Form990


Department of the TreasuryInternal Revenue Service
Return of Organization Exempt From Income Tax
Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations)
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MediumBullet Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
A For the 2021 calendar year, or tax year beginning 06-01-2022 , and ending 05-31-2023
BCheck if applicable:
CName of organization
NATIONAL RURAL UTILITIES COOPERATIVE
FINANCE CORPORATION
 
Doing business as
 
 
Number and street (or P.O. box if mail is not delivered to street address)
20701 COOPERATIVE WAY
 
Room/suite
City or town, state or province, country, and ZIP or foreign postal code
DULLES, VA20166
D Employer identification number

52-0891669
E Telephone number

G Gross receipts $ 2,127,109,667
F Name and address of principal officer:
J ANDREW DON
20701 COOPERATIVE WAY
DULLES,VA20166
I
Tax-exempt status: ( 4 ) LeftBullet (insert no.) or
J
Website:MediumBullet
WWW.NRUCFC.COOP
H(a)
Is this a group return for
subordinates?
H(b)
Are all subordinates
included?
If "No," attach a list. See instructions.
H(c)
Group exemption number MediumBullet  
K Form of organization:  
L Year of formation: 1969
M State of legal domicile: VA
Part I
Summary
Activities & Governance 1 Briefly describe the organization’s mission or most significant activities: BRIDGING THE FINANCIAL NEEDS OF THE RURAL ELECTRIC COOPERATIVE NETWORK WITH GLOBAL CAPITAL MARKETS.
2 Check this box MediumBullet
3 Number of voting members of the governing body (Part VI, line 1a) ........ 3 23
4 Number of independent voting members of the governing body (Part VI, line 1b) ..... 4 23
5 Total number of individuals employed in calendar year 2021 (Part V, line 2a) ...... 5 312
6 Total number of volunteers (estimate if necessary) ............. 6 0
7a Total unrelated business revenue from Part VIII, column (C), line 12 ........ 7a 0
b Net unrelated business taxable income from Form 990-T, Part I, line 11 ......... 7b 0
Revenues Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) ......... 0 0
9 Program service revenue (Part VIII, line 2g) ......... 1,233,158,933 1,604,203,073
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) .... 14,598,704 17,689,759
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 6,683,362 8,371,163
12 Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12) 1,254,440,999 1,630,263,995
Expenses; 13 Grants and similar amounts paid (Part IX, column (A), lines 1–3 )... 1,233,725 1,391,606
14 Benefits paid to or for members (Part IX, column (A), line 4)..... 0 0
15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10) 53,325,662 60,408,638
16a Professional fundraising fees (Part IX, column (A), line 11e) ..... 0 0
b Total fundraising expenses (Part IX, column (D), line 25) MediumBullet0    
17 Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e).... 928,935,537 1,316,395,480
18 Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) 983,494,924 1,378,195,724
19 Revenue less expenses. Subtract line 18 from line 12....... 270,946,075 252,068,271
Net Assets or Fund Balances; Beginning of Current Year End of Year
20 Total assets (Part X, line 16)............. 31,221,814,594 33,983,672,971
21 Total liabilities (Part X, line 26)............. 29,101,106,151 31,415,478,177
22 Net assets or fund balances. Subtract line 21 from line 20..... 2,120,708,443 2,568,194,794
Part II
Signature Block
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.
Sign Here
JumboBullet
Signature of officer Date
JumboBullet
Type or print name and title
Paid Preparer Use Only
Print/Type preparer's name
Preparer's signature
Date
PTIN
Firm's name MediumBullet

Firm's EIN MediumBullet
Firm's address MediumBullet



Phone no.
May the IRS discuss this return with the preparer shown above? (see instructions) ..........
For Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11282Y Form 990 (2021)
Form 990 (2021)
Page 2
Part III
Statement of Program Service Accomplishments
Check if Schedule O contains a response or note to any line in this Part III..............
1
Briefly describe the organization’s mission: TO BRIDGE THE FINANCIAL NEEDS OF THE RURAL ELECTRIC NETWORK WITH THE EXPECTATIONS OF THE GLOBAL CAPITAL MARKETS, ONE COOPERATIVE AT A TIME.
2
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? .....................
If "Yes," describe these new services on Schedule O.
3
Did the organization cease conducting, or make significant changes in how it conducts, any program
services? ...........................
If "Yes," describe these changes on Schedule O.
4
Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.
4a (Code:   ) (Expenses $ 1,269,054,063 including grants of $   ) (Revenue $ 1,611,433,993 )
LENDING SERVICES:CFC PROVIDES LOANS TO ITS MEMBERS, RURAL ELECTRIC COOPERATIVES AND THEIR RELATED ORGANIZATIONS, AND GENERATES INTEREST INCOME FROM THESE LOANS. TO FUND ITS LENDING SERVICES, CFC RAISES FUNDS IN THE CAPITAL MARKETS OR PRIVATE THIRD PARTY TRANSACTIONS AND PAYS A RATE OF RETURN COMMENSURATE WITH CURRENT ECONOMIC CONDITIONS FOR THE USE OF THOSE FUNDS. THESE RAISED FUNDS PERMIT CFC TO MEET THE BORROWING NEEDS OF ITS MEMBERS SO THEY CAN CONTINUE TO PROVIDE ELECTRIC AND POWER SERVICES TO THE CONSUMERS AND BUSINESSES IN THE RURAL TERRITORIES SERVICED BY THOSE MEMBERS/BORROWERS. CFC OPERATES IN SUCH MANNER TO OBTAIN FUNDING BASED ON COST AVAILABLE TO IT AND PASSES THE COSTS AND RESULTING SAVINGS ALONG TO ITS BORROWERS.
4b (Code:   ) (Expenses $ 440,395 including grants of $ 440,395 ) (Revenue $ 1,140,243 )
INTEGRITY FUND -- UTILIZING A RESTRICTED CASH ACCOUNT, CFC MANAGES A VOLUNTARY FUND ESTABLISHED FOR THE PURPOSE OF ASSISTING COOPERATIVES IN DEFENDING THEIR COOPERATIVE TERRITORIES AND PROTECTING COOPERATIVE PRINCIPLES.
4c (Code:   ) (Expenses $ 951,211 including grants of $ 951,211 ) (Revenue $   )
EDUCATION FUND -- EACH STATEWIDE ASSOCIATION AND ELIGIBLE REGIONAL ASSOCIATION WILL SUBMIT AN APPLICATION FORM DESCRIBING THE PROGRAM FOR WHICH THE GRANT WILL BE USED. CFC CALCULATES THE AMOUNT ALLOTTED TO EACH APPLICANT DURING THE FISCAL YEAR BASED UPON THE TOTAL NUMBER OF CO-OPS WHICH ARE MEMBERS OF CFC AND OF THE ASSOCIATION, WITH RESPECT TO STATEWIDE ASSOCIATIONS, THE NUMBER OF STATES EACH APPLICANT REPRESENTS, AND THE NUMBER OF CO-OPS THAT ARE 100% CFC BORROWERS. THE SENIOR VICE PRESIDENT OF CFC'S CORPORATE RELATIONS GROUP APPROVES THE APPLICATIONS MADE BY THE ASSOCIATIONS.
4d Other program services (Describe in Schedule O.)
(Expenses $   including grants of $   ) (Revenue $   )
4e Total program service expensesMediumBullet1,270,445,669
Form 990 (2021)
Form 990 (2021)
Page 3
Part IV
Checklist of Required Schedules
Yes
No
1
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule A.....................
1
 
No
2
Is the organization required to complete Schedule B, Schedule of Contributors? See instructions. ...
2
 
No
3
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If "Yes," complete Schedule C, Part I.............
3
 
No
4
Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part II.........
4
 
 
5
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Rev. Proc. 98-19? If "Yes," complete Schedule C, Part III..
5
 
No
6
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes," complete Schedule D, Part IClick to see attachment
List of Attached Documents:
// Content
.........................
6
 
No
7
Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part IIClick to see attachment
List of Attached Documents:
// Content
....
7
 
No
8
Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes,"
complete Schedule D, Part IIIClick to see attachment
List of Attached Documents:
// Content
..............
8
 
No
9
Did the organization report an amount in Part X, line 21 for escrow or custodial account liability; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If "Yes," complete Schedule D, Part IVClick to see attachment
List of Attached Documents:
// Content
..............
9
 
No
10
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi endowments? If "Yes," complete Schedule D, Part V......
10
 
No
11
If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII, VIII, IX, or X, as applicable.
a
Did the organization report an amount for land, buildings, and equipment in Part X, line 10? If "Yes," complete
Schedule D, Part VI. Click to see attachment
List of Attached Documents:
// Content
...................
11a
Yes
 
b
Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIIClick to see attachment
List of Attached Documents:
// Content
.......
11b
 
No
c
Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIIIClick to see attachment
List of Attached Documents:
// Content
.......
11c
 
No
d
Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part IXClick to see attachment
List of Attached Documents:
// Content
............
11d
 
No
e
Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part XClick to see attachment
List of Attached Documents:
// Content
11e
Yes
 
f
Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part XClick to see attachment
List of Attached Documents:
// Content
11f
Yes
 
12a
Did the organization obtain separate, independent audited financial statements for the tax year? If "Yes," complete
Schedule D, Parts XI and XIIClick to see attachment
List of Attached Documents:
// Content
......................
12a
 
No
b
Was the organization included in consolidated, independent audited financial statements for the tax year? If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional Click to see attachment
List of Attached Documents:
// Content
12b
Yes
 
13
Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule E
13
 
No
14a
Did the organization maintain an office, employees, or agents outside of the United States? .....
14a
 
No
b
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV.........
14b
 
No
15
Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or other assistance to or for any foreign organization? If “Yes,” complete Schedule F, Parts II and IV.....
15
 
No
16
Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other assistance to or for foreign individuals? If “Yes,” complete Schedule F, Parts III and IV...
16
 
No
17
Did the organization report a total of more than $15,000 of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If "Yes," complete Schedule G, Part I. See instructions. ....
17
 
No
18
Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part II............
18
 
No
19
Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If "Yes," complete Schedule G, Part III...................
19
 
No
20a
Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H....
20a
 
No
b
If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?
20b
 
 
21
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II.....Click to see attachment
List of Attached Documents:
// Content
21
Yes
 
Form 990 (2021)
Form 990 (2021)
Page 4
Part IV
Checklist of Required Schedules (continued)
Yes
No
22
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III........Click to see attachment
List of Attached Documents:
// Content
22
 
No
23
Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes," complete Schedule J....................... Click to see attachment
List of Attached Documents:
// Content
23
Yes
 
24a
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer lines 24b through 24d and complete Schedule K. If “No,” go to line 25a...............
24a
 
No
b
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...
24b
 
 
c
Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds? ...............
24c
 
 
d
Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?...
24d
 
 
25a
Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If "Yes," complete Schedule L, Part I ....
25a
 
No
b
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If "Yes," complete Schedule L, Part I.......................
25b
 
No
26
Did the organization report any amount on Part X, line 5 or 22 for receivables from or payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons? If "Yes," complete Schedule L, Part II...........
26
 
No
27
Did the organization provide a grant or other assistance to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or employee thereof, a grant selection committee member, or to a 35% controlled entity (including an employee thereof) or family member of any of these persons?
If "Yes," complete
Schedule L, Part III.........................
27
 
No
28
Was the organization a party to a business transaction with one of the following parties (see the Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):
a
A current or former officer, director, trustee, key employee, creator or founder, or substantial contributor? If "Yes," complete Schedule L, Part IV......................
28a
 
No
b
A family member of any individual described in line 28a? If "Yes," complete Schedule L, Part IV.....
28b
 
No
c
A 35% controlled entity of one or more individuals and/or organizations described in line 28a or 28b? If "Yes," complete Schedule L, Part IV.....................
28c
 
No
29
Did the organization receive more than $25,000 in non-cash contributions? If "Yes," complete Schedule M..
29
 
No
30
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes," complete Schedule M .................
30
 
No
31
Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N, Part I
31
 
No
32
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete Schedule N, Part II........................
32
 
No
33
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If "Yes," complete Schedule R, Part I............
33
 
No
34
Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Part II, III, or IV, and Part V, line 1.........................
34
 
No
35a
Did the organization have a controlled entity within the meaning of section 512(b)(13)?
35a
 
No
b
If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2 ...
35b
 
 
36
Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If "Yes," complete Schedule R, Part V, line 2.............
36
 
 
37
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VI
37
 
No
38
Did the organization complete Schedule O and provide explanations on Schedule O for Part VI, lines 11b and 19? Note. All Form 990 filers are required to complete Schedule O. ............
38
Yes
 
Part V
Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response or note to any line in this Part V...........
Yes
No
1a
Enter the number reported in box 3 of Form 1096. Enter -0- if not applicable ..
1a
169
b
Enter the number of Forms W-2G included on line 1a. Enter -0- if not applicable .
1b
0
c
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................
1c
Yes
 
Form 990 (2021)
Form 990 (2021)
Page 5
Part V
Statements Regarding Other IRS Filings and Tax Compliance (continued)
2a
Enter the number of employees reported on Form W-3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered by this return ..................
2a
312
b
If at least one is reported on line 2a, did the organization file all required federal employment tax returns?
Note. If the sum of lines 1a and 2a is greater than 250, you may be required to e-file. See instructions.
2b
Yes
 
3a
Did the organization have unrelated business gross income of $1,000 or more during the year?...
3a
 
No
b
If “Yes,” has it filed a Form 990-T for this year? If “No” to line 3b, provide an explanation in Schedule O...
3b
 
 
4a
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)? ..
4a
 
No
b
If "Yes," enter the name of the foreign country: MediumBullet
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? ..
5a
 
No
b
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?
5b
 
No
c
If "Yes," to line 5a or 5b, did the organization file Form 8886-T? ............
5c
 
 
6a
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions? ...
6a
Yes
 
b
If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible? ......................
6b
Yes
 
7
Organizations that may receive deductible contributions under section 170(c).
a
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor? ....................
7a
 
 
b
If "Yes," did the organization notify the donor of the value of the goods or services provided? .....
7b
 
 
c
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282? .........................
7c
 
 
d
If "Yes," indicate the number of Forms 8282 filed during the year ....
7d
 
e
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?
7e
 
 
f
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ..
7f
 
 
g
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required? ......................
7g
 
 
h
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C? ..........................
7h
 
 
8
Sponsoring organizations maintaining donor advised funds. Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year? ........
8
 
 
9
Sponsoring organizations maintaining donor advised funds.
a
Did the sponsoring organization make any taxable distributions under section 4966?........
9a
 
 
b
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?...
9b
 
 
10
Section 501(c)(7) organizations. Enter:
a
Initiation fees and capital contributions included on Part VIII, line 12 ...
10a
 
b
Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities
10b
 
11
Section 501(c)(12) organizations. Enter:
a
Gross income from members or shareholders .........
11a
 
b
Gross income from other sources. (Do not net amounts due or paid to other sources against amounts due or received from them.) ..........
11b
 
12a
Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?
12a
 
 
b
If "Yes," enter the amount of tax-exempt interest received or accrued during the year.
12b
 
13
Section 501(c)(29) qualified nonprofit health insurance issuers.
a
Is the organization licensed to issue qualified health plans in more than one state? .........
Note. See the instructions for additional information the organization must report on Schedule O.
13a
 
 
b
Enter the amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans ....
13b
 
c
Enter the amount of reserves on hand ............
13c
 
14a
Did the organization receive any payments for indoor tanning services during the tax year?.....
14a
 
No
b
If "Yes," has it filed a Form 720 to report these payments? If "No," provide an explanation in Schedule O..
14b
 
 
15
Is the organization subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or excess parachute payment(s) during the year? ....................
If "Yes," see the instructions and file Form 4720, Schedule N.
15
Yes
 
16
Is the organization an educational institution subject to the section 4968 excise tax on net investment income? ..
If "Yes," complete Form 4720, Schedule O.
16
 
No
17
Section 501(c)(21) organizations. Did the trust, any disqualified person, or mine operator engage in any activities that would result in the imposition of an excise tax under section 4951, 4952, or 4953? ..
If "Yes," complete Form 6069.
17
 
 
Form 990 (2021)
Form 990 (2021)
Page 6
Part VI
Governance, Management, and Disclosure. For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule O contains a response or note to any line in this Part VI..............
Section A. Governing Body and Management
Yes
No
1a
Enter the number of voting members of the governing body at the end of the tax year
1a
23
If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.
b
Enter the number of voting members included in line 1a, above, who are independent
1b
23
2
Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................
2
 
No
3
Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? .
3
 
No
4
Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? .
4
 
No
5
Did the organization become aware during the year of a significant diversion of the organization’s assets? .
5
 
No
6
Did the organization have members or stockholders? ................
6
Yes
 
7a
Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body? ....................
7a
Yes
 
b
Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ...................
7b
Yes
 
8
Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a
The governing body? .......................
8a
Yes
 
b
Each committee with authority to act on behalf of the governing body? ............
8b
Yes
 
9
Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If "Yes," provide the names and addresses in Schedule O.......
9
 
No
Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)
Yes
No
10a
Did the organization have local chapters, branches, or affiliates? ............
10a
 
No
b
If "Yes," did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes?
10b
 
 
11a
Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form? ............................
11a
Yes
 
b
Describe on Schedule O the process, if any, used by the organization to review this Form 990. .....
12a
Did the organization have a written conflict of interest policy? If "No," go to line 13.......
12a
Yes
 
b
Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ..........................
12b
Yes
 
c
Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe on Schedule O how this was done...................
12c
Yes
 
13
Did the organization have a written whistleblower policy? ...............
13
Yes
 
14
Did the organization have a written document retention and destruction policy? .........
14
Yes
 
15
Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a
The organization’s CEO, Executive Director, or top management official ...........
15a
Yes
 
b
Other officers or key employees of the organization ................
15b
 
No
If "Yes" to line 15a or 15b, describe the process on Schedule O. See instructions.
16a
Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................
16a
 
No
b
If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements? ............
16b
 
 
Section C. Disclosure
17
List the states with which a copy of this Form 990 is required to be filedMediumBullet
AZ , GA
18
Section 6104 requires an organization to make its Form 1023 (1024 or 1024-A, if applicable), 990, and 990-T (section 501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.
19
Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.
20
State the name, address, and telephone number of the person who possesses the organization's books and records:
MediumBulletYU LING WANG20701 COOPERATIVE WAY   DULLES,VA20166 (703) 467-1800
Form 990 (2021)
Form 990 (2021)
Page 7
Part VII
Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Check if Schedule O contains a response or note to any line in this Part VII..............
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

RoundBullet List all of the organization’s current key employees, if any. See the instructions for definition of "key employee."
RoundBullet List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (box 5 of Form W-2, Form 1099-MISC, and/or box 1 of Form 1099-NEC) of more than $100,000 from the
organization and any related organizations.

RoundBullet List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

RoundBullet List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

See the instructions for the order in which to list the persons above.
Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.
(A)
Name and title 		(B)
Average hours per week (list any hours for related organizations below dotted line) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC) 		(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(1) BRUCE A VITOSH......................................................................
PRESIDENT
 10.00
.................
  		X   X       70,000 0 0
(2) DAVID E FELKEL......................................................................
VICE PRESIDENT
 5.00
.................
  		X   X       70,000 0 0
(3) G ANTHONY NORTON......................................................................
SECY TREASURER
 17.00
.................
  		X   X       67,917 0 0
(4) DENNIS FULK......................................................................
DIRECTOR
 10.00
.................
  		X           65,000 0 0
(5) BARBARA E HAMPTON......................................................................
DIRECTOR
 6.00
.................
  		X           65,000 0 0
(6) BRADLEY P JANORSCHKE......................................................................
DIRECTOR
 6.00
.................
  		X           62,917 0 0
(7) MARK A SUGGS......................................................................
DIRECTOR
 6.00
.................
  		X           62,917 0 0
(8) ANTHONY LARSON......................................................................
DIRECTOR
 10.00
.................
  		X           62,083 0 0
(9) ANTHONY A ANDERSON......................................................................
DIRECTOR
 4.00
.................
  		X           60,000 0 0
(10) THOMAS A BAILEY......................................................................
DIRECTOR
 6.00
.................
  		X           60,000 0 0
(11) CHRIS CHRISTENSEN TO 323......................................................................
DIRECTOR
 5.00
.................
  		X           60,000 0 0
(12) JARED ECHTERNACH......................................................................
DIRECTOR
 8.00
.................
  		X           60,000 0 0
(13) TIMOTHY ELDRIDGE......................................................................
DIRECTOR
 6.00
.................
  		X           60,000 0 0
(14) WILLIAM KEITH HAYWARD......................................................................
DIRECTOR
 13.00
.................
  		X           60,000 0 0
(15) MICHAEL HEINEN......................................................................
DIRECTOR
 3.00
.................
  		X           60,000 0 0
(16) BRENT MCRAE......................................................................
DIRECTOR
 8.00
.................
  		X           60,000 0 0
(17) JOHN METCALF......................................................................
DIRECTOR
 6.00
.................
  		X           60,000 0 0
Form 990 (2021)
Form 990 (2021)
Page 8
Part VII
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A)
Name and title 		(B)
Average hours per week (list any hours for related organizations below dotted line) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC) 		(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(18) KENDALL MONTGOMERY........................................................................
DIRECTOR
 9.00
.......................   		X           60,000 0 0
(19) JEFFREY ALLEN REHDER........................................................................
DIRECTOR
 3.00
.......................   		X           60,000 0 0
(20) MARSHA L THOMPSON........................................................................
DIRECTOR
 11.00
.......................   		X           60,000 0 0
(21) KEVIN M BENDER TO 0822........................................................................
DIRECTOR
 5.00
.......................   		X           40,000 0 0
(22) CHARLES A ABEL II BEGIN 0622........................................................................
DIRECTOR
 5.00
.......................   		X           35,000 0 0
(23) SHANE LARSON BEGIN 0622........................................................................
DIRECTOR
 10.00
.......................   		X           35,000 0 0
(24) ALAN W WATTLES TO 0622........................................................................
DIRECTOR
 8.00
.......................   		X           29,167 0 0
(25) ROBERT BROCKMAN TO 0622........................................................................
DIRECTOR
 8.00
.......................   		X           25,000 0 0
(26) BRUCE ANTHONY EVERHART BEGIN 1022........................................................................
DIRECTOR
 4.00
.......................   		X           15,000 0 0
(27) JOSEPH D MARTIN BEGIN 0323........................................................................
DIRECTOR
 0.00
.......................   		X           0 0 0
(28) JONATHON ANDREW DON........................................................................
CEO
 70.00
.......................   		    X       2,216,387 0 176,671
(29) JOEL ALLEN........................................................................
SVP, MEMBER SERVICES GROUP
 50.00
.......................   		    X       629,645 0 370,804
(30) YU LING WANG........................................................................
SVP & CFO
 75.00
.......................   		    X       534,048 0 243,444
(31) GHOLAM M SALEH........................................................................
SVP & CHIEF RISK OFFICER
 70.00
.......................   		    X       508,214 0 124,185
(32) GARY A BRADBURY........................................................................
SVP & COO
 55.00
.......................   		    X       446,228 0 175,721
(33) BRAD CAPTAIN........................................................................
SVP & CHIEF CORP AFFAIRS OFFICER
 55.00
.......................   		    X       585,496 0 -1,644
(34) MARK SNOWDEN 422 TO 323........................................................................
SVP, STRATEGIC SERVICES
 45.00
.......................   		    X       432,251 0 71,567
(35) JILL MAISON AS OF 123........................................................................
SVP, RELATIONSHIP MANAGEMENT
 50.00
.......................   		    X       308,074 0 158,266
(36) NATHAN HOWARD AS OF 422........................................................................
SVP & GEN COUNSEL
 55.00
.......................   		    X       335,825 0 55,838
(37) DAVID W OLAH........................................................................
VP, PORTFOLIO MANAGEMENT
 50.00
.......................   		      X     342,633 0 154,346
(38) AMY S LUONGO........................................................................
VP, PORTFOLIO MANAGEMENT
 50.00
.......................   		      X     359,793 0 116,296
(39) W DANIEL CAWOOD........................................................................
VP, PORTFOLIO MANAGEMENT
 50.00
.......................   		      X     319,785 0 124,517
(40) VU LY........................................................................
VP, CAPITAL MARKETS
 60.00
.......................   		      X     258,958 0 87,117
(41) HEESUN CHOI AS OF 822........................................................................
VP, CAPITAL MARKET RELATIONS
 40.00
.......................   		      X     197,126 0 56,102
(42) JOHN FREDERICK SUTER........................................................................
VP, ECONOMIC RESEARCH
 40.00
.......................   		        X   349,332 0 251,118
(43) RICHARD PERREAULT........................................................................
VP AND CIO
 40.00
.......................   		        X   424,547 0 124,634
(44) LAWRENCE SAUNDERS........................................................................
VP, CREDIT RISK MANAGEMENT
 50.00
.......................   		        X   365,049 0 127,127
(45) MICHAEL RYAN THOMAS........................................................................
VP, STRAT FACILITATION SVCS
 50.00
.......................   		        X   347,239 0 115,586
(46) JONATHAN J POLETTI........................................................................
DIR, INFO SYS & DEPUTY CIO
 40.00
.......................   		        X   308,475 0 120,132
(47) ROBERTA B ARONSON TO 322........................................................................
FORMER SVP & GEN COUNSEL
 55.00
.......................   		          X 448,448 0 26,970
(48) GRACEANN CLENDENEN TO 621........................................................................
FORMER SVP & CAO
 0.00
.......................   		          X 206,689 0 -101,409
1b Sub-Total................MediumBullet
c Total from continuation sheets to Part VII, Section A....MediumBullet
d Total (add lines 1b and 1c)...........MediumBullet 11,349,243 0 2,577,388
2
Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization MediumBullet196
Yes
No
3
Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If "Yes," complete Schedule J for such individual ..............
3
Yes
 
4
For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If "Yes," complete Schedule J for such
individual...........................
4
Yes
 
5
Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If "Yes," complete Schedule J for such person ........
5
 
No
Section B. Independent Contractors
1
Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.
(A)
Name and business address 		(B)
Description of services 		(C)
Compensation
SUNERA TECHNOLOGIES INC

631 EAST BIG BEAVER RD SUITE 109
TROY,MI48083 		IT SERVICES 5,021,228
CORPORATE BROKERS LLC DBA TENTIAL

ONE PARK PL SUITE 590
ANNAPOLIS,MD21401 		IT SERVICES 3,880,759
IP DATASYSTEMS INC

6021 UNIVERSITY BLVD SUITE 420
ELLICOTT CITY,MD21042 		IT SERVICES 3,699,790
S&P GLOBAL RATINGS

55 WATER STREET
NEW YORK,NY10041 		FINANCIAL SERVICES 2,985,000
FIS LLC

601 RIVERSIDE AVE
JACKSONVILLE,FL32204 		IT SERVICES 2,293,314
2
Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization MediumBullet79
Form 990 (2021)
Form 990 (2021)
Page 9
Part VIII
Statement of Revenue
Check if Schedule O contains a response or note to any line in this Part VIII.............
(A)
Total revenue 		(B)
Related or
exempt
function
revenue 		(C)
Unrelated
business
revenue 		(D)
Revenue
excluded from
tax under sections
512 - 514
Contributions, Gifts, Grants, and OtherAmt Similar Amounts 1a Federated campaigns..1a  
b Membership dues..1b  
c Fundraising events..1c  
d Related organizations1d  
e Government grants (contributions)1e  
f All other contributions, gifts, grants, and similar amounts not included above1f  
g Noncash contributions included in lines 1a - 1f:$ 1g  
h Total. Add lines 1a-1f.......MediumBullet  
Program Service RevenueAmt Business Code
2a INTEREST FROM PSA 522200 1,321,660,783 1,321,660,783    
b DERIVATIVE CASH SETTLEMENTS 522200 265,197,106 265,197,106    
c OTHER INCOME-LOAN FEES 522200 17,649,159 17,649,159    
d RECOVERY FOR LOSSES 522200 -43,000 -43,000    
e G/L EARLY EXTINGUISHMENT OF DEBT 522200 -260,975 -260,975    
f All other program service revenue.        
g Total. Add lines 2a–2f .....MediumBullet 1,604,203,073
OtherAmtRevenueAmt 3 Investment income (including dividends, interest, and othersimilar amounts) ......MediumBullet 21,554,146     21,554,146
4 Income from investment of tax-exempt bond proceedsMediumBullet        
5 Royalties...........MediumBullet        
(ii) Personal (i) Real
6a Gross rents     6a
b Less: rental expenses     6b
c Rental income or (loss)     6c
d Net rental income or (loss).......MediumBullet        
(ii) Other (i) Securities
7a Gross amount from sales of assets other than inventory 100,102 492,881,183 7a
b Less: cost or other basis and sales expenses 80,632 496,765,040 7b
c Gain or (loss) 19,470 -3,883,857 7c
d Net gain or (loss).........MediumBullet -3,864,387     -3,864,387
8a Gross income from fundraising events (not including $   of contributions reported on line 1c). See Part IV, line 18 ....
8a  
b Less: direct expenses ... 8b  
c Net income or (loss) from fundraising events..MediumBullet      
9a Gross income from gaming activities.
See Part IV, line 19 ...
9a  
b Less: direct expenses ... 9b  
c Net income or (loss) from gaming activities..MediumBullet        
10a Gross sales of inventory, less
returns and allowances ..
10a  
b Less: cost of goods sold .. 10b  
c Net income or (loss) from sales of inventory..MediumBullet        
Business Code Miscellaneous Revenue
11a MANAGEMENT FEES 522200 7,230,920 7,230,920    
b INTEGRITY FUND COLLECTIONS FROM M 522200 1,140,243 1,140,243    
c            
d All other revenue ....        
e Total. Add lines 11a–11d ...... MediumBullet 8,371,163
12 Total revenue. See instructions.....MediumBullet 1,630,263,995 1,612,574,236 0 17,689,759
Form 990 (2021)
Form 990 (2021)
Page 10
Part IX
Statement of Functional Expenses
Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).Check if Schedule O contains a response or note to any line in this Part IX..............
Do not include amounts reported on lines 6b,
7b, 8b, 9b, and 10b of Part VIII. 		(A)
Total expenses 		(B)
Program service expenses 		(C)
Management and general expenses 		(D)
Fundraising
expenses
1 Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 .... 1,391,606 1,391,606
2 Grants and other assistance to domestic individuals. See Part IV, line 22 ...........    
3 Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............    
4 Benefits paid to or for members .......    
5 Compensation of current officers, directors, trustees, and key employees ........... 12,811,074   12,811,074  
6 Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........        
7 Other salaries and wages........ 32,759,197   32,759,197  
8 Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) .... 7,492,224   7,492,224  
9 Other employee benefits ....... 3,941,656   3,941,656  
10 Payroll taxes ........... 3,404,487   3,404,487  
11 Fees for services (non-employees):        
a Management ...... 868,800   868,800  
b Legal ......... 1,168,911   1,168,911  
c Accounting ........... 1,744,697   1,744,697  
d Lobbying ...........        
e Professional fundraising services. See Part IV, line 17    
f Investment management fees ...... 775,874 775,874    
g Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O) 8,200,883   8,200,883  
12 Advertising and promotion .... 1,416,673   1,416,673  
13 Office expenses ....... 1,455,844   1,455,844  
14 Information technology ...... 11,978,188   11,978,188  
15 Royalties ..        
16 Occupancy ........... 2,784,484   2,784,484  
17 Travel ............ 2,963,257   2,963,257  
18 Payments of travel or entertainment expenses for any federal, state, or local public officials .        
19 Conferences, conventions, and meetings .... 5,862,911   5,862,911  
20 Interest ........... 1,267,675,189 1,267,675,189    
21 Payments to affiliates .......        
22 Depreciation, depletion, and amortization .. 5,115,545   5,115,545  
23 Insurance ... 725,600   725,600  
24 Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a COMMITMENT FEE EXPENSE 1,080,376   1,080,376  
b TRAINING & RECRUITMENT 793,650   793,650  
c PROVISION FOR LOAN LOSS 603,000 603,000    
d DUES, SUBSCRIPTIONS & R 591,129   591,129  
e All other expenses 590,469   590,469  
25 Total functional expenses. Add lines 1 through 24e 1,378,195,724 1,270,445,669 107,750,055 0
26 Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here MediumBullet if following SOP 98-2 (ASC 958-720).        
Form 990 (2021)
Form 990 (2021)
Page 11
Part X
Balance Sheet
Check if Schedule O contains a response or note to any line in this Part IX..............
(A)
Beginning of year 		(B)
End of year
Assets 1 Cash–non-interest-bearing ........ 105,496,178 1 196,999,533
2 Savings and temporary cash investments ......... 53,957,138 2 8,916,183
3 Pledges and grants receivable, net ......   3  
4 Accounts receivable, net ............. 142,089,900 4 196,203,267
5 Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
  5  
6 Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
  6  
7 Notes and loans receivable, net ........... 29,975,930,812 7 32,463,216,503
8 Inventories for sale or use ............   8  
9 Prepaid expenses and deferred charges ...... 8,813,315 9 12,301,131
10a Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D 10a 163,519,487
b Less: accumulated depreciation 10b 77,507,995 101,762,170 10c 86,011,492
11 Investments—publicly traded securities . 574,383,962 11 484,618,734
12 Investments—other securities. See Part IV, line 11 ..... 25,520,000 12 25,750,000
13 Investments—program-related. See Part IV, line 11 ..   13  
14 Intangible assets ...............   14  
15 Other assets. See Part IV, line 11 ........... 233,861,119 15 509,656,128
16 Total assets. Add lines 1 through 15 (must equal line 33)... 31,221,814,594 16 33,983,672,971
Liabilities 17 Accounts payable and accrued expenses ..... 5,137,787,247 17 4,779,243,609
18 Grants payable ...   18  
19 Deferred revenue ......... 42,362,755 19 36,007,598
20 Tax-exempt bond liabilities .........   20  
21 Escrow or custodial account liability. Complete Part IV of Schedule D   21  
22 Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
  22  
23 Secured mortgages and notes payable to unrelated third parties .. 16,051,388,197 23 17,449,610,085
24 Unsecured notes and loans payable to unrelated third parties .. 7,714,731,233 24 9,003,499,413
25 Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D 154,836,719 25 147,117,472
26 Total liabilities. Add lines 17 through 25.. 29,101,106,151 26 31,415,478,177
Net Assets or Fund Balance Organizations that follow FASB ASC 958, check here MediumBullet and complete lines 27, 28, 32, and 33.
27 Net assets without donor restrictions ..........   27  
28 Net assets with donor restrictions ...........   28  
Organizations that do not follow FASB ASC 958, check here MediumBullet and complete lines 29 through 33.
29 Capital stock or trust principal, or current funds ..... 970,400 29 969,400
30 Paid-in or capital surplus, or land, building or equipment fund ... 0 30 0
31 Retained earnings, endowment, accumulated income, or other funds 2,119,738,043 31 2,567,225,394
32 Total net assets or fund balances ........... 2,120,708,443 32 2,568,194,794
33 Total liabilities and net assets/fund balances ........ 31,221,814,594 33 33,983,672,971
Form 990 (2021)
Form 990 (2021)
Page 12
Part XI
Reconcilliation of Net Assets
Check if Schedule O contains a response or note to any line in this Part XI..............
1
Total revenue (must equal Part VIII, column (A), line 12) ............
1
1,630,263,995
2
Total expenses (must equal Part IX, column (A), line 25) ............
2
1,378,195,724
3
Revenue less expenses. Subtract line 2 from line 1 ..............
3
252,068,271
4
Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) ..
4
2,120,708,443
5
Net unrealized gains (losses) on investments ...............
5
-1,090,601
6
Donated services and use of facilities .................
6
 
7
Investment expenses .....................
7
 
8
Prior period adjustments .....................
8
 
9
Other changes in net assets or fund balances (explain in Schedule O) ........
9
196,508,681
10
Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32, column (B))
10
2,568,194,794
Part XII
Financial Statements and Reporting
Check if Schedule O contains a response or note to any line in this Part XII.............
Yes
No
1
Accounting method used to prepare the Form 990:  
If the organization changed its method of accounting from a prior year or checked "Other," explain on
Schedule O.
2a
Were the organization’s financial statements compiled or reviewed by an independent accountant?
2a
 
No
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both:
b
Were the organization’s financial statements audited by an independent accountant?
2b
Yes
 
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both:
c
If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?
2c
Yes
 
If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.
3a
As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Single Audit Act and OMB Circular A-133?
3a
 
No
b
If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits.
3b
 
 
Form 990 (2021)
Form 990 (2021)
Additional Data


Software ID:  
Software Version:  
Form 990, Special Condition Description:
Special Condition Description
SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
SchDMd Bullet Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet Attach to Form 990.
SchDMd Bullet Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
Name of the organization
NATIONAL RURAL UTILITIES COOPERATIVE
FINANCE CORPORATION
Employer identification number

52-0891669
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year .........    
2 Aggregate value of contributions to (during year)    
3 Aggregate value of grants from (during year)    
4 Aggregate value at end of year ........    
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................
Part II
Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ...................... 2a  
b Total acreage restricted by conservation easements .................... 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after 7/25/06, and not on a historic structure listed in the National Register ... 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet  
4
Number of states where property subject to conservation easement is located SchDMd Bullet  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............
6
Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet  
7
Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet $  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................
9
In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:
(i)
Revenue included on Form 990, Part VIII, line 1 .........................SchDMd Bullet $  
(ii)
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:
a
Revenue included on Form 990, Part VIII, line 1 ..........................SchDMd Bullet $  
b
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 52283D
Schedule D (Form 990) 2021

Schedule D (Form 990) 2021
Page 2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b If "Yes," explain the arrangement in Part XIII and complete the following table: Amount
c Beginning balance ............................. 1c  
d Additions during the year ............................ 1d  
e Distributions during the year .......................... 1e  
f Ending balance ................................ 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...
b
If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....
Part V
Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.
(a) Current year (b) Prior year (c) Two years back (d) Three years back (e) Four years back
1a Beginning of year balance ....          
b Contributions ...          
c Net investment earnings, gains, and losses          
d Grants or scholarships ...          
e Other expenditures for facilities
and programs ... 		         
f Administrative expenses ....          
g End of year balance ......          
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment SchDMd Bullet  
b
Permanent endowment SchDMd Bullet  
c
Term endowment SchDMd Bullet  
The percentages on lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) Unrelated organizations .................
3a(i)
 
 
(ii) Related organizations .................
3a(ii)
 
 
b
If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
Describe in Part XIII the intended uses of the organization's endowment funds.
Part VI
Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis
(investment) 		(b) Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land ..... 23,795,971   23,795,971
b Buildings .... 56,647,620   26,228,897 30,418,723
c Leasehold improvements        
d Equipment ....        
e Other ..... 83,075,896   51,279,098 31,796,798
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..SchDMdBullet 86,011,492
Schedule D (Form 990) 2021

Schedule D (Form 990) 2021
Page 3
Part VII
Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b) Book value (c) Method of valuation:
Cost or end-of-year market value
(1) Financial derivatives.........    
(2) Closely-held equity interests........    
(3)Other
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)Small Bullet  
Part VIII
Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.
(a) Description of investment (b) Book value (c) Method of valuation:
Cost or end-of-year market value
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)Small Bullet  
Part IX
Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........Small Bullet  
Part X
Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.
1.(a) Description of liability (b) Book value
(1) Federal income taxes  
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)Small Bullet 147,117,472
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII
Schedule D (Form 990) 2021

Schedule D (Form 990) 2021
Page 4
Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements ....... 1  
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments .... 2a  
b Donated services and use of facilities ......... 2b  
c Recoveries of prior year grants ........... 2c  
d Other (Describe in Part XIII.) ............ 2d  
e Add lines 2a through 2d ..................... 2e  
3 Subtract line 2e from line 1.................. 3  
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a  
b Other (Describe in Part XIII.) ........... 4b  
c Add lines 4a and 4b.................... 4c  
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5  
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements ........... 1  
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities ......... 2a  
b Prior year adjustments ............ 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIII.) ............ 2d  
e Add lines 2a through 2d.................... 2e  
3 Subtract line 2e from line 1................... 3  
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a  
b Other (Describe in Part XIII.) ............ 4b  
c Add lines 4a and 4b..................... 4c  
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ...... 5  
Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.
Return Reference Explanation
PART X, LINE 2: WHILE CFC IS EXEMPT UNDER SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE, IT IS SUBJECT TO TAX ON UNRELATED BUSINESS TAXABLE INCOME. THE INCOME TAX BENEFIT (EXPENSE) RECORDED IN THE CONSOLIDATED STATEMENT OF OPERATIONS REPRESENTS THE INCOME TAX BENEFIT (EXPENSE) AT THE APPLICABLE COMBINED FEDERAL AND STATE INCOME TAX RATES RESULTING FROM A STATUTORY TAX RATE.
Schedule D (Form 990) 2021


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Schedule I
(Form 990)
Department of the Treasury
Internal Revenue Service
Grants and Other Assistance to Organizations,
Governments and Individuals in the United States
Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet Attach to Form 990.
lBullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2022
Open to Public
Inspection
Name of the organization
NATIONAL RURAL UTILITIES COOPERATIVE
FINANCE CORPORATION
Employer identification number
52-0891669
Part I
General Information on Grants and Assistance
1
Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................
2
Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.
Part II
Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient
that received more than $5,000. Part II can be duplicated if additional space is needed.
(a) Name and address of organization
or government		 (b) EIN (c) IRC section
(if applicable)		 (d) Amount of cash grant (e) Amount of non-cash
assistance		 (f) Method of valuation
(book, FMV, appraisal,
other)		 (g) Description of
noncash assistance		 (h) Purpose of grant
or assistance
(1) SAWNEE ELECTRIC MEMBERSHIP CORPORATION
PO BOX 266
CUMMING,GA300282066 		58-0246393 501(C)(12) 150,000 0     INTEGRITY FUND-THREATENS EXISTENCE UNDER THE COOPERATIVE BUSINESS MODEL
(2) WYOMING RURAL ELECTRIC ASSOCIATION
2312 CAREY AVENUE
CHEYENNE,WY820013627 		83-0207211 501(C)(6) 54,378 0     INTEGRITY FUND-TERRITORY THREAT & ED FUND-YOUTH TOUR & LEAD AG PROGRAM
(3) TODD-WADENA ELECTRIC COOPERATIVE
PO BOX 431
WADENA,MN56482 		41-0579258 501(C)(12) 28,378 0     INTEGRITY FUND-TERRITORY THREAT
(4) CO-MO ELECTRIC COOPERATIVE INC
PO BOX 220
TIPTON,MO650810220 		44-0207675 501(C)(12) 66,936 0     INTEGRITY FUND-TERRITORY THREAT
(5) CONCHO VALLEY ELECTRIC COOPERATIVE INC
PO BOX 3388
SAN ANGELO,TX769023388 		75-0204684 501(C)(12) 150,000 0     INTEGRITY FUND-THREATENS EXISTENCE UNDER THE COOPERATIVE BUSINESS MODEL
(6) CLAY UNION ELECTRIC CORPORATION
PO BOX 317
VERMILLION,SD570690317 		46-0120430 501(C)(12) 5,453 0     INTEGRITY FUND-TERRITORY THREAT
(7) TENNESSEE ELECTRIC COOPERATIVE ASSOCIATION
PO BOX 100912
NASHVILLE,TN37224 		62-0461379 501(C)(6) 19,500 0     EDUCATIONAL FUND-YOUTH LEADERSHIP SUMMIT
(8) SOUTH DAKOTA RURAL ELECTRIC ASSOCIATION INC
PO BOX 1138
PIERRE,SD57501 		46-0231254 501(C)(12) 20,250 0     EDUCATIONAL FUND-YOUTH EXCURSION
(9) TEXAS ELECTRIC COOPERATIVES INC
1122 COLORADO ST STE 2400
AUSTIN,TX787012167 		74-1007829 277 48,400 0     EDUCATIONAL FUND-YOUR TOUR MAGAZINE AND TEXAS CO-OP POWER TOOL KIT
(10) WASHINGTON RURAL ELECTRIC COOPERATIVE ASSOCIATION
PO BOX 7219
OLYMPIA,WA98507 		91-1236389 501(C)(6) 18,250 0     EDUCATIONAL FUND-WRECA ANNUAL MEETING
(11) WISCONSIN ELECTRIC COOPERATIVE ASSOCIATION
222 WEST WASHINGTON AVENUE SUITE
680
MADISON,WI537032719 		39-1128018 501(C)(6) 26,750 0     EDUCATIONAL FUND-WISCONSIN YOUTH LEADERSHIP CONGRESS
(12) ARKANSAS ELECTRIC COOPERATIVE INC
PO BOX 194208
LITTLE ROCK,AR722194208 		71-0332419 501(C)(12) 13,400 0     EDUCATIONAL FUND-TRAINING FOR STATEWIDE STAFF AND EMPLOYEES AT MEMBER SYSTEMS
(13) MONTANA ELECTRIC COOPERATIVES' ASSOCIATION
PO BOX 1306
GREAT FALLS,MT59403 		81-0229220 501(C)(6) 24,250 0     EDUCATIONAL FUND-THE TODAY'S MEMBERS PROGRAM AND NRECA YOUTH TOUR OF WASHINGTON, DC
(14) NEW YORK STATE RURAL ELECTRIC COOPERATIVE ASSOCIATION INC
PO BOX 128
HARTWICK,NY133480128 		16-1264464 501(C)(6) 7,750 0     EDUCATIONAL FUND-STUDENT PARTICIPATION - NRECA LEG. CONFERENCE
(15) NEVADA RURAL ELECTRIC ASSOCIATION
1894 E WILLIAM STREET SUITE 4222
CARSON CITY,NV89701 		88-0237046 501(C)(6) 9,200 0     EDUCATIONAL FUND-STATEWIDE SMART ENERGY PROGRAM
(16) MISSOURI ELECTRIC COOPERATIVES
2722 E MCCARTY ST
JEFFERSON CITY,MO65101 		43-0631824 501(C)(6) 37,750 0     EDUCATIONAL FUND-RURAL ELECTRIC YOUTH TOUR AND YOUTH CONFERENCE AND LEADERSHIP EXP. (CYCLE)
(17) NEBRASKA RURAL ELECTRIC ASSOCIATION
PO BOX 82048
LINCOLN,NE68501 		47-0394033 501(C)(6) 22,250 0     EDUCATIONAL FUND-RURAL ELECTRIC YOUTH TOUR
(18) ASSOCIATION OF LOUISIANA ELECTRIC COOPERATIVES INC
10725 AIRLINE HIGHWAY
BATON ROUGE,LA708164299 		72-0400467 501(C)(6) 12,750 0     EDUCATIONAL FUND-RURAL ELECTRIC COOPERATIVES YOUTH TOUR
(19) PENNSYLVANIA RURAL ELECTRIC ASSOCIATION
PO BOX 1266
HARRISBURG,PA171081266 		23-6291530 501(C)(6) 26,250 0     EDUCATIONAL FUND-PREA COMMUNICATIONS WORKSHOP
(20) ALASKA POWER ASSOCIATION
703 WEST TUDOR ROAD SUITE 200
ANCHORAGE,AK995036650 		92-0069880 501(C)(6) 14,400 0     EDUCATIONAL FUND-NRECA YOUTH TOUR OF WASHINGTON, DC
(21) ELECTRIC COOPERATIVES OF MISSISSIPPI
PO BOX 3300
RIDGELAND,MS391583300 		64-0200697 501(C)(6) 18,600 0     EDUCATIONAL FUND-NRECA YOUTH TOUR OF WASHINGTON, DC
(22) GRAND CANYON STATE ELECTRIC COOPERATIVE ASSOCIATION
2210 S PRIEST DRIVE
TEMPE,AZ85282 		86-6056759 501(C)(6) 16,000 0     EDUCATIONAL FUND-NRECA YOUTH TOUR OF WASHINGTON, DC
(23) OKLAHOMA ASSOCIATION OF ELECTRIC COOPERATIVES INC
PO BOX 54309
OKLAHOMA CITY,OK731541309 		73-0556236 501(C)(6) 23,250 0     EDUCATIONAL FUND-NRECA YOUTH TOUR OF WASHINGTON, DC
(24) OHIO'S ELECTRIC COOPERATIVES
6677 BUSCH BOULEVARD
COLUMBUS,OH43229 		51-0174617 501(C)(6) 26,750 0     EDUCATIONAL FUND-NRECA COURSES AND LEADERSHIP PROGRAMS
(25) KENTUCKY ELECTRIC COOPERATIVES
PO BOX 32170
LOUISVILLE,KY40232 		61-0420165 501(C)(6) 18,500 0     EDUCATIONAL FUND-NRECA COURSES AND LEADERSHIP PROGRAMS
(26) OREGON RURAL ELECTRIC COOPERATIVE ASSOCIATION
8565 SW SALISH LANE SUITE 130
WILSONVILLE,OR970709674 		93-0593238 501(C)(6) 24,500 0     EDUCATIONAL FUND-LEGISLATOR OUTREACH PROGRAM & DIRECTOR EDUCATION
(27) MICHIGAN ELECTRIC COOPERATIVE ASSOCIATION
201 TOWNSEND STREET SUITE 900
LANSING,MI489331529 		38-2214287 501(C)(6) 12,000 0     EDUCATIONAL FUND-LEARNING MANAGEMENT SYSTEM FOR MEMBER COOPERATIVES
(28) IDAHO CONSUMER-OWNED UTILITIES ASSOCIATION
PO BOX 1898
BOISE,ID837011898 		82-0502739 501(C)(6) 11,600 0     EDUCATIONAL FUND-ICUA YOUTH RALLY & ICUA MEMBERS CONFERENCE
(29) GEORGIA ELECTRIC MEMBERSHIP CORPORATION
2100 EAST EXCHANGE PLACE
TUCKER,GA300845336 		58-0530279 501(C)(6) 32,500 0     EDUCATIONAL FUND-GEORGIA EMC SUNBELT AGRICULTURAL EXPOSITION EXHIBIT
(30) FLORIDA ELECTRIC COOPERATIVES ASSOCIATION INC
2916 APALACHEE PARKWAY
TALLAHASSEE,FL32301 		59-0633990 501(C)(6) 11,600 0     EDUCATIONAL FUND-FECA SUMMER LEADERSHIP CONFERENCE
(31) COLORADO RURAL ELECTRIC ASSOCIATION
5400 WASHINGTON STREET
DENVER,CO80216 		84-0411220 501(C)(6) 23,250 0     EDUCATIONAL FUND-EMPLOYEE EDUCATION COURSES
(32) THE ELECTRIC COOPERATIVES OF SOUTH CAROLINA INC
808 KNOX ABBOTT DRIVE
CAYCE,SC29033 		57-0308664 501(C)(6) 19,750 0     EDUCATIONAL FUND-EMPLOYEE AND DIRECTOR EDUCATION COURSES
(33) NEW MEXICO RURAL ELECTRIC COOPERATIVE ASSOCIATION
614 DON GASPAR AVENUE
SANTA FE,NM87505 		85-0155370 501(C)(6) 14,500 0     EDUCATIONAL FUND-EMPLOYEE AND DIRECTOR EDUCATION COURSES
(34) NORTH DAKOTA ASSOCIATION OF RURAL ELECTRIC COOPERATIVES
PO BOX 727
MANDAN,ND585540724 		45-0231058 501(C)(6) 12,600 0     EDUCATIONAL FUND-EDUCATIONAL RESOURCES AND MEMBER EDUCATION
(35) INDIANA ELECTRIC COOPERATIVES
8888 KEYSTONE CROSSING SUITE 1600
INDIANAPOLIS,IN46240 		35-1499808 501(C)(6) 28,600 0     EDUCATIONAL FUND-EDUCATIONAL RESOURCES AND MEMBER EDUCATION
(36) IOWA ASSOCIATION OF ELECTRIC COOPERATIVES
8525 DOUGLAS AVENUE STE 48
DES MOINES,IA503222992 		42-0662488 501(C)(6) 25,800 0     EDUCATIONAL FUND-EDUCATIONAL CONTENT FOR LIVING WITH ENERGY IN IOWA MAGAZINE
(37) GOLDEN STATE POWER COOPERATIVE
PO BOX 1815
GRAEAGLE,CA96103 		68-0441905 501(C)(6) 7,000 0     EDUCATIONAL FUND-COOPERATIVE DEVELOPMENT & EDUCATION
(38) NORTH CAROLINA ASSOCIATION OF ELECTRIC COOPERATIVES INC
3400 SUMNER BLVD
RALEIGH,NC27616 		56-1189186 501(C)(6) 21,500 0     EDUCATIONAL FUND-BRIGHT IDEAS EDUCATION GRANT PROGRAM
(39) VA MD & DE ASSOCIATION OF ELECTRIC COOPERATIVES
4201 DOMINION BLVD SUITE 101
GLEN ALLEN,VA23060 		54-0553861 501(C)(6) 20,200 0     EDUCATIONAL FUND-BOARD TRAINING AND EDUCATION
(40) MINNESOTA RURAL ELECTRIC ASSOCIATION
11640 - 73RD AVENUE NORTH
MAPLE GROVE,MN55369 		41-0417193 501(C)(6) 32,000 0     EDUCATIONAL FUND-BOARD LEADERSHIP CERTIFICATE DIRECTOR COURSES
(41) KANSAS ELECTRIC COOPERATIVES INC
PO BOX 4267
TOPEKA,KS666040267 		48-0541902 501(C)(12) 19,600 0     EDUCATIONAL FUND-BACK TO BASICS EDUCATIONAL PROGRAM
(42) ALABAMA RURAL ELECTRIC ASSOCIATION OF COOPERATIVES
PO BOX 244014
MONTGOMERY,AL361244014 		63-0264081 501(C)(6) 17,400 0     EDUCATIONAL FUND-AREA SUMMER CONFERENCE
(43) NRECA
PO BOX 207434
DALLAS,TX753207434 		53-0116145 501(C)(6) 187,311 0     EDUCATIONAL FUND NRECA
(44) UTAH RURAL ELECTRIC ASSOCIATION INC
10714 SOUTH JORDAN GATEWAY SUITE
300
SOUTH JORDAN,UT84095 		87-0402010 501(C)(6) 10,500 0     EDUCATION FUND-NEW LEGISLATOR EDUCATION PROGRAM
2
Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image
0
3
Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image
44
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50055P
Schedule I (Form 990) 2022

Schedule I (Form 990) 2022
Page 2
Part III
Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.
(a) Type of grant or assistance (b) Number of
recipients		 (c) Amount of
cash grant		 (d) Amount of
noncash assistance		 (e) Method of valuation (book,
FMV, appraisal, other)		 (f) Description of noncash assistance
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Part IV
Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.
Return Reference Explanation
PART I, LINE 2: INTEGRITY FUND IN ORDER TO BE CONSIDERED FOR A GRANT FROM THE INTEGRITY FUND, A RURAL ELECTRIC SYSTEM MUST ESTABLISH THAT THERE IS AT LEAST ONE OF THE FOLLOWING THREE THREATS TO THE INTEGRITY OF ITS SYSTEM: (I) ALL, OR A SIGNIFICANT PORTION, OF ITS GEOGRAPHICALLY DEFINED TERRITORY OR SPECIFICALLY IDENTIFIED PRESENT OR ANTICIPATED CONSUMERS AND/OR ELECTRIC FACILITIES FACE A THREAT OF ACQUISITION BY A COMPETING ENTITY, (II) THE COOPERATIVE FACES A THREAT OF ITS RIGHT TO OFFER NON-ELECTRIC ENERGY SERVICES TO CONSUMERS, OR (III) THE COOPERATIVE IS FACING REGULATORY, JUDICIAL OR LEGISLATIVE CHALLENGES THAT THREATEN ITS EXISTENCE UNDER THE COOPERATIVE BUSINESS MODEL. EDUCATION FUND -- EACH STATEWIDE ASSOCIATION AND ELIGIBLE REGIONAL ASSOCIATION WILL SUBMIT AN APPLICATION FORM DESCRIBING THE PROGRAM FOR WHICH THE GRANT WILL BE USED. CFC CALCULATES THE AMOUNT ALLOTTED TO EACH APPLICANT DURING THE FISCAL YEAR BASED UPON THE TOTAL NUMBER OF CO-OPS WHICH ARE MEMBERS OF CFC AND OF THE ASSOCIATION, WITH RESPECT TO STATEWIDE ASSOCIATIONS, THE NUMBER OF STATES EACH APPLICANT REPRESENTS, AND THE NUMBER OF CO-OPS THAT ARE 100% CFC BORROWERS. THE SENIOR VICE PRESIDENT OF CFC'S CORPORATE RELATIONS GROUP APPROVES THE APPLICATIONS MADE BY THE ASSOCIATIONS. CHARITABLE CONTRIBUTIONS -- CFC OCCASIONALLY MAKES DONATIONS TO 501(C)(3) TAX-EXEMPT ORGANIZATIONS FOR CHARITABLE PURPOSES. WHEN DOING SO, IT RECEIVES A DONOR ACKNOWLEDGMENT LETTER WHICH IT MAINTAINS AS DOCUMENTATION OF THIS DONATION. IF ANY DONATIONS OR GRANTS ARE MADE FOR A PARTICULAR CHARITABLE PURPOSE, CFC REQUIRES THAT THE GRANTEE PROVIDE THE ORGANIZATION WITH REPORTS OF EXPENDITURES SO THAT CFC IS ABLE TO CONFIRM THAT THE FUNDS WERE EXPENDED FOR THE INTENDED PURPOSE.
Schedule I (Form 990) 2022



Additional Data


Software ID:  
Software Version:  


Schedule J
(Form 990)
Department of the Treasury
Internal Revenue Service
Compensation Information
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
SchJMediumBullet Attach to Form 990.
SchJMediumBullet Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2022
Open to Public Inspection
Name of the organization
NATIONAL RURAL UTILITIES COOPERATIVE
FINANCE CORPORATION
Employer identification number

52-0891669
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
b
If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....
1b
Yes
 
2
Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....
2
 
No
3
Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.
4
During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment? .............
4a
 
No
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........
4b
Yes
 
c
Participate in, or receive payment from, an equity-based compensation arrangement? .........
4c
 
No
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.
5
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization? ....................
5a
 
No
b
Any related organization? .......................
5b
 
No
If "Yes," on line 5a or 5b, describe in Part III.
6
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization? ..................
6a
 
No
b
Any related organization? ......................
6b
 
No
If "Yes," on line 6a or 6b, describe in Part III.
7
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............
7
Yes
 
8
Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................
8
 
No
9
If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................
9
 
 
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50053T
Schedule J (Form 990) 2022

Schedule J (Form 990) 2022
Page 2
Part II
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.
For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.
(A) Name and Title (B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC (C) Retirement and other deferred compensation (D) Nontaxable
benefits		 (E) Total of columns
(B)(i)-(D) 		(F) Compensation in column (B) reported as deferred on prior Form 990
(i) Base
compensation 		(ii) Bonus & incentive
compensation 		(iii) Other reportable compensation
1JONATHON ANDREW DON
CEO 		(i)

(ii)		 970,894
-------------
0 		287,760
-------------
0 		957,733
-------------
0 		144,350
-------------
0 		32,321
-------------
0 		2,393,058
-------------
0 		0
-------------
0
2JOEL ALLEN
SVP, MEMBER SERVICES GROUP 		(i)

(ii)		 427,349
-------------
0 		168,800
-------------
0 		33,496
-------------
0 		334,158
-------------
0 		36,646
-------------
0 		1,000,449
-------------
0 		0
-------------
0
3YU LING WANG
SVP & CFO 		(i)

(ii)		 399,798
-------------
0 		119,400
-------------
0 		14,850
-------------
0 		225,366
-------------
0 		18,078
-------------
0 		777,492
-------------
0 		0
-------------
0
4GHOLAM M SALEH
SVP & CHIEF RISK OFFICER 		(i)

(ii)		 362,912
-------------
0 		126,390
-------------
0 		18,912
-------------
0 		93,860
-------------
0 		30,325
-------------
0 		632,399
-------------
0 		0
-------------
0
5GARY A BRADBURY
SVP & COO 		(i)

(ii)		 315,633
-------------
0 		104,300
-------------
0 		26,295
-------------
0 		138,286
-------------
0 		37,435
-------------
0 		621,949
-------------
0 		0
-------------
0
6JOHN FREDERICK SUTER
VP, ECONOMIC RESEARCH 		(i)

(ii)		 202,688
-------------
0 		74,598
-------------
0 		72,046
-------------
0 		214,395
-------------
0 		36,723
-------------
0 		600,450
-------------
0 		0
-------------
0
7BRAD CAPTAIN
SVP & CHIEF CORP AFFAIRS OFFICER 		(i)

(ii)		 376,599
-------------
0 		158,270
-------------
0 		50,627
-------------
0 		-7,875
-------------
0 		6,231
-------------
0 		583,852
-------------
0 		0
-------------
0
8RICHARD PERREAULT
VP AND CIO 		(i)

(ii)		 313,948
-------------
0 		90,539
-------------
0 		20,060
-------------
0 		87,356
-------------
0 		37,278
-------------
0 		549,181
-------------
0 		0
-------------
0
9MARK SNOWDEN 422 TO 323
SVP, STRATEGIC SERVICES 		(i)

(ii)		 273,802
-------------
0 		91,295
-------------
0 		67,154
-------------
0 		49,447
-------------
0 		22,120
-------------
0 		503,818
-------------
0 		0
-------------
0
10DAVID W OLAH
VP, PORTFOLIO MANAGEMENT 		(i)

(ii)		 261,257
-------------
0 		71,794
-------------
0 		9,582
-------------
0 		124,224
-------------
0 		30,122
-------------
0 		496,979
-------------
0 		0
-------------
0
11LAWRENCE SAUNDERS
VP, CREDIT RISK MANAGEMENT 		(i)

(ii)		 265,042
-------------
0 		90,412
-------------
0 		9,595
-------------
0 		101,385
-------------
0 		25,742
-------------
0 		492,176
-------------
0 		0
-------------
0
12AMY S LUONGO
VP, PORTFOLIO MANAGEMENT 		(i)

(ii)		 262,494
-------------
0 		75,451
-------------
0 		21,848
-------------
0 		98,604
-------------
0 		17,692
-------------
0 		476,089
-------------
0 		0
-------------
0
13ROBERTA B ARONSON TO 322
FORMER SVP & GEN COUNSEL 		(i)

(ii)		 108,375
-------------
0 		127,681
-------------
0 		212,392
-------------
0 		25,566
-------------
0 		1,404
-------------
0 		475,418
-------------
0 		129,366
-------------
0
14JILL MAISON AS OF 123
SVP, RELATIONSHIP MANAGEMENT 		(i)

(ii)		 198,165
-------------
0 		59,100
-------------
0 		50,809
-------------
0 		153,624
-------------
0 		4,642
-------------
0 		466,340
-------------
0 		0
-------------
0
15MICHAEL RYAN THOMAS
VP, STRAT FACILITATION SVCS 		(i)

(ii)		 204,810
-------------
0 		58,317
-------------
0 		84,112
-------------
0 		82,865
-------------
0 		32,721
-------------
0 		462,825
-------------
0 		0
-------------
0
16W DANIEL CAWOOD
VP, PORTFOLIO MANAGEMENT 		(i)

(ii)		 239,333
-------------
0 		68,230
-------------
0 		12,222
-------------
0 		90,780
-------------
0 		33,737
-------------
0 		444,302
-------------
0 		0
-------------
0
17JONATHAN J POLETTI
DIR, INFO SYS & DEPUTY CIO 		(i)

(ii)		 215,363
-------------
0 		62,536
-------------
0 		30,576
-------------
0 		83,407
-------------
0 		36,725
-------------
0 		428,607
-------------
0 		0
-------------
0
18NATHAN HOWARD AS OF 422
SVP & GEN COUNSEL 		(i)

(ii)		 253,734
-------------
0 		61,470
-------------
0 		20,621
-------------
0 		54,270
-------------
0 		1,568
-------------
0 		391,663
-------------
0 		0
-------------
0
19VU LY
VP, CAPITAL MARKETS 		(i)

(ii)		 187,524
-------------
0 		50,610
-------------
0 		20,824
-------------
0 		51,923
-------------
0 		35,194
-------------
0 		346,075
-------------
0 		0
-------------
0
20HEESUN CHOI AS OF 822
VP, CAPITAL MARKET RELATIONS 		(i)

(ii)		 140,865
-------------
0 		39,761
-------------
0 		16,500
-------------
0 		38,922
-------------
0 		17,180
-------------
0 		253,228
-------------
0 		0
-------------
0
21GRACEANN CLENDENEN TO 621
FORMER SVP & CAO 		(i)

(ii)		 0
-------------
0 		125,842
-------------
0 		80,847
-------------
0 		-101,409
-------------
0 		0
-------------
0 		105,280
-------------
0 		80,847
-------------
0
Schedule J (Form 990) 2022

Schedule J (Form 990) 2022
Page 3
Part III
Supplemental Information
Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.
Return Reference Explanation
PART I, LINE 1A THE PERQUISITES PROVIDED TO THE CEO ARE LIMITED TO AN ANNUAL AUTOMOBILE ALLOWANCE AS WELL AS AN ANNUAL SPOUSAL AIR TRAVEL ALLOWANCE. ADDITIONALLY, MR. DON MAY RECEIVE AN ANNUAL EXECUTIVE PHYSICAL PAID FOR BY CFC. BECAUSE THE CEO IS FREQUENTLY REQUIRED TO TRAVEL TO MEMBER SITES IN RURAL PARTS OF THE COUNTRY, THE BOARD OF DIRECTORS HAS AUTHORIZED HIM TO OCCASIONALLY UTILIZE A PRIVATE PLANE SERVICE TO FACILITATE EXTENSIVE BUSINESS TRAVEL. THIS SERVICE HAS BEEN USED INFREQUENTLY AND IS SOLELY FOR BUSINESS PURPOSES.
PART I, LINE 1B TO PROVIDE THE ANNUAL AUTOMOBILE AND SPOUSAL AIR TRAVEL PERQUISITES IN AN EFFICIENT FASHION, THE BOARD AUTHORIZED AN ANNUAL ALLOWANCE RATHER THAN PROVIDING UNLIMITED REIMBURSEMENT OR USE OF A COMPANY-OWNED VEHICLE. THE AMOUNT OF EACH ALLOWANCE IS AUTHORIZED ANNUALLY BY THE BOARD AND IS DETERMINED BASED ON THE ESTIMATED COST FOR OPERATION AND MAINTENANCE OF AN AUTOMOBILE AND THE ANTICIPATED COST OF AIR TRAVEL BY MR. DON'S SPOUSE. THESE PAYMENTS WERE TREATED AS TAXABLE COMPENSATION. CFC DOES NOT HAVE A FORMAL POLICY REGARDING THESE PAYMENTS OR REIMBURSEMENT OF THESE EXPENSES. ALL OTHER APPROPRIATE BUSINESS EXPENSES INCURRED ARE SUBJECT TO AND REIMBURSED BY A FORMAL WRITTEN PLAN.
PART I, LINE 3 CFC'S COMPENSATION COMMITTEE (THE "COMMITTEE"), WHICH IS COMPRISED OF CFC EXECUTIVE COMMITTEE BOARD MEMBERS, DETERMINES AND APPROVES THE COMPENSATION OF CFC'S CEO. THE COMMITTEE ANNUALLY REVIEWS AND APPROVES APPROPRIATE CORPORATE GOALS AND OBJECTIVES RELATED TO THE CEO'S COMPENSATION AND EVALUATES PERFORMANCE IN LIGHT OF THOSE GOALS AND OBJECTIVES. THE CEO'S COMPENSATION IS COMPRISED OF BASE PAY, SHORT AND LONG TERM INCENTIVE COMPENSATION AND PERQUISITES. IN FISCAL YEAR 2023, AN INDEPENDENT CONSULTANT WAS ENGAGED BY THE COMMITTEE TO CONDUCT A COMPENSATION SURVEY AND PROVIDE COMPENSATION DATA FOR THE CEO POSITION USING PEER ORGANIZATIONS IDENTIFIED BY THE INDEPENDENT CONSULTANT THROUGH DISCUSSIONS WITH THE COMMITTEE. THE INDEPENDENT CONSULTANT INCLUDED COMPANIES IN THE COMPENSATION COMPARISON GROUP THAT WERE SIMILAR TO CFC IN ASSET SIZE, INDUSTRY AND BUSINESS DESCRIPTION. THE GROUP INCLUDED FINANCIAL INSTITUTIONS THAT ARE PRIVATE MARKET, COMMERCIAL AND/OR MISSION-DRIVEN LENDERS, OFFERING FULL SERVICE FINANCING, INVESTMENT AND RELATED SERVICES. THE COMPANIES TARGETED AS PEER COMPANIES INCLUDED TWO MEMBERS OF THE FARM CREDIT SYSTEM AND 11 REGIONAL BANKS OR FINANCIAL SERVICES COMPANIES. THE INDEPENDENT CONSULTANT LED THE COMMITTEE THROUGH AN ASSESSMENT OF CEO COMPENSATION DATA AT THE COMPARISON GROUP COMPANIES. THE INDEPENDENT CONSULTANT'S DATA INCLUDED BOTH ACTUAL COMPENSATION AND TARGET COMPENSATION BASED ON INFORMATION OBTAINED FROM EACH COMPARATOR GROUP COMPANY'S MOST RECENT ANNUAL REPORT OR PROXY STATEMENT. THE ELEMENTS OF COMPENSATION REVIEWED INCLUDE CURRENT BASE SALARY AS WELL AS ANY ADDITIONAL BONUS, INCENTIVES OR SPECIAL AWARDS. THE COMMITTEE REVIEWED TOTAL COMPENSATION DATA FOR THE COMPARATOR GROUP FOR INFORMATIONAL PURPOSES AND USED THIS DATA SOLELY TO DETERMINE THE COMPETITIVENESS OF OUR CEO COMPENSATION.
PART I, LINE 4B LINE 4B: CFC OFFERS AN EXECUTIVE BENEFIT RESTORATION PLAN WHICH IS A SUPPLEMENT TO THE RETIREMENT SECURITY PLAN TO ELIGIBLE EXECUTIVE OFFICERS OF THE COMPANY. THE 457(F) PLAN RESTORES THE VALUE OF THE RETIREMENT SECURITY PLAN FOR EACH OFFICER TO THE LEVEL IT WOULD BE IF THE IRS LIMITS ON ANNUAL PAY AND ANNUAL ANNUITY BENEFITS WERE NOT IN PLACE. THE BENEFIT AND PAYOUT FORMULA UNDER THE RESTORATION COMPONENT IS SIMILAR TO THAT UNDER THE QUALIFIED PLAN COMPONENT. WHEN ANY OF THE EXECUTIVE OFFICERS PARTICIPATING IN THE EXECUTIVE BENEFIT RESTORATION PLAN HAVE SATISFIED THE PROVISIONS ESTABLISHED TO RECEIVE THE BENEFIT FROM THE PLAN AND THE OFFICER NO LONGER HAS A RISK OF FORFEITURE OF THE BENEFITS, DISTRIBUTIONS ARE THEN MADE ANNUALLY FROM THE PLAN TO EACH EXECUTIVE OFFICER SHOULD THEY HAVE AN ACCRUED BENEFIT. FOR CALENDAR YEAR 2022 ONE OFFICER HAD ACCRUED VESTED BENEFITS AND RECEIVED THE FOLLOWING DISTRIBUTION FROM THE PLAN DISCUSSED ABOVE: ANDREW DON $837,265
PART I, LINE 7 OUR ANNUAL CASH INCENTIVE PROGRAM FOR FISCAL YEAR 2023 IS A ONE-YEAR CASH INCENTIVE THAT IS TIED TO THE ANNUAL PERFORMANCE OF THE ORGANIZATION AS WELL AS INDIVIDUAL PERFORMANCE. WE BELIEVE THAT BY PAYING AN INCENTIVE TIED TO THE ACHIEVEMENT OF ANNUAL OPERATING GOALS AS WELL AS INDIVIDUAL PERFORMANCE, ALL EMPLOYEES, INCLUDING NAMED EXECUTIVE OFFICERS, WILL FOCUS THEIR EFFORTS ON THE MOST IMPORTANT STRATEGIC OBJECTIVES THAT WILL HELP US FULFILL OUR MISSION TO OUR MEMBERS AND OUR OBLIGATIONS TO THE FINANCIAL MARKETS WHILE ALSO EXHIBITING HIGH LEVELS OF PERFORMANCE. ADDITIONALLY, THE ANNUAL INCENTIVE PAY ENHANCES OUR ABILITY TO PROVIDE COMPETITIVE COMPENSATION WHILE AT THE SAME TIME TYING TOTAL COMPENSATION PAID TO THE ACHIEVEMENT OF CORPORATE GOALS. EVERY EMPLOYEE PARTICIPATES IN THE ANNUAL INCENTIVE PROGRAM, AND THE CORPORATE STRATEGIC GOALS ARE THE SAME FOR ALL EMPLOYEES, INCLUDING THE NAMED EXECUTIVE OFFICERS. THE ANNUAL INCENTIVE PROGRAM PROVIDES MAXIMUM ANNUAL CASH INCENTIVE OPPORTUNITIES BASED UPON THE LEVEL OF THE POSITION WITHIN OUR BASE PAY STRUCTURE, RANGING FROM 26% TO 40% OF BASE PAY. EXECUTIVE OFFICERS ARE ELIGIBLE TO RECEIVE ANNUAL CASH INCENTIVE COMPENSATION UP TO 40% OF THEIR BASE PAY AND ARE SUBJECT TO A TWO-YEAR VESTING SCHEDULE FOR 20% OF THEIR ACHIEVEMENT. THE LEGACY LONG-TERM INCENTIVE PROGRAM IS A THREE-YEAR PLAN THAT IS TIED TO CFC'S LONG-TERM STRATEGIC OBJECTIVES. THE LONG-TERM INCENTIVE PROGRAM WAS IMPLEMENTED TO CREATE DYNAMIC TENSION BETWEEN SHORT-TERM OBJECTIVES AND LONG-TERM GOALS. EXECUTIVE OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES EMPLOYED AS OF MAY 31, 2021 ARE ELIGIBLE TO PARTICIPATE IN THE PLAN AND RECEIVE PERFORMANCE UNITS THAT WERE CALCULATED AT 20% - 25% OF BASE PAY. THE VALUE OF THE PERFORMANCE UNITS WAS FROZEN AT $20 PER PERFORMANCE UNIT ACCORDING TO THE LEVEL OF NATIONAL RURAL'S ISSUER CREDIT RATINGS BY THE RATING AGENCIES ON MAY 31, 2022. THE LONG-TERM INCENTIVE PLAN PROGRAM ENDED EFFECTIVE MAY 31, 2022 AND WAS REPLACED BY THE VESTING COMPONENT OF THE ANNUAL INCENTIVE PLAN.
Schedule J (Form 990) 2022

Additional Data


Software ID:  
Software Version:  
SCHEDULE O
(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.
MediumBullet Attach to Form 990 or 990-EZ.
MediumBullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2021
Open to Public
Inspection
Name of the organization
NATIONAL RURAL UTILITIES COOPERATIVE
FINANCE CORPORATION
Employer identification number

52-0891669
Return Reference Explanation
FORM 990, PART VI, SECTION A, LINE 6 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION IS A MEMBERSHIP ORGANIZATION. AS OF MAY 31, 2023, THERE WERE 1,019 MEMBERS AND ASSOCIATES. MEMBERSHIP INCLUDED: CLASS A. THERE WERE 843 CLASS A MEMBERS - COOPERATIVE OR NONPROFIT CORPORATIONS, PUBLIC CORPORATIONS, UTILITY DISTRICTS, AND OTHER PUBLIC BODIES, WHICH HAVE RECEIVED OR ARE ELIGIBLE TO RECEIVE A LOAN OR COMMITMENT FOR A LOAN FROM THE RUS OR ANY SUCCESSOR AGENCY, AND WHICH ARE ENGAGED OR PLANNING TO ENGAGE IN THE FURNISHING OF UTILITY SERVICES TO THEIR MEMBERS AND PATRONS FOR THEIR USE AS ULTIMATE CONSUMERS. CLASS B. THERE WERE 68 CLASS B MEMBERS - COOPERATIVE OR NONPROFIT CORPORATIONS WHICH ARE FEDERATIONS OF CLASS A MEMBERS OR OF OTHER CLASS B MEMBERS, OR BOTH, OR WHICH ARE OWNED AND CONTROLLED BY CLASS A MEMBERS OR BY OTHER CLASS B MEMBERS, OR BOTH, AND WHICH ARE ENGAGED OR PLANNING TO ENGAGE IN THE FURNISHING OF UTILITY SERVICES PRIMARILY TO CLASS A MEMBERS OR OTHER CLASS B MEMBERS. CLASS C. THERE WERE 62 CLASS C MEMBERS - STATEWIDE AND REGIONAL ASSOCIATIONS WHICH ARE WHOLLY-OWNED OR CONTROLLED BY CLASS A MEMBERS OR CLASS B MEMBERS, OR BOTH, OR WHICH ARE WHOLLY-OWNED SUBSIDIARIES OF A CFC MEMBER, AND WHICH DO NOT FURNISH UTILITY SERVICES BUT WHICH SUPPLY OTHER FORMS OF SERVICE TO THEIR MEMBERS. CLASS D THERE WAS 1 CLASS D MEMBER. CLASS D MEMBERS ARE NATIONAL ASSOCIATIONS OF COOPERATIVES COMPRISED OF CLASS A, CLASS B AND CLASS C MEMBERS. IN ORDER TO BE ELIGIBLE FOR MEMBERSHIP TO CFC, A NATIONAL ASSOCIATION MUST HAVE, AT THE TIME OF ADMISSION TO CFC, MEMBER COOPERATIVES DOMICILED IN AT LEAST 80% OF THE STATES OF THE UNITED STATES. IN ADDITION TO MEMBERS, ASSOCIATES (NUMBERING 45) ARE NOT-FOR-PROFIT ENTITIES ORGANIZED ON A COOPERATIVE BASIS WHICH ARE OWNED, CONTROLLED OR OPERATED BY CLASS A, B OR C MEMBERS AND WHICH PROVIDE NON-ELECTRIC SERVICES PRIMARILY FOR THE BENEFIT OF CONSUMERS. ASSOCIATES ARE NOT ENTITLED TO VOTE AT ANY MEETING OF THE MEMBERS AND ARE NOT ELIGIBLE TO BE REPRESENTED ON OUR BOARD OF DIRECTORS.
FORM 990, PART VI, SECTION A, LINE 7A CFC'S MEMBERS ARE DIVIDED INTO ELEVEN DISTRICTS. EACH DISTRICT APPOINTS TWO DIRECTORS. THE NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION ("NRECA"), AS THE SOLE CLASS D MEMBER, APPOINTS TWO DIRECTORS FOR DISTRICT 11. FOR DISTRICTS 1 THROUGH 10, THE TWO DIRECTORS MUST INCLUDE ONE DIRECTOR, WHO IS A TRUSTEE OR DIRECTOR OF A MEMBER ORGANIZED WITHIN THE DISTRICT, AND ONE, WHO IS A MANAGER OF A MEMBER ORGANIZATION WITHIN THE DISTRICT; PROVIDED THAT, EXCEPT FOR DISTRICT 11, AND IN THE CASE WHERE ONLY ONE STATE IS LOCATED IN A DISTRICT, NO TWO DIRECTORS CAN REPRESENT MEMBERS WITH THEIR HEADQUARTERS IN THE SAME STATE. ALL CFC DIRECTORS OTHER THAN THE TWO DIRECTORS DESIGNATED BY NRECA ARE ELECTED FOR A THREE YEAR TERM AND CAN SERVE A MAXIMUM OF TWO CONSECUTIVE TERMS. UPON EXPIRATION OF THE TERM OF A DIRECTOR, MEMBERS FROM THAT DISTRICT ELECT A DIRECTOR THAT MEETS THE QUALIFICATIONS OUTLINED ABOVE TO REPRESENT THEM ON CFC'S BOARD. IF THE BOARD OF DIRECTORS IN ITS DISCRETION SO DETERMINES, THEN THERE MAY BE ONE ADDITIONAL DIRECTOR ELECTED BY THE MEMBERS TO SERVE ON THE BOARD OF DIRECTORS FROM TIME TO TIME WHO MEETS THE QUALIFICATIONS AS MAY BE REQUIRED BY THE SECURITIES AND EXCHANGE COMMISSION, A GOVERNMENTAL AGENCY OR AUTHORITY, OR A NATIONAL STOCK EXCHANGE TO SERVE AS AN AUDIT COMMITTEE FINANCIAL EXPERT.
FORM 990, PART VI, SECTION A, LINE 7B PURSUANT TO THE BUSINESS ORGANIZATIONS CODE OF THE DISTRICT OF COLUMBIA, CFC MEMBERS MUST APPROVE THE SALE OR DISPOSITION OF MORE THAN 75% OF THE COMPANY'S ASSETS, MERGERS FOR WHICH THE COMPANY WILL NOT BE THE SURVIVING ENTITY, AND THE DISSOLUTION OF THE COMPANY.
FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF THE FORM 990 WAS PREPARED BY CFC STAFF, REVIEWED BY INTERNAL COUNSEL AND SENIOR MANAGEMENT, REVIEWED BY EXTERNAL TAX ADVISORS, KPMG LLP, AND PROVIDED TO THE CFC BOARD OF DIRECTORS THROUGH THEIR ELECTRONIC BOARD PORTAL FOR THEIR REVIEW AND COMMENTS IN ADVANCE OF THE RETURN BEING FILED.
FORM 990, PART VI, SECTION B, LINE 12C OUR BOARD OF DIRECTORS HAS ESTABLISHED A WRITTEN POLICY GOVERNING RELATED-PERSON TRANSACTIONS. THE POLICY COVERS TRANSACTIONS BETWEEN CFC AND ITS DIRECTORS, EXECUTIVE OFFICERS OR KEY EMPLOYEES AND THEIR IMMEDIATE FAMILY MEMBERS AND ENTITIES OF WHICH ANY OF OUR DIRECTORS, EXECUTIVE OFFICERS OR KEY EMPLOYEES (I) IS AN OFFICER, DIRECTOR, TRUSTEE, ALTERNATIVE DIRECTOR OR TRUSTEE OR EMPLOYEE, (II) CONTROLS OR (III) HAS A SUBSTANTIAL INTEREST. UNDER THIS POLICY, A RELATED-PERSON TRANSACTION IS ANY TRANSACTION IN EXCESS OF $120,000 IN WHICH CFC WAS, IS OR IS PROPOSED TO BE A DIRECT OR INDIRECT PARTICIPANT IN WHICH A RELATED PERSON HAD, HAS OR WILL HAVE A DIRECT OR INDIRECT MATERIAL INTEREST IN THE TRANSACTION. RELATED-PERSON TRANSACTIONS ARE SUBJECT TO REVIEW BY THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS (EXCLUDING ANY INTERESTED DIRECTOR), BASED ON WHETHER THE TRANSACTION IS FAIR AND REASONABLE TO CFC AND CONSISTENT WITH THE BEST INTERESTS OF CFC AND ITS MEMBERS. RELATED CREDITS ARE EXTENSIONS OF CREDIT TO, OR FOR THE BENEFIT OF, RELATED PERSONS AND ENTITIES THAT ARE MADE ON SUBSTANTIALLY THE SAME TERMS AS, AND FOLLOW UNDERWRITING PROCEDURES THAT ARE NO LESS STRINGENT THAN, THOSE PREVAILING AT THE TIME FOR COMPARABLE TRANSACTIONS GENERALLY OFFERED BY CFC. RELATED CREDITS ARE NOT SUBJECT TO THE PROCEDURES FOR TRANSACTIONS WITH RELATED PERSONS BECAUSE WE WERE ESTABLISHED FOR THE VERY PURPOSE OF EXTENDING FINANCING TO OUR MEMBERS. WE, THEREFORE, ENTER INTO LOAN AND GUARANTEE TRANSACTIONS WITH MEMBERS OF WHICH OUR OFFICERS AND DIRECTORS ARE OFFICERS, DIRECTORS, TRUSTEES, ALTERNATIVE DIRECTORS OR TRUSTEES, OR EMPLOYEES IN THE ORDINARY COURSE OF OUR BUSINESS. ALL RELATED CREDITS ARE REVIEWED FROM TIME TO TIME BY OUR INTERNAL CORPORATE CREDIT COMMITTEE, WHICH MONITORS OUR EXTENSIONS OF CREDIT, AND OUR INDEPENDENT THIRD-PARTY REVIEWER, WHICH REVIEWS OUR CREDIT-EXTENSION POLICIES ON AN ANNUAL BASIS. ALL LOANS, INCLUDING RELATED CREDITS, ARE APPROVED IN ACCORDANCE WITH AN INTERNAL CREDIT APPROVAL MATRIX, WITH EACH LEVEL OF RISK OR EXPOSURE POTENTIALLY ESCALATING THE REQUIRED APPROVAL FROM OUR LENDING STAFF TO MANAGEMENT, A CREDIT COMMITTEE OR THE BOARD OF DIRECTORS. TO ENSURE COMPLIANCE WITH THIS POLICY, NO RELATED PERSONS MAY BE PRESENT IN PERSON OR BY TELECONFERENCE WHILE A RELATED CREDIT IS BEING CONSIDERED. UNDER NO CIRCUMSTANCES MAY WE EXTEND CREDIT TO A RELATED PERSON OR ANY OTHER PERSON IN THE FORM OF A PERSONAL LOAN. AS A COOPERATIVE, CFC WAS ESTABLISHED FOR THE VERY PURPOSE OF EXTENDING FINANCING TO ITS MEMBERS, FROM WHICH OUR DIRECTORS MUST BE DRAWN. LOANS AND GUARANTEES TO MEMBER SYSTEMS OF WHICH DIRECTORS OF CFC ARE OFFICERS, DIRECTORS, TRUSTEES, ALTERNATIVE DIRECTORS OR TRUSTEES, OR EMPLOYEES, ARE MADE IN THE ORDINARY COURSE OF CFC BUSINESS ON THE SAME TERMS, INCLUDING INTEREST RATES AND COLLATERAL, AS THOSE PREVAILING AT THE TIME FOR COMPARABLE TRANSACTIONS WITH OTHER MEMBERS AND THAT DO NOT INVOLVE MORE THAN NORMAL RISK OF UNCOLLECTIBILITY OR PRESENT OTHER UNFAVORABLE FEATURES. IT IS ANTICIPATED THAT, CONSISTENT WITH ITS LOAN AND GUARANTEE POLICIES IN EFFECT FROM TIME TO TIME, ADDITIONAL LOANS AND GUARANTEES WILL BE MADE BY CFC TO MEMBER SYSTEMS AND TRADE AND SERVICE ORGANIZATIONS OF WHICH DIRECTORS OF CFC OR THEIR IMMEDIATE FAMILY MEMBERS (I) ARE OFFICERS, DIRECTORS, TRUSTEES, ALTERNATIVE DIRECTORS OR TRUSTEES OR EMPLOYEES, (II) CONTROL OR (III) HAVE A SUBSTANTIAL BENEFICIAL INTEREST. CFC HAS ADOPTED A POLICY WHEREBY SUBSTANTIALLY ALL EXTENSIONS OF CREDIT TO SUCH ENTITIES ARE APPROVED ONLY BY THE DISINTERESTED DIRECTORS. ADDITIONALLY, CURRENT EXECUTIVE OFFICERS AND DIRECTORS, FORMER EXECUTIVE OFFICERS AND DIRECTORS, AND KEY EMPLOYEES ARE REQUIRED TO ANSWER QUESTIONS IN AN ANNUAL DIRECTOR AND OFFICER SURVEY IN ORDER TO IDENTIFY ANY RELATIONSHIPS OR TRANSACTIONS THAT MUST BE REPORTED ON CFC'S FORM 990, INCLUDING BUSINESS TRANSACTIONS BETWEEN CFC AND AN INTERESTED PERSON INVOLVING MORE THAN $10,000.
FORM 990, PART VI, SECTION B, LINE 15A CFC'S COMPENSATION COMMITTEE (THE "COMMITTEE"), WHICH IS COMPRISED OF CFC EXECUTIVE COMMITTEE BOARD MEMBERS, DETERMINES AND APPROVES THE COMPENSATION OF CFC'S CEO. THE COMMITTEE ANNUALLY REVIEWS AND APPROVES APPROPRIATE CORPORATE GOALS AND OBJECTIVES RELATED TO THE CEO'S COMPENSATION AND EVALUATES PERFORMANCE IN LIGHT OF THOSE GOALS AND OBJECTIVES. THE CEO'S COMPENSATION IS COMPRISED OF BASE PAY, SHORT AND LONG TERM INCENTIVE COMPENSATION AND PERQUISITES. IN FISCAL YEAR 2023, AN INDEPENDENT CONSULTANT WAS ENGAGED BY THE COMMITTEE TO CONDUCT A COMPENSATION SURVEY AND PROVIDE COMPENSATION DATA FOR THE CEO POSITION USING PEER ORGANIZATIONS IDENTIFIED BY THE INDEPENDENT CONSULTANT THROUGH DISCUSSIONS WITH THE COMMITTEE. THE INDEPENDENT CONSULTANT INCLUDED COMPANIES IN THE COMPENSATION COMPARISON GROUP THAT WERE SIMILAR TO CFC IN ASSET SIZE, INDUSTRY AND BUSINESS DESCRIPTION. THE GROUP INCLUDED FINANCIAL INSTITUTIONS THAT ARE PRIVATE MARKET, COMMERCIAL AND/OR MISSION-DRIVEN LENDERS, OFFERING FULL SERVICE FINANCING, INVESTMENT AND RELATED SERVICES. THE COMPANIES TARGETED AS PEER COMPANIES INCLUDED TWO MEMBERS OF THE FARM CREDIT SYSTEM AND 11 REGIONAL BANKS OR FINANCIAL SERVICES COMPANIES. THE INDEPENDENT CONSULTANT LED THE COMMITTEE THROUGH AN ASSESSMENT OF CEO COMPENSATION DATA AT THE COMPARISON GROUP COMPANIES. THE INDEPENDENT CONSULTANT'S DATA INCLUDED BOTH ACTUAL COMPENSATION AND TARGET COMPENSATION BASED ON INFORMATION OBTAINED FROM EACH COMPARATOR GROUP COMPANY'S MOST RECENT ANNUAL REPORT OR PROXY STATEMENT. THE ELEMENTS OF COMPENSATION REVIEWED INCLUDE CURRENT BASE SALARY AS WELL AS ANY ADDITIONAL BONUS, INCENTIVES OR SPECIAL AWARDS. THE COMMITTEE REVIEWED TOTAL COMPENSATION DATA FOR THE COMPARATOR GROUP FOR INFORMATIONAL PURPOSES AND USED THIS DATA SOLELY TO DETERMINE THE COMPETITIVENESS OF OUR CEO COMPENSATION. OUR ANNUAL CASH INCENTIVE PROGRAM FOR FISCAL YEAR 2023 IS A ONE-YEAR CASH INCENTIVE THAT IS TIED TO THE ANNUAL PERFORMANCE OF THE ORGANIZATION AS WELL AS INDIVIDUAL PERFORMANCE. WE BELIEVE THAT BY PAYING AN INCENTIVE TIED TO THE ACHIEVEMENT OF ANNUAL OPERATING GOALS AS WELL AS INDIVIDUAL PERFORMANCE, ALL EMPLOYEES, INCLUDING NAMED EXECUTIVE OFFICERS, WILL FOCUS THEIR EFFORTS ON THE MOST IMPORTANT STRATEGIC OBJECTIVES THAT WILL HELP US FULFILL OUR MISSION TO OUR MEMBERS AND OUR OBLIGATIONS TO THE FINANCIAL MARKETS WHILE ALSO EXHIBITING HIGH LEVELS OF PERFORMANCE. ADDITIONALLY, THE ANNUAL INCENTIVE PAY ENHANCES OUR ABILITY TO PROVIDE COMPETITIVE COMPENSATION WHILE AT THE SAME TIME TYING TOTAL COMPENSATION PAID TO THE ACHIEVEMENT OF CORPORATE GOALS. EVERY EMPLOYEE PARTICIPATES IN THE ANNUAL INCENTIVE PROGRAM, AND THE CORPORATE STRATEGIC GOALS ARE THE SAME FOR ALL EMPLOYEES, INCLUDING THE NAMED EXECUTIVE OFFICERS. THE ANNUAL INCENTIVE PROGRAM PROVIDES MAXIMUM ANNUAL CASH INCENTIVE OPPORTUNITIES BASED UPON THE LEVEL OF THE POSITION WITHIN OUR BASE PAY STRUCTURE, RANGING FROM 26% TO 40% OF BASE PAY. EXECUTIVE OFFICERS ARE ELIGIBLE TO RECEIVE ANNUAL CASH INCENTIVE COMPENSATION UP TO 40% OF THEIR BASE PAY AND ARE SUBJECT TO A TWO-YEAR VESTING SCHEDULE FOR 20% OF THEIR ACHIEVEMENT. THE LEGACY LONG-TERM INCENTIVE PROGRAM IS A THREE-YEAR PLAN THAT IS TIED TO CFC'S LONG-TERM STRATEGIC OBJECTIVES. THE LONG-TERM INCENTIVE PROGRAM WAS IMPLEMENTED TO CREATE DYNAMIC TENSION BETWEEN SHORT-TERM OBJECTIVES AND LONG-TERM GOALS. EXECUTIVE OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES EMPLOYED AS OF MAY 31, 2021 ARE ELIGIBLE TO PARTICIPATE IN THE PLAN AND RECEIVE PERFORMANCE UNITS THAT WERE CALCULATED AT 20% - 25% OF BASE PAY. THE VALUE OF THE PERFORMANCE UNITS WAS FROZEN AT $20 PER PERFORMANCE UNIT ACCORDING TO THE LEVEL OF NATIONAL RURAL'S ISSUER CREDIT RATINGS BY THE RATING AGENCIES ON MAY 31, 2022. THE LONG-TERM INCENTIVE PLAN PROGRAM ENDED EFFECTIVE MAY 31, 2022 AND WAS REPLACED BY THE VESTING COMPONENT OF THE ANNUAL INCENTIVE PLAN. THE COMMITTEE DELEGATES THE POWER TO REVIEW AND APPROVE ALL EMPLOYEE COMPENSATION TO THE CEO, WHO EXERCISES HIS JUDGMENT TO SET THE ANNUAL BASE PAY FOR THE OTHER EXECUTIVE OFFICERS AND KEY EMPLOYEES, AS WELL AS EACH EMPLOYEE BASED ON GENERAL MARKET DATA, OVERALL PERFORMANCE AND LEADERSHIP ACCOMPLISHMENTS. IN DETERMINING THE BASE COMPENSATION PAID TO CFC'S EXECUTIVE OFFICERS AND KEY EMPLOYEES, THE CEO REVIEWED NATIONAL, CREDIBLE COMPENSATION SURVEYS FOR FINANCIAL SERVICES ORGANIZATIONS OF SIMILAR ASSET SIZE TO OBTAIN A GENERAL UNDERSTANDING OF CURRENT COMPENSATION PRACTICES AND TO ENSURE THAT THE BASE PAY COMPONENT IS COMPETITIVE, MEANING GENERALLY WITHIN THE 50TH PERCENTILE OF COMPARATIVE PAY FOR SIMILAR POSITIONS. THE CEO DID NOT REVIEW OR CONSIDER THE UNDERLYING ORGANIZATIONS COMPRISING THE SURVEY INFORMATION, BUT INSTEAD CONSIDERED ONLY THE AGGREGATE COMPENSATION DATA. EACH EXECUTIVE OFFICER AND KEY EMPLOYEE IS ELIGIBLE TO PARTICIPATE IN CFC'S SHORT TERM AND LONG TERM INCENTIVE PLANS AS DESCRIBED ABOVE WITH RESPECT TO CFC'S CEO. CFC DOES NOT PROVIDE SIGNIFICANT PERQUISITES OR PERSONAL BENEFITS TO ITS EXECUTIVE OFFICERS OR KEY EMPLOYEES.
FORM 990, PART VI, SECTION C, LINE 19 CFC'S ARTICLES OF INCORPORATION AND BYLAWS, AS AMENDED, AND ANNUAL AND PERIODIC FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC THROUGH THE SECURITIES AND EXCHANGE COMMISSION'S "SEC'S" WEBSITE AND ON CFC'S WEBSITE AT WWW.NRUCFC.COOP. CFC'S CONFLICT OF INTEREST POLICY, TITLED THE RELATED PERSONS TRANSACTIONS AND RELATED CREDITS POLICY, IS AVAILABLE ON CFC'S WEBSITE AT WWW.NRUCFC.COOP. CFC'S ARTICLES OF INCORPORATION ARE FILED AS EXHIBIT 3.1 TO ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED MAY 31, 2014 (FILED AUGUST 28, 2014). CFC'S BYLAWS ARE FILED AS EXHIBIT 3.2 TO THE FORM 10-Q FOR THE QUARTER ENDED AUGUST 31, 2020 (FILED ON OCTOBER 15, 2020). CFC'S ANNUAL AND PERIODIC FINANCIAL STATEMENTS ARE PERIODICALLY FILED WITH THE SEC ON FORM 10-K AND FORM 10-Q.
FORM 990, PART VI, QUESTION 16B AS A LENDER, CFC, FROM TIME TO TIME, MAY HAVE TO FORECLOSE ON THE ASSETS OF A BORROWER. AS PART OF SUCH ACTIONS, THE COMPANY MAY RECEIVE INTERESTS IN JOINT VENTURES WITH TAXABLE ENTITIES. CFC TAKES SUCH INTERESTS ONLY IN ORDER TO MAXIMIZE ITS RECOVERY ON THE LOAN RECEIVABLE. CFC DOES NOT ENTER INTO JOINT VENTURES WITH TAXABLE ENTITIES AS PART OF ITS CORE LENDING BUSINESS. TO DATE, THE COMPANY'S INVESTMENT IN THESE JOINT VENTURES HAS BEEN NOMINAL. CFC HAS DEVELOPED A WRITTEN POLICY THAT REQUIRES THE COMPANY TO EVALUATE ITS PARTICIPATION IN JOINT VENTURE ARRANGEMENTS AND TAKE STEPS TO SAFEGUARD THE COMPANY'S 501(C)(4) TAX EXEMPT STATUS.
FORM 990, PART XI, LINE 9: NET PATRONAGE CAPITAL RETIREMENT -59,136,156. DERIVATIVE FORWARD VALUE CHANGE 250,260,916. NET CHANGE IN OTHER OCI COMPONENTS 6,084,769. NET CHANGE IN MEMBERSHIP FEES -1,000. NET CHANGE IN INTEGRITY FUND -699,848.
FORM 990, PART XII, LINE 2C WHILE THERE IS NO SEPARATE AUDIT PERFORMED OF THE CFC FINANCIAL STATEMENTS, THE CFC FINANCIAL STATEMENTS ARE CONSOLIDATED WITH THE STATEMENTS OF NATIONAL COOPERATIVE SERVICES CORPORATION AND RURAL TELEPHONE FINANCE COOPERATIVE. THE CONSOLIDATED FINANCIAL STATEMENTS ARE AUDITED. CFC'S AUDIT COMMITTEE IS SOLELY RESPONSIBLE FOR THE NOMINATION, APPROVAL, COMPENSATION, EVALUATION AND DISCHARGE OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS. THE INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS REPORT DIRECTLY TO THE AUDIT COMMITTEE AND THE AUDIT COMMITTEE IS RESPONSIBLE FOR THE RESOLUTION OF DISAGREEMENTS BETWEEN MANAGEMENT AND THE INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS. CONSISTENT WITH SEC REQUIREMENTS, THE AUDIT COMMITTEE HAS ADOPTED A POLICY TO PRE-APPROVE ALL AUDIT AND PERMISSIBLE NON-AUDIT SERVICES PROVIDED BY THE INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS. THE POLICY PROVIDES THAT PRE-APPROVAL IS NOT REQUIRED FOR TAX COMPLIANCE AND TAX PLANNING AND ADVICE ENGAGEMENTS FOR CFC AND ITS AFFILIATES PROVIDED THE FEES OF EACH SUCH ENGAGEMENT ARE NOT MORE THAN FIVE PERCENT OF TOTAL REVENUES PAID TO THE INDEPENDENT PUBLIC ACCOUNTANTS AND DO NOT IMPAIR THEIR INDEPENDENCE. THE COMMITTEE MEETS WITH OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM, INTERNAL AUDITORS, CHIEF EXECUTIVE OFFICER AND FINANCIAL MANAGEMENT EXECUTIVES TO REVIEW THE SCOPE AND RESULTS OF AUDITS AND RECOMMENDATIONS MADE BY THOSE PERSONS WITH RESPECT TO INTERNAL AND EXTERNAL ACCOUNTING CONTROLS AND SPECIFIC ACCOUNTING AND FINANCIAL REPORTING ISSUES AND TO ASSESS CORPORATE RISK. THE BOARD HAS ADOPTED A WRITTEN CHARTER FOR THE AUDIT COMMITTEE WHICH MAY BE FOUND ON OUR WEBSITE, WWW.NRUCFC.COOP. THE PROCESS HAS NOT CHANGED FROM THE PRIOR PERIOD.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990) 2021


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