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Nonprofiteer
← HANCOCK-WOOD ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by HANCOCK-WOOD ELECTRIC COOPERATIVE.

Totals

Total revenue
$53,187,130
Total expenses
$47,368,144
Contributions and grants received
$0
Grants paid
$21,909
Program service revenue
$51,012,197
Investment income
$220,029
Other revenue
$1,954,904
Total assets, end of year
$142,653,265
Total liabilities, end of year
$61,537,150
Net assets or fund balances, end of year
$81,116,115
Program services expenses (Part IX)
$47,368,144
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$47,368,144

Program services were 100.0% 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: ELECTRIC REVENUES

    total $50,685,501 · related or exempt $50,685,501

  • 2b · Program service revenue: OTHER ELECTIC REVENUES

    total $326,696 · related or exempt $326,696

  • 3 · Investment income

    total $199,239 · related or exempt $199,239

  • 6a · Gross rents

    real property $275,148

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $275,148

  • 6d · Net rental income or loss

    total $275,148 · related or exempt $275,148

  • 7a · Gross sales of assets other than inventory

    other assets $20,790

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

    other assets $0

  • 7c · Gain or loss

    other assets $20,790

  • 7d · Net gain or loss

    total $20,790 · excluded $20,790

  • 11a · Other revenue: Patronage Revenue

    total $1,726,732 · related or exempt $1,726,732

  • 11b · Other revenue: Miscellaneous Nonoperating Income

    total -$46,976 · related or exempt -$46,976

  • 11e · Other revenue, total

    $1,679,756

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $21,909 · program services $21,909

  • 11b · Fees: legal

    total $100,524 · program services $100,524

  • 11c · Fees: accounting

    total $21,700 · program services $21,700

  • 11g · Fees: other

    total $67,158 · program services $67,158

  • 20 · Interest

    total $1,933,335 · program services $1,933,335

  • 22 · Depreciation, depletion and amortization

    total $3,926,667 · program services $3,926,667

  • 24a · Other expenses: Purchased Power

    total $30,423,808 · program services $30,423,808

  • 24b · Other expenses: General and Administrat

    total $4,215,909 · program services $4,215,909

  • 24c · Other expenses: Operations Expense

    total $2,753,980 · program services $2,753,980

  • 24d · Other expenses: Maintenance

    total $1,775,847 · program services $1,775,847

  • 24e · All other expenses

    total $2,127,307 · program services $2,127,307

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $412,179 · end of year $937,899

  • 2 · Savings and temporary cash investments

    beginning of year $2,978,629 · end of year $2,548,315

  • 4 · Accounts receivable

    beginning of year $6,284,351 · end of year $4,884,407

  • 8 · Inventories for sale or use

    beginning of year $977,537 · end of year $1,208,632

  • 9 · Prepaid expenses and deferred charges

    beginning of year $562,595 · end of year $2,089,629

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

    $138,887,060

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

    $33,467,102

  • 10c · Land, buildings and equipment, net

    beginning of year $102,415,890 · end of year $105,419,958

  • 12 · Investments: other securities

    beginning of year $24,761,251 · end of year $25,564,425

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,215,638 · end of year $7,317,963

  • 23 · Secured mortgages and notes payable

    beginning of year $52,859,745 · end of year $54,073,011

  • 25 · Other liabilities

    beginning of year $149,767 · end of year $146,176

  • 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 $78,167,282 · end of year $81,116,115

Mission and programs · 2023

Mission

TO PROVIDE PREMIUM QUALITY SERVICE, ECONOMICALLY PRICED ELECTRICITY AND OTHER UTILITY SERVICES TO OUR MEMBERS AND COMMUNITY.

Activities or mission (Part I)

TO PROVIDE PREMIUM QUALITY SERVICE, ECONOMICALLY PRICED ELECTRICITY AND OTHER UTILITY SERVICES TO MEMBERS AND COMMUNITY.

  • DISTRIBUTION OF ELECTRICITY TO RURAL CUSTOMERS.

    Expenses $47,368,144 · Revenue $51,012,197

As filed on the 2023 return.

Listed in Part VII

  • Gene Baker

    Chairman

    Total calculated
    $15,950
    From this org
    $15,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.33

  • Charles Beagle

    Trustee

    Total calculated
    $9,750
    From this org
    $9,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.65

  • Ed Crawford

    Trustee

    Total calculated
    $10,150
    From this org
    $10,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.23

  • Lee Anne Dierksheide

    Asst. Secretary/Treasurer

    Total calculated
    $11,300
    From this org
    $11,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.75

  • Duane Fry

    Secretary/Treasurer

    Total calculated
    $13,350
    From this org
    $13,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.66

  • William Kale

    Vice Chairman

    Total calculated
    $11,750
    From this org
    $11,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.66

  • Timothy Phillips

    Trustee

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.65

  • Ronald Riegle

    Trustee

    Total calculated
    $9,950
    From this org
    $9,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.65

  • Brian Terry

    Trustee

    Total calculated
    $8,800
    From this org
    $8,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.65

  • William Barnhart

    President/CEO

    Total calculated
    $358,959
    From this org
    $278,960
    From related orgs
    $0
    Other
    $79,999
    Hours/week
    47.72

    Schedule J breakdown matched by us

    Base
    $278,960
    Bonus
    $0
    Other
    $0
    Deferred
    $70,012
    Nontaxable benefits
    $9,987
    Filer's total
    $358,959

  • Melissa Snyder

    CFO

    Total calculated
    $190,911
    From this org
    $132,487
    From related orgs
    $0
    Other
    $58,424
    Hours/week
    44.96

    Schedule J breakdown matched by us

    Base
    $132,487
    Bonus
    $0
    Other
    $0
    Deferred
    $38,779
    Nontaxable benefits
    $19,645
    Filer's total
    $190,911

  • Curtis Croy

    COO

    Total calculated
    $193,204
    From this org
    $149,978
    From related orgs
    $0
    Other
    $43,226
    Hours/week
    45.91

    Schedule J breakdown matched by us

    Base
    $149,978
    Bonus
    $0
    Other
    $0
    Deferred
    $41,691
    Nontaxable benefits
    $1,535
    Filer's total
    $193,204

  • Bradley Fisher

    Vice President Engineering

    Total calculated
    $208,224
    From this org
    $141,821
    From related orgs
    $0
    Other
    $66,403
    Hours/week
    43.92

    Schedule J breakdown matched by us

    Base
    $141,821
    Bonus
    $0
    Other
    $0
    Deferred
    $46,693
    Nontaxable benefits
    $19,710
    Filer's total
    $208,224

  • Ryan Marquette

    IT Manager

    Total calculated
    $180,548
    From this org
    $122,571
    From related orgs
    $0
    Other
    $57,977
    Hours/week
    46.56

    Schedule J breakdown matched by us

    Base
    $122,571
    Bonus
    $0
    Other
    $0
    Deferred
    $38,418
    Nontaxable benefits
    $19,559
    Filer's total
    $180,548

  • Allen Riegle

    Line Superintendent

    Total calculated
    $181,803
    From this org
    $125,985
    From related orgs
    $0
    Other
    $55,818
    Hours/week
    47.54

    Schedule J breakdown matched by us

    Base
    $125,985
    Bonus
    $0
    Other
    $0
    Deferred
    $36,319
    Nontaxable benefits
    $19,499
    Filer's total
    $181,803

  • Joshua Kitzler

    Lineman I

    Total calculated
    $163,302
    From this org
    $120,903
    From related orgs
    $0
    Other
    $42,399
    Hours/week
    43.61

    Schedule J breakdown matched by us

    Base
    $120,903
    Bonus
    $0
    Other
    $0
    Deferred
    $23,127
    Nontaxable benefits
    $19,272
    Filer's total
    $163,302

  • James Casey

    Lineman I

    Total calculated
    $146,897
    From this org
    $114,735
    From related orgs
    $0
    Other
    $32,162
    Hours/week
    38.87

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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.

Related corporations and trusts

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

  • PRISM SOLUTIONS

    OH · 100% owned

Provenance

Return type
form_990
Tax year
2023
Filed
25 July 2024
IRS schema version
2023v5.1
Source object
202432079349301418

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