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Nonprofiteer
← SOUTHWEST MISSISSIPPI ELECTRIC

Form 990 for tax year 2024

Filed by SOUTHWEST MISSISSIPPI ELECTRIC.

Totals

Total revenue
$65,708,431
Total expenses
$65,708,431
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$64,179,373
Investment income
$193,437
Other revenue
$1,335,621
Total assets, end of year
$139,826,409
Total liabilities, end of year
$70,016,540
Net assets or fund balances, end of year
$69,809,869
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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: OPERATING REVENUES-MEMBER

    total $63,474,152 · related or exempt $63,474,152

  • 2b · Program service revenue: QUALIFIED POLE RENTAL INCOME

    total $705,221 · excluded $705,221

  • 3 · Investment income

    total $193,437 · excluded $193,437

  • 11a · Other revenue: PATRONAGE CAPITAL

    total $1,273,319 · related or exempt $1,273,319

  • 11b · Other revenue: OTHER MEMBER INCOME

    total $62,302 · related or exempt $62,302

  • 11e · Other revenue, total

    $1,335,621

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,570,690

  • 5 · Compensation of officers, directors and key employees

    total $626,585

  • 11b · Fees: legal

    total $24,000

  • 11c · Fees: accounting

    total $29,939

  • 11g · Fees: other

    total $34,054

  • 12 · Advertising and promotion

    total $235,066

  • 14 · Information technology

    total $18,993

  • 17 · Travel

    total $128,765

  • 20 · Interest

    total $2,421,849

  • 22 · Depreciation, depletion and amortization

    total $3,984,372

  • 24a · Other expenses: COST OF POWER

    total $40,017,623

  • 24b · Other expenses: DISTRIBUTION - MAINTENANC

    total $10,689,771

  • 24c · Other expenses: DISTRIBUTION - OPERATIONS

    total $2,648,171

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,845,438

  • 24e · All other expenses

    total $1,433,115

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,707,860 · end of year $3,696,810

  • 2 · Savings and temporary cash investments

    beginning of year $4,600,000

  • 4 · Accounts receivable

    beginning of year $3,670,866 · end of year $3,499,535

  • 8 · Inventories for sale or use

    beginning of year $2,028,683 · end of year $2,094,987

  • 9 · Prepaid expenses and deferred charges

    beginning of year $353,917 · end of year $440,573

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

    $141,822,171

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

    $41,543,232

  • 10c · Land, buildings and equipment, net

    beginning of year $95,050,189 · end of year $100,278,939

  • 15 · Other assets

    beginning of year $29,782,166 · end of year $29,815,565

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,924,585 · end of year $9,111,630

  • 19 · Deferred revenue

    beginning of year $1,000,000 · end of year $900,000

  • 23 · Secured mortgages and notes payable

    beginning of year $56,410,154 · end of year $58,646,951

  • 25 · Other liabilities

    beginning of year $1,294,672 · end of year $1,357,959

  • 29 · Capital stock, trust principal or current funds

    beginning of year $100,645 · end of year $100,520

  • 31 · Retained earnings, endowment or other funds

    beginning of year $69,463,625 · end of year $69,709,349

Mission and programs · 2024

Mission

MEMBER OWNED ELECTRIC COOPERATIVE.

  • DISTRIBUTION OF ELECTRIC POWER TO MEMBERS.

As filed on the 2024 return.

Listed in Part VII

  • Kevin Bonds

    CEO

    Total calculated
    $388,175
    From this org
    $315,045
    From related orgs
    $0
    Other
    $73,130
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $305,045
    Bonus
    $10,000
    Other
    not reported
    Deferred
    $48,957
    Nontaxable benefits
    $24,173
    Filer's total
    $388,175

  • William Newell

    SERVICEMAN

    Total calculated
    $216,036
    From this org
    $178,064
    From related orgs
    $0
    Other
    $37,972
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,653
    Bonus
    $1,411
    Other
    not reported
    Deferred
    $15,668
    Nontaxable benefits
    $22,304
    Filer's total
    $216,036

  • Darryl Hassell

    MGR OF ENGIN

    Total calculated
    $187,993
    From this org
    $145,723
    From related orgs
    $0
    Other
    $42,270
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,879
    Bonus
    $2,844
    Other
    not reported
    Deferred
    $24,032
    Nontaxable benefits
    $18,238
    Filer's total
    $187,993

  • Ernest Orcutt

    SERVICEMAN

    Total calculated
    $178,671
    From this org
    $149,962
    From related orgs
    $0
    Other
    $28,709
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,692
    Bonus
    $1,270
    Other
    not reported
    Deferred
    $14,168
    Nontaxable benefits
    $14,541
    Filer's total
    $178,671

  • Kevin Cotten

    MGR. OF OPER

    Total calculated
    $173,837
    From this org
    $129,819
    From related orgs
    $0
    Other
    $44,018
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,173
    Bonus
    $2,646
    Other
    not reported
    Deferred
    $22,374
    Nontaxable benefits
    $21,644
    Filer's total
    $173,837

  • Thomas J Floyd

    CREW LEADER

    Total calculated
    $163,650
    From this org
    $126,394
    From related orgs
    $0
    Other
    $37,256
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,020
    Bonus
    $1,374
    Other
    not reported
    Deferred
    $14,555
    Nontaxable benefits
    $22,701
    Filer's total
    $163,650

  • Virgil Scott

    MGR OF ACCOU

    Total calculated
    $159,626
    From this org
    $130,315
    From related orgs
    $0
    Other
    $29,311
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,860
    Bonus
    $2,455
    Other
    not reported
    Deferred
    $20,591
    Nontaxable benefits
    $8,720
    Filer's total
    $159,626

  • Stanley Rucker

    PRESIDENT

    Total calculated
    $13,786
    From this org
    $13,500
    From related orgs
    $0
    Other
    $286
    Hours/week
    6

  • Paul Arnold

    DIRECTOR

    Total calculated
    $9,036
    From this org
    $8,700
    From related orgs
    $0
    Other
    $336
    Hours/week
    5

  • Betsy Mosby

    SECRETARY

    Total calculated
    $7,836
    From this org
    $7,500
    From related orgs
    $0
    Other
    $336
    Hours/week
    4.5

  • Diane Davaul

    DIRECTOR

    Total calculated
    $7,536
    From this org
    $7,200
    From related orgs
    $0
    Other
    $336
    Hours/week
    4.5

  • Robert Jones

    DIRECTOR

    Total calculated
    $7,236
    From this org
    $6,900
    From related orgs
    $0
    Other
    $336
    Hours/week
    4

  • Randy Wooley

    VICE PRESIDE

    Total calculated
    $7,236
    From this org
    $6,900
    From related orgs
    $0
    Other
    $336
    Hours/week
    4

  • John Brady

    ASSIST SECRE

    Total calculated
    $6,936
    From this org
    $6,600
    From related orgs
    $0
    Other
    $336
    Hours/week
    4

  • James A Ventress

    DIRECTOR

    Total calculated
    $6,750
    From this org
    $6,600
    From related orgs
    $0
    Other
    $150
    Hours/week
    4

  • Edward Edwards

    DIRECTOR

    Total calculated
    $6,336
    From this org
    $6,000
    From related orgs
    $0
    Other
    $336
    Hours/week
    4

  • Mark Phillip Maher

    DIRECTOR

    Total calculated
    $6,096
    From this org
    $5,900
    From related orgs
    $0
    Other
    $196
    Hours/week
    4

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 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • SOUTHWEST FIBER LLC

    MS

Provenance

Return type
form_990
Tax year
2024
Filed
20 March 2025
IRS schema version
2024v5.0
Source object
202520809349301632

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