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Nonprofiteer
← CHICKASAW ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by CHICKASAW ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$12,177,522
Total expenses
$10,735,584
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$641,144
Investment income
$371,494
Other revenue
$11,164,884
Total assets, end of year
$56,692,656
Total liabilities, end of year
$9,889,675
Net assets or fund balances, end of year
$46,802,981
Program services expenses (Part IX)
$0
Management and general expenses
$10,735,584
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: FORFEITED DISCOUNTS

    total $451,168 · related or exempt $451,168

  • 2b · Program service revenue: MISC

    total $189,976 · related or exempt $189,976

  • 3 · Investment income

    total $153,014 · related or exempt $153,014

  • 6a · Gross rents

    real property $677,911

  • 6c · Rental income or loss

    real property $677,911

  • 6d · Net rental income or loss

    total $677,911 · related or exempt $677,911

  • 7a · Gross sales of assets other than inventory

    other assets $0

  • 7c · Gain or loss

    other assets $0

  • 7d · Net gain or loss

    total $218,480 · related or exempt $218,480

  • 10a · Gross sales of inventory

    $57,191,067

  • 10b · Cost of goods sold

    $46,706,414

  • 10c · Net income from sales of inventory

    total $10,484,653 · related or exempt $10,484,653

  • 11a · Other revenue: NON OPERATING REVENUE

    total $2,320 · related or exempt $2,320

  • 11e · Other revenue, total

    $2,320

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $89,100 · management and general $89,100

  • 6 · Compensation of disqualified persons

    total $0 · management and general $0

  • 7 · Other salaries and wages

    total $3,713,015 · management and general $3,713,015

  • 8 · Pension plan contributions

    total $862,256 · management and general $862,256

  • 10 · Payroll taxes

    total $405,719 · management and general $405,719

  • 11b · Fees: legal

    total $1,813 · management and general $1,813

  • 11c · Fees: accounting

    total $26,914 · management and general $26,914

  • 12 · Advertising and promotion

    total $4,087 · management and general $4,087

  • 13 · Office expenses

    total $385,473 · management and general $385,473

  • 19 · Conferences, conventions and meetings

    total $23,245 · management and general $23,245

  • 20 · Interest

    total $16,142 · management and general $16,142

  • 22 · Depreciation, depletion and amortization

    total $2,420,844 · management and general $2,420,844

  • 23 · Insurance

    total $27,172 · management and general $27,172

  • 24a · Other expenses: CUSTOMER CHARGES

    total $555,928 · management and general $555,928

  • 24b · Other expenses: TAXES

    total $283,138 · management and general $283,138

  • 24c · Other expenses: MAINTENANCE

    total $1,449,479 · management and general $1,449,479

  • 24d · Other expenses: DUES

    total $89,705 · management and general $89,705

  • 24e · All other expenses

    total $381,554 · management and general $381,554

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,278,338 · end of year $2,655,674

  • 2 · Savings and temporary cash investments

    beginning of year $7,489,754 · end of year $4,738,870

  • 4 · Accounts receivable

    beginning of year $3,362,294 · end of year $3,107,065

  • 8 · Inventories for sale or use

    beginning of year $1,632,325 · end of year $1,069,368

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

    $80,613,817

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

    $36,369,975

  • 10c · Land, buildings and equipment, net

    beginning of year $37,972,136 · end of year $44,243,842

  • 13 · Investments: program-related

    beginning of year $334,155 · end of year $335,155

  • 15 · Other assets

    beginning of year $406,415 · end of year $542,682

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,201,126 · end of year $5,162,662

  • 25 · Other liabilities

    beginning of year $2,916,115 · end of year $4,727,013

  • 29 · Capital stock, trust principal or current funds

    beginning of year $109,803 · end of year $112,668

  • 31 · Retained earnings, endowment or other funds

    beginning of year $45,248,373 · end of year $46,690,312

Mission and programs · 2022

Mission

TO DELIVER SOLID, LOW-COST ELECTRICITY TO POWER OUR MEMBERS INTO TOMORROW.

Activities or mission (Part I)

TO DELIVER SOLID LOW-COST ELECTRICITY TO POWER OUR MEMBERS INTO TOMORROW.

  • Chickasaw Electric is an electric cooperative owned by its members. Revenue is derived from the sale of electricity to its members. The revenue is used to offset the purchase of power from TVA and maintenance of our supply grid.

As filed on the 2022 return.

Listed in Part VII

  • Royce Reeves

    BOARD PRESIDENT

    Total calculated
    $10,200
    From this org
    $10,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Vip Lewis

    BOARD VICE PRESIDENT

    Total calculated
    $8,100
    From this org
    $8,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Howard Dowdy

    BOARD SECRETARY

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • William Rhea

    BOARD MEMBER

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gordon Tomlin

    BOARD MEMBER

    Total calculated
    $8,550
    From this org
    $8,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • William Reeves

    BOARD MEMBER

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mary Lou Thomas

    BOARD TREASURER

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Phil Burrows

    BOARD MEMBER

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • June Walker

    BOARD MEMBER

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • John Hurdle

    BOARD MEMBER

    Total calculated
    $8,250
    From this org
    $8,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Loyd Muncy

    GENERAL MANAGER

    Total calculated
    $211,186
    From this org
    $150,998
    From related orgs
    $0
    Other
    $60,188
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $150,998
    Bonus
    not reported
    Other
    not reported
    Deferred
    $56,649
    Nontaxable benefits
    $3,539
    Filer's total
    $211,186

  • Jonathan Bowen

    CREW LEADER LINEMAN

    Total calculated
    $157,386
    From this org
    $112,221
    From related orgs
    $0
    Other
    $45,165
    Hours/week
    48

  • Glenn Fones

    ASSISTANT MANAGER

    Total calculated
    $195,516
    From this org
    $137,476
    From related orgs
    $0
    Other
    $58,040
    Hours/week
    40

  • Freddie Clifft Jr

    LINE SUPERINTENDENT

    Total calculated
    $173,688
    From this org
    $117,407
    From related orgs
    $0
    Other
    $56,281
    Hours/week
    40

  • Christopher Whittemore

    LINE FOREMAN

    Total calculated
    $159,737
    From this org
    $109,402
    From related orgs
    $0
    Other
    $50,335
    Hours/week
    56

  • Jerry Russell

    MAINTENANCE SUPERVISOR

    Total calculated
    $138,339
    From this org
    $122,448
    From related orgs
    $0
    Other
    $15,891
    Hours/week
    47

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 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

The filer's explanations (Part III)

Part I, Line 3
SALARY IS REVIEWED AND APPROVED BY THE BOARD ON AN ANNUAL BASIS. SALARY DATA IS COLLECTED FROM LIKE INDUSTRIES AND COMPARED ON A NATIONAL AND REGIONAL LEVEL.

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
27 September 2023
IRS schema version
2022v5.0
Source object
202322709349301122

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

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