Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALE OF POWER

  total $53,794,420 · related or exempt $53,794,420

• 3 · Investment income

  total $154,046 · excluded $154,046

• 6a · Gross rents

  real property $400

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $400

• 6d · Net rental income or loss

  total $400 · excluded $400

• 7a · Gross sales of assets other than inventory

  other assets $113,060

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

  other assets $88,538

• 7c · Gain or loss

  other assets $24,522

• 7d · Net gain or loss

  total $24,522 · related or exempt $24,522

• 10a · Gross sales of inventory

  $100,412

• 10b · Cost of goods sold

  $80,724

• 10c · Net income from sales of inventory

  total $19,688 · related or exempt $19,688

• 11a · Other revenue: CAPITAL CREDIT

  total $1,521,869 · related or exempt $1,521,869

• 11b · Other revenue: OTHER REVENUE

  total $56,144 · related or exempt -$16,781 · unrelated business $72,925

• 11e · Other revenue, total

  $1,578,013

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $2,916,899

• 5 · Compensation of officers, directors and key employees

  total $634,214

• 20 · Interest

  total $3,173,523

• 22 · Depreciation, depletion and amortization

  total $5,593,119

• 24a · Other expenses: COST OF POWER

  total $31,210,702

• 24b · Other expenses: DISTRIBUTION EXPENSE -

  total $3,623,709

• 24c · Other expenses: DISTRIBUTION EXPENSE -

  total $3,419,024

• 24d · Other expenses: ADMINISTRATION EXPENSE

  total $2,384,318

• 24e · All other expenses

  total $2,348,613

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,120,121 · end of year $1,650,450

• 2 · Savings and temporary cash investments

  beginning of year $286 · end of year $917

• 4 · Accounts receivable

  beginning of year $5,993,359 · end of year $5,031,170

• 8 · Inventories for sale or use

  beginning of year $2,975,396 · end of year $3,223,351

• 9 · Prepaid expenses and deferred charges

  beginning of year $314,976 · end of year $184,519

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

  $192,141,272

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

  $40,627,776

• 10c · Land, buildings and equipment, net

  beginning of year $144,788,532 · end of year $151,513,496

• 12 · Investments: other securities

  beginning of year $597,972 · end of year $527,315

• 13 · Investments: program-related

  beginning of year $20,375,289 · end of year $21,186,907

• 15 · Other assets

  beginning of year $9,421 · end of year $9,421

• 17 · Accounts payable and accrued expenses

  beginning of year $5,498,670 · end of year $5,559,094

• 19 · Deferred revenue

  beginning of year $2,702,293 · end of year $2,341,261

• 23 · Secured mortgages and notes payable

  beginning of year $101,567,678 · end of year $106,002,652

• 25 · Other liabilities

  beginning of year $1,242,403 · end of year $1,173,781

• 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 $66,164,308 · end of year $68,250,758

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART II, COLUMN C

ON THE SCHEDULE OF OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES, COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION, INCLUDES 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 ESTIMATED ACTUARIAL INCREASE IN THE VALUE OF THE DEFINED BENEFIT PLAN FOR THE OFFICERS AND FIVE HIGHEST COMPENSATED EMPLOYEES ARE REFLECTED IN THE SCHEDULE O STATEMENT FOR FORM 990, PART VII, COLUMN F.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• ELGIN INDUSTRIAL PARK LLC

  REAL ESTATE SALES · MN · income $3,666 · assets $151,812

  Directly controlled by PEOPLE'S COOPERATIVE SERVICES

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• MINNESOTA THREE LLC

  UNRELATED · SOLAR ENERGY · MN · 33.33% owned · share of income $5,157 · share of assets $348,687 · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• PEOPLE'S ENERGY HOLDING COMPANY LLC

  C · SOLAR ENERGY · MN · 100% owned · share of assets $44,785 · controlled entity

  Directly controlled by PEOPLE'S COOPERATIVE SERVICES