Form 990 for tax year 2022
Filed by MEADE COUNTY RURAL ELECTRIC COOPERATIVE CORPORATION.
Totals
- Total revenue
- $68,475,133
- Total expenses
- $68,475,133
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $67,813,781
- Investment income
- $199,802
- Other revenue
- $461,550
- Total assets, end of year
- $116,049,029
- Total liabilities, end of year
- $77,173,975
- Net assets or fund balances, end of year
- $38,875,054
- Program services expenses (Part IX)
- $68,475,133
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $68,475,133
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 SERVICE
total $67,813,781 · related or exempt $67,813,781
-
3 · Investment income
total $199,802 · excluded $199,802
-
11a · Other revenue: JOINT USE POLE ATTACHMENT
total $296,821 · excluded $296,821
-
11b · Other revenue: PATRONAGE CAPITAL ALLOCAT
total $155,954 · related or exempt $155,954
-
11c · Other revenue: SALE OF GENERAL PLANT
total $8,775 · excluded $8,775
-
11e · Other revenue, total
$461,550
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $1,136,745 · program services $1,136,745
-
5 · Compensation of officers, directors and key employees
total $1,368,423 · program services $1,368,423
-
7 · Other salaries and wages
total $4,115,348 · program services $4,115,348
-
8 · Pension plan contributions
total $721,182 · program services $721,182
-
9 · Other employee benefits
total $766,055 · program services $766,055
-
10 · Payroll taxes
total $419,072 · program services $419,072
-
11b · Fees: legal
total $14,030 · program services $14,030
-
11c · Fees: accounting
total $23,100 · program services $23,100
-
13 · Office expenses
total $145,586 · program services $145,586
-
20 · Interest
total $1,899,525 · program services $1,899,525
-
22 · Depreciation, depletion and amortization
total $4,842,965 · program services $4,842,965
-
23 · Insurance
total $184,313 · program services $184,313
-
24a · Other expenses: PURCHASE POWER
total $49,727,223 · program services $49,727,223
-
24b · Other expenses: DISTRIBUTION - MAINTENA
total $4,085,920 · program services $4,085,920
-
24c · Other expenses: DISTRIBUTION - OPERATIO
total $3,055,381 · program services $3,055,381
-
24d · Other expenses: COST AND INSTALLATION O
total $1,862,574 · program services $1,862,574
-
24e · All other expenses
total -$5,892,309 · program services -$5,892,309
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $8,572,689 · end of year $3,430,015
-
2 · Savings and temporary cash investments
beginning of year $8,716,869 · end of year $8,567,133
-
4 · Accounts receivable
beginning of year $5,401,708 · end of year $7,345,138
-
8 · Inventories for sale or use
beginning of year $874,255 · end of year $1,076,326
-
9 · Prepaid expenses and deferred charges
beginning of year $850,743 · end of year $844,802
-
10a · Land, buildings and equipment: cost or other basis
$143,858,699
-
10b · Land, buildings and equipment: accumulated depreciation
$52,639,920
-
10c · Land, buildings and equipment, net
beginning of year $88,093,380 · end of year $91,218,779
-
13 · Investments: program-related
beginning of year $2,320,878 · end of year $2,427,725
-
15 · Other assets
beginning of year $26,025 · end of year $1,139,111
-
17 · Accounts payable and accrued expenses
beginning of year $4,626,814 · end of year $7,767,929
-
23 · Secured mortgages and notes payable
beginning of year $67,194,659 · end of year $64,419,682
-
25 · Other liabilities
beginning of year $4,880,635 · end of year $4,986,364
-
29 · Capital stock, trust principal or current funds
beginning of year $61,160 · end of year $58,135
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year -$365,695 · end of year -$365,695
-
31 · Retained earnings, endowment or other funds
beginning of year $38,458,974 · end of year $39,182,614
Mission and programs · 2022
Mission
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 30,975 CONSUMERS MONTHLY.
-
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 30,975 CONSUMERS MONTHLY.
Expenses $68,475,133 · Revenue $67,969,735
As filed on the 2022 return.
Listed in Part VII
-
Robert RhodesROBERT RHODES
CHAIRMAN
- Total calculated
- $9,855
- From this org
- $9,855
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8
-
Dr James G SillsDR JAMES G SILLS
VICE CHAIRMAN
- Total calculated
- $9,110
- From this org
- $9,110
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8
-
Darla SipesDARLA SIPES
SEC-TREAS
- Total calculated
- $11,615
- From this org
- $11,615
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8
-
David T Wilson IIDAVID T WILSON II
DIRECTOR
- Total calculated
- $10,132
- From this org
- $10,132
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
Paul EdD ButlerPAUL EDD BUTLER
DIRECTOR
- Total calculated
- $9,115
- From this org
- $9,115
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8
-
Christopher CreechCHRISTOPHER CREECH
DIRECTOR
- Total calculated
- $10,382
- From this org
- $10,382
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
Stephen BarrSTEPHEN BARR
DIRECTOR
- Total calculated
- $9,882
- From this org
- $9,882
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
Martin LittrelMARTIN LITTREL
PRESIDENT/CEO
- Total calculated
- $301,692
- From this org
- $253,683
- From related orgs
- $0
- Other
- $48,009
- Hours/week
- 55
Schedule J breakdown matched by us
- Base
- $253,683
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $48,009
- Filer's total
- $301,692
-
David PoeDAVID POE
VP ENGINEERING & OPERATION
- Total calculated
- $229,198
- From this org
- $188,484
- From related orgs
- $0
- Other
- $40,714
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $188,484
- Bonus
- $0
- Other
- $0
- Deferred
- $20,500
- Nontaxable benefits
- $20,214
- Filer's total
- $229,198
-
Anna SwansonANNA SWANSON
CFO
- Total calculated
- $185,980
- From this org
- $154,504
- From related orgs
- $0
- Other
- $31,476
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $154,504
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $31,476
- Filer's total
- $185,980
-
David PaceDAVID PACE
VP, PUBLIC RELATIONS & MKT
- Total calculated
- $155,111
- From this org
- $121,113
- From related orgs
- $0
- Other
- $33,998
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $121,113
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $33,998
- Filer's total
- $155,111
-
Todd BlackburnTODD BLACKBURN
VP CORPORATE COMPLIANCE & EXTERNAL AFFAIRS
- Total calculated
- $149,106
- From this org
- $126,211
- From related orgs
- $0
- Other
- $22,895
- Hours/week
- 50
-
Michael FrenchMICHAEL FRENCH
SYSTEM ENGINEER
- Total calculated
- $164,648
- From this org
- $120,050
- From related orgs
- $0
- Other
- $44,598
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $120,050
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $44,598
- Filer's total
- $164,648
-
Mike FordMIKE FORD
STAKING SUPERVISOR
- Total calculated
- $141,258
- From this org
- $109,515
- From related orgs
- $0
- Other
- $31,743
- Hours/week
- 45
-
Kelly NicholsKELLY NICHOLS
FOREMAN LINEMAN
- Total calculated
- $132,573
- From this org
- $113,778
- From related orgs
- $0
- Other
- $18,795
- Hours/week
- 49
-
John CrosierJOHN CROSIER
OPERATIONS SUPERINTENDANT
- Total calculated
- $132,525
- From this org
- $110,993
- From related orgs
- $0
- Other
- $21,532
- Hours/week
- 45
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 · Independent compensation consultant
- 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
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.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 9 May 2023
- IRS schema version
- 2022v5.0
- Source object
- 202301329349305350
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