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Nonprofiteer
← OKEFENOKE RURAL ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2022

Filed by OKEFENOKE RURAL ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$89,561,541
Total expenses
$89,561,541
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$89,295,007
Investment income
$125,970
Other revenue
$140,564
Total assets, end of year
$194,968,134
Total liabilities, end of year
$126,558,019
Net assets or fund balances, end of year
$68,410,115
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 $87,603,023 · related or exempt $87,603,023

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

    total $1,074,848 · related or exempt $1,074,848

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $617,136 · related or exempt $617,136

  • 3 · Investment income

    total $125,970 · related or exempt $125,970

  • 11a · Other revenue: GAIN ON DISPOSITION OF PROPER

    total $140,564 · related or exempt $140,564

  • 11e · Other revenue, total

    $140,564

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $5,238,777

  • 5 · Compensation of officers, directors and key employees

    total $485,404

  • 20 · Interest

    total $3,990,826

  • 22 · Depreciation, depletion and amortization

    total $6,242,403

  • 24a · Other expenses: PURCHASED POWER

    total $57,877,570

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $5,408,466

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $4,187,299

  • 24d · Other expenses: ADMIN. & GENERAL EXP.

    total $3,708,570

  • 24e · All other expenses

    total $2,422,226

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,712,270 · end of year $2,501,197

  • 4 · Accounts receivable

    beginning of year $3,191,953 · end of year $6,592,569

  • 8 · Inventories for sale or use

    beginning of year $2,606,379 · end of year $4,332,961

  • 9 · Prepaid expenses and deferred charges

    beginning of year $946,483 · end of year $584,737

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

    $224,650,439

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

    $74,860,767

  • 10c · Land, buildings and equipment, net

    beginning of year $139,291,356 · end of year $149,789,672

  • 13 · Investments: program-related

    beginning of year $25,770,639 · end of year $27,071,248

  • 15 · Other assets

    beginning of year $3,722,883 · end of year $4,095,750

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,521,216 · end of year $12,416,500

  • 23 · Secured mortgages and notes payable

    beginning of year $96,998,107 · end of year $109,367,350

  • 25 · Other liabilities

    beginning of year $4,874,843 · end of year $4,774,169

  • 29 · Capital stock, trust principal or current funds

    beginning of year $300,223 · end of year $349,968

  • 31 · Retained earnings, endowment or other funds

    beginning of year $66,547,574 · end of year $68,060,147

Mission and programs · 2022

Mission

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.

  • N/A

As filed on the 2022 return.

Listed in Part VII

  • Robert W Combs

    PRESIDENT

    Total calculated
    $4,042
    From this org
    $4,042
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Steve E Rawl Sr

    1ST VP

    Total calculated
    $1,684
    From this org
    $1,684
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Jimmy Woodard

    2ND VP

    Total calculated
    $13,299
    From this org
    $13,299
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Cristi B Koncz

    SECRETARY-TR

    Total calculated
    $12,796
    From this org
    $12,796
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Clyde Mizell

    DIRECTOR

    Total calculated
    $21,225
    From this org
    $21,225
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • James Giddens

    DIRECTOR

    Total calculated
    $24,800
    From this org
    $24,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Terrell Brazell

    DIRECTOR

    Total calculated
    $24,005
    From this org
    $24,005
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Craig Morgan

    DIRECTOR

    Total calculated
    $24,398
    From this org
    $24,398
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Joe Loomis

    DIRECTOR

    Total calculated
    $25,882
    From this org
    $25,882
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • John Middleton

    GENERAL MANA

    Total calculated
    $357,278
    From this org
    $272,607
    From related orgs
    $0
    Other
    $84,671
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $256,642
    Bonus
    $450
    Other
    $15,515
    Deferred
    $65,979
    Nontaxable benefits
    $18,692
    Filer's total
    $357,278

  • Travis Page

    MGR OF DIST

    Total calculated
    $219,427
    From this org
    $157,203
    From related orgs
    $0
    Other
    $62,224
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $149,501
    Bonus
    $450
    Other
    $7,252
    Deferred
    $37,517
    Nontaxable benefits
    $24,707
    Filer's total
    $219,427

  • Tony Rowell

    MGR OF INFO

    Total calculated
    $220,804
    From this org
    $159,613
    From related orgs
    $0
    Other
    $61,191
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $137,946
    Bonus
    $450
    Other
    $21,217
    Deferred
    $36,801
    Nontaxable benefits
    $24,390
    Filer's total
    $220,804

  • Michael Boatwright

    LINE CREW FO

    Total calculated
    $182,190
    From this org
    $135,491
    From related orgs
    $0
    Other
    $46,699
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $130,431
    Bonus
    $450
    Other
    $4,610
    Deferred
    $25,193
    Nontaxable benefits
    $21,506
    Filer's total
    $182,190

  • David Smith

    HR DIRECTOR

    Total calculated
    $201,730
    From this org
    $146,995
    From related orgs
    $0
    Other
    $54,735
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $136,407
    Bonus
    $450
    Other
    $10,138
    Deferred
    $34,523
    Nontaxable benefits
    $20,212
    Filer's total
    $201,730

  • Darren Crews

    MGR OF ENGIN

    Total calculated
    $200,971
    From this org
    $142,787
    From related orgs
    $0
    Other
    $58,184
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $135,606
    Bonus
    $450
    Other
    $6,731
    Deferred
    $36,066
    Nontaxable benefits
    $22,118
    Filer's total
    $200,971

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 · 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

The filer's explanations (Part III)

SCHEDULE J, PART III
THE COOPERATIVE HAS ESTABLISHED A DEFERRED COMPENSATION PLAN ON BEHALF OF QUALIFIED INDIVIDUALS WHO HAVE ELECTED TO DEFER CERTAIN AMOUNTS OF COMPENSATION. THE ANNUAL DEFERRAL OF THE COMPENSATION PLAN IS CALCULATED IN ACCORDANCE WITH INTERNAL REVENUE CODE (IRC) SECTION 457, SUBJECT TO CHANGES UNDER IRC SECTION 457(B). 2022 DEFERRED COMPENSATION FOR ROBERT W. COMBS AND STEVE E. RAWL, SR. WILL BE REPORTED IN IRS FORM 990 FILINGS IN THE YEAR NONQUALIFIED PAYMENTS OCCUR AND ARE TAXABLE COMPENSATION IN ACCORDANCE WITH APPLICABLE DISCLOSURE REQUIREMENTS.

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
7 September 2023
IRS schema version
2022v5.0
Source object
202322519349300602

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