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Nonprofiteer
← BLUEGRASS ENERGY COOPERATIVE CORP

Form 990 for tax year 2024

Filed by BLUEGRASS ENERGY COOPERATIVE CORP.

Totals

Total revenue
$159,627,024
Total expenses
$159,627,024
Contributions and grants received
$0
Grants paid
$15,000
Program service revenue
$155,968,369
Investment income
$194,032
Other revenue
$3,464,623
Total assets, end of year
$320,348,732
Total liabilities, end of year
$150,368,706
Net assets or fund balances, end of year
$169,980,026
Program services expenses (Part IX)
$159,627,024
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$159,627,024

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 ELECTRIC REVENUE

    total $155,462,017 · related or exempt $155,462,017

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

    total $506,352 · related or exempt $506,352

  • 3 · Investment income

    total $194,032 · excluded $194,032

  • 11a · Other revenue: JOINT USE POLE ATTACHMENT

    total $1,961,123 · excluded $1,961,123

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

    total $772,944 · related or exempt $772,944

  • 11c · Other revenue: OTHER CREDITS

    total $689,870 · related or exempt $689,870

  • 11d · All other revenue

    total $40,686 · related or exempt $40,686

  • 11e · Other revenue, total

    $3,464,623

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $15,000 · program services $15,000

  • 4 · Benefits paid to or for members

    total $1,774,333 · program services $1,774,333

  • 5 · Compensation of officers, directors and key employees

    total $790,652 · program services $790,652

  • 7 · Other salaries and wages

    total $8,630,525 · program services $8,630,525

  • 8 · Pension plan contributions

    total $1,432,759 · program services $1,432,759

  • 9 · Other employee benefits

    total $1,783,448 · program services $1,783,448

  • 10 · Payroll taxes

    total $668,613 · program services $668,613

  • 11b · Fees: legal

    total $41,766 · program services $41,766

  • 11c · Fees: accounting

    total $31,350 · program services $31,350

  • 13 · Office expenses

    total $670,312 · program services $670,312

  • 20 · Interest

    total $3,639,565 · program services $3,639,565

  • 22 · Depreciation, depletion and amortization

    total $12,787,114 · program services $12,787,114

  • 23 · Insurance

    total $531,433 · program services $531,433

  • 24a · Other expenses: COST OF POWER

    total $119,810,459 · program services $119,810,459

  • 24b · Other expenses: DISTRIBUTION MAINTENANC

    total $10,525,417 · program services $10,525,417

  • 24c · Other expenses: ADMINISTRATION AND GENE

    total $4,115,079 · program services $4,115,079

  • 24d · Other expenses: DISTRIBUTION - OPERATIO

    total $3,156,038 · program services $3,156,038

  • 24e · All other expenses

    total -$10,776,839 · program services -$10,776,839

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,858,903 · end of year $1,852,428

  • 4 · Accounts receivable

    beginning of year $10,470,355 · end of year $7,363,650

  • 8 · Inventories for sale or use

    beginning of year $3,954,457 · end of year $3,271,325

  • 9 · Prepaid expenses and deferred charges

    beginning of year $734,071 · end of year $425,104

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

    $349,285,877

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

    $143,851,227

  • 10c · Land, buildings and equipment, net

    beginning of year $196,962,164 · end of year $205,434,650

  • 13 · Investments: program-related

    beginning of year $89,862,008 · end of year $91,117,242

  • 15 · Other assets

    beginning of year $9,441,879 · end of year $10,884,333

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,676,049 · end of year $13,866,861

  • 23 · Secured mortgages and notes payable

    beginning of year $117,547,022 · end of year $121,242,612

  • 25 · Other liabilities

    beginning of year $15,199,037 · end of year $15,259,233

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,178,985 · end of year $1,197,018

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

    beginning of year $620,984 · end of year $838,606

  • 31 · Retained earnings, endowment or other funds

    beginning of year $168,061,760 · end of year $167,944,402

Mission and programs · 2024

Mission

DISTRIBUTION SALES OF ELECTRICITY ON A PATRONAGE BASIS TO A MONTHLY AVERAGE OF APPROXIMATELY 64,000 CONSUMERS. BLUE GRASS ENERGY'S MISSION IS TO PROVIDE SAFE, RELIABLE, AFFORDABLE ENERGY SERVICES, WHILE IMPROVING THE QUALITY OF LIFE FOR OUR MEMBERS.

Activities or mission (Part I)

SINCE 1937, BLUE GRASS ENERGY HAS BEEN MAKING LIFE BETTER, THE COOPERATIVE WAY, FOR OUR MEMBERS AND COMMUNITIES BY PROVIDING SAFE, RELIABLE, AND AFFORDABLE ENERGY SERVICES. ELECTRICITY IS DELIVERED ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. TODAY, BLUE GRASS ENERGY SERVES APPROXIMATELY 64,000 CONSUMERS IN 23 KENTUCKY COUNTIES.

  • DISTRIBUTION SALES OF ELECTRICITY ON A PATRONAGE BASIS TO A MONTHLY AVERAGE OF APPROXIMATELY 64,000 CONSUMERS.

    Expenses $159,627,024 · Grants $15,000 · Revenue $157,471,869

As filed on the 2024 return.

Listed in Part VII

  • Dennis Moneyhon

    CHAIRMAN

    Total calculated
    $23,100
    From this org
    $23,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.9

  • Gary Keller

    VICE CHAIRMAN

    Total calculated
    $20,700
    From this org
    $20,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.2

  • Jane Smith

    SEC/TREASURER

    Total calculated
    $21,900
    From this org
    $21,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Jody Hughes

    DIRECTOR

    Total calculated
    $17,700
    From this org
    $17,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.2

  • Paul Tucker

    DIRECTOR

    Total calculated
    $18,600
    From this org
    $18,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.6

  • Doug Fritz

    DIRECTOR

    Total calculated
    $20,100
    From this org
    $20,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.4

  • Richard Cobb IV

    DIRECTOR

    Total calculated
    $21,000
    From this org
    $21,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Lu Young

    DIRECTOR

    Total calculated
    $18,900
    From this org
    $18,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.6

  • Michael Williams

    PRESIDENT/CEO

    Total calculated
    $506,388
    From this org
    $437,542
    From related orgs
    $0
    Other
    $68,846
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $437,542
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $68,846
    Filer's total
    $506,388

  • Charles G Williamson III

    VP-FINANCIAL SERVICE

    Total calculated
    $87,311
    From this org
    $75,700
    From related orgs
    $0
    Other
    $11,611
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $75,700
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,611
    Filer's total
    $87,311

  • Lauren Logan

    VP-FINANCIAL SERVICE

    Total calculated
    $177,301
    From this org
    $136,268
    From related orgs
    $0
    Other
    $41,033
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $136,268
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $41,033
    Filer's total
    $177,301

  • Beonka Stockton

    VP-CORPORATE SERVICE

    Total calculated
    $183,471
    From this org
    $164,919
    From related orgs
    $0
    Other
    $18,552
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $164,919
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $18,552
    Filer's total
    $183,471

  • Denise Myers

    VP-PUBLIC RELATIONS

    Total calculated
    $216,930
    From this org
    $153,075
    From related orgs
    $0
    Other
    $63,855
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $153,075
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $63,855
    Filer's total
    $216,930

  • Bobby McCoun

    VP-MEMBER SERVICES

    Total calculated
    $237,219
    From this org
    $168,197
    From related orgs
    $0
    Other
    $69,022
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $168,197
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $69,022
    Filer's total
    $237,219

  • Robert C Brewer Jr

    VP-ENGINEERING

    Total calculated
    $246,189
    From this org
    $205,035
    From related orgs
    $0
    Other
    $41,154
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $205,035
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $41,154
    Filer's total
    $246,189

  • Wesley Wade

    FIRST CLASS LINE TECH

    Total calculated
    $153,823
    From this org
    $137,199
    From related orgs
    $0
    Other
    $16,624
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $137,199
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $16,624
    Filer's total
    $153,823

  • Brad Marshall

    FORMER DIRECTOR

    Total calculated
    $36,368
    From this org
    $36,368
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $36,368
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $36,368

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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)

PART I, LINE 1A
BLUE GRASS WILL REIMBURSE AN EMPLOYEE FOR UP TO $20 PER MONTH FOR A HEALTH CLUB MEMBERSHIP IN COMPLIANCE WITH ITS WELLNESS PROGRAM.
PART II
FORMER DIRECTOR COMPENSATION PAID IN 2024 INCLUDES DISTRIBUTIONS FROM A DEFERRED COMPENSATION PLAN. UNDER A 457(B) PLAN SPONSORED BY BLUE GRASS ENERGY, DIRECTORS ARE ELIGIBLE TO ELECT TO FORGO COMPENSATION IN THE YEAR IT IS EARNED AND RECEIVE THIS COMPENSATION LATER AS A RETIREMENT BENEFIT. CONTRIBUTIONS TO BLUE GRASS ENERGY'S 457(B) PLAN WERE ONLY MADE FROM THE FORMER DIRECTOR'S NORMAL WAGES, NOT BY BLUE GRASS ENERGY ITSELF, AND THEREFORE DID NOT INCREASE COOPERATIVE EXPENSES. WHEN A DEFERRED COMPENSATION PLAN IS UTILIZED AND CORRECTLY REPORTED, IT WILL BE REFLECTED ON THE 990 TWICE, IN BOTH THE YEAR IT IS EARNED AND THE YEAR IT IS DISTRIBUTED.

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
24 April 2025
IRS schema version
2024v5.1
Source object
202521209349300322

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