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Nonprofiteer
← PLANTERS ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2022

Filed by PLANTERS ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$41,037,655
Total expenses
$41,037,655
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$40,321,002
Investment income
$716,653
Other revenue
$0
Total assets, end of year
$111,461,566
Total liabilities, end of year
$59,634,926
Net assets or fund balances, end of year
$51,826,640
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: ELECTRIC REVENUE

    total $38,942,172 · related or exempt $38,942,172

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

    total $645,092 · related or exempt $645,092

  • 2c · Program service revenue: POLE RENTAL

    total $524,717 · related or exempt $524,717

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $209,021 · related or exempt $209,021

  • 3 · Investment income

    total $716,653 · excluded $716,653

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,288,561

  • 5 · Compensation of officers, directors and key employees

    total $606,229

  • 13 · Office expenses

    total $74,042

  • 20 · Interest

    total $1,108,029

  • 22 · Depreciation, depletion and amortization

    total $2,804,454

  • 24a · Other expenses: PURCHASED POWER

    total $25,339,666

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $3,497,711

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $2,109,486

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,331,190

  • 24e · All other expenses

    total $1,878,287

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $805,804 · end of year $589,713

  • 2 · Savings and temporary cash investments

    beginning of year $5,881,289 · end of year $2,675,794

  • 4 · Accounts receivable

    beginning of year $2,713,991 · end of year $3,319,126

  • 8 · Inventories for sale or use

    beginning of year $893,739 · end of year $1,107,231

  • 9 · Prepaid expenses and deferred charges

    beginning of year $15,544,298 · end of year $19,881,958

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

    $93,725,620

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

    $26,891,011

  • 10c · Land, buildings and equipment, net

    beginning of year $63,893,640 · end of year $66,834,609

  • 13 · Investments: program-related

    beginning of year $16,186,703 · end of year $17,007,019

  • 15 · Other assets

    beginning of year $38,222 · end of year $46,116

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,146,941 · end of year $3,386,642

  • 19 · Deferred revenue

    beginning of year $126,647 · end of year $169,601

  • 23 · Secured mortgages and notes payable

    beginning of year $38,439,516 · end of year $43,344,789

  • 25 · Other liabilities

    beginning of year $13,792,424 · end of year $12,733,894

  • 29 · Capital stock, trust principal or current funds

    beginning of year $125,742 · end of year $127,117

  • 31 · Retained earnings, endowment or other funds

    beginning of year $50,326,416 · end of year $51,699,523

Mission and programs · 2022

Mission

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

Activities or mission (Part I)

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

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

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

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Horace Weathersby III

    CHAIRMAN

    Total calculated
    $20,482
    From this org
    $20,482
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jonathan Crockett

    VICE CHAIRMA

    Total calculated
    $18,327
    From this org
    $18,327
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Todd Bazemore

    SECRETARY/TR

    Total calculated
    $19,400
    From this org
    $19,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Stanton R Hillis

    DIRECTOR

    Total calculated
    $19,864
    From this org
    $19,864
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Ainsworth Zeagler

    DIRECTOR

    Total calculated
    $18,943
    From this org
    $18,943
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Don I Burke

    DIRECTOR

    Total calculated
    $19,900
    From this org
    $19,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Linda D Josey

    DIRECTOR

    Total calculated
    $16,730
    From this org
    $16,730
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Mary Robbins

    DIRECTOR

    Total calculated
    $21,435
    From this org
    $21,435
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Elbert Burke

    DIRECTOR

    Total calculated
    $16,043
    From this org
    $16,043
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Rayburn G Johnson

    DIRECTOR

    Total calculated
    $4,100
    From this org
    $4,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Edward M Brinson

    GENERAL MANA

    Total calculated
    $431,005
    From this org
    $326,065
    From related orgs
    $0
    Other
    $104,940
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $294,259
    Bonus
    $7,790
    Other
    $24,016
    Deferred
    $87,404
    Nontaxable benefits
    $17,536
    Filer's total
    $431,005

  • Norman Williams

    ASST GENERAL

    Total calculated
    $232,549
    From this org
    $170,990
    From related orgs
    $0
    Other
    $61,559
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $156,660
    Bonus
    $4,290
    Other
    $10,040
    Deferred
    $45,941
    Nontaxable benefits
    $15,618
    Filer's total
    $232,549

  • Pauline Adams

    MGR. OF ADMI

    Total calculated
    $200,733
    From this org
    $146,673
    From related orgs
    $0
    Other
    $54,060
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $129,465
    Bonus
    $2,140
    Other
    $15,068
    Deferred
    $38,846
    Nontaxable benefits
    $15,214
    Filer's total
    $200,733

  • William J McBride

    INFO. SYSTEM

    Total calculated
    $246,074
    From this org
    $183,748
    From related orgs
    $0
    Other
    $62,326
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $164,877
    Bonus
    $2,140
    Other
    $16,731
    Deferred
    $49,529
    Nontaxable benefits
    $12,797
    Filer's total
    $246,074

  • Randall Hill

    MGR. MEMBER

    Total calculated
    $205,298
    From this org
    $149,485
    From related orgs
    $0
    Other
    $55,813
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $137,271
    Bonus
    $2,140
    Other
    $10,074
    Deferred
    $40,931
    Nontaxable benefits
    $14,882
    Filer's total
    $205,298

  • William Wilson

    LINE SUPERIN

    Total calculated
    $189,959
    From this org
    $146,200
    From related orgs
    $0
    Other
    $43,759
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,698
    Bonus
    $790
    Other
    $8,712
    Deferred
    $32,431
    Nontaxable benefits
    $11,328
    Filer's total
    $189,959

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 · Form 990 of other organizations
  • 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 NQDC PLAN IS COMPRISED OF EMPLOYEE DEFERRALS UNDER IRC SECTION 457(B) AND EMPLOYER CONTRIBUTIONS UNDER IRC 457(F). THE CORPORATION'S 457 (F)EMPLOYER CONTRIBUTIONS ARE INCLUDED IN COLUMN C, "RETIREMENT AND OTHER DEFERRED COMPENSATION" ON FORM 990, SCHEDULE J. 457(F) DEFERRALS ARE NOT TAXABLE TO THE PARTICIPANT UNTIL DISTRIBUTION OR SUBSTANTIAL RISK OF FORTEITURE CEASES TO EXIST.

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
2022
Filed
15 February 2023
IRS schema version
2022v4.1
Source object
202300559349300210

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