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Nonprofiteer
← SOUTH KENTUCKY RURAL ELECTRIC COOPERATIVE CORP

Form 990 for tax year 2022

Filed by SOUTH KENTUCKY RURAL ELECTRIC COOPERATIVE CORP.

Totals

Total revenue
$167,099,707
Total expenses
$167,099,707
Contributions and grants received
$0
Grants paid
$6,000
Program service revenue
$158,811,545
Investment income
$524,846
Other revenue
$7,763,316
Total assets, end of year
$345,027,547
Total liabilities, end of year
$178,254,571
Net assets or fund balances, end of year
$166,772,976
Program services expenses (Part IX)
$167,099,707
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$167,099,707

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 $158,780,937 · related or exempt $158,780,937

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

    total $30,608 · related or exempt $30,608

  • 3 · Investment income

    total $556,694 · excluded $556,694

  • 6a · Gross rents

    real property $14,800

  • 6b · Less rental expenses

    real property $105

  • 6c · Rental income or loss

    real property $14,695

  • 6d · Net rental income or loss

    total $14,695 · excluded $14,695

  • 7b · Less cost or other basis and sales expenses

    other assets $31,848

  • 7c · Gain or loss

    other assets -$31,848

  • 7d · Net gain or loss

    total -$31,848 · related or exempt -$31,848

  • 11a · Other revenue: PATRONAGE ASSOC ORGANS

    total $5,442,690 · related or exempt $5,442,690

  • 11b · Other revenue: JOINT POLE ATTACHMENTS

    total $2,034,825 · excluded $2,034,825

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

    total $271,106 · related or exempt $271,106

  • 11e · Other revenue, total

    $7,748,621

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $6,000 · program services $6,000

  • 4 · Benefits paid to or for members

    total $9,586,336 · program services $9,586,336

  • 5 · Compensation of officers, directors and key employees

    total $928,905 · program services $928,905

  • 7 · Other salaries and wages

    total $10,811,731 · program services $10,811,731

  • 8 · Pension plan contributions

    total $2,997,515 · program services $2,997,515

  • 9 · Other employee benefits

    total $1,647,323 · program services $1,647,323

  • 11b · Fees: legal

    total $296,293 · program services $296,293

  • 11c · Fees: accounting

    total $31,794 · program services $31,794

  • 13 · Office expenses

    total $683,558 · program services $683,558

  • 20 · Interest

    total $5,254,158 · program services $5,254,158

  • 22 · Depreciation, depletion and amortization

    total $9,964,099 · program services $9,964,099

  • 24a · Other expenses: PURCHASE POWER

    total $120,218,607 · program services $120,218,607

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $9,041,853 · program services $9,041,853

  • 24c · Other expenses: CONSUMER ACCOUNTS

    total $4,264,156 · program services $4,264,156

  • 24d · Other expenses: ADMINISTRATIVE AND GENE

    total $4,247,491 · program services $4,247,491

  • 24e · All other expenses

    total -$12,880,112 · program services -$12,880,112

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,503,672 · end of year $1,253,606

  • 2 · Savings and temporary cash investments

    beginning of year $6,133,043 · end of year $14,362,778

  • 4 · Accounts receivable

    beginning of year $10,869,815 · end of year $11,647,568

  • 8 · Inventories for sale or use

    beginning of year $1,798,503 · end of year $2,042,773

  • 9 · Prepaid expenses and deferred charges

    beginning of year $473,720 · end of year $491,392

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

    $308,620,625

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

    $98,343,090

  • 10c · Land, buildings and equipment, net

    beginning of year $204,261,960 · end of year $210,277,535

  • 13 · Investments: program-related

    beginning of year $85,912,226 · end of year $89,294,422

  • 15 · Other assets

    beginning of year $13,302,314 · end of year $15,657,473

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,137,352 · end of year $15,948,174

  • 23 · Secured mortgages and notes payable

    beginning of year $137,499,819 · end of year $147,891,892

  • 25 · Other liabilities

    beginning of year $15,137,745 · end of year $14,414,505

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,196,930 · end of year $1,213,436

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

    beginning of year -$4,845,476 · end of year -$2,971,435

  • 31 · Retained earnings, endowment or other funds

    beginning of year $160,128,883 · end of year $168,530,975

Mission and programs · 2022

Mission

PROVIDE ELECTRICITY TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 70,355 CONSUMERS MONTHLY.

  • PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 70,355 CONSUMERS MONTHLY.

    Expenses $167,099,707 · Grants $6,000 · Revenue $164,493,493

As filed on the 2022 return.

Listed in Part VII

  • Cathy Epperson

    CHAIRMAN

    Total calculated
    $25,508
    From this org
    $25,508
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.86

  • Billy Hurd

    VICE CHAIRMAN

    Total calculated
    $21,264
    From this org
    $21,264
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.9

  • Boris Haynes

    SEC/TREASURER

    Total calculated
    $23,717
    From this org
    $23,717
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.63

  • Rick Halloran

    DIRECTOR

    Total calculated
    $32,728
    From this org
    $32,728
    From related orgs
    $0
    Other
    $0
    Hours/week
    14.53

  • Brent Tackett

    DIRECTOR

    Total calculated
    $20,563
    From this org
    $20,563
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.03

  • Greg Redmon

    DIRECTOR

    Total calculated
    $20,848
    From this org
    $20,848
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.54

  • Thomas M Nelson Jr

    DIRECTOR

    Total calculated
    $21,567
    From this org
    $21,567
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.13

  • Kenneth Simmons

    PRESIDENT & CEO

    Total calculated
    $363,058
    From this org
    $273,843
    From related orgs
    $0
    Other
    $89,215
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $273,843
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $89,215
    Filer's total
    $363,058

  • Michelle Herrman

    FORMER CFO

    Total calculated
    $253,053
    From this org
    $190,336
    From related orgs
    $0
    Other
    $62,717
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $190,336
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $62,717
    Filer's total
    $253,053

  • John Newton

    CHIEF OPERATIONS OFFICER

    Total calculated
    $281,849
    From this org
    $210,235
    From related orgs
    $0
    Other
    $71,614
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $210,235
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $71,614
    Filer's total
    $281,849

  • Stanley Taylor

    CONSTRUCTION MGR

    Total calculated
    $152,625
    From this org
    $142,892
    From related orgs
    $0
    Other
    $9,733
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,892
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,733
    Filer's total
    $152,625

  • Dakota Brown

    DIRECTOR OF ENGINEERING

    Total calculated
    $198,460
    From this org
    $140,744
    From related orgs
    $0
    Other
    $57,716
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,744
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $57,716
    Filer's total
    $198,460

  • Derek Maurath

    LEAD LINE TECHNICIAN

    Total calculated
    $189,641
    From this org
    $147,807
    From related orgs
    $0
    Other
    $41,834
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,807
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $41,834
    Filer's total
    $189,641

  • David Upchurch Jr

    DIRECTOR OF OPERATIONS

    Total calculated
    $155,799
    From this org
    $136,219
    From related orgs
    $0
    Other
    $19,580
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,219
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $19,580
    Filer's total
    $155,799

  • Jerry D Whithaker

    CONSTRUCTION CREW FOREMAN

    Total calculated
    $143,283
    From this org
    $128,435
    From related orgs
    $0
    Other
    $14,848
    Hours/week
    40

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
2022
Filed
9 May 2023
IRS schema version
2022v5.0
Source object
202321309349301727

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