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Nonprofiteer
← SOUTH PLAINS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by SOUTH PLAINS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$191,206,295
Total expenses
$192,742,795
Contributions and grants received
$0
Grants paid
$233,463
Program service revenue
$192,461,578
Investment income
-$1,693,988
Other revenue
$438,705
Total assets, end of year
$528,128,446
Total liabilities, end of year
$299,574,211
Net assets or fund balances, end of year
$228,554,235
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: SALES OF ELECTRICITY

    total $171,836,524 · related or exempt $171,836,524

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $20,625,054 · related or exempt $20,625,054

  • 3 · Investment income

    total $763,755 · excluded $763,755

  • 6a · Gross rents

    real property $142,200 · personal property $191,259

  • 6b · Less rental expenses

    real property $95,050 · personal property $124,461

  • 6c · Rental income or loss

    real property $47,150 · personal property $66,798

  • 6d · Net rental income or loss

    total $113,948 · related or exempt $27,471 · unrelated business $86,477

  • 7b · Less cost or other basis and sales expenses

    other assets $2,457,743

  • 7c · Gain or loss

    other assets -$2,457,743

  • 7d · Net gain or loss

    total -$2,457,743 · related or exempt -$2,457,743

  • 10a · Gross sales of inventory

    $372,262

  • 10b · Cost of goods sold

    $176,295

  • 10c · Net income from sales of inventory

    total $195,967 · related or exempt $213,872 · unrelated business -$17,905

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $128,790 · excluded $128,790

  • 11e · Other revenue, total

    $128,790

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $233,463

  • 4 · Benefits paid to or for members

    total $24,228,491

  • 5 · Compensation of officers, directors and key employees

    total $1,703,129

  • 7 · Other salaries and wages

    total $10,295,784

  • 8 · Pension plan contributions

    total $1,668,930

  • 9 · Other employee benefits

    total $1,991,490

  • 10 · Payroll taxes

    total $790,040

  • 20 · Interest

    total $11,494,834

  • 22 · Depreciation, depletion and amortization

    total $11,339,210

  • 24a · Other expenses: PURCHASED POWER

    total $117,231,288

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $5,909,074

  • 24c · Other expenses: CUSTOMER ACCOUNTS

    total $2,628,550

  • 24d · Other expenses: UNRELATED BUS. INC. TAX

    total $18,225

  • 24e · All other expenses

    total $3,210,287

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $12,308,286 · end of year $14,209,385

  • 4 · Accounts receivable

    beginning of year $21,498,463 · end of year $18,133,931

  • 7 · Other notes and loans receivable

    beginning of year $4,289,236 · end of year $4,196,026

  • 8 · Inventories for sale or use

    beginning of year $12,449 · end of year $21,372

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,684,345 · end of year $2,395,119

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

    $440,717,896

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

    $108,467,195

  • 10c · Land, buildings and equipment, net

    beginning of year $300,264,538 · end of year $332,250,701

  • 13 · Investments: program-related

    beginning of year $133,156,096 · end of year $146,938,433

  • 15 · Other assets

    beginning of year $11,988,670 · end of year $9,983,479

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,677,038 · end of year $15,144,622

  • 21 · Escrow or custodial account liability

    beginning of year $255,533 · end of year $302,809

  • 23 · Secured mortgages and notes payable

    beginning of year $241,591,727 · end of year $259,329,693

  • 25 · Other liabilities

    beginning of year $17,140,647 · end of year $24,797,087

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $208,537,138 · end of year $228,554,235

Mission and programs · 2023

Mission

NONE

Activities or mission (Part I)

TO PROVIDE ELECTRIC ENERGY TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • SALES OF ELECTRIC ENERGY TO OUR MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 73,120 ACTIVE SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Lloyd Arthur

    DIRECTOR

    Total calculated
    $33,500
    From this org
    $33,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.2

  • David Gossett

    DIRECTOR

    Total calculated
    $27,600
    From this org
    $27,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Rd McCallister

    DIRECTOR

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.6

  • Joe McFerrin

    DIRECTOR

    Total calculated
    $30,104
    From this org
    $30,104
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.1

  • Benny Nixon

    DIRECTOR

    Total calculated
    $28,600
    From this org
    $28,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    11.4

  • Bobby Richey

    PRESIDENT

    Total calculated
    $29,400
    From this org
    $29,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    19.2

  • Danny Stanton

    VICE PRESIDENT

    Total calculated
    $31,200
    From this org
    $31,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    16.5

  • Rynn Truett

    ASSISTANT SECRETARY/TREASU

    Total calculated
    $30,400
    From this org
    $30,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.3

  • Glen Jones

    DIRECTOR (JAN-AUG)

    Total calculated
    $18,350
    From this org
    $18,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.8

  • Scott Martin

    SECRETARY/TREASURER

    Total calculated
    $32,100
    From this org
    $32,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    14.6

  • Jamie McNeill

    DIRECTOR (AUG-DEC)

    Total calculated
    $12,200
    From this org
    $12,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    14.9

  • Larry Browning

    DIRECTOR

    Total calculated
    $30,800
    From this org
    $30,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    11.5

  • Brent Whitaker

    DIRECTOR

    Total calculated
    $34,100
    From this org
    $34,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    11.6

  • Larry Dale Ancell

    EXECUTIVE VP/GENERAL MANAGER

    Total calculated
    $470,623
    From this org
    $381,186
    From related orgs
    $0
    Other
    $89,437
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $309,346
    Bonus
    $5,750
    Other
    $66,090
    Deferred
    $74,803
    Nontaxable benefits
    $14,634
    Filer's total
    $470,623

  • John Randal Bailey

    ASSISTANT GENERAL MANAGER

    Total calculated
    $570,533
    From this org
    $315,781
    From related orgs
    $0
    Other
    $254,752
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $276,090
    Bonus
    $3,950
    Other
    $35,741
    Deferred
    $229,383
    Nontaxable benefits
    $25,369
    Filer's total
    $570,533

  • Shane Adams

    CHIEF FINANCIAL OFFICER

    Total calculated
    $296,619
    From this org
    $224,212
    From related orgs
    $0
    Other
    $72,407
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $183,286
    Bonus
    $5,178
    Other
    $35,748
    Deferred
    $39,153
    Nontaxable benefits
    $33,254
    Filer's total
    $296,619

  • Steven Latham

    MANAGER OF INFORMATION TECHNOLOGY

    Total calculated
    $254,373
    From this org
    $194,480
    From related orgs
    $0
    Other
    $59,893
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,306
    Bonus
    $5,187
    Other
    $23,987
    Deferred
    $27,210
    Nontaxable benefits
    $32,683
    Filer's total
    $254,373

  • Joe Salinas

    OPERATIONS SUPERINTENDENT

    Total calculated
    $243,102
    From this org
    $197,439
    From related orgs
    $0
    Other
    $45,663
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,513
    Bonus
    $2,650
    Other
    $43,276
    Deferred
    $32,080
    Nontaxable benefits
    $13,583
    Filer's total
    $243,102

  • Lynn Simmons

    DIRECTOR OF COMMUNICATIONS

    Total calculated
    $266,408
    From this org
    $210,429
    From related orgs
    $0
    Other
    $55,979
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,978
    Bonus
    $5,214
    Other
    $20,237
    Deferred
    $42,939
    Nontaxable benefits
    $13,040
    Filer's total
    $266,408

  • Tahnee Truitt

    DIRECTOR OF HUMAN RESOURCES

    Total calculated
    $266,512
    From this org
    $216,674
    From related orgs
    $0
    Other
    $49,838
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,064
    Bonus
    $5,250
    Other
    $20,360
    Deferred
    $36,343
    Nontaxable benefits
    $13,495
    Filer's total
    $266,512

  • Jon Henson

    LUBBOCK DIVISION MANAGER

    Total calculated
    $259,449
    From this org
    $195,983
    From related orgs
    $0
    Other
    $63,466
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,441
    Bonus
    $3,450
    Other
    $20,092
    Deferred
    $38,236
    Nontaxable benefits
    $25,230
    Filer's total
    $259,449

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

  • 1a · Travel for companions
  • 1a · Health or social club dues or initiation fees
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
DURING 2023, THE COOPERATIVE PAID $7,469 FOR COUNTRY CLUB DUES FOR GENERAL MANAGER, LARRY DALE ANCELL.
PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. JOHN RANDAL BAILEY: TOTAL REPORTED IN COLUMN C $ 229,383 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (229,383) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 121,639 EXPENSE TO THE COOPERATIVE $ 121,639 LARRY DALE ANCELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 65,404 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,399 TOTAL REPORTED IN COLUMN C $ 74,803 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (65,404) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,735 EXPENSE TO THE COOPERATIVE $ 62,134 SHANE ADAMS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 33,335 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,818 TOTAL REPORTED IN COLUMN C $ 39,153 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (33,335) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,878 EXPENSE TO THE COOPERATIVE $ 38,696 TAHNEE TRUITT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,510 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,833 TOTAL REPORTED IN COLUMN C $ 36,343 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,510) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,170 EXPENSE TO THE COOPERATIVE $ 39,003 LYNN SIMMONS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 37,269 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,670 TOTAL REPORTED IN COLUMN C $ 42,939 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (37,269) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,087 EXPENSE TO THE COOPERATIVE $ 37,757 JON HENSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,815 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,421 TOTAL REPORTED IN COLUMN C $ 38,236 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,815) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,907 EXPENSE TO THE COOPERATIVE $ 36,328 STEVEN LATHAM: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 21,957 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,253 TOTAL REPORTED IN COLUMN C $ 27,210 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (21,957) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,217 EXPENSE TO THE COOPERATIVE $ 34,470 JOE SALINAS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,615 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,465 TOTAL REPORTED IN COLUMN C $ 32,080 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,615) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,526 EXPENSE TO THE COOPERATIVE $ 29,991

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • SOUTH PLAINS ELECTRIC TRUST

    501(C)(3) · SCHOLARSHIPS, GRANTS, AND DONATIONS · TX · controlled entity

    Directly controlled by SOUTH PLAINS ELECTRIC COOPERATIVE INC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • SOUTH PLAINS DEVELOPMENT CORPORATION

    C · REAL ESTATE RENTAL AND DEVELOPMENT · TX · 100% owned · share of income $980,255 · share of assets $7,205,932 · controlled entity

    Directly controlled by SOUTH PLAINS ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202423219349301302

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