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Nonprofiteer
← SOUTH KENTUCKY RURAL ELECTRIC COOPERATIVE CORP

Form 990 for tax year 2023

Filed by SOUTH KENTUCKY RURAL ELECTRIC COOPERATIVE CORP.

Totals

Total revenue
$153,526,188
Total expenses
$153,526,188
Contributions and grants received
$0
Grants paid
$7,000
Program service revenue
$147,117,464
Investment income
$1,609,306
Other revenue
$4,799,418
Total assets, end of year
$351,424,686
Total liabilities, end of year
$182,353,788
Net assets or fund balances, end of year
$169,070,898
Program services expenses (Part IX)
$153,526,188
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$153,526,188

Program services were 100.0% 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 $147,116,738 · related or exempt $147,116,738

  • 2b · Program service revenue: SALE OF ELECTRIC ITEMS

    total $726 · related or exempt $726

  • 3 · Investment income

    total $1,609,306 · excluded $1,609,306

  • 6a · Gross rents

    real property $14,800

  • 6b · Less rental expenses

    real property $100

  • 6c · Rental income or loss

    real property $14,700

  • 6d · Net rental income or loss

    total $14,700 · excluded $14,700

  • 11a · Other revenue: JOINT POLE ATTACHMENTS

    total $2,065,114 · excluded $2,065,114

  • 11b · Other revenue: PATRONAGE ASSOC ORGANS

    total $2,018,096 · related or exempt $2,018,096

  • 11c · Other revenue: G&T CAPITAL CREDITS

    total $425,765 · related or exempt $425,765

  • 11d · All other revenue

    total $275,743 · related or exempt $275,743

  • 11e · Other revenue, total

    $4,784,718

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $7,000 · program services $7,000

  • 4 · Benefits paid to or for members

    total $1,318,365 · program services $1,318,365

  • 5 · Compensation of officers, directors and key employees

    total $1,214,636 · program services $1,214,636

  • 7 · Other salaries and wages

    total $10,850,060 · program services $10,850,060

  • 8 · Pension plan contributions

    total $2,553,621 · program services $2,553,621

  • 9 · Other employee benefits

    total $1,581,002 · program services $1,581,002

  • 10 · Payroll taxes

    total $3,884,217 · program services $3,884,217

  • 11b · Fees: legal

    total $304,400 · program services $304,400

  • 11c · Fees: accounting

    total $42,000 · program services $42,000

  • 13 · Office expenses

    total $904,557 · program services $904,557

  • 20 · Interest

    total $5,532,220 · program services $5,532,220

  • 22 · Depreciation, depletion and amortization

    total $10,348,538 · program services $10,348,538

  • 23 · Insurance

    total $652,794 · program services $652,794

  • 24a · Other expenses: PURCHASE POWER

    total $107,061,154 · program services $107,061,154

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $13,973,224 · program services $13,973,224

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $5,506,277 · program services $5,506,277

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $4,586,467 · program services $4,586,467

  • 24e · All other expenses

    total -$16,794,344 · program services -$16,794,344

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,253,606 · end of year $3,769,492

  • 2 · Savings and temporary cash investments

    beginning of year $14,362,778 · end of year $13,227,940

  • 4 · Accounts receivable

    beginning of year $11,647,568 · end of year $7,749,575

  • 8 · Inventories for sale or use

    beginning of year $2,042,773 · end of year $2,580,440

  • 9 · Prepaid expenses and deferred charges

    beginning of year $491,392 · end of year $460,088

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

    $322,935,140

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

    $104,221,037

  • 10c · Land, buildings and equipment, net

    beginning of year $210,277,535 · end of year $218,714,103

  • 13 · Investments: program-related

    beginning of year $89,294,422 · end of year $91,609,675

  • 15 · Other assets

    beginning of year $15,657,473 · end of year $13,313,373

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,948,174 · end of year $13,204,685

  • 23 · Secured mortgages and notes payable

    beginning of year $147,891,892 · end of year $155,973,674

  • 25 · Other liabilities

    beginning of year $14,414,505 · end of year $13,175,429

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,213,436 · end of year $1,222,525

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

    beginning of year -$2,971,435 · end of year -$1,926,864

  • 31 · Retained earnings, endowment or other funds

    beginning of year $168,530,975 · end of year $169,775,237

Mission and programs · 2023

Mission

PROVIDE ELECTRICITY TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 70,514 CONSUMERS MONTHLY.

  • PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 70,514 CONSUMERS MONTHLY.

    Expenses $153,526,188 · Grants $7,000 · Revenue $149,837,068

As filed on the 2023 return.

Listed in Part VII

  • Cathy Epperson

    CHAIRPERSON

    Total calculated
    $31,617
    From this org
    $31,617
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Boris Haynes

    SEC/TREASURER

    Total calculated
    $31,877
    From this org
    $31,877
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Rick Halloran

    DIRECTOR

    Total calculated
    $12,879
    From this org
    $12,879
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brent Tackett

    VICE CHAIRPERSON

    Total calculated
    $24,341
    From this org
    $24,341
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Greg Redmon

    DIRECTOR

    Total calculated
    $20,235
    From this org
    $20,235
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Thomas M Nelson Jr

    DIRECTOR

    Total calculated
    $23,943
    From this org
    $23,943
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Charles Hansford

    DIRECTOR

    Total calculated
    $15,527
    From this org
    $15,527
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • John Newton

    COO & CEO

    Total calculated
    $305,834
    From this org
    $226,851
    From related orgs
    $0
    Other
    $78,983
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $226,851
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $78,983
    Filer's total
    $305,834

  • Mark Goss

    CHIEF LEGAL OFFICER

    Total calculated
    $221,780
    From this org
    $213,153
    From related orgs
    $0
    Other
    $8,627
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,153
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $8,627
    Filer's total
    $221,780

  • Shelley Young

    CFO

    Total calculated
    $247,270
    From this org
    $179,098
    From related orgs
    $0
    Other
    $68,172
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,098
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $68,172
    Filer's total
    $247,270

  • Doug Hutton

    CHIEF OF CORPORATE RELATIONS

    Total calculated
    $181,401
    From this org
    $128,531
    From related orgs
    $0
    Other
    $52,870
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,531
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $52,870
    Filer's total
    $181,401

  • David Upchurch Jr

    DIRECTOR OF OPERATIONS

    Total calculated
    $162,888
    From this org
    $142,767
    From related orgs
    $0
    Other
    $20,121
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,767
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $20,121
    Filer's total
    $162,888

  • Jack Willis

    CONSTRUCTION LEAD LINE TECH

    Total calculated
    $192,203
    From this org
    $154,711
    From related orgs
    $0
    Other
    $37,492
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,711
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $37,492
    Filer's total
    $192,203

  • Derek Maurath

    CONSTRUCTION LEAD LINE TECH

    Total calculated
    $186,695
    From this org
    $145,474
    From related orgs
    $0
    Other
    $41,221
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,474
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $41,221
    Filer's total
    $186,695

  • Dakota Brown

    DIRECTOR OF ENGINEERING

    Total calculated
    $201,857
    From this org
    $143,168
    From related orgs
    $0
    Other
    $58,689
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,168
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $58,689
    Filer's total
    $201,857

  • Gregory Erisman

    CONSTRUCTION MANAGER

    Total calculated
    $182,124
    From this org
    $142,300
    From related orgs
    $0
    Other
    $39,824
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,300
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $39,824
    Filer's total
    $182,124

  • Billy Hurd

    FORMER DIRECTOR

    Total calculated
    $11,862
    From this org
    $11,862
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

    Schedule J breakdown matched by us

    Base
    $11,150
    Bonus
    $0
    Other
    $712
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $11,862

  • Kenneth Simmons

    FORMER CEO

    Total calculated
    $385,538
    From this org
    $306,584
    From related orgs
    $0
    Other
    $78,954
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $306,584
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $78,954
    Filer's total
    $385,538

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 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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.

Provenance

Return type
form_990
Tax year
2023
Filed
10 May 2024
IRS schema version
2023v5.0
Source object
202431349349306903

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