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Nonprofiteer
← WELLS RURAL ELECTRIC CO

Form 990 for tax year 2022

Filed by WELLS RURAL ELECTRIC CO.

Totals

Total revenue
$45,338,751
Total expenses
$45,284,881
Contributions and grants received
$0
Grants paid
$43,362
Program service revenue
$45,185,922
Investment income
$108,859
Other revenue
$43,970
Total assets, end of year
$65,706,155
Total liabilities, end of year
$37,375,849
Net assets or fund balances, end of year
$28,330,306
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: SALES OF ELECTRICITY

    total $44,217,442 · related or exempt $44,217,442

  • 2b · Program service revenue: TRANSMISSION LEASE

    total $301,500 · related or exempt $301,500

  • 2c · Program service revenue: PATRONAGE DIVIDENDS

    total $254,354 · related or exempt $254,354

  • 2d · Program service revenue: SERVICE & OTHER FEES

    total $176,050 · related or exempt $176,050

  • 2e · Program service revenue: ELECTRIC WIRING

    total $124,602 · related or exempt $124,602

  • 2f · All other program service revenue

    total $111,974 · related or exempt $111,974

  • 3 · Investment income

    total $108,859 · excluded $108,859

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $43,538 · excluded $43,538

  • 11b · Other revenue: SECURITY & MONITORING

    total $432 · unrelated business $432

  • 11e · Other revenue, total

    $43,970

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $43,362

  • 4 · Benefits paid to or for members

    total $3,019,625

  • 5 · Compensation of officers, directors and key employees

    total $1,700,955

  • 7 · Other salaries and wages

    total $2,443,364

  • 8 · Pension plan contributions

    total $253,441

  • 9 · Other employee benefits

    total $1,332,424

  • 10 · Payroll taxes

    total $245,846

  • 20 · Interest

    total $623,069

  • 22 · Depreciation, depletion and amortization

    total $2,645,111

  • 24a · Other expenses: PURCHASED POWER

    total $28,885,470

  • 24b · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,665,439

  • 24c · Other expenses: DISTRIBUTION EXPENSE

    total $1,481,518

  • 24d · Other expenses: CONSUMER EXPENSE

    total $492,230

  • 24e · All other expenses

    total $453,027

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,476,900 · end of year $4,157,770

  • 2 · Savings and temporary cash investments

    beginning of year $7,504,540 · end of year $7,589,099

  • 4 · Accounts receivable

    beginning of year $3,434,359 · end of year $3,617,226

  • 8 · Inventories for sale or use

    beginning of year $1,096,117 · end of year $1,280,753

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,336,285 · end of year $1,054,312

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

    $95,314,909

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

    $50,326,057

  • 10c · Land, buildings and equipment, net

    beginning of year $44,314,419 · end of year $44,988,852

  • 13 · Investments: program-related

    beginning of year $1,917,376 · end of year $2,467,563

  • 15 · Other assets

    beginning of year $565,858 · end of year $550,580

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,976,396 · end of year $4,302,582

  • 23 · Secured mortgages and notes payable

    beginning of year $18,101,917 · end of year $17,335,999

  • 25 · Other liabilities

    beginning of year $18,126,129 · end of year $15,737,268

  • 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 $24,441,412 · end of year $28,330,306

Mission and programs · 2022

Mission

WELLS RURAL ELECTRIC COMPANY IMPROVES THE QUALITY OF LIFE OF THE COMMUNITIES WE SERVE BY MEETING THE CHANGING NEEDS OF OUR MEMBERS THROUGH THE GUIDING PRINCIPLES OF OUR LOCALLY CONTROLLED COOPERATIVE.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 6,312 ACTIVE SERVICES AT YEAR END.

As filed on the 2022 return.

Listed in Part VII

  • Gerald Anderson

    DIRECTOR

    Total calculated
    $38,215
    From this org
    $38,215
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Kirk Dahl

    DIRECTOR

    Total calculated
    $18,600
    From this org
    $18,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • M Jonathan Dahl

    VICE PRESIDENT

    Total calculated
    $23,800
    From this org
    $23,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Scott Egbert

    PRESIDENT

    Total calculated
    $44,828
    From this org
    $44,828
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Ouida Madison

    DIRECTOR

    Total calculated
    $21,250
    From this org
    $21,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Alfred Montes De Oca

    DIRECTOR

    Total calculated
    $18,600
    From this org
    $18,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Lois Nannini

    DIRECTOR

    Total calculated
    $34,423
    From this org
    $34,423
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Jim Whited

    SECRETARY/TREASURER

    Total calculated
    $18,600
    From this org
    $18,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Bruce Widmer

    DIRECTOR

    Total calculated
    $20,025
    From this org
    $20,025
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Robert Wilcox

    DIRECTOR

    Total calculated
    $23,231
    From this org
    $23,231
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Tony Macias

    DIRECTOR

    Total calculated
    $20,750
    From this org
    $20,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Clay R Fitch

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $430,416
    From this org
    $306,687
    From related orgs
    $0
    Other
    $123,729
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $272,783
    Bonus
    $0
    Other
    $33,904
    Deferred
    $91,473
    Nontaxable benefits
    $32,256
    Filer's total
    $430,416

  • Thad Ballard

    DIRECTOR OF ADMIN & POWER SUPPLY

    Total calculated
    $289,708
    From this org
    $131,179
    From related orgs
    $0
    Other
    $158,529
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,414
    Bonus
    $0
    Other
    $1,765
    Deferred
    $119,690
    Nontaxable benefits
    $38,839
    Filer's total
    $289,708

  • Jeffery R Cromie

    DIRECTOR OF STRATEGY & DEVELOPMENT

    Total calculated
    $249,620
    From this org
    $138,682
    From related orgs
    $0
    Other
    $110,938
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,907
    Bonus
    $0
    Other
    $1,775
    Deferred
    $106,838
    Nontaxable benefits
    $4,100
    Filer's total
    $249,620

  • Cynthia Good

    DIRECTOR OF ACCT, FINANCE, HR

    Total calculated
    $210,277
    From this org
    $105,163
    From related orgs
    $0
    Other
    $105,114
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $103,755
    Bonus
    $0
    Other
    $1,408
    Deferred
    $73,597
    Nontaxable benefits
    $31,517
    Filer's total
    $210,277

  • Ryan Brodsho

    DIRECTOR OF OPERATIONS

    Total calculated
    $238,612
    From this org
    $138,540
    From related orgs
    $0
    Other
    $100,072
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,669
    Bonus
    $0
    Other
    $871
    Deferred
    $64,283
    Nontaxable benefits
    $35,789
    Filer's total
    $238,612

  • Kyle Murphy

    LINE FOREMAN

    Total calculated
    $226,208
    From this org
    $152,792
    From related orgs
    $0
    Other
    $73,416
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,331
    Bonus
    $100
    Other
    $1,361
    Deferred
    $36,208
    Nontaxable benefits
    $37,208
    Filer's total
    $226,208

  • Zane Peters

    JOURNEYMAN LINEMAN

    Total calculated
    $222,768
    From this org
    $151,367
    From related orgs
    $0
    Other
    $71,401
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,539
    Bonus
    $100
    Other
    $1,728
    Deferred
    $34,013
    Nontaxable benefits
    $37,388
    Filer's total
    $222,768

  • Jacob Manning

    LINE FOREMAN

    Total calculated
    $235,391
    From this org
    $152,872
    From related orgs
    $0
    Other
    $82,519
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,089
    Bonus
    $100
    Other
    $683
    Deferred
    $45,131
    Nontaxable benefits
    $37,388
    Filer's total
    $235,391

  • James Wines

    LINE FOREMAN

    Total calculated
    $190,422
    From this org
    $142,808
    From related orgs
    $0
    Other
    $47,614
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,138
    Bonus
    $100
    Other
    $1,570
    Deferred
    $21,011
    Nontaxable benefits
    $26,603
    Filer's total
    $190,422

  • Colton Rasmussen

    JOURNEYMAN LINEMAN

    Total calculated
    $177,362
    From this org
    $144,768
    From related orgs
    $0
    Other
    $32,594
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,593
    Bonus
    $100
    Other
    $1,075
    Deferred
    $11,062
    Nontaxable benefits
    $21,532
    Filer's total
    $177,362

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 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

The filer's explanations (Part III)

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. CLAY R. FITCH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 88,787 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,686 TOTAL REPORTED IN COLUMN C $ 91,473 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (88,787) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 107,537 EXPENSE TO COOPERATIVE $110,223 THAD BALLARD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $118,387 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,303 TOTAL REPORTED IN COLUMN C $119,690 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (118,387) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 143,387 EXPENSE TO COOPERATIVE $144,690 JEFFERY CROMIE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $105,441 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,397 TOTAL REPORTED IN COLUMN C $106,838 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (105,441) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 127,707 EXPENSE TO COOPERATIVE $129,104 RYAN BRODSHO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 62,905 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,378 TOTAL REPORTED IN COLUMN C $ 64,283 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (62,905) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 76,189 EXPENSE TO COOPERATIVE $ 77,567 JACOB MANNING: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 43,915 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,216 TOTAL REPORTED IN COLUMN C $ 45,131 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (43,915) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 53,189 EXPENSE TO COOPERATIVE $ 54,405 KYLE MURPHY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 34,992 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,216 TOTAL REPORTED IN COLUMN C $ 36,208 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (34,992) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,381 EXPENSE TO COOPERATIVE $ 43,597 ZANE PETERS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,877 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,136 TOTAL REPORTED IN COLUMN C $ 34,013 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,877) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 39,820 EXPENSE TO COOPERATIVE $ 40,956 CYNTHIA GOOD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 72,504 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,093 TOTAL REPORTED IN COLUMN C $ 73,597 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (72,504) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 87,815 EXPENSE TO COOPERATIVE $ 88,908 JAMES WINES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,851 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,160 TOTAL REPORTED IN COLUMN C $ 21,011 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,851) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 10,720 EXPENSE TO COOPERATIVE $ 22,880 COLTON RASMUSSEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 2,702 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,360 TOTAL REPORTED IN COLUMN C $ 11,062 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (2,702) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 3,273 EXPENSE TO COOPERATIVE $ 11,633

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • NEXT DOLLAR CHARITABLE FOUNDATION

    501(C)(3) · TO PROVIDE CHARITABLE GRANTS IN THE COOPERATIVE'S AREA. · NV · controlled entity

    Directly controlled by WELLS RURAL ELECTRIC COMPANY

Provenance

Return type
form_990
Tax year
2022
Filed
25 October 2023
IRS schema version
2022v5.0
Source object
202333109349303753

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