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Nonprofiteer
← LITTLE RIVER ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by LITTLE RIVER ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$31,636,479
Total expenses
$31,446,880
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$31,446,880
Investment income
$189,599
Other revenue
$0
Total assets, end of year
$73,327,127
Total liabilities, end of year
$46,752,222
Net assets or fund balances, end of year
$26,574,905
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: ELECTRIC REVENUE

    total $30,813,817 · related or exempt $30,813,817

  • 2b · Program service revenue: OTHER

    total $204,091 · related or exempt $204,091

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $189,664 · related or exempt $189,664

  • 2d · Program service revenue: G & T CAPITAL CREDITS

    total $175,412 · related or exempt $175,412

  • 2e · Program service revenue: POLE RENTAL

    total $63,896 · related or exempt $63,896

  • 3 · Investment income

    total $189,599 · excluded $189,599

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,283,319

  • 5 · Compensation of officers, directors and key employees

    total $492,112

  • 13 · Office expenses

    total $337,514

  • 20 · Interest

    total $1,143,561

  • 22 · Depreciation, depletion and amortization

    total $2,188,834

  • 24a · Other expenses: PURCHASED POWER

    total $17,017,185

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $3,316,543

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $2,726,678

  • 24d · Other expenses: ADMIN. & GENERAL EXP.

    total $1,377,166

  • 24e · All other expenses

    total $1,563,968

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,358,279 · end of year $2,144,903

  • 4 · Accounts receivable

    beginning of year $2,103,389 · end of year $2,083,159

  • 8 · Inventories for sale or use

    beginning of year $944,538 · end of year $949,795

  • 9 · Prepaid expenses and deferred charges

    beginning of year $119,825 · end of year $281,925

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

    $85,487,844

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

    $23,878,527

  • 10c · Land, buildings and equipment, net

    beginning of year $59,745,907 · end of year $61,609,317

  • 13 · Investments: program-related

    beginning of year $4,258,434 · end of year $4,557,385

  • 15 · Other assets

    beginning of year $1,612,061 · end of year $1,700,643

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,845,837 · end of year $2,231,501

  • 23 · Secured mortgages and notes payable

    beginning of year $45,022,714 · end of year $42,781,380

  • 25 · Other liabilities

    beginning of year $1,757,476 · end of year $1,739,341

  • 29 · Capital stock, trust principal or current funds

    beginning of year $110,790 · end of year $112,525

  • 31 · Retained earnings, endowment or other funds

    beginning of year $25,405,616 · end of year $26,462,380

Mission and programs · 2023

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • N/A

As filed on the 2023 return.

Listed in Part VII

  • Travis Burriss

    PRESIDENT (J

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Terry Ricketts

    VICE PRESIDE

    Total calculated
    $18,450
    From this org
    $18,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Patsy Wilson

    SECRETARY/TR

    Total calculated
    $13,050
    From this org
    $13,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Wayne Erwin

    TRUSTEE

    Total calculated
    $16,650
    From this org
    $16,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Wayne Gary

    TRUSTEE

    Total calculated
    $11,250
    From this org
    $11,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Michael Johnson

    TRUSTEE

    Total calculated
    $24,750
    From this org
    $24,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • RN Parker

    TRUSTEE

    Total calculated
    $13,950
    From this org
    $13,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    14

  • Mike Price

    TRUSTEE

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Wf Davis

    TRUSTEE (JAN

    Total calculated
    $10,350
    From this org
    $10,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    16

  • Jeff Lewis

    GM/CEO

    Total calculated
    $367,462
    From this org
    $247,385
    From related orgs
    $0
    Other
    $120,077
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $239,222
    Bonus
    $4,125
    Other
    $4,038
    Deferred
    $80,984
    Nontaxable benefits
    $39,093
    Filer's total
    $367,462

  • Stephen Busbee

    OPERATION SE

    Total calculated
    $191,347
    From this org
    $128,028
    From related orgs
    $0
    Other
    $63,319
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,878
    Bonus
    $1,514
    Other
    $2,636
    Deferred
    $36,838
    Nontaxable benefits
    $26,481
    Filer's total
    $191,347

  • Chad Stone

    LINE OPERATI

    Total calculated
    $184,802
    From this org
    $120,443
    From related orgs
    $0
    Other
    $64,359
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,569
    Bonus
    $1,655
    Other
    $3,219
    Deferred
    $37,826
    Nontaxable benefits
    $26,533
    Filer's total
    $184,802

  • Bret Timmerman

    DISTR. SYS.

    Total calculated
    $177,915
    From this org
    $117,864
    From related orgs
    $0
    Other
    $60,051
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,767
    Bonus
    $1,387
    Other
    $1,710
    Deferred
    $33,767
    Nontaxable benefits
    $26,284
    Filer's total
    $177,915

  • Michael Hall

    ENGINEER SER

    Total calculated
    $171,276
    From this org
    $117,391
    From related orgs
    $0
    Other
    $53,885
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,394
    Bonus
    $1,514
    Other
    $6,483
    Deferred
    $36,847
    Nontaxable benefits
    $17,038
    Filer's total
    $171,276

  • Dustin Laughlin

    DIST. SYS. F

    Total calculated
    $171,756
    From this org
    $112,166
    From related orgs
    $0
    Other
    $59,590
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,093
    Bonus
    $1,387
    Other
    $1,686
    Deferred
    $33,337
    Nontaxable benefits
    $26,253
    Filer's total
    $171,756

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 · Compensation committee
  • 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
2023
Filed
18 June 2024
IRS schema version
2023v5.0
Source object
202411919349300531

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