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Nonprofiteer
← T I P RURAL ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by T I P RURAL ELECTRIC COOPERATIVE.

Totals

Total revenue
$18,020,996
Total expenses
$17,563,589
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$16,598,549
Investment income
$433,768
Other revenue
$988,679
Total assets, end of year
$56,894,586
Total liabilities, end of year
$28,916,875
Net assets or fund balances, end of year
$27,977,711
Program services expenses (Part IX)
$17,563,589
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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: REVENUE FROM ELECTRIC SALES

    total $16,598,549 · related or exempt $16,598,549

  • 3 · Investment income

    total $433,768 · excluded $433,768

  • 11a · Other revenue: G&T CAPITAL CREDITS

    total $679,383 · related or exempt $679,383

  • 11b · Other revenue: MISC CAPITAL CREDITS

    total $214,859 · related or exempt $214,859

  • 11c · Other revenue: OTHER ELECTRIC REVENUE

    total $89,726 · related or exempt $89,726

  • 11d · All other revenue

    total $4,711 · related or exempt $4,711

  • 11e · Other revenue, total

    $988,679

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $917,869 · program services $917,869

  • 5 · Compensation of officers, directors and key employees

    total $538,746 · program services $538,746

  • 7 · Other salaries and wages

    total $2,011,077 · program services $2,011,077

  • 8 · Pension plan contributions

    total $563,772 · program services $563,772

  • 9 · Other employee benefits

    total $40,268 · program services $40,268

  • 10 · Payroll taxes

    total $186,075 · program services $186,075

  • 11b · Fees: legal

    total $6,798 · program services $6,798

  • 11c · Fees: accounting

    total $27,173 · program services $27,173

  • 20 · Interest

    total $1,287,907 · program services $1,287,907

  • 22 · Depreciation, depletion and amortization

    total $1,331,066 · program services $1,331,066

  • 24a · Other expenses: PURCHASED POWER

    total $9,466,626 · program services $9,466,626

  • 24b · Other expenses: OVERHEAD LINE EXPENSES

    total $500,887 · program services $500,887

  • 24c · Other expenses: MAINTENANCE OF OVERHEAD

    total $470,972 · program services $470,972

  • 24d · Other expenses: MAINTENANCE OF OVERHEAD

    total $224,996 · program services $224,996

  • 24e · All other expenses

    total -$10,643 · program services -$10,643

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $53,948 · end of year $887,593

  • 2 · Savings and temporary cash investments

    beginning of year $5,185,350 · end of year $461,848

  • 4 · Accounts receivable

    beginning of year $1,869,867 · end of year $1,310,531

  • 8 · Inventories for sale or use

    beginning of year $1,345,314 · end of year $1,405,184

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,302,731 · end of year $256,256

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

    $60,440,579

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

    $14,499,882

  • 10c · Land, buildings and equipment, net

    beginning of year $36,196,392 · end of year $45,940,697

  • 13 · Investments: program-related

    beginning of year $6,610,237 · end of year $1,606,763

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $4,780,628 · end of year $5,025,714

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,663,394 · end of year $2,240,238

  • 24 · Unsecured notes and loans payable

    beginning of year $27,464,250 · end of year $26,672,983

  • 25 · Other liabilities

    beginning of year $6,131 · end of year $3,654

  • 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 $27,210,692 · end of year $27,977,711

Mission and programs · 2023

Mission

TO PROVIDE SAFE, RELIABLE ELECTRICITY AT A COMPETITIVE COST AND PURSUE EXCELLENCE IN TECHNOLOGY, SERVICE, AND MEMBER RELATIONS FOR THE BENEFIT OF OUR MEMBERS AND THE COMMUNITIES WE SERVE.

Activities or mission (Part I)

PROVIDING ELECTRIC SERVICE TO 5,054 MEMBERS (6,554 ACCOUNTS)

  • THE COOPERATIVE SOLD 142,661,808 KILOWATT HOURS OF ELECTRIC ENERGY TO ITS 5,054 MEMBER CONSUMERS DURING 2023 FOR RECORDED PROGRAM SERVICE REVENUE OF $16,598,549. THIS REPRESENTS 92% OF THE TOTAL REVENUE FOR THE COOPERATIVE FOR CALENDAR YEAR 2023.

As filed on the 2023 return.

Listed in Part VII

  • Gene Von Ahsen

    PRESIDENT

    Total calculated
    $15,688
    From this org
    $15,654
    From related orgs
    $0
    Other
    $34
    Hours/week
    6.35

  • Arianne Axmear

    VICE PRESIDENT

    Total calculated
    $13,527
    From this org
    $13,493
    From related orgs
    $0
    Other
    $34
    Hours/week
    5.27

  • Ronald Hoffman

    SECRETARY/TREASURER

    Total calculated
    $16,154
    From this org
    $16,129
    From related orgs
    $0
    Other
    $25
    Hours/week
    7.87

  • Jerry Henning

    ASSISTANT SECRETARY

    Total calculated
    $14,915
    From this org
    $14,881
    From related orgs
    $0
    Other
    $34
    Hours/week
    9.04

  • Randy Upah

    DIRECTOR

    Total calculated
    $11,720
    From this org
    $11,686
    From related orgs
    $0
    Other
    $34
    Hours/week
    5.29

  • David Lee King

    DIRECTOR

    Total calculated
    $14,019
    From this org
    $13,994
    From related orgs
    $0
    Other
    $25
    Hours/week
    8.35

  • James De Smet

    DIRECTOR

    Total calculated
    $13,668
    From this org
    $13,639
    From related orgs
    $0
    Other
    $29
    Hours/week
    5

  • Craig Stallman

    DIRECTOR

    Total calculated
    $10,655
    From this org
    $10,621
    From related orgs
    $0
    Other
    $34
    Hours/week
    6.98

  • Lisa Tichy

    DIRECTOR

    Total calculated
    $14,560
    From this org
    $14,526
    From related orgs
    $0
    Other
    $34
    Hours/week
    7.1

  • Dean Huls

    GENERAL MANAGER

    Total calculated
    $202,891
    From this org
    $161,713
    From related orgs
    $0
    Other
    $41,178
    Hours/week
    45.88

    Schedule J breakdown matched by us

    Base
    $161,713
    Bonus
    $0
    Other
    $0
    Deferred
    $37,596
    Nontaxable benefits
    $3,582
    Filer's total
    $202,891

  • Scott Long

    CEO/GENERAL MANAGER

    Total calculated
    $193,305
    From this org
    $142,688
    From related orgs
    $0
    Other
    $50,617
    Hours/week
    52.42

    Schedule J breakdown matched by us

    Base
    $142,688
    Bonus
    $0
    Other
    $0
    Deferred
    $34,339
    Nontaxable benefits
    $16,278
    Filer's total
    $193,305

  • Terry Kloppenburg

    CFO

    Total calculated
    $157,814
    From this org
    $109,724
    From related orgs
    $0
    Other
    $48,090
    Hours/week
    45.66

    Schedule J breakdown matched by us

    Base
    $109,724
    Bonus
    $0
    Other
    $0
    Deferred
    $26,787
    Nontaxable benefits
    $21,303
    Filer's total
    $157,814

  • Nathan Hopwood

    IT MANAGER

    Total calculated
    $152,083
    From this org
    $106,037
    From related orgs
    $0
    Other
    $46,046
    Hours/week
    42.35

    Schedule J breakdown matched by us

    Base
    $106,037
    Bonus
    $0
    Other
    $0
    Deferred
    $26,278
    Nontaxable benefits
    $19,768
    Filer's total
    $152,083

  • Hunter Connelly

    OPERATIONS MANAGER

    Total calculated
    $145,158
    From this org
    $110,956
    From related orgs
    $0
    Other
    $34,202
    Hours/week
    47.63

  • Daniel Roller

    JOURNEYMAN LINEMAN

    Total calculated
    $143,271
    From this org
    $102,594
    From related orgs
    $0
    Other
    $40,677
    Hours/week
    40

  • Joseph Kriegel

    LINE FOREMAN

    Total calculated
    $147,116
    From this org
    $105,442
    From related orgs
    $0
    Other
    $41,674
    Hours/week
    40

  • Cole Calkins

    STAKING TECHNICIAN/MEMBER SERVICE

    Total calculated
    $152,973
    From this org
    $105,687
    From related orgs
    $0
    Other
    $47,286
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $105,687
    Bonus
    $0
    Other
    $0
    Deferred
    $25,995
    Nontaxable benefits
    $21,291
    Filer's total
    $152,973

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 · 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)

PART I, LINE 3
DATA FROM A COMPENSATION SURVEY WITH INFORMATION ON CEO/GENERAL MANAGER SALARIES FROM OTHER RURAL ELECTRIC COOPERATIVES IN IOWA, IN OUR REGION, AND ACROSS THE UNITED STATES WAS USED TO HELP DETERMINE THE PROPER COMPENSATION. ALSO, THE CPI COST OF LIVING FIGURES FROM THE DEPARTMENT OF LABOR WERE USED. THE CONTRACT WAS REVIEWED AND APPROVED BY THE BOARD FOR 1 YEAR.

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
2023
Filed
16 April 2024
IRS schema version
2023v5.0
Source object
202411079349300726

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