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Nonprofiteer
← REDWOOD ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by REDWOOD ELECTRIC COOPERATIVE.

Totals

Total revenue
$16,656,545
Total expenses
$16,656,545
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$16,616,095
Investment income
$59,819
Other revenue
-$19,369
Total assets, end of year
$41,672,799
Total liabilities, end of year
$24,224,241
Net assets or fund balances, end of year
$17,448,558
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: SALE OF POWER

    total $15,824,889 · related or exempt $15,824,889

  • 2b · Program service revenue: CAPITAL CREDITS

    total $620,215 · related or exempt $620,215

  • 2c · Program service revenue: OTHER OPERATING

    total $95,958 · related or exempt $95,958

  • 2d · Program service revenue: EQUITY INVESTMENTS

    total $31,185 · unrelated business $62,433 · excluded -$31,248

  • 2f · All other program service revenue

    total $43,848 · related or exempt $43,848

  • 3 · Investment income

    total $59,819 · excluded $59,819

  • 6a · Gross rents

    personal property $2,652

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $2,652

  • 6d · Net rental income or loss

    total $2,652 · related or exempt $2,652

  • 10a · Gross sales of inventory

    $35,264

  • 10b · Cost of goods sold

    $57,285

  • 10c · Net income from sales of inventory

    total -$22,021 · unrelated business -$10,456 · excluded -$11,565

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,177,713

  • 5 · Compensation of officers, directors and key employees

    total $482,397

  • 7 · Other salaries and wages

    total $1,428,871

  • 8 · Pension plan contributions

    total $465,316

  • 10 · Payroll taxes

    total $124,029

  • 20 · Interest

    total $577,305

  • 22 · Depreciation, depletion and amortization

    total $1,483,951

  • 24a · Other expenses: COST OF POWER

    total $9,702,431

  • 24b · Other expenses: DISTRIBUTION - OPERATIO

    total $1,114,899

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $901,510

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $319,355

  • 24e · All other expenses

    total -$1,121,232

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $3,349,961 · end of year $1,423,512

  • 4 · Accounts receivable

    beginning of year $2,538,410 · end of year $2,349,995

  • 8 · Inventories for sale or use

    beginning of year $895,768 · end of year $1,190,872

  • 9 · Prepaid expenses and deferred charges

    beginning of year $195,656 · end of year $161,801

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

    $48,146,019

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

    $18,153,655

  • 10c · Land, buildings and equipment, net

    beginning of year $29,483,592 · end of year $29,992,364

  • 12 · Investments: other securities

    beginning of year $264,626 · end of year $295,811

  • 13 · Investments: program-related

    beginning of year $5,845,051 · end of year $6,254,497

  • 15 · Other assets

    beginning of year $4,466 · end of year $3,947

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,935,329 · end of year $1,775,155

  • 23 · Secured mortgages and notes payable

    beginning of year $23,096,472 · end of year $21,990,058

  • 25 · Other liabilities

    beginning of year $450,420 · end of year $459,028

  • 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 $17,095,309 · end of year $17,448,558

Mission and programs · 2023

Mission

PROVIDE RELIABLE, EFFICIENT DELIVERY OF ELECTRICITY AND OTHER SERVICES TO OUR MEMBER OWNERS WITH THE HIGHEST LEVEL OF CUSTOMER SERVICE.

Activities or mission (Part I)

PROVIDING ELECTRICITY TO RURAL COMMUNITIES.

  • PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 3,661 MEMBERS ALONG 1,317 MILES OF LINE.

As filed on the 2023 return.

Listed in Part VII

  • Richard Nelson

    PRESIDENT

    Total calculated
    $13,650
    From this org
    $13,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Daniel Tauer

    VICE PRESIDENT

    Total calculated
    $13,150
    From this org
    $13,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jill Weber Vanderwal

    SECRETARY/TREASURER

    Total calculated
    $12,850
    From this org
    $12,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michael Baune

    DIRECTOR

    Total calculated
    $13,750
    From this org
    $13,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Dean Fultz

    DIRECTOR

    Total calculated
    $12,950
    From this org
    $12,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Emily Evans

    DIRECTOR

    Total calculated
    $12,750
    From this org
    $12,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • George Turbes

    DIRECTOR

    Total calculated
    $14,060
    From this org
    $14,060
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ronald L Horman

    GENERAL MANAGER

    Total calculated
    $181,098
    From this org
    $117,263
    From related orgs
    $0
    Other
    $63,835
    Hours/week
    26

    Schedule J breakdown matched by us

    Base
    $112,748
    Bonus
    $1,559
    Other
    $2,956
    Deferred
    $46,479
    Nontaxable benefits
    $19,765
    Filer's total
    $183,507

  • Hope Lang

    MANAGER OF FINANCE & ADMIN

    Total calculated
    $194,292
    From this org
    $126,434
    From related orgs
    $0
    Other
    $67,858
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,316
    Bonus
    $900
    Other
    $1,218
    Deferred
    $32,645
    Nontaxable benefits
    $37,891
    Filer's total
    $196,970

  • Chad Nelsen

    OPERATIONS MANAGER

    Total calculated
    $192,637
    From this org
    $127,150
    From related orgs
    $0
    Other
    $65,487
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,335
    Bonus
    $600
    Other
    $1,215
    Deferred
    $31,292
    Nontaxable benefits
    $36,872
    Filer's total
    $195,314

  • Martin Berg

    FOREMAN

    Total calculated
    $170,214
    From this org
    $104,079
    From related orgs
    $0
    Other
    $66,135
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $103,143
    Bonus
    $350
    Other
    $586
    Deferred
    $30,605
    Nontaxable benefits
    $37,479
    Filer's total
    $172,163

  • Donald Dietz

    SENIOR FOREMAN

    Total calculated
    $180,398
    From this org
    $110,888
    From related orgs
    $0
    Other
    $69,510
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $109,442
    Bonus
    $1,446
    Other
    $0
    Deferred
    $38,161
    Nontaxable benefits
    $33,413
    Filer's total
    $182,462

  • Clark Gardner

    SENIOR FOREMAN

    Total calculated
    $197,633
    From this org
    $111,011
    From related orgs
    $0
    Other
    $86,622
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $109,907
    Bonus
    $350
    Other
    $754
    Deferred
    $53,839
    Nontaxable benefits
    $34,847
    Filer's total
    $199,697

  • Matthew Grunewald

    FOREMAN

    Total calculated
    $173,448
    From this org
    $112,721
    From related orgs
    $0
    Other
    $60,727
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $109,149
    Bonus
    $350
    Other
    $3,222
    Deferred
    $26,808
    Nontaxable benefits
    $35,868
    Filer's total
    $175,397

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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)

PART I, LINE 1A
SPOUSE TRAVEL FOR THE NRECA ANNUAL MEETING IS PAID FOR BY THE COOPERATIVE FOR DESIGNATED DIRECTORS, MANAGEMENT OR EMPLOYEES AND THIS BENEFIT IS INCLUDED AS TAXABLE INCOME. ALSO, THE COOPERATIVE WILL PAY THE AIRFARE OF THE GENERAL MANAGER'S SPOUSE TO CO-OP RELATED MEETINGS. THIS BENEFIT IS INCLUDED AS TAXABLE INCOME ON THE MANAGER'S W-2.
SCHEDULE J, PART II COLUMN C
INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR EACH PARTICIPANT RATHER THAN THE ACTUAL CONTRIBUTION PAID TO THE PLAN. THE CHANGE IN ACTUARIAL VALUE IN THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: - RONALD HORMAN $40,768 - HOPE LANG $26,257 - CHAD NELSEN $24,905 - MARTIN BERG $25,956 - DONALD DIETZ $33,233 - CLARK GARDNER $48,911 - MATTHEW GRUNEWALD $22,159 THE ACTUAL EXPENSE OF THE COOPERATIVE FOR DEFINED BENEFIT PLAN ARE AS FOLLOWS: - RONALD HORMAN $35,921 - HOPE LANG $39,865 - CHAD NELSEN $39,865 - MARTIN BERG $26,460 - DONALD DIETZ $28,047 - CLARK GARDNER $28,047 - MATTHEW GRUNEWALD $26,460

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.

  • REDWOOD ELECTRIC TRUST

    501(C)(3) · CHARITABLE · MN · controlled entity

    Directly controlled by REDWOOD ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
31 October 2024
IRS schema version
2023v5.1
Source object
202443069349300149

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