National Rural Electric Cooperativ… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1942

Legal Domicile

Principal Officer

JIM MATHESON

Phone

7039075960

Tax Period

2023-01-01 to 2023-12-31

National Rural Electric Cooperative Association, founded in 1942, is a major nonprofit that reported $213.2M in total revenue in fiscal year 2023. Expenses of $204.8M left a modest 4% surplus.

Mission

NRECA'S PURPOSE IS TO ENGAGE IN THE COMPILATION AND DISSEMINATION OF INFORMATION WITH RESPECT TO RURAL ELECTRIFICATION AND THE FURNISHING OF OTHER SERVICES TO RURAL ELECTRIC COOPERATIVES AND OTHERS IN CONNECTION WITH THE COORDINATION, ADVANCEMENT, AND DEVELOPMENT OF RURAL ELECTRIFICATION IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, FOR THE PRIMARY AND MUTUAL BENEFIT OF THE VOTING MEMBERS OF THE ASSOCIATION AND THEIR CONSUMER-MEMBERS. NRECA'S MISSION IS TO PROMOTE, SUPPORT AND PROTECT THE COMMUNITY AND BUSINESS INTERESTS OF ELECTRIC COOPERATIVES.

Program Service Accomplishments

Program 1

REGULATORY, LEGAL, AND LEGISLATIVE: NRECA PROVIDES SUPPORT SERVICES TO VOTING MEMBERS RELATED TO COMPLIANCE, LEGAL, AND REGULATORY ISSUES. IN ADDITION, NRECA EDUCATES AND ADVOCATES TO MEMBERS OF...

REGULATORY, LEGAL, AND LEGISLATIVE: NRECA PROVIDES SUPPORT SERVICES TO VOTING MEMBERS RELATED TO COMPLIANCE, LEGAL, AND REGULATORY ISSUES. IN ADDITION, NRECA EDUCATES AND ADVOCATES TO MEMBERS OF CONGRESS AND THEIR STAFF, FEDERAL AGENCIES, AND THE ADMINISTRATION ON POLICY ISSUES IMPACTING NRECA VOTING MEMBERS AND THE 42 MILLION CONSUMER-MEMBERS SERVED BY NRECA VOTING MEMBERS, AND KEEPS OUR MEMBERSHIP INVOLVED WITH THE LEGISLATIVE PROCESS.

Program 2

CONSULTING, TRAINING, AND CONFERENCES: NRECA PROVIDES VOTING MEMBERS WITH ESSENTIAL INDUSTRY SPECIFIC TRAINING AS WELL AS DIRECTOR, MANAGER, AND EMPLOYEE TRAINING; CONSULTING RELATED TO THE...

CONSULTING, TRAINING, AND CONFERENCES: NRECA PROVIDES VOTING MEMBERS WITH ESSENTIAL INDUSTRY SPECIFIC TRAINING AS WELL AS DIRECTOR, MANAGER, AND EMPLOYEE TRAINING; CONSULTING RELATED TO THE ORGANIZATION AND PROCESS IMPROVEMENTS, AND INDUSTRY AND TECHNOLOGICAL CHANGES; AND CONFERENCES AND MEMBERSHIP MEETINGS, PROMOTING COLLABORATION AND NETWORKING.

Program 3

MULTIPLE EMPLOYER BENEFIT PLAN ADMINISTRATION: NRECA PROVIDES PLAN ADMINISTRATION SERVICES TO THREE MULTIPLE EMPLOYER BENEFIT PROGRAMS IN WHICH MOST NRECA VOTING MEMBERS, AND SOME NRECA NONVOTING...

MULTIPLE EMPLOYER BENEFIT PLAN ADMINISTRATION: NRECA PROVIDES PLAN ADMINISTRATION SERVICES TO THREE MULTIPLE EMPLOYER BENEFIT PROGRAMS IN WHICH MOST NRECA VOTING MEMBERS, AND SOME NRECA NONVOTING MEMBERS, CAN PARTICIPATE. THEY CONSIST OF TWO RETIREMENT PROGRAMS, THE NRECA RETIREMENT SECURITY PLAN, WHICH IS A DEFINED BENEFIT PENSION PLAN, AND THE NRECA 401(K) PENSION PLAN, WHICH IS A DEFINED CONTRIBUTION PENSION PLAN. BOTH PLANS ARE TAX QUALIFIED BENEFIT PLANS UNDER THE INTERNAL REVENUE CODE AND ARE REGULATED BY THE EMPLOYEE RETIREMENT INCOME SECURITY ACT. THESE TWO PLANS SERVE MORE THAN 60,000 ACTIVE AND RETIRED EMPLOYEES OF MOST NRECA VOTING MEMBERS AND SOME NRECA NONVOTING MEMBERS. THE THIRD PLAN IS THE NRECA GROUP BENEFITS PROGRAM, WHICH IS A VEBA TRUST THAT PROVIDES MEDICAL, DENTAL, VISION, AND DISABILITY COVERAGE, AND WHICH PROVIDES LIFE, AD&D, AND BUSINESS TRAVEL ACCIDENT INSURANCE, TO MOST NRECA VOTING MEMBERS AND SOME NRECA NONVOTING MEMBERS. THIS VEBA TRUST IS EXEMPT FROM INCOME TAX UNDER IRC SECTION 501(C)(9).

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $187,541,970

Investment Income $2,643,310

Other Revenue $22,982,422

TOTAL REVENUE $213,167,702

Expense Breakdown

Grants Paid $0

Salaries & Benefits $129,759,120

Fundraising Expenses $0

Other Expenses $75,038,311

TOTAL EXPENSES $204,797,431

Year-over-Year Comparison

	2023	2022	Change
Revenue	$213,167,702	$205,720,476	+0.0%
Expenses	$204,797,431	$204,982,837	0.0%
Net Income	$8,370,271	$737,639	+10.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

789

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$4,895,137

Total Directors

$1,198,536

Key Employees

$2,063,045

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JIM MATHESON	CHIEF EXECUTIVE OFFICER	47.6	Officer	$2,804,429	$327,143	$3,131,572
PETER BAXTER	SVP INSURANCE & FINANCIAL SERV	54.6	Key Emp	$1,107,481	$129,377	$1,236,858
WAYNE MCGURK	SVP CHIEF INFORMATION OFFICER	48.0	Officer	$702,745	$201,195	$903,940
COREY AMON	VP INVESTMENT STRATEGY & PERFO	40.0	Highest	$779,507	$91,298	$870,805
JEFFREY CONNOR	CHIEF OPERATING OFFICER	46.8	Key Emp	$713,577	$112,610	$826,187
LOUIS FINKEL	SVP GOVERNMENT RELATIONS	51.0	Highest	$681,741	$115,157	$796,898
DIGNA LOUIS	CHIEF FINANCIAL OFFICER	42.8	Officer	$566,945	$90,598	$657,543
DAVID SCOTT BARASH	SVP & GENERAL COUNSEL	44.0	Highest	$475,367	$96,299	$571,666
ANGELA STRICKLAND	SVP BUSINESS & TECHNOLOGY	53.0	Highest	$454,573	$52,815	$507,388
DANIELLE SIEVERLING	VP RISK & COMPLIANCE OFFICER	52.0	Highest	$400,172	$61,113	$461,285
TONY ANDERSON	PRESIDENT, DIRECTOR	16.7	Officer Director	$96,000	$0	$96,000
JOE MARTIN	VICE PRESIDENT, DIRECTOR	12.17	Officer Director	$55,000	$0	$55,000
MIKE PARTIN	SEC-TREASURER, DIRECTOR	5.0	Officer Director	$51,082	$0	$51,082
LYNN JACOBSON	DIRECTOR	7.0	Director	$12,500	$22,500	$35,000
DAVID SPRADLIN	DIRECTOR	4.8	Director	$34,000	$0	$34,000
BRYAN CASE	DIRECTOR	7.8	Director	$29,500	$0	$29,500
DON DOUGLAS	DIRECTOR	3.0	Director	$29,000	$0	$29,000
SCOTT HALLOWELL	DIRECTOR	5.0	Director	$27,750	$0	$27,750
STEVEN WALTER	DIRECTOR	8.0	Director	$27,750	$0	$27,750
MARK HOFER	DIRECTOR	12.3	Director	$27,000	$0	$27,000
CHRISTOPHER HAMON	DIRECTOR	5.0	Director	$25,500	$0	$25,500
JAMES WEBB	DIRECTOR	4.0	Director	$25,250	$0	$25,250
MARION DENGER	DIRECTOR	34.5	Director	$25,000	$0	$25,000
RON WATSON	DIRECTOR	5.0	Director	$25,000	$0	$25,000
REUBEN RITTHALER	DIRECTOR (UNTIL 1/1/2023)	0.0		$25,000	$0	$25,000
KEVIN DODDRIDGE	DIRECTOR	4.0	Director	$24,500	$0	$24,500
MARTY LITTREL	DIRECTOR	2.8	Director	$24,500	$0	$24,500
DANNY BERTHELOT	DIRECTOR	3.0	Director	$24,250	$0	$24,250
ED CRAWFORD	DIRECTOR	3.0	Director	$24,250	$0	$24,250
JEFFERY WRIGHT	DIRECTOR	8.0	Director	$24,250	$0	$24,250
HUNTER EMORY	DIRECTOR	1.0	Director	$24,000	$0	$24,000
CURTIS NOLAN	DIRECTOR	2.0	Director	$18,000	$6,000	$24,000
DAVID IHA	DIRECTOR	7.8	Director	$23,250	$0	$23,250
WARREN GOETSCH	DIRECTOR	4.0	Director	$23,000	$0	$23,000
INGRID KESSLER	DIRECTOR	14.0	Director	$0	$22,500	$22,500
MEERA KOHLER	DIRECTOR	5.8	Director	$22,000	$0	$22,000
JEFFREY RATHELL	DIRECTOR	4.0	Director	$21,650	$0	$21,650
DANIEL SAULSGIVER	DIRECTOR	3.0	Director	$21,500	$0	$21,500
TIM VELDE	DIRECTOR	6.8	Director	$21,250	$0	$21,250
KERRY KELTON	DIRECTOR	14.6	Director	$21,000	$0	$21,000
RANDY KLEAVING	DIRECTOR	9.0	Director	$21,000	$0	$21,000
JESSICA NELSON	DIRECTOR	7.0	Director	$20,750	$0	$20,750
GREG STREHLE	DIRECTOR	8.0	Director	$20,750	$0	$20,750
CAROLYN TURNER	DIRECTOR	5.0	Director	$20,250	$0	$20,250
KENNETH COLBURN	DIRECTOR	5.8	Director	$20,000	$0	$20,000
NORRIS FOWLER	DIRECTOR	4.0	Director	$20,000	$0	$20,000
PAT MORSE	DIRECTOR	4.0	Director	$20,000	$0	$20,000
JEFFREY PETERSON	DIRECTOR	5.0	Director	$20,000	$0	$20,000
DONNIE SPIVEY	DIRECTOR	3.0	Director	$20,000	$0	$20,000
DAVID HEMBREE	DIRECTOR	8.0	Director	$19,750	$0	$19,750
MEL COLEMAN	DIRECTOR	6.8	Director	$19,500	$0	$19,500
THOMAS MADSEN	DIRECTOR	6.0	Director	$19,000	$0	$19,000
CARY LOGAN	DIRECTOR	5.0	Director	$18,900	$0	$18,900
RANDY SHAW	DIRECTOR	6.8	Director	$18,250	$0	$18,250
GALEN MILLS	DIRECTOR	5.0	Director	$17,250	$0	$17,250
S EUGENE GENE HERRITT	DIRECTOR	3.0	Director	$4,000	$10,000	$14,000
CHRIS CHRISTENSEN	DIRECTOR	25.3	Director	$12,404	$0	$12,404
CHUCK SIMMONS	DIRECTOR	5.0	Director	$12,000	$0	$12,000
OLIN DAVIS	DIRECTOR (UNTIL 3/5/2023)	5.0	Director	$6,000	$0	$6,000
JOHN LEE	DIRECTOR (UNTIL 1/23/2023)	0.0	Director	$0	$0	$0
TIMOTHY J SMITH	DIRECTOR	8.0	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$213,167,702	$204,797,431	$263,124,065	$8,370,271
2022	$205,720,476	$204,982,837	$253,418,209	$737,639
2021	$194,864,336	$197,265,051	$240,890,294	$-2,400,715
2020	$184,006,100	$183,527,819	$229,873,296	$478,281
2019	$202,779,789	$202,013,478	$213,534,090	$766,311
2018	$194,080,159	$194,127,310	$207,412,991	$-47,151

National Rural Electric Cooperative Association