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Nonprofiteer
← THUMB ELECTRIC COOPERATIVE OF MICHIGAN INC

Form 990 for tax year 2023

Filed by THUMB ELECTRIC COOPERATIVE OF MICHIGAN INC.

Totals

Total revenue
$31,267,329
Total expenses
$30,744,976
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$30,575,610
Investment income
$644,181
Other revenue
$47,538
Total assets, end of year
$169,361,198
Total liabilities, end of year
$134,122,237
Net assets or fund balances, end of year
$35,238,961
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: Electric Sales

    total $24,527,326 · related or exempt $24,527,326

  • 2b · Program service revenue: Fiber Revenue

    total $3,668,659 · related or exempt $3,668,659

  • 2c · Program service revenue: Other Sales

    total $1,594,194 · related or exempt $1,594,194

  • 2d · Program service revenue: Capital Credits

    total $785,298 · related or exempt $785,298

  • 2f · All other program service revenue

    total $133 · related or exempt $133

  • 3 · Investment income

    total $634,339 · unrelated business $587,361 · excluded $46,978

  • 6a · Gross rents

    real property $55,986

  • 6b · Less rental expenses

    real property $8,448

  • 6c · Rental income or loss

    real property $47,538

  • 6d · Net rental income or loss

    total $47,538 · excluded $47,538

  • 7a · Gross sales of assets other than inventory

    other assets $17,800

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

    other assets $7,958

  • 7c · Gain or loss

    other assets $9,842

  • 7d · Net gain or loss

    total $9,842 · excluded $9,842

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,268,423

  • 5 · Compensation of officers, directors and key employees

    total $797,068

  • 6 · Compensation of disqualified persons

    total $243,230

  • 7 · Other salaries and wages

    total $4,621,022

  • 8 · Pension plan contributions

    total $861,951

  • 10 · Payroll taxes

    total $407,976

  • 16 · Occupancy

    total $1,124,066

  • 20 · Interest

    total $3,895,123

  • 22 · Depreciation, depletion and amortization

    total $3,695,548

  • 24a · Other expenses: Cost of Power

    total $10,885,110

  • 24b · Other expenses: Distribution

    total $4,102,206

  • 24c · Other expenses: Fiber

    total $2,015,849

  • 24d · Other expenses: Admin and General

    total $1,519,424

  • 24e · All other expenses

    total -$5,692,020

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,789,360 · end of year $1,921,415

  • 4 · Accounts receivable

    beginning of year $5,629,904 · end of year $7,111,281

  • 8 · Inventories for sale or use

    beginning of year $10,786,066 · end of year $12,661,701

  • 9 · Prepaid expenses and deferred charges

    beginning of year $202,416 · end of year $197,645

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

    $162,642,946

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

    $36,736,369

  • 10c · Land, buildings and equipment, net

    beginning of year $102,308,548 · end of year $125,906,577

  • 13 · Investments: program-related

    beginning of year $21,818,350 · end of year $21,527,142

  • 15 · Other assets

    beginning of year $48,280 · end of year $35,437

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,617,661 · end of year $14,584,418

  • 19 · Deferred revenue

    beginning of year $791,528 · end of year $819,245

  • 23 · Secured mortgages and notes payable

    beginning of year $97,184,856 · end of year $118,718,574

  • 29 · Capital stock, trust principal or current funds

    beginning of year $190,495 · end of year $192,790

  • 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 $31,798,384 · end of year $35,046,171

Mission and programs · 2023

Mission

Electric Cooperative with Fiber Division.

Activities or mission (Part I)

Electric Cooperative with Broadband.

  • Electric power and services provided to 12,395 members and served 2,004 miles.

  • Fiber division provided broadband to 1,851 members.

As filed on the 2023 return.

Listed in Part VII

  • Jonathan M Findlay

    President

    Total calculated
    $14,000
    From this org
    $14,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kim Nunn

    Vice President

    Total calculated
    $11,200
    From this org
    $11,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mike P Briolat

    Secretary

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Randall J Dhyse

    Treasurer

    Total calculated
    $7,400
    From this org
    $7,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Duane Kursinsky

    Director

    Total calculated
    $5,800
    From this org
    $5,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Louis E Wenzlaff

    Director

    Total calculated
    $7,400
    From this org
    $7,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Craig M Osentoski

    Director

    Total calculated
    $8,200
    From this org
    $8,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Matt L Sommer

    Director

    Total calculated
    $8,200
    From this org
    $8,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Erica L Weidman

    Director

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Bradley Essenmacher

    General Manager

    Total calculated
    $363,607
    From this org
    $252,879
    From related orgs
    $0
    Other
    $110,728
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,037
    Bonus
    $0
    Other
    $3,842
    Deferred
    $89,024
    Nontaxable benefits
    $25,179
    Filer's total
    $367,082

  • Deborah Peruski

    Accounting Manager

    Total calculated
    $276,308
    From this org
    $123,744
    From related orgs
    $0
    Other
    $152,564
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,223
    Bonus
    $0
    Other
    $1,521
    Deferred
    $143,861
    Nontaxable benefits
    $10,813
    Filer's total
    $278,418

  • Brandon Legault

    Operations Manager

    Total calculated
    $201,359
    From this org
    $165,700
    From related orgs
    $0
    Other
    $35,659
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,258
    Bonus
    $0
    Other
    $442
    Deferred
    $35,659
    Nontaxable benefits
    $2,487
    Filer's total
    $203,846

  • James Vogel

    Journeyman Lineman-Foreman

    Total calculated
    $205,483
    From this org
    $162,691
    From related orgs
    $0
    Other
    $42,792
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,201
    Bonus
    $0
    Other
    $490
    Deferred
    $22,170
    Nontaxable benefits
    $22,515
    Filer's total
    $207,376

  • Gary Burns Jr

    Journeyman Lineman-Foreman

    Total calculated
    $187,603
    From this org
    $157,088
    From related orgs
    $0
    Other
    $30,515
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,839
    Bonus
    $0
    Other
    $249
    Deferred
    $11,973
    Nontaxable benefits
    $20,557
    Filer's total
    $189,618

  • Daniel Land

    Journeyman Lineman

    Total calculated
    $166,545
    From this org
    $149,138
    From related orgs
    $0
    Other
    $17,407
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,916
    Bonus
    $0
    Other
    $222
    Deferred
    $4,075
    Nontaxable benefits
    $15,208
    Filer's total
    $168,421

  • Jeffrey Swick

    Journeyman Lineman

    Total calculated
    $212,652
    From this org
    $149,516
    From related orgs
    $0
    Other
    $63,136
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,134
    Bonus
    $0
    Other
    $1,382
    Deferred
    $47,569
    Nontaxable benefits
    $17,515
    Filer's total
    $214,600

  • Jacob Waun

    Journeyman Lineman

    Total calculated
    $162,329
    From this org
    $147,317
    From related orgs
    $0
    Other
    $15,012
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,219
    Bonus
    $0
    Other
    $98
    Deferred
    $8,033
    Nontaxable benefits
    $8,848
    Filer's total
    $164,198

  • Dallas Braun

    Former General Manager

    Total calculated
    $243,230
    From this org
    $213,028
    From related orgs
    $0
    Other
    $30,202
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,732
    Bonus
    $0
    Other
    $96,296
    Deferred
    $202
    Nontaxable benefits
    $30,000
    Filer's total
    $243,230

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

None.

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)

Schedule J, Part II, column C, Deferred Compensation:
Included in other 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.

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.

  • Thumb Energy Services Inc

    C · Holding Company · MI · 100% owned · share of income $5,664,920 · share of assets $20,173,685 · controlled entity

    Directly controlled by Thumb Electric Cooperative Inc

Provenance

Return type
form_990
Tax year
2023
Filed
17 October 2024
IRS schema version
2023v5.1
Source object
202412969349301756

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