Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Electricity

  total $22,957,301 · related or exempt $22,957,301

• 2b · Program service revenue: Capital Credits

  total $788,789 · related or exempt $788,789

• 2f · All other program service revenue

  total $430,398 · related or exempt $430,398

• 3 · Investment income

  total $266,970 · excluded $266,970

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

  other assets $175,529

• 7c · Gain or loss

  other assets -$175,529

• 7d · Net gain or loss

  total -$175,529 · excluded -$175,529

• 10a · Gross sales of inventory

  $764,959

• 10b · Cost of goods sold

  $863,152

• 10c · Net income from sales of inventory

  total -$98,193 · related or exempt -$98,193

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $1,979,388

• 5 · Compensation of officers, directors and key employees

  total $593,038

• 7 · Other salaries and wages

  total $3,080,883

• 8 · Pension plan contributions

  total $767,047

• 10 · Payroll taxes

  total $260,916

• 20 · Interest

  total $1,580,205

• 22 · Depreciation, depletion and amortization

  total $3,344,721

• 24a · Other expenses: Cost of Power

  total $10,813,376

• 24b · Other expenses: Distribution Expense

  total $3,529,764

• 24c · Other expenses: Admin & General

  total $2,249,501

• 24d · Other expenses: Customer Service & Sale

  total $350,686

• 24e · All other expenses

  total -$4,379,789

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $6,930,039 · end of year $11,319,297

• 4 · Accounts receivable

  beginning of year $7,409,525 · end of year $3,431,590

• 8 · Inventories for sale or use

  beginning of year $2,935,478 · end of year $3,553,002

• 9 · Prepaid expenses and deferred charges

  beginning of year $326,513 · end of year $349,537

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

  $99,653,254

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

  $26,125,419

• 10c · Land, buildings and equipment, net

  beginning of year $72,308,369 · end of year $73,527,835

• 12 · Investments: other securities

  beginning of year $704,591 · end of year $604,610

• 13 · Investments: program-related

  beginning of year $9,919,002 · end of year $10,353,846

• 15 · Other assets

  beginning of year $3,357 · end of year $104,687

• 17 · Accounts payable and accrued expenses

  beginning of year $2,008,006 · end of year $1,909,940

• 19 · Deferred revenue

  beginning of year $1,990,123 · end of year $4,097,937

• 21 · Escrow or custodial account liability

  beginning of year $612 · end of year $607

• 23 · Secured mortgages and notes payable

  beginning of year $54,227,052 · end of year $54,551,391

• 29 · Capital stock, trust principal or current funds

  beginning of year $6,831,904 · end of year $6,831,870

• 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 $35,479,177 · end of year $35,852,659

The filer's explanations (Part III)

Part I, Line 1a

Travel for companions - The Cooperative will pay for the air fare expenses for spouses to attend the NRECA Annual Meeting with the General Manager and Board of Directors. Health club fee - The Cooperative offers a health club credit to all employees. The credit is $20.00 per month reimbursement only payable upon presentation of actual receipt. These amounts are reported as taxable wages for the individual.

Form 990, Schedule J, Part II, Column C:

Compensation of Officers, Directors, Key Employees, Highest Compensated Employees: Included in other deferred compensation is the estimated current year increase in the actuarial value of the defined benefit plan. These amounts do not represent any current year contributions to the plan. They are estimates of the increase in the actuarial value of the plans received from the NRECA. The current year expense and the increase in actuarial value for each employee are reflected in the statement for Form 990, Part VII, Column f.