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Nonprofiteer
← GOLDEN VALLEY ELECTRIC ASSN INC

Form 990 for tax year 2022

Filed by GOLDEN VALLEY ELECTRIC ASSN INC.

Totals

Total revenue
$290,488,698
Total expenses
$286,809,541
Contributions and grants received
$25,750
Grants paid
$111,997
Program service revenue
$286,831,204
Investment income
$2,968,255
Other revenue
$663,489
Total assets, end of year
$748,155,757
Total liabilities, end of year
$478,501,984
Net assets or fund balances, end of year
$269,653,773
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.

  • 1f · All other contributions, gifts and grants

    $25,750

  • 2a · Program service revenue: SALES OF ELECTRICITY

    total $282,574,202 · related or exempt $282,574,202

  • 2b · Program service revenue: POLE CONTRACTS

    total $1,531,840 · related or exempt $1,531,840

  • 2c · Program service revenue: INTERCONNECT/MEMBER FEE

    total $1,424,289 · related or exempt $1,424,289

  • 2d · Program service revenue: PATRONAGE DIVIDENDS

    total $1,270,276 · related or exempt $1,270,276

  • 2e · Program service revenue: ALL OTHER PROGRAM SERVICE REVENUE

    total $30,597 · related or exempt $30,597

  • 3 · Investment income

    total $919,164 · excluded $919,164

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $961,803 · personal property $110,854

  • 6b · Less rental expenses

    real property $380,251

  • 6c · Rental income or loss

    real property $581,552 · personal property $110,854

  • 6d · Net rental income or loss

    total $692,406 · unrelated business $155,853 · excluded $536,553

  • 7a · Gross sales of assets other than inventory

    securities $18,748,606 · other assets $141,188

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

    securities $16,840,703

  • 7c · Gain or loss

    securities $1,907,903 · other assets $141,188

  • 7d · Net gain or loss

    total $2,049,091 · excluded $2,049,091

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $118,271

  • 10b · Cost of goods sold

    $65,376

  • 10c · Net income from sales of inventory

    total $52,895 · excluded $52,895

  • 11a · Other revenue: NET CONTRACT REVENUE

    total -$81,812 · unrelated business -$81,812

  • 11e · Other revenue, total

    -$81,812

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $86,247

  • 2 · Grants to domestic individuals

    total $25,750

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $14,115,112

  • 5 · Compensation of officers, directors and key employees

    total $3,152,334

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $22,856,363

  • 8 · Pension plan contributions

    total $5,678,948

  • 9 · Other employee benefits

    total $9,484,282

  • 10 · Payroll taxes

    total $2,492,479

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $15,661,794

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $30,900,400

  • 23 · Insurance

    total $0

  • 24a · Other expenses: COST OF OPERATIONS

    total $181,777,585

  • 24b · Other expenses: GROSS REVENUE TAX

    total $622,207

  • 24c · Other expenses: UBI TAX

    total -$43,960

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,649,499 · end of year $6,257,961

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $39,444,591 · end of year $36,045,046

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,635,096 · end of year $1,463,866

  • 8 · Inventories for sale or use

    beginning of year $31,795,807 · end of year $38,077,580

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,789,543 · end of year $3,951,240

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

    $1,181,707,937

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

    $565,678,957

  • 10c · Land, buildings and equipment, net

    beginning of year $621,394,462 · end of year $616,028,980

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $33,985,499 · end of year $31,996,410

  • 13 · Investments: program-related

    beginning of year $13,794,826 · end of year $14,334,674

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $29,288,877 · end of year $29,097,001

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $3,940,090 · end of year $4,881,764

  • 20 · Tax-exempt bond liabilities

    beginning of year $45,633,562 · end of year $41,181,507

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $390,204,108 · end of year $391,009,779

  • 24 · Unsecured notes and loans payable

    beginning of year $300,000 · end of year $300,000

  • 25 · Other liabilities

    beginning of year $23,476,700 · end of year $12,031,933

  • 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 $255,645,986 · end of year $269,653,773

Mission and programs · 2022

Mission

SEE SCHEDULE O

  • PROVIDE ELECTRIC POWER TO APPROXIMATELY 36,302 MEMBERS. ALL MEMBERS WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATIONS OF PATRONAGE CAPITAL.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John Burns

    President & CEO

    Total calculated
    $528,387
    From this org
    $381,092
    From related orgs
    $0
    Other
    $147,295
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $381,092
    Bonus
    not reported
    Other
    not reported
    Deferred
    $120,795
    Nontaxable benefits
    $26,500
    Filer's total
    $528,387

  • Sarah J Rixie

    CFO

    Total calculated
    $316,396
    From this org
    $222,117
    From related orgs
    $0
    Other
    $94,279
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $222,117
    Bonus
    not reported
    Other
    not reported
    Deferred
    $71,189
    Nontaxable benefits
    $23,090
    Filer's total
    $316,396

  • Peter Sarauer

    Power Systems Manager

    Total calculated
    $306,064
    From this org
    $205,164
    From related orgs
    $0
    Other
    $100,900
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,164
    Bonus
    not reported
    Other
    not reported
    Deferred
    $77,810
    Nontaxable benefits
    $23,090
    Filer's total
    $306,064

  • Ian Olesen

    Lineman Journeymen

    Total calculated
    $289,853
    From this org
    $215,742
    From related orgs
    $0
    Other
    $74,111
    Hours/week
    57.4

    Schedule J breakdown matched by us

    Base
    $215,742
    Bonus
    not reported
    Other
    not reported
    Deferred
    $44,963
    Nontaxable benefits
    $29,148
    Filer's total
    $289,853

  • Benjamin Porter

    Lineman Journeyman

    Total calculated
    $288,486
    From this org
    $215,195
    From related orgs
    $0
    Other
    $73,291
    Hours/week
    57

    Schedule J breakdown matched by us

    Base
    $215,195
    Bonus
    not reported
    Other
    not reported
    Deferred
    $44,603
    Nontaxable benefits
    $28,688
    Filer's total
    $288,486

  • Marc Dugas

    Lineman Journeyman

    Total calculated
    $280,424
    From this org
    $207,862
    From related orgs
    $0
    Other
    $72,562
    Hours/week
    56

    Schedule J breakdown matched by us

    Base
    $207,862
    Bonus
    not reported
    Other
    not reported
    Deferred
    $43,898
    Nontaxable benefits
    $28,664
    Filer's total
    $280,424

  • Joseph Waggoner

    Lineman Journeyman

    Total calculated
    $279,760
    From this org
    $207,752
    From related orgs
    $0
    Other
    $72,008
    Hours/week
    54.7

    Schedule J breakdown matched by us

    Base
    $207,752
    Bonus
    not reported
    Other
    not reported
    Deferred
    $43,358
    Nontaxable benefits
    $28,650
    Filer's total
    $279,760

  • Christopher Forrest

    Director of Power Supply

    Total calculated
    $267,440
    From this org
    $180,689
    From related orgs
    $0
    Other
    $86,751
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $180,689
    Bonus
    not reported
    Other
    not reported
    Deferred
    $63,691
    Nontaxable benefits
    $23,060
    Filer's total
    $267,440

  • Daniel Bishop

    Director of Engineering Svcs

    Total calculated
    $259,416
    From this org
    $212,668
    From related orgs
    $0
    Other
    $46,748
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $212,668
    Bonus
    not reported
    Other
    not reported
    Deferred
    $22,358
    Nontaxable benefits
    $24,390
    Filer's total
    $259,416

  • Abbigail Dillard

    Director of Member Services

    Total calculated
    $256,517
    From this org
    $176,510
    From related orgs
    $0
    Other
    $80,007
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $176,510
    Bonus
    not reported
    Other
    not reported
    Deferred
    $56,917
    Nontaxable benefits
    $23,090
    Filer's total
    $256,517

  • Naomi Morton Knight - Former

    Environmental Officer

    Total calculated
    $244,051
    From this org
    $160,854
    From related orgs
    $0
    Other
    $83,197
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $160,854
    Bonus
    not reported
    Other
    not reported
    Deferred
    $57,561
    Nontaxable benefits
    $25,636
    Filer's total
    $244,051

  • Reagan Russell

    Director of Human Resources

    Total calculated
    $236,381
    From this org
    $156,932
    From related orgs
    $0
    Other
    $79,449
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $156,932
    Bonus
    not reported
    Other
    not reported
    Deferred
    $55,226
    Nontaxable benefits
    $24,223
    Filer's total
    $236,381

  • Nathaniel Minnema

    Director of Operations

    Total calculated
    $228,324
    From this org
    $152,772
    From related orgs
    $0
    Other
    $75,552
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $152,772
    Bonus
    not reported
    Other
    not reported
    Deferred
    $52,585
    Nontaxable benefits
    $22,967
    Filer's total
    $228,324

  • Joshua Davis - Terminated

    Director of Operations

    Total calculated
    $203,257
    From this org
    $144,127
    From related orgs
    $0
    Other
    $59,130
    Hours/week
    42.5

    Schedule J breakdown matched by us

    Base
    $144,127
    Bonus
    not reported
    Other
    not reported
    Deferred
    $41,606
    Nontaxable benefits
    $17,524
    Filer's total
    $203,257

  • Frank Perkins - Terminated

    VP of Power Supply

    Total calculated
    $201,837
    From this org
    $155,233
    From related orgs
    $0
    Other
    $46,604
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,233
    Bonus
    not reported
    Other
    not reported
    Deferred
    $31,592
    Nontaxable benefits
    $15,012
    Filer's total
    $201,837

  • Shannon Telling

    Director of Information Tech.

    Total calculated
    $197,901
    From this org
    $167,352
    From related orgs
    $0
    Other
    $30,549
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $167,352
    Bonus
    not reported
    Other
    not reported
    Deferred
    $8,804
    Nontaxable benefits
    $21,745
    Filer's total
    $197,901

  • Ronald E Woolf - Terminated

    CFO

    Total calculated
    $66,805
    From this org
    $58,575
    From related orgs
    $0
    Other
    $8,230
    Hours/week
    45

  • Gary C Newman

    Secretary

    Total calculated
    $29,075
    From this org
    $29,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Thomas P DeLong

    Chairman

    Total calculated
    $23,275
    From this org
    $23,275
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Richard J Solie Jr

    Director

    Total calculated
    $22,700
    From this org
    $22,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • David Pelunis-Messier

    Treasurer

    Total calculated
    $21,400
    From this org
    $21,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Todd M Adams

    Director

    Total calculated
    $17,775
    From this org
    $17,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Christopher M Bunch

    Director

    Total calculated
    $14,300
    From this org
    $14,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • John K Sloan

    Vice Chairman

    Total calculated
    $9,450
    From this org
    $9,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Fredrick W Sheen

    Director

    Total calculated
    $7,650
    From this org
    $7,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

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 · First-class or charter travel
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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)

FORM 990, SCHEDULE J, PART I, LINE 1B:
FIRST CLASS TRAVEL TO THE EAST COAST OF THE UNITED STATES IS ALLOWED IF APPROVED BY THE CEO. IN 2022, THIS BENEFIT WAS NOT EXERCISED. CHARTER HELICOPTERS ARE USED FOR REMOTE TRANSMISSION LINE WORK.

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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202323199349326277

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