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Nonprofiteer
← INDIAN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by INDIAN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$66,119,356
Total expenses
$66,119,356
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$65,022,637
Investment income
$823,234
Other revenue
$273,485
Total assets, end of year
$185,523,215
Total liabilities, end of year
$102,518,525
Net assets or fund balances, end of year
$83,004,690
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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.

  • 2a · Program service revenue: SALES OF ELECTRICITY

    total $62,204,376 · excluded $62,204,376

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $2,818,261 · excluded $2,818,261

  • 3 · Investment income

    total $823,234 · excluded $823,234

  • 6a · Gross rents

    real property $237,270

  • 6c · Rental income or loss

    real property $237,270

  • 6d · Net rental income or loss

    total $237,270 · excluded $237,270

  • 10a · Gross sales of inventory

    $3,600

  • 10b · Cost of goods sold

    $159,479

  • 10c · Net income from sales of inventory

    total -$155,879 · unrelated business $3,600 · excluded -$159,479

  • 11a · Other revenue: NON-OPERATING REVENUE

    total $192,094 · excluded $192,094

  • 11e · Other revenue, total

    $192,094

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $5,905,026

  • 5 · Compensation of officers, directors and key employees

    total $683,809

  • 7 · Other salaries and wages

    total $1,030,784

  • 20 · Interest

    total $3,048,986

  • 22 · Depreciation, depletion and amortization

    total $4,683,180

  • 24a · Other expenses: COST OF POWER

    total $36,826,306

  • 24b · Other expenses: DISTRIBUTION

    total $8,670,881

  • 24c · Other expenses: GENERAL & ADMINISTRATIVE

    total $2,263,173

  • 24d · Other expenses: CONSUMER EXPENSE

    total $1,839,527

  • 24e · All other expenses

    total $1,167,684

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,593,039 · end of year $3,313,963

  • 2 · Savings and temporary cash investments

    beginning of year $17,307,842 · end of year $17,203,357

  • 4 · Accounts receivable

    beginning of year $4,590,874 · end of year $4,811,189

  • 8 · Inventories for sale or use

    beginning of year $223,256 · end of year $2,246,679

  • 9 · Prepaid expenses and deferred charges

    beginning of year $194,401 · end of year $215,933

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

    $179,945,566

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

    $57,261,373

  • 10c · Land, buildings and equipment, net

    beginning of year $101,873,196 · end of year $122,684,193

  • 13 · Investments: program-related

    beginning of year $32,610,529 · end of year $35,047,901

  • 15 · Other assets

    beginning of year $51,900

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,880,831 · end of year $7,050,949

  • 23 · Secured mortgages and notes payable

    beginning of year $60,893,630 · end of year $84,036,358

  • 25 · Other liabilities

    beginning of year $15,455,579 · end of year $11,431,218

  • 29 · Capital stock, trust principal or current funds

    beginning of year $472,525 · end of year $465,025

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

    beginning of year $8,276,407 · end of year $9,106,413

  • 31 · Retained earnings, endowment or other funds

    beginning of year $68,466,065 · end of year $73,433,252

Mission and programs · 2023

Mission

TO PROVIDE ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.

  • TO PROVIDE ELECTRICITY TO OUR MEMBERS - 20,467 ACTIVE SERVICES (24,698 TOTAL SERVICES IN PLACE - 4,231 IDLE SERVICES) AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.

As filed on the 2023 return.

Listed in Part VII

  • Todd Schroeder

    GENERAL MANA

    Total calculated
    $349,544
    From this org
    $270,726
    From related orgs
    $0
    Other
    $78,818
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $257,090
    Bonus
    $10,000
    Other
    $3,636
    Deferred
    $52,107
    Nontaxable benefits
    $26,711
    Filer's total
    $349,544

  • Don Lawrence

    VP OF IT & B

    Total calculated
    $214,945
    From this org
    $159,284
    From related orgs
    $0
    Other
    $55,661
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,450
    Bonus
    $1,200
    Other
    $3,634
    Deferred
    $44,874
    Nontaxable benefits
    $10,787
    Filer's total
    $214,945

  • Kimberly Lay

    MGR FINANCE

    Total calculated
    $210,206
    From this org
    $139,887
    From related orgs
    $0
    Other
    $70,319
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,847
    Bonus
    $1,200
    Other
    $5,840
    Deferred
    $43,608
    Nontaxable benefits
    $26,711
    Filer's total
    $210,206

  • James Garrison

    VP OF OPERAT

    Total calculated
    $209,927
    From this org
    $139,492
    From related orgs
    $0
    Other
    $70,435
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,138
    Bonus
    $1,200
    Other
    $4,154
    Deferred
    $43,724
    Nontaxable benefits
    $26,711
    Filer's total
    $209,927

  • David Wilson

    ASSISTANT GM

    Total calculated
    $203,336
    From this org
    $147,660
    From related orgs
    $0
    Other
    $55,676
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,051
    Bonus
    $1,200
    Other
    $2,409
    Deferred
    $44,910
    Nontaxable benefits
    $10,766
    Filer's total
    $203,336

  • Kenneth Morgan

    LINE FOREMAN

    Total calculated
    $201,868
    From this org
    $143,618
    From related orgs
    $0
    Other
    $58,250
    Hours/week
    49.86

    Schedule J breakdown matched by us

    Base
    $137,221
    Bonus
    $1,200
    Other
    $5,197
    Deferred
    $31,539
    Nontaxable benefits
    $26,711
    Filer's total
    $201,868

  • John Pollard

    VP OF ENGINE

    Total calculated
    $200,707
    From this org
    $144,940
    From related orgs
    $0
    Other
    $55,767
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,273
    Bonus
    $1,200
    Other
    $1,467
    Deferred
    $29,056
    Nontaxable benefits
    $26,711
    Filer's total
    $200,707

  • Jim Hadlock

    PRESIDENT

    Total calculated
    $41,162
    From this org
    $41,162
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.1

  • Mike Spradling

    VICE PRESIDE

    Total calculated
    $23,835
    From this org
    $23,835
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.19

  • Greg Fielding

    TRUSTEE

    Total calculated
    $13,852
    From this org
    $13,852
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.72

  • Ralph Jerome

    ASSISTANT SE

    Total calculated
    $12,400
    From this org
    $12,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Lee Peckenpaugh

    TRUSTEE

    Total calculated
    $11,800
    From this org
    $11,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.68

  • Berry Keeler

    SECR/TREAS

    Total calculated
    $11,009
    From this org
    $11,009
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.98

  • Chris Hudgins

    TRUSTEE

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.94

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 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

The filer's explanations (Part III)

SCHEDULE J, PART III
PART II, COLUMN C: INCLUDED IN THIS AMOUNT IS THE INCREASE OR DECREASE IN ACTUARIAL VALUE OF RS DEFINED BENEFIT PENSION PLAN. THIS INCREASE OR DECREASE DOES NOT REPRESENT CASH PAYMENTS UNDER THE PLAN.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • DARLIN' DOODADS

    UNIFORMS · OK

Provenance

Return type
form_990
Tax year
2023
Filed
16 September 2024
IRS schema version
2023v5.0
Source object
202422889349301632

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