NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP (EIN 52-0891669)
- Tax period
- 2023-06-01 to 2024-05-31
- Filed
- 2024-10-03
- IRS object ID
- 202402789349300915
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-10-03T22:42:27-05:00 | ReturnTs |
| Tax Period End | 2024-05-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 910189318 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MOSS ADAMS LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 3121 W MARCH LN STE 200 | AddressLine1Txt |
| City | STOCKTON | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 952192367 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-06-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 520891669 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NATIONAL RURAL UTILITIES COOPERATIVE | BusinessNameLine1Txt |
| Business Name Line2 | FINANCE CORPORATION | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | NATI | BusinessNameControlTxt |
| Phone | 7034671800 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20701 COOPERATIVE WAY | AddressLine1Txt |
| City | DULLES | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 20166 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JONATHAN ANDREW DON | PersonNm |
| Person Title | CEO | PersonTitleTxt |
| Phone | 7034671800 | PhoneNum |
| Signature | 2024-10-03 | SignatureDt |
| Discuss With Paid Preparer | 0 | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | WENDY CAMPOS | PreparerPersonNm |
| PTIN | P00448102 | PTIN |
| Phone | 2099556100 | PhoneNum |
| Preparation | 2024-10-03 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | JONATHAN ANDREW DON | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20701 COOPERATIVE WAY | AddressLine1Txt |
| City | DULLES | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 20166 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $2,299,592,290 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.NRUCFC.COOP | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1969 | FormationYr |
| Legal Domicile State | VA | LegalDomicileStateCd |
| Activity Or Mission | BRIDGING THE FINANCIAL NEEDS OF THE RURAL ELECTRIC COOPERATIVE NETWORK WITH GLOBAL CAPITAL MARKETS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 23 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 23 | VotingMembersIndependentCnt |
| Total Employee | 339 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $1,604,203,073 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $1,976,761,974 | CYProgramServiceRevenueAmt |
| PY Investment Income | $17,689,759 | PYInvestmentIncomeAmt |
| CY Investment Income | $20,967,286 | CYInvestmentIncomeAmt |
| PY Other Revenue | $8,371,163 | PYOtherRevenueAmt |
| CY Other Revenue | $8,608,396 | CYOtherRevenueAmt |
| PY Total Revenue | $1,630,263,995 | PYTotalRevenueAmt |
| CY Total Revenue | $2,006,337,656 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $1,391,606 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $1,531,683 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $60,408,638 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $68,724,693 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $1,316,395,480 | PYOtherExpensesAmt |
| CY Other Expenses | $1,662,937,849 | CYOtherExpensesAmt |
| PY Total Expenses | $1,378,195,724 | PYTotalExpensesAmt |
| CY Total Expenses | $1,733,194,225 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $252,068,271 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $273,143,431 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $33,983,672,971 | TotalAssetsBOYAmt |
| Total Assets EOY | $36,153,418,188 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $31,415,478,177 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $33,155,819,935 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $2,568,194,794 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $2,997,598,253 | NetAssetsOrFundBalancesEOYAmt |
| Mission | TO BRIDGE THE FINANCIAL NEEDS OF THE RURAL ELECTRIC NETWORK WITH THE EXPECTATIONS OF THE GLOBAL CAPITAL MARKETS, ONE COOPERATIVE AT A TIME. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $1,607,086,749 | ExpenseAmt |
| Grant | $0 | GrantAmt |
| Revenue | $1,983,992,974 | RevenueAmt |
| Desc | 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. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $1,056,879 | ExpenseAmt |
| Grant | $1,056,879 | GrantAmt |
| Revenue | $0 | RevenueAmt |
| Desc | 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. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $474,804 | ExpenseAmt |
| Grant | $474,804 | GrantAmt |
| Revenue | $1,377,396 | RevenueAmt |
| Desc | 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. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Expenses | $1,608,618,432 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 175 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 339 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | Yes (1) | NondeductibleContributionsInd |
| Nondeductible Contri Discl | Yes (1) | NondeductibleContriDisclInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | Yes (1) | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 23 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 23 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | AZ | StatesWhereCopyOfReturnIsFldCd |
| States Where Copy Of Return Is Fld | GA | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | YU LING WANG | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 7034671800 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20701 COOPERATIVE WAY | AddressLine1Txt |
| City | DULLES | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 20166 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (47 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Key EmployeeKeyEmployeeInd | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|---|
| JONATHAN ANDREW DON | ||||||||
| CEO | 70.00 | Yes (X) | $2,331,689 | $0 | $274,645 | |||
| BRAD CAPTAIN | ||||||||
| SVP & CHIEF CORPORATE AFFAIRS OFFICER | 55.00 | Yes (X) | $580,621 | $0 | $511,155 | |||
| JOEL ALLEN | ||||||||
| SVP AND CHIEF BANKING OFFICER | 50.00 | Yes (X) | $644,417 | $0 | $268,874 | |||
| YU LING WANG | ||||||||
| SVP & CFO | 75.00 | Yes (X) | $609,887 | $0 | $192,003 | |||
| GARY A BRADBURY | ||||||||
| SVP & COO | 55.00 | Yes (X) | $522,603 | $0 | $158,321 | |||
| GHOLAM M SALEH | ||||||||
| SVP & CHIEF RISK OFFICER | 70.00 | Yes (X) | $544,701 | $0 | $93,567 | |||
| JILL MAISON | ||||||||
| SVP, RELATIONSHIP MANAGEMENT | 50.00 | Yes (X) | $458,374 | $0 | $146,509 | |||
| JOHN FREDERICK SUTER | ||||||||
| VP, ECONOMIC RESEARCH | 40.00 | $383,683 | $0 | $193,055 | Yes (X) | |||
| RICHARD PERREAULT | ||||||||
| VP AND CIO | 40.00 | $466,171 | $0 | $109,872 | Yes (X) | |||
| NATHAN HOWARD | ||||||||
| SVP & GEN COUNSEL | 55.00 | Yes (X) | $452,434 | $0 | $46,369 | |||
| DAVID W OLAH | ||||||||
| VP, PORTFOLIO MANAGEMENT | 50.00 | $384,849 | $0 | $106,247 | Yes (X) | |||
| AMY S LUONGO | ||||||||
| VP, PORTFOLIO MGMT & LOAN SERVICES | 50.00 | $401,296 | $0 | $88,686 | Yes (X) | |||
| LAWRENCE SAUNDERS | ||||||||
| VP, CREDIT RISK MANAGEMENT | 50.00 | $364,763 | $0 | $108,474 | Yes (X) | |||
| JONATHAN J POLETTI | ||||||||
| DIRECTOR, INFO. SYSTEMS & DEPUTY CIO | 40.00 | $358,105 | $0 | $112,063 | Yes (X) | |||
| W DANIEL CAWOOD | ||||||||
| VP, PORTFOLIO MANAGEMENT | 50.00 | $346,250 | $0 | $114,461 | Yes (X) | |||
| ANDREW COLEMAN | ||||||||
| VP, PORTFOLIO MANAGEMENT | 44.00 | $329,586 | $0 | $61,497 | Yes (X) | |||
| KIMBERLY MILLER | ||||||||
| ASSISTANT GENERAL COUNSEL | 50.00 | $331,794 | $0 | $57,753 | Yes (X) | |||
| PANKAJ SHAH | ||||||||
| VP AND CONTROLLER | 65.00 | $343,743 | $0 | $38,539 | Yes (X) | |||
| VU LY | ||||||||
| VP, CAPITAL MARKETS | 60.00 | $285,518 | $0 | $80,828 | Yes (X) | |||
| HEESUN CHOI | ||||||||
| VP, CAPITAL MARKETS RELATIONS | 40.00 | $248,020 | $0 | $48,905 | Yes (X) | |||
| DAVID E FELKEL | ||||||||
| PRESIDENT | 5.00 | Yes (X) | $70,000 | $0 | $0 | Yes (X) | ||
| G ANTHONY NORTON | ||||||||
| VICE PRESIDENT | 17.00 | Yes (X) | $70,000 | $0 | $0 | Yes (X) | ||
| MARK A SUGGS | ||||||||
| SECRETARY TREASURER | 6.00 | Yes (X) | $67,917 | $0 | $0 | Yes (X) | ||
| BARBARA E HAMPTON | ||||||||
| DIRECTOR | 6.00 | $65,000 | $0 | $0 | Yes (X) | |||
| TIMOTHY ELDRIDGE | ||||||||
| DIRECTOR | 6.00 | $62,917 | $0 | $0 | Yes (X) | |||
| WILLIAM KEITH HAYWARD | ||||||||
| DIRECTOR | 13.00 | $62,917 | $0 | $0 | Yes (X) | |||
| BRENT MCRAE | ||||||||
| DIRECTOR | 8.00 | $62,917 | $0 | $0 | Yes (X) | |||
| DENNIS FULK | ||||||||
| DIRECTOR | 10.00 | $62,500 | $0 | $0 | Yes (X) | |||
| BRADLEY P JANORSCHKE | ||||||||
| DIRECTOR | 6.00 | $62,500 | $0 | $0 | Yes (X) | |||
| ANTHONY LARSON | ||||||||
| DIRECTOR | 10.00 | $60,000 | $0 | $0 | Yes (X) | |||
| ANTHONY A ANDERSON | ||||||||
| DIRECTOR | 4.00 | $60,000 | $0 | $0 | Yes (X) | |||
| THOMAS A BAILEY | ||||||||
| DIRECTOR | 6.00 | $60,000 | $0 | $0 | Yes (X) | |||
| JARED ECHTERNACH | ||||||||
| DIRECTOR | 8.00 | $60,000 | $0 | $0 | Yes (X) | |||
| MICHAEL HEINEN | ||||||||
| DIRECTOR | 3.00 | $60,000 | $0 | $0 | Yes (X) | |||
| JOHN METCALF | ||||||||
| DIRECTOR | 6.00 | $60,000 | $0 | $0 | Yes (X) | |||
| KENDALL MONTGOMERY | ||||||||
| DIRECTOR | 9.00 | $60,000 | $0 | $0 | Yes (X) | |||
| JEFFREY ALLEN REHDER | ||||||||
| DIRECTOR | 3.00 | $60,000 | $0 | $0 | Yes (X) | |||
| CHARLES A ABEL II | ||||||||
| DIRECTOR | 5.00 | $60,000 | $0 | $0 | Yes (X) | |||
| SHANE LUCAS LARSON | ||||||||
| DIRECTOR | 5.00 | $60,000 | $0 | $0 | Yes (X) | |||
| BRUCE ANTHONY EVERHART | ||||||||
| DIRECTOR | 4.00 | $60,000 | $0 | $0 | Yes (X) | |||
| JOSEPH D MARTIN | ||||||||
| DIRECTOR (THRU 3/24) | 2.00 | $50,000 | $0 | $0 | Yes (X) | |||
| BRUCE A VITOSH | ||||||||
| DIRECTOR (THRU 6/23) | 10.00 | $35,000 | $0 | $0 | Yes (X) | |||
| DONALD BIDEGAIN | ||||||||
| DIRECTOR | 2.00 | $35,000 | $0 | $0 | Yes (X) | |||
| DARICK EISENBRAUN | ||||||||
| DIRECTOR | 5.00 | $35,000 | $0 | $0 | Yes (X) | |||
| MARSHA L THOMPSON | ||||||||
| DIRECTOR (THRU 6/23) | 11.00 | $30,000 | $0 | $0 | Yes (X) | |||
| CHRIS CHRISTENSEN | ||||||||
| FORMER DIRECTOR (THRU 3/23) | 1.00 | $15,000 | $0 | $0 | Yes (X) | |||
| MICHAEL PARTIN | ||||||||
| DIRECTOR | 0.00 | $0 | $0 | $0 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $11,835,172 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $2,811,823 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 208 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| SUTHERLAND DIGITAL SERVICES INC | |||||
| 631 EAST BIG BEAVER SUITE 109 | TROY | MI | 48083 | IT SERVICES | $4,426,930 |
| IP DATASYSTEMS INC | |||||
| 6021 UNIVERSITY BLVD SUITE 420 | ELLICOTT CITY | MD | 21042 | IT SERVICES | $4,105,662 |
| CORPORATE BROKERS LLC | |||||
| 1 PARK PL SUITE 590 | ANNAPOLIS | MD | 21401 | IT SERVICES | $3,845,403 |
| FIS CAPITAL MARKETS LLC | |||||
| 601 RIVERSIDE AVE | JACKSONVILLE | FL | 32204 | IT SERVICES | $3,278,312 |
| FIDELITY INFORMATION SERVICES INC | |||||
| 601 RIVERSIDE AVE | JACKSONVILLE | FL | 32204 | FINANCIAL SERVICES | $2,656,664 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 86 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (4 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| INTEREST FROM PSA | 522200 | $1,557,480,341 | $1,557,480,341 |
| DERIVATIVE CASH SETTLEMENTS | 522200 | $393,244,090 | $393,244,090 |
| OTHER INCOME-LOAN FEES | 522200 | $20,626,372 | $20,626,372 |
| RECOVERY FOR LOSSES | 522200 | $5,411,171 | $5,411,171 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $1,976,761,974 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $26,591,742 | TotalRevenueColumnAmt |
| Exclusion | $26,591,742 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $287,446,279 | SecuritiesAmt |
| Other | $183,899 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $293,134,787 | SecuritiesAmt |
| Other | $119,847 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$5,688,508 | SecuritiesAmt |
| Other | $64,052 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$5,624,456 | TotalRevenueColumnAmt |
| Exclusion | -$5,624,456 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| MANAGEMENT FEES | 522200 | $7,231,000 | $7,231,000 |
| INTEGRITY FUND COLLECTIONS FROM M | 522200 | $1,377,396 | $1,377,396 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $8,608,396 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $2,006,337,656 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $1,985,370,370 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $20,967,286 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,531,683 | TotalAmt |
| Program Services | $1,531,683 | ProgramServicesAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $11,728,688 | TotalAmt |
| Management And General | $11,728,688 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $40,312,101 | TotalAmt |
| Management And General | $40,312,101 | ManagementAndGeneralAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,431,756 | TotalAmt |
| Management And General | $8,431,756 | ManagementAndGeneralAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,633,202 | TotalAmt |
| Management And General | $4,633,202 | ManagementAndGeneralAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,618,946 | TotalAmt |
| Management And General | $3,618,946 | ManagementAndGeneralAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,012,321 | TotalAmt |
| Management And General | $1,012,321 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $264,667 | TotalAmt |
| Management And General | $264,667 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,884,245 | TotalAmt |
| Management And General | $1,884,245 | ManagementAndGeneralAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $556,836 | TotalAmt |
| Management And General | $556,836 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $9,668,225 | TotalAmt |
| Management And General | $9,668,225 | ManagementAndGeneralAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,568,168 | TotalAmt |
| Management And General | $1,568,168 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,669,821 | TotalAmt |
| Management And General | $1,669,821 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $16,982,024 | TotalAmt |
| Management And General | $16,982,024 | ManagementAndGeneralAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,924,395 | TotalAmt |
| Management And General | $2,924,395 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,081,231 | TotalAmt |
| Management And General | $3,081,231 | ManagementAndGeneralAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,292,510 | TotalAmt |
| Management And General | $5,292,510 | ManagementAndGeneralAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,605,229,401 | TotalAmt |
| Program Services | $1,605,229,401 | ProgramServicesAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,386,398 | TotalAmt |
| Management And General | $7,386,398 | ManagementAndGeneralAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $818,179 | TotalAmt |
| Management And General | $818,179 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt | Management And GeneralManagementAndGeneralAmt |
|---|---|---|---|
| EARLY EXTINGUISHMENT OF | $1,025,348 | $1,025,348 | |
| COMMITMENT FEE EXPENSE | $984,131 | $984,131 | |
| PROVISION FOR GUARANTEE | $832,000 | $832,000 | |
| DUES, SUBSCRIPTIONS & R | $790,046 | $790,046 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $967,903 | TotalAmt |
| Management And General | $967,903 | ManagementAndGeneralAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,733,194,225 | TotalAmt |
| Program Services | $1,608,618,432 | ProgramServicesAmt |
| Management And General | $124,575,793 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $196,999,533 | BOYAmt |
| EOY | $273,894,609 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,916,183 | BOYAmt |
| EOY | $10,580,694 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $196,203,267 | BOYAmt |
| EOY | $215,717,541 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $32,463,216,503 | BOYAmt |
| EOY | $34,481,863,115 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,301,131 | BOYAmt |
| EOY | $14,653,766 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $168,825,098 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $83,706,523 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $86,011,492 | BOYAmt |
| EOY | $85,118,575 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $484,618,734 | BOYAmt |
| EOY | $293,107,779 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $25,750,000 | BOYAmt |
| EOY | $25,130,000 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $509,656,128 | BOYAmt |
| EOY | $753,352,109 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $33,983,672,971 | BOYAmt |
| EOY | $36,153,418,188 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,779,243,609 | BOYAmt |
| EOY | $4,636,149,324 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $36,007,598 | BOYAmt |
| EOY | $30,725,609 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $17,449,610,085 | BOYAmt |
| EOY | $16,595,245,110 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,003,499,413 | BOYAmt |
| EOY | $11,790,431,934 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $147,117,472 | BOYAmt |
| EOY | $103,267,958 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $31,415,478,177 | BOYAmt |
| EOY | $33,155,819,935 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $969,400 | BOYAmt |
| EOY | $968,400 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,567,225,394 | BOYAmt |
| EOY | $2,996,629,853 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,568,194,794 | BOYAmt |
| EOY | $2,997,598,253 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $33,983,672,971 | BOYAmt |
| EOY | $36,153,418,188 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $273,143,431 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $16,460,724 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $139,799,304 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $23,795,971 | OtherCostOrOtherBasisAmt |
| Book Value | $23,795,971 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $50,491,195 | OtherCostOrOtherBasisAmt |
| Depreciation | $21,854,151 | DepreciationAmt |
| Book Value | $28,637,044 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $94,537,932 | OtherCostOrOtherBasisAmt |
| Depreciation | $61,852,372 | DepreciationAmt |
| Book Value | $32,685,560 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $85,118,575 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (4 entries)
| DescDesc | AmtAmt |
|---|---|
| GUARANTEE LIABILITY | $15,896,205 |
| OTHER ACCRUED EXPENSES | $7,014,148 |
| CREDIT LOSSES ALLOWANCE | $126,000 |
| DERIVATIVE LIABILITY | $80,231,605 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $103,267,958 | TotalLiabilityAmt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (43 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt | Address Line2USAddress/AddressLine2Txt |
|---|---|---|---|---|---|---|---|---|---|
| ALABAMA RURAL ELECTRIC ASSOCIATION OF COOPERATIVES | |||||||||
| PO BOX 244014 | MONTGOMERY | AL | 361244014 | 630264081 | 501(C)(6) | $22,500 | $0 | EDUCATIONAL FUND-AREA SUMMER CONFERENCE | |
| ALASKA POWER ASSOCIATION | |||||||||
| 703 WEST TUDOR ROAD SUITE 200 | ANCHORAGE | AK | 995036650 | 920069880 | 501(C)(6) | $18,000 | $0 | EDUCATIONAL FUND-ONGOING TRAINING FOR STATEWIDE STAFF AND ALASKA CHAPERONE AND STUDENTS TO ATTEND IDAHO CONSUMER-OWNED UTILITY ASSN. YOUTH RALLY | |
| ARKANSAS ELECTRIC COOPERATIVE INC | |||||||||
| PO BOX 194208 | LITTLE ROCK | AR | 722194208 | 710332419 | 501(C)(12) | $16,750 | $0 | EDUCATIONAL FUND-TRAINING FOR STATEWIDE STAFF AND EMPLOYEES AT MEMBER SYSTEMS | |
| ASSOCIATION OF LOUISIANA ELECTRIC COOPERATIVES INC | |||||||||
| 10725 AIRLINE HIGHWAY | BATON ROUGE | LA | 708164299 | 720400467 | 501(C)(6) | $12,750 | $0 | EDUCATIONAL FUND-RURAL ELECTRIC COOPERATIVES YOUTH TOUR | |
| CKENERGY ELECTRIC COOPERATIVE INC | |||||||||
| PO BOX 70 | BINGER | OK | 73009 | 474815587 | 501(C)(12) | $114,081 | $0 | INTEGRITY FUND-THREATENS EXISTENCE UNDER THE COOPERATIVE BUSINESS MODEL | |
| COLORADO RURAL ELECTRIC ASSOCIATION | |||||||||
| 5400 WASHINGTON STREET | DENVER | CO | 80216 | 840411220 | 501(C)(6) | $23,250 | $0 | EDUCATIONAL FUND-EMPLOYEE EDUCATION COURSES | |
| ELECTRIC COOPERATIVES OF MISSISSIPPI | |||||||||
| PO BOX 3300 | RIDGELAND | MS | 391583300 | 640200697 | 501(C)(6) | $24,000 | $0 | EDUCATIONAL FUND-NRECA YOUTH TOUR OF WASHINGTON, DC | |
| FLORIDA ELECTRIC COOPERATIVES ASSOCIATION INC | |||||||||
| 2916 APALACHEE PARKWAY | TALLAHASSEE | FL | 32301 | 590633990 | 501(C)(6) | $14,500 | $0 | EDUCATIONAL FUND-FECA SUMMER LEADERSHIP CONFERENCE | |
| GEORGIA ELECTRIC MEMBERSHIP CORPORATION | |||||||||
| 2100 EAST EXCHANGE PLACE | TUCKER | GA | 300845336 | 580530279 | 501(C)(6) | $32,500 | $0 | EDUCATIONAL FUND-GEORGIA EMC SUNBELT AGRICULTURAL EXPOSITION EXHIBIT | |
| GOLDEN STATE POWER COOPERATIVE | |||||||||
| PO BOX 1815 | GRAEAGLE | CA | 96103 | 680441905 | 501(C)(6) | $7,000 | $0 | EDUCATIONAL FUND-COOPERATIVE DEVELOPMENT & EDUCATION | |
| GRAND CANYON STATE ELECTRIC COOPERATIVE ASSOCIATION | |||||||||
| 2210 S PRIEST DRIVE | TEMPE | AZ | 85282 | 866056759 | 501(C)(6) | $16,000 | $0 | EDUCATIONAL FUND-NRECA YOUTH TOUR OF WASHINGTON, DC | |
| IDAHO CONSUMER-OWNED UTILITIES ASSOCIATION | |||||||||
| PO BOX 1898 | BOISE | ID | 837011898 | 820502739 | 501(C)(6) | $14,500 | $0 | EDUCATIONAL FUND-ICUA YOUTH RALLY & ICUA MEMBERS CONFERENCE | |
| INDIANA ELECTRIC COOPERATIVES | |||||||||
| 8888 KEYSTONE CROSSING SUITE 1600 | INDIANAPOLIS | IN | 46240 | 351499808 | 501(C)(6) | $35,750 | $0 | EDUCATIONAL FUND-EDUCATIONAL RESOURCES AND MEMBER EDUCATION | |
| IOWA ASSOCIATION OF ELECTRIC COOPERATIVES | |||||||||
| 8525 DOUGLAS AVENUE STE 48 | DES MOINES | IA | 503222992 | 420662488 | 501(C)(6) | $32,250 | $0 | EDUCATIONAL FUND-EDUCATIONAL CONTENT FOR LIVING WITH ENERGY IN IOWA MAGAZINE | |
| KANSAS ELECTRIC COOPERATIVES INC | |||||||||
| PO BOX 4267 | TOPEKA | KS | 666040267 | 480541902 | 501(C)(12) | $24,500 | $0 | EDUCATIONAL FUND-BACK TO BASICS EDUCATIONAL PROGRAM | |
| KAUAI ISLAND UTILITY COOPERATIVE | |||||||||
| 4463 PAHEE STREET SUITE 1 | LIHUE | HI | 967662000 | 990346113 | 501(C)(12) | $5,500 | $0 | EDUCATIONAL FUND-YOUTH EDUCATION PROGRAMS | |
| MICHIGAN ELECTRIC COOPERATIVE ASSOCIATION | |||||||||
| 201 TOWNSEND STREET SUITE 900 | LANSING | MI | 489331529 | 382214287 | 501(C)(6) | $12,000 | $0 | EDUCATIONAL FUND-YOUTH TOUR | |
| MINNESOTA RURAL ELECTRIC ASSOCIATION | |||||||||
| 11640 - 73RD AVENUE NORTH | MAPLE GROVE | MN | 55369 | 410417193 | 501(C)(6) | $32,000 | $0 | EDUCATIONAL FUND-BOARD LEADERSHIP CERTIFICATE DIRECTOR COURSES | |
| MISSOURI ELECTRIC COOPERATIVES | |||||||||
| 2722 E MCCARTY ST | JEFFERSON CITY | MO | 65101 | 430631824 | 501(C)(6) | $37,750 | $0 | EDUCATIONAL FUND-RURAL ELECTRIC YOUTH TOUR AND YOUTH CONFERENCE AND LEADERSHIP EXP. (CYCLE) | |
| MONTANA ELECTRIC COOPERATIVES' ASSOCIATION | |||||||||
| PO BOX 1306 | GREAT FALLS | MT | 59403 | 810229220 | 501(C)(6) | $25,000 | $0 | EDUCATIONAL FUND-COOP 101 TRAINING AND NRECA YOUTH TOUR OF WASHINGTON, DC | |
| NEBRASKA RURAL ELECTRIC ASSOCIATION | |||||||||
| PO BOX 82048 | LINCOLN | NE | 68501 | 470394033 | 501(C)(6) | $22,250 | $0 | EDUCATIONAL FUND-RURAL ELECTRIC YOUTH TOUR | |
| NEVADA RURAL ELECTRIC ASSOCIATION | |||||||||
| 1894 E WILLIAM STREET SUITE 4222 | CARSON CITY | NV | 89701 | 880237046 | 501(C)(6) | $23,000 | $0 | EDUCATION FUND-CELEBRATING CONSUMER-OWNED POWER AND STATEWIDE PROGRAM | |
| NEW MEXICO RURAL ELECTRIC COOPERATIVE ASSOCIATION | |||||||||
| 614 DON GASPAR AVENUE | SANTA FE | NM | 87505 | 850155370 | 501(C)(6) | $14,500 | $0 | EDUCATIONAL FUND-DIRECTOR TRAINING | |
| NEW YORK STATE RURAL ELECTRIC COOPERATIVE ASSOCIATION INC | |||||||||
| PO BOX 128 | HARTWICK | NY | 133480128 | 161264464 | 501(C)(6) | $7,750 | $0 | EDUCATIONAL FUND-STUDENT PARTICIPATION - NRECA LEG. CONFERENCE | |
| NORTH CAROLINA ASSOCIATION OF ELECTRIC COOPERATIVES INC | |||||||||
| 3400 SUMNER BLVD | RALEIGH | NC | 27616 | 561189186 | 501(C)(6) | $21,500 | $0 | EDUCATIONAL FUND-BRIGHT IDEAS EDUCATION GRANT PROGRAM | |
| NORTH DAKOTA ASSOCIATION OF RURAL ELECTRIC COOPERATIVES | |||||||||
| PO BOX 727 | MANDAN | ND | 585540724 | 450231058 | 501(C)(6) | $15,750 | $0 | EDUCATIONAL FUND-EDUCATIONAL RESOURCES AND MEMBER EDUCATION | |
| NORTH GEORGIA ELECTRIC MEMBERSHIP CORPORATION | |||||||||
| PO BOX 1407 | DALTON | GA | 307221407 | 580370240 | 501(C)(12) | $150,000 | $0 | INTEGRITY FUND-TERRITORY THREAT | |
| NORTHEAST ASSOCIATION OF ELECTRIC COOPERATIVES INC | |||||||||
| PO BOX 8 | EAST MONTPELIER | VT | 05651 | 222153529 | 501(C)(12) | $25,500 | $0 | EDUCATIONAL FUND-NEAEC EDUCATION PROGRAM | |
| NRECA | |||||||||
| PO BOX 207434 | DALLAS | TX | 753207434 | 530116145 | 501(C)(6) | $185,629 | $0 | EDUCATIONAL FUND NRECA | |
| OHIO'S ELECTRIC COOPERATIVES | |||||||||
| 6677 BUSCH BOULEVARD | COLUMBUS | OH | 43229 | 510174617 | 501(C)(6) | $26,750 | $0 | EDUCATIONAL FUND-NRECA COURSES AND LEADERSHIPPROGRAMS | |
| OKLAHOMA ASSOCIATION OF ELECTRIC COOPERATIVES INC | |||||||||
| PO BOX 54309 | OKLAHOMA CITY | OK | 731541309 | 730556236 | 501(C)(6) | $23,250 | $0 | EDUCATIONAL FUND-NRECA YOUTH TOUR OF WASHINGTON, DC | |
| OREGON RURAL ELECTRIC COOPERATIVE ASSOCIATION | |||||||||
| 8565 SW SALISH LANE SUITE 130 | WILSONVILLE | OR | 970709674 | 930593238 | 501(C)(6) | $24,500 | $0 | EDUCATIONAL FUND-LEGISLATOR OUTREACH PROGRAM & DIRECTOR EDUCATION | |
| PENNSYLVANIA RURAL ELECTRIC ASSOCIATION | |||||||||
| PO BOX 1266 | HARRISBURG | PA | 171081266 | 236291530 | 501(C)(6) | $27,000 | $0 | EDUCATIONAL FUND-PREA COMMUNICATIONS WORKSHOP | |
| SOUTH DAKOTA RURAL ELECTRIC ASSOCIATION INC | |||||||||
| PO BOX 1138 | PIERRE | SD | 57501 | 460231254 | 501(C)(12) | $20,250 | $0 | EDUCATIONAL FUND-YOUTH EXCURSION | |
| TENNESSEE ELECTRIC COOPERATIVE ASSOCIATION | |||||||||
| PO BOX 100912 | NASHVILLE | TN | 37224 | 620461379 | 501(C)(6) | $169,500 | $0 | INTEGRITY FUND AND EDUCATIONAL FUND-VARIOUS PROGRAMS | |
| TEXAS ELECTRIC COOPERATIVES INC | |||||||||
| 1122 COLORADO ST STE 2400 | AUSTIN | TX | 787012167 | 741007829 | $62,750 | $0 | EDUCATIONAL FUND-YOUR TOUR MAGAZINE AND TEXAS CO-OP POWER TOOL KIT | ||
| THE ASSOCIATION OF ILLINOIS ELECTRIC COOPERATIVES | |||||||||
| PO BOX 3787 | SPRINGFIELD | IL | 627083787 | 370159736 | 501(C)(6) | $30,000 | $0 | EDUCATIONAL FUND-STATEWIDE SURVEY | |
| THE ELECTRIC COOPERATIVES OF SOUTH CAROLINA INC | |||||||||
| 808 KNOX ABBOTT DRIVE | CAYCE | SC | 29033 | 570308664 | 501(C)(6) | $19,750 | $0 | EDUCATIONAL FUND-EMPLOYEE AND DIRECTOR EDUCATION COURSES | |
| THE SOCORRO ELECTRIC COOPERATIVE INC | |||||||||
| PO BOX H | SOCORRO | NM | 87801 | 850084968 | 501(C)(12) | $60,723 | $0 | INTEGRITY FUND-TERRITORY THREAT | |
| UTAH RURAL ELECTRIC ASSOCIATION INC | |||||||||
| 10714 SOUTH JORDAN GATEWAY SUITE | SOUTH JORDAN | UT | 84095 | 870402010 | 501(C)(6) | $10,500 | $0 | EDUCATION FUND-NEW LEGISLATOR EDUCATION PROGRAM | 300 |
| VA MD & DE ASSOCIATION OF ELECTRIC COOPERATIVES | |||||||||
| 4201 DOMINION BLVD SUITE 101 | GLEN ALLEN | VA | 23060 | 540553861 | 501(C)(6) | $25,250 | $0 | EDUCATIONAL FUND-BOARD TRAINING AND EDUCATION | |
| WASHINGTON RURAL ELECTRIC COOPERATIVE ASSOCIATION | |||||||||
| PO BOX 7219 | OLYMPIA | WA | 98507 | 911236389 | 501(C)(6) | $18,250 | $0 | EDUCATION FUND-WRECA ANNUAL MEETING | |
| WISCONSIN ELECTRIC COOPERATIVE ASSOCIATION | |||||||||
| 222 WEST WASHINGTON AVENUE SUITE | MADISON | WI | 537032719 | 391128018 | 501(C)(6) | $26,750 | $0 | EDUCATION FUND-WISCONSIN YOUTH LEADERSHIP CONGRESS AND YOUTH TOUR | 680 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 0 | Total501c3OrgCnt |
| Total Other Org | 43 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | 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. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| First Class Or Charter Travel | Yes (X) | FirstClassOrCharterTravelInd |
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | 0 | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Form990 Of Other Organizations | Yes (X) | Form990OfOtherOrganizationsInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | Yes (1) | AnyNonFixedPaymentsInd |
| Initial Contract Exception | 0 | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (20 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JONATHAN ANDREW DON | ||||||||||||||
| CEO | $1,044,444 | $0 | $383,680 | $0 | $903,565 | $0 | $241,404 | $0 | $33,241 | $0 | $2,606,334 | $0 | $0 | $0 |
| BRAD CAPTAIN | ||||||||||||||
| SVP & CHIEF CORPORATE AFFAIRS OFFICE | $375,148 | $0 | $149,424 | $0 | $56,049 | $0 | $502,607 | $0 | $8,548 | $0 | $1,091,776 | $0 | $0 | $0 |
| JOEL ALLEN | ||||||||||||||
| SVP AND CHIEF BANKING OFFICER | $438,031 | $0 | $169,890 | $0 | $36,496 | $0 | $231,730 | $0 | $37,144 | $0 | $913,291 | $0 | $0 | $0 |
| YU LING WANG | ||||||||||||||
| SVP & CFO | $414,893 | $0 | $157,500 | $0 | $37,494 | $0 | $172,863 | $0 | $19,140 | $0 | $801,890 | $0 | $0 | $0 |
| GARY A BRADBURY | ||||||||||||||
| SVP & COO | $353,271 | $0 | $135,650 | $0 | $33,682 | $0 | $118,992 | $0 | $39,329 | $0 | $680,924 | $0 | $0 | $0 |
| GHOLAM M SALEH | ||||||||||||||
| SVP & CHIEF RISK OFFICER | $378,979 | $0 | $142,850 | $0 | $22,872 | $0 | $64,170 | $0 | $29,397 | $0 | $638,268 | $0 | $0 | $0 |
| JILL MAISON | ||||||||||||||
| SVP, RELATIONSHIP MANAGEMENT | $286,129 | $0 | $112,440 | $0 | $59,805 | $0 | $141,858 | $0 | $4,651 | $0 | $604,883 | $0 | $0 | $0 |
| JOHN FREDERICK SUTER | ||||||||||||||
| VP, ECONOMIC RESEARCH | $209,742 | $0 | $94,657 | $0 | $79,284 | $0 | $154,323 | $0 | $38,732 | $0 | $576,738 | $0 | $0 | $0 |
| RICHARD PERREAULT | ||||||||||||||
| VP AND CIO | $317,943 | $0 | $114,927 | $0 | $33,301 | $0 | $70,775 | $0 | $39,097 | $0 | $576,043 | $0 | $0 | $0 |
| NATHAN HOWARD | ||||||||||||||
| SVP & GEN COUNSEL | $317,726 | $0 | $111,230 | $0 | $23,478 | $0 | $44,502 | $0 | $1,867 | $0 | $498,803 | $0 | $0 | $0 |
| DAVID W OLAH | ||||||||||||||
| VP, PORTFOLIO MANAGEMENT | $274,159 | $0 | $93,940 | $0 | $16,750 | $0 | $75,010 | $0 | $31,237 | $0 | $491,096 | $0 | $0 | $0 |
| AMY S LUONGO | ||||||||||||||
| VP, PORTFOLIO MGMT & LOAN SERVICES | $271,645 | $0 | $97,092 | $0 | $32,559 | $0 | $70,127 | $0 | $18,559 | $0 | $489,982 | $0 | $0 | $0 |
| LAWRENCE SAUNDERS | ||||||||||||||
| VP, CREDIT RISK MANAGEMENT | $270,829 | $0 | $84,185 | $0 | $9,749 | $0 | $80,983 | $0 | $27,491 | $0 | $473,237 | $0 | $0 | $0 |
| JONATHAN J POLETTI | ||||||||||||||
| DIRECTOR, INFO. SYSTEMS & DEPUTY CIO | $228,727 | $0 | $95,501 | $0 | $33,877 | $0 | $73,496 | $0 | $38,567 | $0 | $470,168 | $0 | $0 | $0 |
| W DANIEL CAWOOD | ||||||||||||||
| VP, PORTFOLIO MANAGEMENT | $246,914 | $0 | $79,847 | $0 | $19,489 | $0 | $78,990 | $0 | $35,471 | $0 | $460,711 | $0 | $0 | $0 |
| ANDREW COLEMAN | ||||||||||||||
| VP, PORTFOLIO MANAGEMENT | $248,028 | $0 | $75,744 | $0 | $5,814 | $0 | $24,728 | $0 | $36,769 | $0 | $391,083 | $0 | $0 | $0 |
| KIMBERLY MILLER | ||||||||||||||
| ASSISTANT GENERAL COUNSEL | $247,001 | $0 | $79,127 | $0 | $5,666 | $0 | $39,803 | $0 | $17,950 | $0 | $389,547 | $0 | $0 | $0 |
| PANKAJ SHAH | ||||||||||||||
| VP AND CONTROLLER | $273,354 | $0 | $69,827 | $0 | $562 | $0 | $2,429 | $0 | $36,110 | $0 | $382,282 | $0 | $0 | $0 |
| VU LY | ||||||||||||||
| VP, CAPITAL MARKETS | $200,587 | $0 | $63,851 | $0 | $21,080 | $0 | $43,576 | $0 | $37,252 | $0 | $366,346 | $0 | $0 | $0 |
| HEESUN CHOI | ||||||||||||||
| VP, CAPITAL MARKETS RELATIONS | $177,757 | $0 | $49,478 | $0 | $20,785 | $0 | $30,132 | $0 | $18,773 | $0 | $296,925 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (5 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 2024, 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 2023, ONE OFFICER HAD ACCRUED VESTED BENEFITS AND RECEIVED THE FOLLOWING DISTRIBUTION FROM THE PLAN DISCUSSED ABOVE: - JONATHAN ANDREW DON $765,680 |
| PART I, LINE 7 | OUR ANNUAL CASH INCENTIVE PROGRAM FOR FISCAL YEAR 2024 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, WERE ELIGIBLE TO PARTICIPATE IN THE PLAN AND RECEIVED 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 FINAL PAYMENTS WERE PROCESSED MAY 31, 2024. THE PROGRAM WAS REPLACED BY THE VESTING COMPONENT OF THE ANNUAL INCENTIVE PLAN. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION IS A MEMBERSHIP ORGANIZATION. AS OF MAY 31, 2024, THERE WERE 1,016 MEMBERS AND ASSOCIATES. MEMBERSHIP INCLUDED: CLASS A. THERE WERE 842 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 43) 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 EXTERNAL TAX ADVISORS, MOSS ADAMS LLP, AND REVIEWED BY INTERNAL COUNSEL AND SENIOR MANAGEMENT. A DRAFT WAS ALSO 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 2024, 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 2024 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 FOR THE FISCAL YEAR 2024 PLAN. 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 -113,129,071. DERIVATIVE FORWARD VALUE CHANGE 263,590,147. NET CHANGE IN OTHER OCI COMPONENTS -9,758,181. NET CHANGE IN MEMBERSHIP FEES -1,000. NET CHANGE IN INTEGRITY FUND -902,591. |
| 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. |
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