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Nonprofiteer
← RITA BLANCA ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by RITA BLANCA ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$79,637,851
Total expenses
$79,640,420
Contributions and grants received
$0
Grants paid
$24,730
Program service revenue
$79,033,062
Investment income
$595,608
Other revenue
$9,181
Total assets, end of year
$150,809,043
Total liabilities, end of year
$29,651,686
Net assets or fund balances, end of year
$121,157,357
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: SALES OF ELECTRICITY

    total $69,094,612 · related or exempt $69,094,612

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $9,833,388 · related or exempt $9,833,388

  • 2c · Program service revenue: SERVICE FEES

    total $105,062 · related or exempt $105,062

  • 3 · Investment income

    total $602,503 · excluded $602,503

  • 7a · Gross sales of assets other than inventory

    other assets $24,493

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

    other assets $31,388

  • 7c · Gain or loss

    other assets -$6,895

  • 7d · Net gain or loss

    total -$6,895 · related or exempt -$6,895

  • 10a · Gross sales of inventory

    $33,147

  • 10b · Cost of goods sold

    $27,641

  • 10c · Net income from sales of inventory

    total $5,506 · related or exempt $5,506

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $3,675 · excluded $3,675

  • 11e · Other revenue, total

    $3,675

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $24,730

  • 4 · Benefits paid to or for members

    total $19,620,098

  • 5 · Compensation of officers, directors and key employees

    total $1,119,022

  • 7 · Other salaries and wages

    total $1,588,147

  • 8 · Pension plan contributions

    total $239,927

  • 9 · Other employee benefits

    total $591,435

  • 10 · Payroll taxes

    total $165,341

  • 20 · Interest

    total $537,612

  • 22 · Depreciation, depletion and amortization

    total $3,153,713

  • 24a · Other expenses: PURCHASED POWER

    total $51,031,471

  • 24b · Other expenses: ADMIN & GENERAL EXPENSE

    total $896,634

  • 24c · Other expenses: DISTRIBUTION EXPENSE

    total $507,683

  • 24d · Other expenses: CONSUMER EXPENSE

    total $143,963

  • 24e · All other expenses

    total $20,644

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,179,984 · end of year $5,098,528

  • 2 · Savings and temporary cash investments

    beginning of year $3,439,971 · end of year $8,845,621

  • 4 · Accounts receivable

    beginning of year $5,804,823 · end of year $5,597,171

  • 8 · Inventories for sale or use

    beginning of year $1,542,402 · end of year $1,587,319

  • 9 · Prepaid expenses and deferred charges

    beginning of year $336,296 · end of year $284,923

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

    $114,435,308

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

    $30,057,500

  • 10c · Land, buildings and equipment, net

    beginning of year $80,333,290 · end of year $84,377,808

  • 12 · Investments: other securities

    beginning of year $5,660 · end of year $5,660

  • 13 · Investments: program-related

    beginning of year $33,976,049 · end of year $42,905,715

  • 15 · Other assets

    beginning of year $2,202,904 · end of year $2,106,298

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,412,798 · end of year $6,341,053

  • 21 · Escrow or custodial account liability

    beginning of year $10,135 · end of year $10,627

  • 23 · Secured mortgages and notes payable

    beginning of year $12,973,975 · end of year $11,707,573

  • 25 · Other liabilities

    beginning of year $7,149,188 · end of year $11,592,433

  • 29 · Capital stock, trust principal or current funds

    beginning of year $8,665 · end of year $8,780

  • 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 $104,266,618 · end of year $121,148,577

Mission and programs · 2023

Mission

NONE

Activities or mission (Part I)

TO PROVIDE ELECTRIC POWER TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.

  • SALE OF ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 8,644 ACTIVE SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Carl D Finch

    CHAIRMAN

    Total calculated
    $28,615
    From this org
    $28,615
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brad Green

    DIRECTOR

    Total calculated
    $28,465
    From this org
    $28,465
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.8

  • Bradley McBryde

    VICE CHAIRMAN

    Total calculated
    $28,540
    From this org
    $28,540
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • David Higgins

    DIRECTOR (JAN-MARCH)

    Total calculated
    $7,760
    From this org
    $7,760
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.3

  • Darren Stallwitz

    DIRECTOR

    Total calculated
    $19,250
    From this org
    $19,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Shad McDaniel

    DIRECTOR

    Total calculated
    $20,507
    From this org
    $20,507
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.3

  • Brent Spurlock

    SECRETARY/TREASURER

    Total calculated
    $28,615
    From this org
    $28,615
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Chris Sheldon

    DIRECTOR

    Total calculated
    $20,946
    From this org
    $20,946
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Wade Lenz

    DIRECTOR

    Total calculated
    $28,615
    From this org
    $28,615
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Dawson Higgins

    DIRECTOR (MARCH-DEC)

    Total calculated
    $16,241
    From this org
    $16,241
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brent Wheeler

    CEO/GENERAL MANAGER (JAN-DEC)

    Total calculated
    $375,768
    From this org
    $272,152
    From related orgs
    $0
    Other
    $103,616
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $221,269
    Bonus
    $30,455
    Other
    $20,428
    Deferred
    $67,215
    Nontaxable benefits
    $36,401
    Filer's total
    $375,768

  • Tracy Howell

    OUTSIDE OPERATIONS MANAGER

    Total calculated
    $246,981
    From this org
    $189,645
    From related orgs
    $0
    Other
    $57,336
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $163,307
    Bonus
    $20,187
    Other
    $6,151
    Deferred
    $52,809
    Nontaxable benefits
    $4,527
    Filer's total
    $246,981

  • Grace Subealdea

    CEO/GENERAL MANAGER

    Total calculated
    $268,719
    From this org
    $192,168
    From related orgs
    $0
    Other
    $76,551
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $159,319
    Bonus
    $24,243
    Other
    $8,606
    Deferred
    $44,869
    Nontaxable benefits
    $31,682
    Filer's total
    $268,719

  • Reynold Martinez

    SUPERVISOR

    Total calculated
    $193,531
    From this org
    $128,327
    From related orgs
    $0
    Other
    $65,204
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,893
    Bonus
    $9,492
    Other
    $942
    Deferred
    $31,502
    Nontaxable benefits
    $33,702
    Filer's total
    $193,531

  • Larry Aragon

    LINEMAN

    Total calculated
    $206,895
    From this org
    $142,488
    From related orgs
    $0
    Other
    $64,407
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,391
    Bonus
    $15,561
    Other
    $3,536
    Deferred
    $30,185
    Nontaxable benefits
    $34,222
    Filer's total
    $206,895

  • John Pope

    SUPERVISOR

    Total calculated
    $177,329
    From this org
    $128,150
    From related orgs
    $0
    Other
    $49,179
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,240
    Bonus
    $14,425
    Other
    $3,485
    Deferred
    $32,707
    Nontaxable benefits
    $16,472
    Filer's total
    $177,329

  • Tammy Rinne

    INSIDE OPERATIONS MANAGER

    Total calculated
    $174,778
    From this org
    $112,947
    From related orgs
    $0
    Other
    $61,831
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $102,255
    Bonus
    $9,405
    Other
    $1,287
    Deferred
    $25,901
    Nontaxable benefits
    $35,930
    Filer's total
    $174,778

  • Shaun Scofield

    LINEMAN

    Total calculated
    $185,438
    From this org
    $126,859
    From related orgs
    $0
    Other
    $58,579
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,181
    Bonus
    $14,405
    Other
    $1,273
    Deferred
    $25,366
    Nontaxable benefits
    $33,213
    Filer's total
    $185,438

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

  • 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 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. BRENT WHEELER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,215 EMPLOYER CONTRIBUTION TO 401(K) PLAN 22,000 TOTAL REPORTED IN COLUMN C $ 67,215 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,215) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,326 EXPENSE TO THE COOPERATIVE $ 51,326 GRACIELA SUBEALDEA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 28,937 EMPLOYER CONTRIBUTION TO 401(K) PLAN 15,932 TOTAL REPORTED IN COLUMN C $ 44,869 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (28,937) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 20,160 EXPENSE TO THE COOPERATIVE $ 36,092 TRACY HOWELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,794 EMPLOYER CONTRIBUTION TO 401(K) PLAN 16,015 TOTAL REPORTED IN COLUMN C $ 52,809 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,794) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,195 EXPENSE TO THE COOPERATIVE $ 37,210 LARRY ARAGON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 19,753 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,432 TOTAL REPORTED IN COLUMN C $ 30,185 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (19,753) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 13,586 EXPENSE TO THE COOPERATIVE $ 24,018 REYNOLD MARTINEZ: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 20,966 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,536 TOTAL REPORTED IN COLUMN C $ 31,502 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (20,966) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 13,725 EXPENSE TO THE COOPERATIVE $ 24,261 SHAUN SCOFIELD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 15,202 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,164 TOTAL REPORTED IN COLUMN C $ 25,366 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (15,202) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 13,309 EXPENSE TO THE COOPERATIVE $ 23,473 JOHN POPE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 21,683 EMPLOYER CONTRIBUTION TO 401(K) PLAN 11,024 TOTAL REPORTED IN COLUMN C $ 32,707 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (21,683) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 14,695 EXPENSE TO THE COOPERATIVE $ 25,719 TAMMY RINNE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 15,115 EMPLOYER CONTRIBUTION TO 401(K) PLAN 10,786 TOTAL REPORTED IN COLUMN C $ 25,901 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (15,115) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 13,863 EXPENSE TO THE COOPERATIVE $ 24,649

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

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202423219349301502

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