Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: ELEC. SALES AND SERVICE

  total $100,911,652 · related or exempt $100,911,652

• 2b · Program service revenue: CAPITAL CREDITS

  total $3,447,010 · related or exempt $3,447,010

• 2c · Program service revenue: POLE RENTAL

  total $150,836 · excluded $150,836

• 3 · Investment income

  total $1,244,486 · excluded $1,244,486

• 6a · Gross rents

  real property $417,906

• 6b · Less rental expenses

  real property $433,598

• 6c · Rental income or loss

  real property -$15,692

• 6d · Net rental income or loss

  total -$15,692 · excluded -$15,692

• 11a · Other revenue: GAIN ON SALE OF ASSETS

  total $56,275 · related or exempt $56,275

• 11b · Other revenue: SUBSIDIARY INCOME

  total -$66,711 · excluded -$66,711

• 11e · Other revenue, total

  -$10,436

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $2,322,427 · program services $2,322,427

• 5 · Compensation of officers, directors and key employees

  total $1,254,388 · program services $1,254,388

• 7 · Other salaries and wages

  total $5,322,947 · program services $5,322,947

• 8 · Pension plan contributions

  total $920,444 · program services $920,444

• 9 · Other employee benefits

  total $2,454,726 · program services $2,454,726

• 10 · Payroll taxes

  total $443,726 · program services $443,726

• 20 · Interest

  total $6,428,698 · program services $6,428,698

• 22 · Depreciation, depletion and amortization

  total $9,493,604 · program services $9,493,604

• 24a · Other expenses: PURCHASED POWER

  total $67,418,692 · program services $67,418,692

• 24b · Other expenses: CONSUMER ACCOUNTS

  total $3,638,527 · program services $3,638,527

• 24c · Other expenses: DISTRIBUTION MAINTENANCE

  total $3,514,833 · program services $3,514,833

• 24d · Other expenses: ADMIN. & GENERAL EXP.

  total $2,781,561 · program services $2,781,561

• 24e · All other expenses

  total -$266,717 · program services -$266,717

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $653,179 · end of year $861,568

• 2 · Savings and temporary cash investments

  end of year $400,735

• 4 · Accounts receivable

  beginning of year $13,434,452 · end of year $13,107,715

• 7 · Other notes and loans receivable

  beginning of year $2,906,616 · end of year $2,394,479

• 8 · Inventories for sale or use

  beginning of year $6,820,080 · end of year $7,053,904

• 9 · Prepaid expenses and deferred charges

  beginning of year $424,518 · end of year $916,044

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

  $354,235,146

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

  $94,685,209

• 10c · Land, buildings and equipment, net

  beginning of year $245,443,623 · end of year $259,549,937

• 13 · Investments: program-related

  beginning of year $28,716,045 · end of year $31,124,120

• 15 · Other assets

  beginning of year $3,672 · end of year $3,672

• 17 · Accounts payable and accrued expenses

  beginning of year $20,289,455 · end of year $14,298,285

• 23 · Secured mortgages and notes payable

  beginning of year $158,598,467 · end of year $182,294,389

• 25 · Other liabilities

  beginning of year $4,028,673 · end of year $3,169,007

• 31 · Retained earnings, endowment or other funds

  beginning of year $115,485,590 · end of year $115,650,493

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4

JAMES E. MANGUM, JR. 0 13,820 0

SCHEDULE J, PART III

NONQUALIFIED DEFERRED COMPENSATION PLAN (NQDC PLAN): THE CORPORATION'S BOARD OF DIRECTORS APPROVED THE ADOPTION OF AND PARTICIPATION IN NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION'S PENSION RESTORATION DEFERRED COMPENSATION PLAN (NRECA PRP) TO PROVIDE SUPPLEMENTAL PAYMENTS TO CERTAIN EMPLOYEES DUE TO LIMITATIONS UNDER INTERNAL REVENUE CODE OF 1986 RELATING TO PERMISSIBLE PAYMENTS FROM QUALIFIED PENSION PLANS. ELIGIBLE PARTICIPANTS IN THE NRECA PRP HAVE A PENSION LIMITATION UPON VESTING IN THE PLAN, AS DEFINED IN SECITION 2(B) OF THE NRECA PRP, APPLIED TO REDUCE THE AMOUNT OF PAYMENT THAT WOULD OTHERWISE BE PAYABLE BY THE RETIREMENT SECURITY PLAN SPONSORED BY NRECA. THE PENSION LIMITATION IS THE DIFFERENCE BETWEEN THE SINGLE LUMP SUM EQUIVALENT OF THE PARTICIPANT'S ACCRUED BENEFIT FROM THE RETIREMENT SECURITY PLAN AS CALCULATED BY NRECA WITHOUT THE LIMITATIONS PROVIDED IN SECTIONS 415 OF THE INTERNAL REVENUE CODE OF 1986, AND THE PARTICIPANT'S ACCRUED BENEFIT FROM THE RETIREMENT SECURITY PLAN AS CALCULATED BY NRECA AFTER APPLICATION OF THE LIMITATIONS OF SECTIONS 415 AND 401(A)(17) OF THE CODE. DURING 2019, JAMES E. MANGUM, JR. BECAME VESTED IN THE NRECA PRP PLAN. DURING 2023, MANGNUM RECEIVED A DISTRIBUTION IN THE AMOUNT OF 13,820 WHICH IS INCLUDED IN SCHEDULE J,PART II (I)(B)(III) AS OTHER COMPENSATION, AND ALSO INCLUDED IN FORM 990, PART VII, 10(D). THE CORPORATION RECOVERED THE DISTRIBUTION FROM NRECA. THIS AMOUNTS IS ALSO REPORTED IN COLUMN F, AS THE AMOUNTS HAS BEEN REPORTED ON A PRIOR YEAR FORM 990.

Related corporations and trusts

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

• TRIANGLE SERVICES GROUP INC

  C CORP · ENERGY SRV · NC · share of income -$44,546 · share of assets $236,195 · controlled entity