Skip to content
Nonprofiteer
← PENNYRILE RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2024

Filed by PENNYRILE RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$168,588,866
Total expenses
$159,005,030
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$159,338,578
Investment income
$1,926,232
Other revenue
$7,324,056
Total assets, end of year
$312,768,756
Total liabilities, end of year
$155,530,411
Net assets or fund balances, end of year
$157,238,345
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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: Sale of Electricity

    total $159,338,578 · related or exempt $159,338,578 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,926,232 · related or exempt $1,926,232 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $7,272,831

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $7,272,831

  • 6d · Net rental income or loss

    total $7,272,831 · related or exempt $0 · unrelated business $0 · excluded $7,272,831

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: JOBBING

    total $16,386 · related or exempt $16,386 · unrelated business $0 · excluded $0

  • 11b · Other revenue: OTHER

    total $34,839 · related or exempt $0 · unrelated business $0 · excluded $34,839

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $51,225

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $909,397

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $5,511,926

  • 8 · Pension plan contributions

    total $1,446,660

  • 9 · Other employee benefits

    total $1,161,878

  • 10 · Payroll taxes

    total $518,421

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $81,309

  • 11c · Fees: accounting

    total $38,000

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $127,053

  • 13 · Office expenses

    total $616,226

  • 14 · Information technology

    total $428,228

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $7,124,237

  • 17 · Travel

    total $166,866

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $25,615

  • 20 · Interest

    total $4,079,718

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $12,301,664

  • 23 · Insurance

    total $717,474

  • 24a · Other expenses: PURCHASED POWER

    total $112,568,009

  • 24b · Other expenses: SCHOOL AND PROPERTY TAXES

    total $6,778,224

  • 24c · Other expenses: RIGHT OF WAY EXPENSES

    total $4,376,238

  • 24d · Other expenses: UNCOLLECTIBLE ACCOUNTS

    total $27,887

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $192,504 · end of year $196,012

  • 2 · Savings and temporary cash investments

    beginning of year $30,316,021 · end of year $26,393,949

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $13,288,779 · end of year $20,019,492

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,698,393 · end of year $1,741,702

  • 8 · Inventories for sale or use

    beginning of year $7,855,981 · end of year $5,263,136

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,827,802 · end of year $2,208,994

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

    $389,032,458

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

    $136,776,767

  • 10c · Land, buildings and equipment, net

    beginning of year $248,181,325 · end of year $252,255,691

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $2,651,597 · end of year $3,143,845

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $1,632,123 · end of year $1,545,935

  • 17 · Accounts payable and accrued expenses

    beginning of year $39,944,230 · end of year $39,382,634

  • 23 · Secured mortgages and notes payable

    beginning of year $117,139,132 · end of year $111,998,267

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $3,983,012 · end of year $4,149,510

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,309,976 · end of year $1,371,648

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

    beginning of year $4,770,986 · end of year $4,770,986

  • 31 · Retained earnings, endowment or other funds

    beginning of year $141,497,189 · end of year $151,095,711

Mission and programs · 2024

Mission

Utility Systems Program - Sale of Electricity to Members

Activities or mission (Part I)

Sale of electricity to members.

  • Utility Systems Programs: Sale of Electricity to Members

    Revenue $159,338,578

As filed on the 2024 return.

Listed in Part VII

  • Alan Gates

    President/CEO

    Total calculated
    $431,281
    From this org
    $390,580
    From related orgs
    $0
    Other
    $40,701
    Hours/week
    65

    Schedule J breakdown matched by us

    Base
    $390,580
    Bonus
    $0
    Other
    $0
    Deferred
    $24,837
    Nontaxable benefits
    $15,864
    Filer's total
    $431,281

  • Robert C Standard

    Line Foreman

    Total calculated
    $255,918
    From this org
    $226,093
    From related orgs
    $0
    Other
    $29,825
    Hours/week
    80

    Schedule J breakdown matched by us

    Base
    $226,093
    Bonus
    $0
    Other
    $0
    Deferred
    $13,961
    Nontaxable benefits
    $15,864
    Filer's total
    $255,918

  • Sandy Grogan

    Vice President Finance & Accounting

    Total calculated
    $202,529
    From this org
    $173,580
    From related orgs
    $0
    Other
    $28,949
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $173,580
    Bonus
    $0
    Other
    $0
    Deferred
    $13,085
    Nontaxable benefits
    $15,864
    Filer's total
    $202,529

  • William Stokes

    VP Operations

    Total calculated
    $197,838
    From this org
    $167,837
    From related orgs
    $0
    Other
    $30,001
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $167,837
    Bonus
    $0
    Other
    $0
    Deferred
    $14,137
    Nontaxable benefits
    $15,864
    Filer's total
    $197,838

  • Brent Gilkey

    Vice President Member Services & Communication

    Total calculated
    $192,422
    From this org
    $163,958
    From related orgs
    $0
    Other
    $28,464
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $163,958
    Bonus
    $0
    Other
    $0
    Deferred
    $12,600
    Nontaxable benefits
    $15,864
    Filer's total
    $192,422

  • Mark Giltner

    Vice President Human Resources

    Total calculated
    $188,742
    From this org
    $159,998
    From related orgs
    $0
    Other
    $28,744
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $159,998
    Bonus
    $0
    Other
    $0
    Deferred
    $12,880
    Nontaxable benefits
    $15,864
    Filer's total
    $188,742

  • Philip Adler

    Lineman

    Total calculated
    $182,600
    From this org
    $161,955
    From related orgs
    $0
    Other
    $20,645
    Hours/week
    61

    Schedule J breakdown matched by us

    Base
    $161,955
    Bonus
    $0
    Other
    $0
    Deferred
    $4,782
    Nontaxable benefits
    $15,864
    Filer's total
    $182,601

  • James Futrell

    Board Member

    Total calculated
    $21,070
    From this org
    $21,070
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.81

  • George Fox

    Chairman

    Total calculated
    $20,965
    From this org
    $20,965
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.29

  • Robert Allen

    Vice Chairman

    Total calculated
    $20,415
    From this org
    $20,415
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.19

  • Bates Payne Jr

    Board Member

    Total calculated
    $19,145
    From this org
    $19,145
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.42

  • Bryson Price

    Board Member

    Total calculated
    $18,595
    From this org
    $18,595
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.13

  • Duane Moore

    Assistant Secretary-Treasurer

    Total calculated
    $17,495
    From this org
    $17,495
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.52

  • Joe E Rogers

    Secretary-Treasurer

    Total calculated
    $17,326
    From this org
    $17,326
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.44

  • James W Lear

    Board Member

    Total calculated
    $16,196
    From this org
    $16,196
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.6

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

None.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
3 November 2025
IRS schema version
2024v5.0
Source object
202533079349302923

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.