Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $38,142,323 · related or exempt $38,142,323

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $722,441 · related or exempt $722,441

• 2c · Program service revenue: SERVICE FEES

  total $224,164 · related or exempt $224,164

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $61,195 · related or exempt $61,195

• 3 · Investment income

  total $54,197 · excluded $54,197

• 6a · Gross rents

  personal property $382

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $382

• 6d · Net rental income or loss

  total $382 · related or exempt $382

• 10a · Gross sales of inventory

  $59,291

• 10b · Cost of goods sold

  $55,930

• 10c · Net income from sales of inventory

  total $3,361 · related or exempt $3,361

• 11a · Other revenue: POLE ATTACHMENT INCOME

  total $4,645 · excluded $4,645

• 11e · Other revenue, total

  $4,645

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $16,856

• 4 · Benefits paid to or for members

  total $803,052

• 5 · Compensation of officers, directors and key employees

  total $368,191

• 7 · Other salaries and wages

  total $2,162,068

• 8 · Pension plan contributions

  total $281,055

• 9 · Other employee benefits

  total $641,135

• 10 · Payroll taxes

  total $179,213

• 20 · Interest

  total $2,545,840

• 22 · Depreciation, depletion and amortization

  total $3,377,889

• 24a · Other expenses: PURCHASED POWER

  total $23,417,200

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $3,736,454

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $989,813

• 24d · Other expenses: CONSUMER EXPENSE

  total $337,494

• 24e · All other expenses

  total $8,652

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $182,338 · end of year $309,167

• 4 · Accounts receivable

  beginning of year $2,304,041 · end of year $2,891,788

• 8 · Inventories for sale or use

  beginning of year $3,271,136 · end of year $3,201,327

• 9 · Prepaid expenses and deferred charges

  beginning of year $4,389,878 · end of year $2,957,613

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

  $121,958,193

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

  $27,984,850

• 10c · Land, buildings and equipment, net

  beginning of year $81,647,562 · end of year $93,973,343

• 13 · Investments: program-related

  beginning of year $3,464,534 · end of year $3,825,822

• 15 · Other assets

  beginning of year $651,791 · end of year $999,529

• 17 · Accounts payable and accrued expenses

  beginning of year $4,432,871 · end of year $6,116,532

• 21 · Escrow or custodial account liability

  beginning of year $156,615 · end of year $169,790

• 23 · Secured mortgages and notes payable

  beginning of year $47,223,996 · end of year $58,181,136

• 25 · Other liabilities

  beginning of year $7,508,729 · end of year $6,495,289

• 29 · Capital stock, trust principal or current funds

  beginning of year $237,450 · end of year $247,090

• 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 $36,351,619 · end of year $36,948,752

The filer's explanations (Part III)

PART II, COLUMN C:

INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. GARY DON NIETSCHE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,420 TOTAL REPORTED IN COLUMN C 36,420 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,420) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,924 EXPENSE TO THE COOPERATIVE $ 29,924 LARRY SULAK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,350 TOTAL REPORTED IN COLUMN C 45,350 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,350) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 19,443 EXPENSE TO THE COOPERATIVE $ 19,443 ROBERT THOMAS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 38,036 TOTAL REPORTED IN COLUMN C 38,036 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (38,036) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 17,359 EXPENSE TO THE COOPERATIVE $ 17,359 LEO J. WICK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 23,694 TOTAL REPORTED IN COLUMN C 23,694 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (23,694) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 14,700 EXPENSE TO THE COOPERATIVE $ 14,700 CHARLES SRUBAR: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 24,559 TOTAL REPORTED IN COLUMN C 24,559 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (24,559) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 15,954 EXPENSE TO THE COOPERATIVE $ 15,954