Form 990 for tax year 2025

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALE OF POWER

  total $32,350,702 · related or exempt $32,350,702

• 3 · Investment income

  total $690,570 · unrelated business -$412 · excluded $690,982

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

  other assets $20,791

• 7c · Gain or loss

  other assets -$20,791

• 7d · Net gain or loss

  total -$20,791 · excluded -$20,791

• 10a · Gross sales of inventory

  $90,154

• 10b · Cost of goods sold

  $184,483

• 10c · Net income from sales of inventory

  total -$94,329 · related or exempt -$16,300 · unrelated business -$78,029

• 11a · Other revenue: CAPITAL CREDITS

  total $2,243,397 · related or exempt $2,243,397

• 11e · Other revenue, total

  $2,243,397

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $3,255,598

• 5 · Compensation of officers, directors and key employees

  total $465,329

• 20 · Interest

  total $1,303,923

• 22 · Depreciation, depletion and amortization

  total $2,187,552

• 24a · Other expenses: COST OF POWER

  total $22,607,012

• 24b · Other expenses: ADMIN & GENERAL EXP

  total $1,522,344

• 24c · Other expenses: DIST EXP - OPERATIONS

  total $1,188,423

• 24d · Other expenses: DIST EXPENSE - MAINT

  total $1,093,168

• 24e · All other expenses

  total $1,244,581

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,100 · end of year $1,100

• 2 · Savings and temporary cash investments

  beginning of year $3,118,472 · end of year $4,000,462

• 4 · Accounts receivable

  beginning of year $3,103,695 · end of year $3,429,065

• 8 · Inventories for sale or use

  beginning of year $1,562,749 · end of year $1,298,819

• 9 · Prepaid expenses and deferred charges

  beginning of year $297,655 · end of year $408,234

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

  $64,833,316

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

  $20,607,638

• 10c · Land, buildings and equipment, net

  beginning of year $43,452,610 · end of year $44,225,678

• 12 · Investments: other securities

  beginning of year -$42,703 · end of year -$44,318

• 13 · Investments: program-related

  beginning of year $40,556,559 · end of year $47,502,011

• 15 · Other assets

  beginning of year $0 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $2,720,152 · end of year $2,812,830

• 19 · Deferred revenue

  beginning of year $232,988 · end of year $903,943

• 23 · Secured mortgages and notes payable

  beginning of year $47,371,734 · end of year $53,094,545

• 24 · Unsecured notes and loans payable

  beginning of year $5,000 · end of year $5,000

• 25 · Other liabilities

  beginning of year $710,209 · end of year $645,902

• 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 $41,010,054 · end of year $43,358,831

The filer's explanations (Part III)

PART I, LINE 3

CEO COMPENSATION WAS REVIEWED AND APPROVED IN 2025 BY THE BOARD OF DIRECTORS. THE BOARD USES NRECA COMPARABILITY DATA TO DETERMINE OFFICER'S COMPENSATION AND THE EXECUTIVE SESSION OF THE BOARD IS DOCUMENTED IN THE BOARD MINUTES.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• FIVE RIVERS DEVELOPMENT CORP

  C · ECONOMIC DEVELOPMENT · IA · 100% owned · share of assets $5,000 · controlled entity

  Directly controlled by BUTLER COUNTY REC