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Nonprofiteer
← AMICALOLA ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by AMICALOLA ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$107,180,242
Total expenses
$107,180,242
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$104,372,970
Investment income
$2,779,837
Other revenue
$27,435
Total assets, end of year
$238,951,801
Total liabilities, end of year
$157,696,143
Net assets or fund balances, end of year
$81,255,658
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$107,180,242

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: ELECTRIC REVENUE

    total $100,530,486 · related or exempt $100,530,486

  • 2b · Program service revenue: POLE RENTAL

    total $2,763,820 · related or exempt $2,763,820

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $543,623 · related or exempt $543,623

  • 2d · Program service revenue: G & T CAPITAL CREDITS

    total $535,041 · related or exempt $535,041

  • 3 · Investment income

    total $2,779,837 · excluded $2,779,837

  • 11a · Other revenue: MISC NONOPERATING INCOME

    total $26,435 · related or exempt $26,435

  • 11b · Other revenue: GAIN OR LOSS FROM DISP OF PLA

    total $1,000 · related or exempt $1,000

  • 11e · Other revenue, total

    $27,435

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,057,925

  • 5 · Compensation of officers, directors and key employees

    total $881,359

  • 20 · Interest

    total $4,123,791

  • 22 · Depreciation, depletion and amortization

    total $8,312,014

  • 24a · Other expenses: PURCHASED POWER

    total $61,686,497

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $13,968,820

  • 24c · Other expenses: ADMIN. & GENERAL EXP.

    total $6,414,932

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $4,073,866

  • 24e · All other expenses

    total $3,661,038

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $689,081 · end of year $2,061,521

  • 4 · Accounts receivable

    beginning of year $8,508,028 · end of year $5,845,830

  • 8 · Inventories for sale or use

    beginning of year $8,674,364 · end of year $8,731,385

  • 9 · Prepaid expenses and deferred charges

    beginning of year $243,781 · end of year $296,844

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

    $280,108,748

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

    $95,891,564

  • 10c · Land, buildings and equipment, net

    beginning of year $171,487,936 · end of year $184,217,184

  • 13 · Investments: program-related

    beginning of year $12,879,423 · end of year $13,930,631

  • 15 · Other assets

    beginning of year $23,988,101 · end of year $23,868,406

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,331,250 · end of year $13,832,454

  • 23 · Secured mortgages and notes payable

    beginning of year $105,408,566 · end of year $117,234,016

  • 25 · Other liabilities

    beginning of year $26,190,412 · end of year $26,629,673

  • 29 · Capital stock, trust principal or current funds

    beginning of year $902,617 · end of year $923,522

  • 31 · Retained earnings, endowment or other funds

    beginning of year $78,637,869 · end of year $80,332,136

Mission and programs · 2023

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • TO PROVIDE SAFE AND RELIABLE ELECTRICITY TO THE MEMBERS WITHIN THE COUNTIES WE SERVE.

    Expenses $107,180,242

As filed on the 2023 return.

Listed in Part VII

  • Charles R Fendley

    CHAIRMAN

    Total calculated
    $32,400
    From this org
    $32,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.29

  • John H Bennett Jr

    VICE CHAIRMA

    Total calculated
    $33,800
    From this org
    $33,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.21

  • Randall Ponder

    SEC.-TREAS.

    Total calculated
    $29,100
    From this org
    $29,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.04

  • Travis Cline

    DIRECTOR

    Total calculated
    $30,000
    From this org
    $30,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.65

  • Kathy Burt

    DIRECTOR

    Total calculated
    $25,200
    From this org
    $25,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.07

  • David J Pierce

    DIRECTOR

    Total calculated
    $30,600
    From this org
    $30,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.99

  • Reggie Stowers

    DIRECTOR

    Total calculated
    $28,200
    From this org
    $28,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.91

  • Edward Tucker

    DIRECTOR

    Total calculated
    $28,500
    From this org
    $28,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.53

  • Shelley Cantrell

    DIRECTOR

    Total calculated
    $27,600
    From this org
    $27,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    20.08

  • Todd Payne

    PRESIDENT &

    Total calculated
    $615,959
    From this org
    $471,401
    From related orgs
    $0
    Other
    $144,558
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $393,600
    Bonus
    $77,048
    Other
    $753
    Deferred
    $107,415
    Nontaxable benefits
    $37,143
    Filer's total
    $615,959

  • Penelope Marshall

    EVP & CFO

    Total calculated
    $277,434
    From this org
    $250,367
    From related orgs
    $0
    Other
    $27,067
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $207,077
    Bonus
    $42,537
    Other
    $753
    Deferred
    $214
    Nontaxable benefits
    $26,853
    Filer's total
    $277,434

  • Nathaniel West

    VP-OPERATION

    Total calculated
    $293,333
    From this org
    $208,679
    From related orgs
    $0
    Other
    $84,654
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $170,219
    Bonus
    $37,707
    Other
    $753
    Deferred
    $52,412
    Nontaxable benefits
    $32,242
    Filer's total
    $293,333

  • Kenneth Payne

    MGR. OF ENG

    Total calculated
    $209,571
    From this org
    $184,473
    From related orgs
    $0
    Other
    $25,098
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $151,013
    Bonus
    $32,707
    Other
    $753
    Deferred
    $146
    Nontaxable benefits
    $24,952
    Filer's total
    $209,571

  • Todd Satterfield

    MGR. DISTRIC

    Total calculated
    $191,373
    From this org
    $175,123
    From related orgs
    $0
    Other
    $16,250
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $146,663
    Bonus
    $27,707
    Other
    $753
    Deferred
    $134
    Nontaxable benefits
    $16,116
    Filer's total
    $191,373

  • Ronald McAllister

    CONST. CREW

    Total calculated
    $225,164
    From this org
    $174,685
    From related orgs
    $0
    Other
    $50,479
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $173,602
    Bonus
    $1,083
    Other
    not reported
    Deferred
    $20,843
    Nontaxable benefits
    $29,636
    Filer's total
    $225,164

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PART III
THE CORPORATION HAS DEPOSITED FUNDS, REPRESENTING DEFERRED COMPENSATION, ON BEHALF OF QUALIFIED EMPLOYEES WHO HAVE ELECTED TO DEFER CERTAIN AMOUNTS OF COMPENSATION. THE CORPORATION IS SUBJECT TO ASSESSMENT FOR ANY AMOUNTS BY WHICH THE MARKET VALUATION OF THE FUNDS MIGHT FALL SHORT OF CONTRACTED AND GUARANTEED AMOUNTS DUE THE EMPLOYEES. THE ANNUAL DEFERRAL OF THE COMPENSATION PLAN IS CALCULATED IN ACCORDANCE WITH IRC SECTION 457, SUBJECT TO CHANGES UNDER IRC SECTION 457(B).

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
28 March 2024
IRS schema version
2023v5.0
Source object
202413199349304076

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