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Nonprofiteer
← ADAMS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by ADAMS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$78,385,681
Total expenses
$79,616,838
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$76,999,339
Investment income
$145,612
Other revenue
$1,240,730
Total assets, end of year
$244,017,697
Total liabilities, end of year
$143,105,012
Net assets or fund balances, end of year
$100,912,685
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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: SALES OF ELECTRICITY

    total $75,903,063 · related or exempt $75,903,063

  • 2b · Program service revenue: CONTRIB. IN AID OF CONSTR

    total $779,116 · related or exempt $779,116

  • 2c · Program service revenue: PATRONAGE ALLOC. RECEIPTS

    total $317,160 · related or exempt $317,160

  • 3 · Investment income

    total $111,921 · excluded $111,921

  • 6a · Gross rents

    real property $31,200 · personal property $1,022,205

  • 6c · Rental income or loss

    real property $31,200 · personal property $1,022,205

  • 6d · Net rental income or loss

    total $1,053,405 · related or exempt $31,200 · unrelated business $1,200 · excluded $1,021,005

  • 7a · Gross sales of assets other than inventory

    other assets $92,274

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

    other assets $58,583

  • 7c · Gain or loss

    other assets $33,691

  • 7d · Net gain or loss

    total $33,691 · excluded $33,691

  • 11a · Other revenue: EQUITY EARNINGS FROM SUB

    total $174,206 · related or exempt $174,206

  • 11b · Other revenue: OTHER INCOME

    total $8,207 · related or exempt $8,207

  • 11c · Other revenue: ADVERTISING FEE

    total $3,312 · unrelated business $3,312

  • 11d · All other revenue

    total $1,600 · unrelated business $1,600

  • 11e · Other revenue, total

    $187,325

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $8,306,670

  • 5 · Compensation of officers, directors and key employees

    total $1,103,084

  • 7 · Other salaries and wages

    total $8,574,795

  • 8 · Pension plan contributions

    total $1,826,773

  • 9 · Other employee benefits

    total $61,292

  • 10 · Payroll taxes

    total $742,575

  • 11b · Fees: legal

    total $187,594

  • 17 · Travel

    total $2,178,311

  • 19 · Conferences, conventions and meetings

    total $55,808

  • 20 · Interest

    total $4,875,191

  • 22 · Depreciation, depletion and amortization

    total $7,056,016

  • 24a · Other expenses: COST OF POWER

    total $42,605,555

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $4,638,031

  • 24c · Other expenses: ADMIN & GENERAL

    total $1,707,392

  • 24d · Other expenses: DISTRIBUTION OPERATION

    total $1,575,052

  • 24e · All other expenses

    total -$5,877,301

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,395,873 · end of year $3,500,306

  • 2 · Savings and temporary cash investments

    beginning of year $48,758 · end of year $92,559

  • 4 · Accounts receivable

    beginning of year $9,140,787 · end of year $9,530,603

  • 7 · Other notes and loans receivable

    beginning of year $4,138 · end of year $923

  • 8 · Inventories for sale or use

    beginning of year $3,119,170 · end of year $3,758,472

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,700,910 · end of year $3,563,576

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

    $233,693,564

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

    $47,217,139

  • 10c · Land, buildings and equipment, net

    beginning of year $176,989,508 · end of year $186,476,425

  • 11 · Investments: publicly traded securities

    beginning of year $5,599,167 · end of year $5,773,373

  • 13 · Investments: program-related

    beginning of year $30,079,184 · end of year $31,321,460

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,974,026 · end of year $8,161,320

  • 23 · Secured mortgages and notes payable

    beginning of year $118,654,860 · end of year $127,502,159

  • 25 · Other liabilities

    beginning of year $9,612,521 · end of year $7,441,533

  • 29 · Capital stock, trust principal or current funds

    beginning of year $465,605 · end of year $450,220

  • 31 · Retained earnings, endowment or other funds

    beginning of year $94,370,483 · end of year $100,462,465

Mission and programs · 2023

Mission

ADAMS ELECTRIC COOPERATIVE PROVIDES SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO OUR MEMBERS

  • THE SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS OF ADAMS ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 42,605,555 SALARIES AND WAGES 8,574,795 BENEFITS PAID TO MEMBERS 8,306,670

As filed on the 2023 return.

Listed in Part VII

  • Steven Rasmussen

    CEO / GM

    Total calculated
    $668,116
    From this org
    $520,491
    From related orgs
    $14,500
    Other
    $133,125
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $472,293 + $14,500 related
    Bonus
    $19,500
    Other
    $28,698
    Deferred
    $103,408
    Nontaxable benefits
    $29,717
    Filer's total
    $653,616 + $14,500 related

  • Mike Feathers

    MANAGER OPER

    Total calculated
    $344,166
    From this org
    $218,898
    From related orgs
    $0
    Other
    $125,268
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $186,989
    Bonus
    $9,300
    Other
    $22,609
    Deferred
    $97,383
    Nontaxable benefits
    $27,885
    Filer's total
    $344,166

  • Jeffery Turner

    MGR ENG/MECH

    Total calculated
    $285,172
    From this org
    $212,138
    From related orgs
    $0
    Other
    $73,034
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $183,387
    Bonus
    $7,000
    Other
    $21,751
    Deferred
    $42,533
    Nontaxable benefits
    $30,501
    Filer's total
    $285,172

  • James Chiaruttini

    MGR LEGAL SE

    Total calculated
    $273,652
    From this org
    $211,222
    From related orgs
    $0
    Other
    $62,430
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $188,222
    Bonus
    not reported
    Other
    $23,000
    Deferred
    $46,882
    Nontaxable benefits
    $15,548
    Filer's total
    $273,652

  • Chad Thoman

    MGR ENG/ELEC

    Total calculated
    $272,451
    From this org
    $223,764
    From related orgs
    $0
    Other
    $48,687
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $180,067
    Bonus
    $10,200
    Other
    $33,497
    Deferred
    $44,111
    Nontaxable benefits
    $4,576
    Filer's total
    $272,451

  • Gorman Guy

    LINE SUPERIN

    Total calculated
    $267,642
    From this org
    $175,303
    From related orgs
    $0
    Other
    $92,339
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $134,398
    Bonus
    $6,900
    Other
    $34,005
    Deferred
    $65,005
    Nontaxable benefits
    $27,334
    Filer's total
    $267,642

  • Michael Johnson

    MANAGER SAFE

    Total calculated
    $243,355
    From this org
    $186,895
    From related orgs
    $0
    Other
    $56,460
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $166,836
    Bonus
    not reported
    Other
    $20,059
    Deferred
    $29,819
    Nontaxable benefits
    $26,641
    Filer's total
    $243,355

  • Glenn E Bange

    PRESIDENT

    Total calculated
    $40,300
    From this org
    $17,090
    From related orgs
    $12,500
    Other
    $10,710
    Hours/week
    15 + 2 related

  • Dale E Myers

    SECRETARY

    Total calculated
    $36,548
    From this org
    $25,413
    From related orgs
    $11,135
    Other
    $0
    Hours/week
    11 + 2 related

  • Thomas J Knaub

    TREASURER

    Total calculated
    $35,975
    From this org
    $24,975
    From related orgs
    $11,000
    Other
    $0
    Hours/week
    11 + 5 related

  • S Eugene Herritt

    DIRECTOR

    Total calculated
    $30,975
    From this org
    $19,975
    From related orgs
    $11,000
    Other
    $0
    Hours/week
    9 + 3 related

  • Nadine M Hubner

    VICE PRESIDE

    Total calculated
    $24,775
    From this org
    $24,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    11 + 2 related

  • David A Frey

    DIRECTOR

    Total calculated
    $21,600
    From this org
    $6,625
    From related orgs
    $0
    Other
    $14,975
    Hours/week
    9

  • Ray Schwartz

    DIRECTOR

    Total calculated
    $21,400
    From this org
    $21,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Jay Herman

    DIRECTOR

    Total calculated
    $21,000
    From this org
    $21,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Jay E Grove

    DIRECTOR

    Total calculated
    $20,508
    From this org
    $19,175
    From related orgs
    $1,333
    Other
    $0
    Hours/week
    9 + 2 related

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 · Form 990 of other organizations
  • 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

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ADAMS UTILITY SERVICES COMPANY

    HOLDING CO · PA · controlled entity

Provenance

Return type
form_990
Tax year
2023
Filed
13 August 2024
IRS schema version
2023v5.0
Source object
202442649349300114

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