TIN:
SCHEDULE O
(Form 990)
Department of the Treasury
Internal Revenue Service
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2021
Open to Public
Inspection
Inspection
Name of the organization
WHEATLAND ELECTRIC COOPERATIVE INC
Employer identification number
48-0532188
48-0532188
| Return Reference | Explanation |
|---|---|
| FORM 990, PART I: | IN GENERAL, WHEN AN ELECTRIC COOPERATIVE BASES THE PATRONAGE DIVIDEND CALCULATION ON ITS NET BOOK INCOME/(LOSS), PAGE 1, PART I, LINE 19 - REVENUE LESS EXPENSES - WILL BE $0. FOR THE CURRENT YEAR, PAGE 1, PART I, LINE 19 REPORTS NET INCOME OF $3,448,792, WHICH IS THE EFFECT OF PRIOR YEAR WATER DIVISION LOSSES AND G&T CAPITAL CREDITS RETAINED. THE FOLLOWING SCHEDULE IS PROVIDED TO FURTHER EXPLAIN THE IMPACT OF THIS TRANSACTION: ADD: G&T CAPITAL CREDITS RETAINED $ 3,808,417 LESS: WATER DIVISION INCOME (359,625) (A) - NET INCOME ON PAGE 1, PART I, LINE 19 $ 3,448,792 (B) - BENEFITS PAID TO MEMBERS (I.E. PATRONAGE DIVIDENDS), PART I, LINE 14 $ 3,890,718 TOTAL 2022 NET MARGIN PER FINANCIAL STATEMENTS (A + B) $ 7,339,510 |
| FORM 990, PART VI, SECTION A, LINE 2 | BRUCE MUELLER (GM), WESLEY CAMPBELL (TRUSTEE), AND JOSHUA YOUNG (TRUSTEE), SERVED ON THE BOARD OF SUNFLOWER ELECTRIC POWER CORPORATION AT THE REQUEST OF AND FOR THE BENEFIT OF THE COOPERATIVE. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE COOPERATIVE WAS FORMED BY THE MEMBERS TO PROVIDE ELECTRIC SERVICE AT COST ON A COOPERATIVE BASIS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE MEMBERS OF THE COOPERATIVE VOTE ON THE BOARD OF TRUSTEES. ELECTIONS ARE DONE ON A ONE MEMBER ONE VOTE BASIS. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE FOLLOWING ACTS REQUIRE APPROVAL OF THE MEMBERS OF THE COOPERATIVE: 1. DISSOLUTION/LIQUIDATION OF THE COOPERATIVE 2. MERGER OR CONSOLIDATION WITH ANOTHER COOPERATIVE ORGANIZATION 3. DISPOSAL OF A SUBSTANTIAL PORTION OF THE COOPERATIVE'S ASSETS 4. AMENDMENT TO THE ARTICLES OF INCORPORATION 5. AMENDMENT TO THE BYLAWS |
| FORM 990, PART VI, SECTION A, LINE 8B | THE COOPERATIVE HAS NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. THEREFORE, AND PURSUANT TO FORM 990 INSTRUCTIONS, THE QUESTION HAS BEEN ANSWERED "NO". |
| FORM 990, PART VI, SECTION B, LINE 11B | MANAGEMENT AND PAID PREPARER REVIEW DRAFTS OF FORM 990 PRIOR TO E-FILING. BOARD REVIEWS ANNUAL FILINGS AT MONTHLY MEETINGS. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE COOPERATIVE ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY. EACH EMPLOYEE AND BOARD MEMBER ARE REQUIRED TO BE FAMILIAR WITH THE POLICY AND DISCLOSE ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY. |
| FORM 990, PART VI, SECTION B, LINE 15 | ANNUALLY, THE BOARD OF TRUSTEES AND A COMPENSATION COMMITTEE REVIEW AND EVALUATE THE GENERAL MANAGER'S PERFORMANCE AND ESTABLISH A COMPENSATION LEVEL. THE GENERAL MANAGER REVIEWS A COMPENSATION SURVEY AND EVALUATES PERFORMANCE OF ALL OTHER STAFF AND ESTABLISHES COMPENSATION LEVELS IN ACCORDANCE WITH BUDGETED AMOUNTS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES. |
| FORM 990, PART VI, SECTION C, LINE 19 | GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. |
| FORM 990, PARTS VI & VII: | THE COOPERATIVE ANNUALLY PROVIDES EACH TRUSTEE WHO SERVED ON THE BOARD DURING THE YEAR A QUESTIONNAIRE. THE COMPLETED QUESTIONNAIRES ARE USED TO COMPLETE THE APPLICABLE QUESTIONS ON THE FORM 990 PERTAINING TO BUSINESS RELATIONSHIPS AMONG DIRECTORS, OFFICERS, AND KEY EMPLOYEES, AS WELL AS TO DETERMINE IF THERE ARE ANY TRANSACTIONS WHICH MUST BE REPORTED IN DETAIL ON SCHEDULE L - "TRANSACTIONS WITH INTERESTED PERSONS". IF THE COOPERATIVE WAS UNABLE TO OBTAIN A COMPLETED QUESTIONNAIRE, THE COOPERATIVE RELIED UPON THE COMPLETED INFORMATION FOR THE PRIOR YEAR. OFFICERS AYERS AND GREBE ARE NO LONGER WITH THE COOPERATIVE AND THEREFORE, THEIR PRIOR YEAR QUESITONNAIRES WERE RELIED UPON WHILE PREPARING THE RETURN. THERE WERE NO KNOWN CHANGES FROM 2021 TO 2022. |
| FORM 990, PART IX: | ALTHOUGH THE COOPERATIVE IS NO LONGER A RURAL UTILITIES SERVICE (RUS) BORROWER, ITS ACCOUNTING RECORDS ARE MAINTAINED IN ACCORDANCE WITH THE RUS UNIFORM SYSTEM OF ACCOUNTS (USOA) PRESCRIBED FOR RUS ELECTRIC BORROWERS. THE USOA DOES NOT RECORD EXPENSES IN THE GENERAL EXPENSE CATEGORIES PROVIDED ON PART IX LINES 1-23. THE COOPERATIVE SEPARATELY REPORTS SALARIES AND WAGES, EMPLOYEE BENEFITS AND PAYROLL TAXES THAT ARE ALLOCATED IN ACCORDANCE WITH ITS ACCOUNTING SYSTEM, BUT OTHER EXPENSES THAT ARE DESCRIBED IN LINES 1-23 ARE REPORTED ON LINE 24 UNDER THE EXPENSE CATEGORIES REQUIRED BY THE USOA. |
| FORM 990, PART IX, LINES 5-7: | SALARIES AND WAGES ARE ALLOCATED TO ASSET, LIABILITY, AND EXPENSE ACCOUNTS BASED ON THE ACCOUNTING SYSTEM DESCRIBED ABOVE. THE FOLLOWING SCHEDULE RECONCILES AMOUNTS REPORTED ON LINES 5-7 TO TOTAL WAGES ACCRUED AND/OR PAID: TOTAL PER LINES 5-7 $ 9,028,682 LESS: TRUSTEE FEES REPORTED ON FORMS 1099-NEC (289,149) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (543,882) LESS: KEY EMPLOYEE BENEFITS INCLUDED IN LINE 5 (670,494) PLUS: SALARIES AND WAGES ALLOCATED TO NONOPERATING MARGINS 139,664 PLUS: SALARIES AND WAGES CAPITALIZED DIRECTLY TO PLANT 5,970,184 PLUS: SALARIES AND WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING & OTHER ACCOUNTS 527,210 TOTAL WAGES ACCRUED AND OR PAID $14,162,215 |
| FORM 990, PART IX, LINE 24: | ADMINISTRATIVE & GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS, & OTHER $ 5,655,771 EMPLOYEE PENSION & BENEFITS 2,559,424 OFFICE SUPPLIES 1,398,555 COMPUTERS/IT 1,164,753 OUTSIDE SERVICES 199,856 INSURANCES 321,777 REGULATORY COMMISSION 2,928 DIRECTORS 417,911 MAINTENANCE OF GENERAL PLANT 178,880 MISCELLANEOUS GENERAL 199,090 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $12,098,945 LESS: RECLASS OF DIRECTOR FEES TO PART IX, LINE 5 (289,149) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (3,868,288) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (2,265,711) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 5,675,797 |
| FORM 990, PART IX, LINE 4: | PURSUANT TO THE FORM 990 INSTRUCTIONS, THE AMOUNT OF PATRONAGE DIVIDENDS PAID TO THE PATRONS SHOULD BE REPORTED ON PART IX, LINE 4. THE PHRASE "PATRONAGE DIVIDENDS PAID" REFERS TO THE PROCESS, SUBSEQUENT TO YEAR-END, BY WHICH THE COOPERATIVE ALLOCATES PATRONAGE CAPITAL TO AND, THEREFORE, OPERATES AT COST WITH ITS PATRONS. THE PATRONAGE DIVIDEND REPORTED AS AN EXPENSE ON PART IX, LINE 4 IN THE AMOUNT OF $3,890,718 IS BASED ON THE NET MARGINS FROM THE PROVISION OF ELECTRIC ENERGY. THIS AMOUNT IS ALLOCATED TO THE 2022 PATRONS BASED ON 2022 PATRONAGE. IT IS DETERMINED ON AN ACCRUAL BASIS AND EXCLUSIVE OF THE PATRONAGE CAPITAL ALLOCATED FROM THE POWER SUPPLY COOPERATIVE. ALTHOUGH THE PATRONAGE CAPITAL ALLOCATED BY THE POWER SUPPLIER IS DIRECTLY RELATED TO THE NET MARGINS FROM THE PROVISION OF ELECTRIC ENERGY, AS NOTED BELOW, SUCH AMOUNTS ARE ALLOCATED WHEN THE CASH REDEMPTION IS RECEIVED. THE BYLAWS OF THE COOPERATIVE AUTHORIZE THE BOARD OF DIRECTORS TO ADOPT POLICIES REGARDING THE SEPARATE ALLOCATION AND REDEMPTION OF THE PATRONAGE CAPITAL ALLOCATED TO IT FROM THE POWER SUPPLIER. PURSUANT TO APPLICABLE POLICIES, THE POWER SUPPLY RELATED PATRONAGE CAPITAL IS ALLOCATED ON A TAX BASIS (I.E. WHEN REDEEMED BY THE POWER SUPPLIER AND RECEIVED IN CASH BY THE COOPERATIVE). THE AMOUNTS RECEIVED ARE THEN SUBSEQUENTLY ALLOCATED BY THE COOPERATIVE TO ITS PATRONS FOR THE YEARS BEING REDEEMED BY THE POWER SUPPLIER. BY TAKING THIS APPROACH, THE COOPERATIVE'S PATRONS WHO PAID FOR THE RESPECTIVE POWER RECEIVE THE ALLOCATION. ACCORDINGLY, THIS ALLOCATION METHODOLOGY IS CONSISTENTLY APPLIED AND EQUITABLE TO THE PATRONS. DURING 2022, THE COOPERATIVE RECEIVED $3,448,792 FROM THE POWER SUPPLIER FOR PRIOR YEARS AND HAS SUBSEQUENTLY ALLOCATED THIS AMOUNT TO THE PATRONS OF, AND ON THE BASIS OF PATRONAGE FOR, APPLICABLE PRIOR YEARS. ALTHOUGH THE TOTAL PATRONAGE DIVIDEND ALLOCATED TO THE PATRONS IS $7,339,510(I.E. $3,890,718 OF ACCRUAL BASIS NET MARGRINS FROM THE PROVISION OF ELECTRIC ENERGY PLUS $3,448,792 IN PATRONAGE CAPITAL REDEMPTIONS RECEIVED FROM THE POWER SUPPLIER), THE TAX BASIS AMOUNT IS ONLY BEING DISCLOSED DUE TO DIFFERENCES IN THE TIME BETWEEN WHEN THE COOPERTIVE IS ALLOCATED PATRONAGE CAPITAL BY AND WHEN IT RECEIVES A REDEMPTION OF PATRONAGE CAPITAL FROM THE POWER SUPPLIER. |
| FORM 990, PART IX, LINE 24E: | OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: CONSUMER EXPENSE $ 806,071 NON-UTILITY EXPENSE 86,010 SALES EXPENSE 255,001 TRANSMISSION 55,081 WATER EXPENSE 1,426,345 TOTAL OTHER EXPENSES PER FORM 990, LINE 24E $ 2,628,508 |
| FORM 990, PART XI, LINE 9: | PATRONAGE CAPITAL ALLOCATED OR TO BE ALLOCATED 3,890,718. PATRONAGE CAPITAL RETIRED - TOTAL -2,458,791. PATRONAGE CAPITAL RETIRED - DISCOUNT 142,307. UNCLAIMED PROPERTY 565,670. |
| FORM 990, PART XII, LINE 2C: | THE BOARD OF DIRECTORS HAVE ASSIGNED MEMBERS TO AN AUDIT COMMITTEE TO OVERSEE THE FINANCIAL STATEMENT AUDIT AND SELECT THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. PROCEDURAL CHANGES DID NOT OCCUR DURING THE YEAR. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990) 2021
Additional Data
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