-EXEMPT UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE. IT IS A MULTI-EMPLOYER PLAN UNDER THE ACCOUNTING STANDARDS. ALL FULL-TIME EMPLOYEES OF THE COOPERATIVE ARE COVERED BY THE PLAN AFTER A 12 MONTH WAITING PERIOD. THE COOPERATIVE MAKES CONTRIBUTIONS TO THE PLAN BASED ON A PERCENTAGE OF THE PRIOR YEAR REGULAR TIME EARNINGS OF EACH EMPLOYEE. FOR 2022, THE COOPERATIVE MADE CONTRIBUTIONS TO THE PLAN ON BEHALF OF THE LISTED EMPLOYEES. IN ADDITION, COLUMN C INCLUDES THE ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE PLAN ASSETS ATTRIBUTABLE TO THESE EMPLOYEES. THE AMOUNTS FOR THE LISTED EMPLOYEES ARE AS FOLLOWS: EMPLOYEE: KIRK W TREDE EMPLOYER PLAN CONTRIBUTIONS: $56,172 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $131,141 TIM IOSSI EMPLOYER PLAN CONTRIBUTIONS: $26,168 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $68284 DENNIS HILL EMPLOYER PLAN CONTRIBUTIONS: $27,650 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $56,021 KEVIN BOHNSACK EMPLOYER PLAN CONTRIBUTIONS: $18,802 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $51,721 MARK ELDER EMPLOYER PLAN CONTRIBUTIONS: $27,057 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $31,358 DON ROTH EMPLOYER PLAN CONTRIBUTIONS: $28,984 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $41,219 DAVID ZORICH EMPLOYER PLAN CONTRIBUTIONS: $26,291 INCREASE IN ACTUARIAL VALUE OF PLAN ASSETS: $13,165