Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $20,880,879 · related or exempt $20,880,879

• 2b · Program service revenue: PATRONAGE DIVIDENDS

  total $734,947 · related or exempt $734,947

• 2c · Program service revenue: SERVICE FEES

  total $30,588 · related or exempt $30,588

• 3 · Investment income

  total $132,044 · excluded $132,044

• 6a · Gross rents

  personal property $2,780

• 6b · Less rental expenses

  personal property $0

• 6c · Rental income or loss

  personal property $2,780

• 6d · Net rental income or loss

  total $2,780 · unrelated business $2,780

• 7a · Gross sales of assets other than inventory

  other assets $32,000

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

  other assets $29,054

• 7c · Gain or loss

  other assets $2,946

• 7d · Net gain or loss

  total $2,946 · related or exempt $2,946

• 11a · Other revenue: ELECTRICIAN/HVAC SERVICE

  total $1,438,269 · unrelated business $1,438,269

• 11e · Other revenue, total

  $1,438,269

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $14,250

• 4 · Benefits paid to or for members

  total $1,298,255

• 5 · Compensation of officers, directors and key employees

  total $709,337

• 7 · Other salaries and wages

  total $937,444

• 8 · Pension plan contributions

  total $190,506

• 9 · Other employee benefits

  total $192,040

• 10 · Payroll taxes

  total $87,063

• 20 · Interest

  total $1,282,921

• 22 · Depreciation, depletion and amortization

  total $1,888,036

• 24a · Other expenses: PURCHASED POWER

  total $12,903,008

• 24b · Other expenses: ELECTRICIAN/HVAC EXP.

  total $1,300,483

• 24c · Other expenses: DISTRIBUTION EXP.

  total $1,210,226

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

  total $758,900

• 24e · All other expenses

  total $177,208

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $135,427 · end of year $29,960

• 2 · Savings and temporary cash investments

  beginning of year $5,599,781 · end of year $5,167,155

• 4 · Accounts receivable

  beginning of year $1,610,859 · end of year $1,957,432

• 8 · Inventories for sale or use

  beginning of year $473,727 · end of year $508,040

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,921,268 · end of year $1,930,259

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

  $63,413,870

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

  $22,277,843

• 10c · Land, buildings and equipment, net

  beginning of year $40,519,192 · end of year $41,136,027

• 13 · Investments: program-related

  beginning of year $13,253,022 · end of year $13,636,718

• 15 · Other assets

  beginning of year $178,090 · end of year $336,126

• 17 · Accounts payable and accrued expenses

  beginning of year $1,675,925 · end of year $1,350,905

• 23 · Secured mortgages and notes payable

  beginning of year $37,593,001 · end of year $37,171,353

• 25 · Other liabilities

  beginning of year $886,577 · end of year $529,971

• 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 $24,535,863 · end of year $25,649,488

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE TRUSTEES THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL BUSINESS OF THE COOPERATIVE. REIMBURSABLE COSTS INCLUDE TRAVEL AND MEAL ALLOWANCES. THE COOPERATIVE WILL ALSO REIMBURSE AN EMPLOYEE FOR TRANSPORTATION AND LODGING COSTS OF HIS/HER SPOUSE FOR APPROVED TRAVEL. DURING THE YEAR, THREE INDIVIDUALS REPORTED ON FORM 990, PART VII - JENNISON, HOSS, AND RAMSEY- RECEIVED THIS BENEFIT. SINCE THE COOPERATIVE CONSIDERS THE REIMBURSEMENT TO BE CONSISTENT TO A BONA FIDE BUSINESS PURPOSE, SUCH REIMBURSEMENTS WERE TREATED AS EXPENSES EXCLUDED FROM THE REPORTABLE COMPENSATION OF EACH.

PART II, COLUMN C:

INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. RICHARD MCLEON ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN: $118,632 EMPLOYER CONTRIBUTION TO 401 (K): 7,023 TOTAL REPORTED IN COLUMN C: 125,655 LESS: ACTUARIAL INCREASE IN DBP: $(118,632) ADD: CASH CONTRIBUTION TO DBP: 63,906 EXPENSE TO THE COOPERATIVE: 70,929 KATHERINE E. LEWIS ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN: $113,728 EMPLOYER CONTRIBUTION TO 401 (K): 12,432 TOTAL REPORTED IN COLUMN C: 126,160 LESS: ACTUARIAL INCREASE IN DBP: $(113,728) ADD: CASH CONTRIBUTION TO DBP: 56,255 EXPENSE TO THE COOPERATIVE: 68,687 KASEY JENKINSON ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN: $71,053 EMPLOYER CONTRIBUTION TO 401 (K): 4,953 TOTAL REPORTED IN COLUMN C: 76,006 LESS: ACTUARIAL INCREASE IN DBP: $(71,053) ADD: CASH CONTRIBUTION TO DBP: 44,104 EXPENSE TO THE COOPERATIVE: 49,057 BENJAMIN MANN ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN: $58,364 EMPLOYER CONTRIBUTION TO 401 (K): 4,953 TOTAL REPORTED IN COLUMN C: 63,317 LESS: ACTUARIAL INCREASE IN DBP: $(58,364) ADD: CASH CONTRIBUTION TO DBP: 44,104 EXPENSE TO THE COOPERATIVE: 49,057 MYRON SEIB ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN: $41,007 EMPLOYER CONTRIBUTION TO 401 (K): 4,733 TOTAL REPORTED IN COLUMN C: 45,740 LESS: ACTUARIAL INCREASE IN DBP: $(41,007) ADD: CASH CONTRIBUTION TO DBP: 40,715 EXPENSE TO THE COOPERATIVE: 45,448 CHRIS TERHUNE ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN: $33,058 EMPLOYER CONTRIBUTION TO 401 (K): $4,573 TOTAL REPORTED IN COLUMN C: 37,631 LESS: ACTUARIAL INCREASE IN DBP: $(33,058) ADD: CASH CONTRIBUTION TO DBP: 40,715 EXPENSE TO THE COOPERATIVE: 45,288