Skip to content
Nonprofiteer
← PEA RIVER ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by PEA RIVER ELECTRIC COOPERATIVE.

Totals

Total revenue
$51,841,849
Total expenses
$50,245,223
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$50,979,438
Investment income
$525,670
Other revenue
$336,741
Total assets, end of year
$148,492,008
Total liabilities, end of year
$79,311,974
Net assets or fund balances, end of year
$69,180,034
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: SALES OF ELECTRICITY

    total $50,979,438 · related or exempt $50,979,438

  • 3 · Investment income

    total $525,670 · related or exempt $525,670

  • 11a · Other revenue: CAPITAL CREDITS

    total $777,796 · related or exempt $777,796

  • 11b · Other revenue: OTHER

    total $83,438 · related or exempt $83,438

  • 11c · Other revenue: E.I.92-2353908

    total -$524,493 · related or exempt -$524,493

  • 11e · Other revenue, total

    $336,741

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,218,430

  • 5 · Compensation of officers, directors and key employees

    total $490,319

  • 7 · Other salaries and wages

    total $712,574

  • 20 · Interest

    total $2,653,951

  • 24a · Other expenses: COST OF POWER

    total $28,148,193

  • 24b · Other expenses: DISTRIBUTION EXP - MAINT

    total $6,270,016

  • 24c · Other expenses: DEPRECIATION

    total $4,412,371

  • 24d · Other expenses: ADMINISTRATIVE & GENERAL

    total $1,879,029

  • 24e · All other expenses

    total $4,460,340

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,072,759 · end of year $1,899,923

  • 2 · Savings and temporary cash investments

    beginning of year $11,900,000 · end of year $1,000,000

  • 4 · Accounts receivable

    beginning of year $4,458,208 · end of year $5,398,063

  • 7 · Other notes and loans receivable

    beginning of year $496,735 · end of year $108,496

  • 8 · Inventories for sale or use

    beginning of year $1,010,820 · end of year $2,971,031

  • 9 · Prepaid expenses and deferred charges

    beginning of year $308,128 · end of year $337,411

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

    $167,433,523

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

    $51,917,517

  • 10c · Land, buildings and equipment, net

    beginning of year $91,340,744 · end of year $115,516,006

  • 13 · Investments: program-related

    beginning of year $20,625,863 · end of year $21,261,078

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,929,549 · end of year $6,981,405

  • 23 · Secured mortgages and notes payable

    beginning of year $54,133,160 · end of year $68,043,769

  • 25 · Other liabilities

    beginning of year $4,685,687 · end of year $4,286,800

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

    beginning of year $71,038 · end of year $72,015

  • 31 · Retained earnings, endowment or other funds

    beginning of year $66,393,823 · end of year $69,108,019

Mission and programs · 2023

Mission

TO PROVIDE THE BEST VALUE IN QUALITY ELECTRIC AND RELATED SERVICES IN SOUTHEAST ALABAMA.

  • UTILIZING APPROXIMATELY 3,204 MILES OF DISTRIBUTION LINES, PEA RIVER ELECTRIC COOPERATIVE, INC. SOLD 312,024,192 KILOWATT HOURS OF ELECTRIC ENERGY TO ITS MEMBERS.

  • THE COOPERATIVE PROVIDED ELECTRIC SERVICE TO 14,285 MEMBERS.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jeffrey M Hodges

    CEO

    Total calculated
    $273,751
    From this org
    $197,892
    From related orgs
    $0
    Other
    $75,859
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $197,892
    Bonus
    not reported
    Other
    not reported
    Deferred
    $56,371
    Nontaxable benefits
    $19,488
    Filer's total
    $273,751

  • Eugene Jackson

    ENGINEER

    Total calculated
    $239,682
    From this org
    $174,282
    From related orgs
    $0
    Other
    $65,400
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $174,282
    Bonus
    not reported
    Other
    not reported
    Deferred
    $45,912
    Nontaxable benefits
    $19,488
    Filer's total
    $239,682

  • Scotty Barefoot

    OPPERATIONS

    Total calculated
    $225,875
    From this org
    $161,126
    From related orgs
    $0
    Other
    $64,749
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $161,126
    Bonus
    not reported
    Other
    not reported
    Deferred
    $45,261
    Nontaxable benefits
    $19,488
    Filer's total
    $225,875

  • Terry Chancey

    CONSTRUCTION

    Total calculated
    $221,024
    From this org
    $130,430
    From related orgs
    $0
    Other
    $90,594
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $130,430
    Bonus
    not reported
    Other
    not reported
    Deferred
    $71,106
    Nontaxable benefits
    $19,488
    Filer's total
    $221,024

  • Brian Whatley

    VP OPERATION

    Total calculated
    $203,580
    From this org
    $123,328
    From related orgs
    $0
    Other
    $80,252
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $123,328
    Bonus
    not reported
    Other
    not reported
    Deferred
    $59,612
    Nontaxable benefits
    $20,640
    Filer's total
    $203,580

  • Rustin Clark

    CONSTRUCTION

    Total calculated
    $176,547
    From this org
    $123,408
    From related orgs
    $0
    Other
    $53,139
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $123,408
    Bonus
    not reported
    Other
    not reported
    Deferred
    $33,651
    Nontaxable benefits
    $19,488
    Filer's total
    $176,547

  • Chelsey Polumbo

    CFO

    Total calculated
    $122,713
    From this org
    $98,427
    From related orgs
    $0
    Other
    $24,286
    Hours/week
    42

  • Billy W Danzey

    TRUSTEE

    Total calculated
    $34,740
    From this org
    $34,740
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Larry L Grantham

    TRUSTEE

    Total calculated
    $33,701
    From this org
    $12,900
    From related orgs
    $0
    Other
    $20,801
    Hours/week
    9

  • Lowell Bristow

    TRUSTEE

    Total calculated
    $32,390
    From this org
    $11,400
    From related orgs
    $0
    Other
    $20,990
    Hours/week
    8

  • Jack Edwin Jones Jr

    TRUSTEE

    Total calculated
    $31,440
    From this org
    $31,440
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Michael Starling

    TRUSTEE

    Total calculated
    $31,238
    From this org
    $11,400
    From related orgs
    $0
    Other
    $19,838
    Hours/week
    8

  • Braxton Green

    VICE PRESIDE

    Total calculated
    $30,640
    From this org
    $30,640
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Lee T Peters

    PRESIDENT

    Total calculated
    $29,140
    From this org
    $29,140
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • William H Strickland

    SECRETARY

    Total calculated
    $27,240
    From this org
    $27,240
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • James E Miller

    TRUSTEE

    Total calculated
    $26,015
    From this org
    $5,100
    From related orgs
    $0
    Other
    $20,915
    Hours/week
    4

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

None.

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
1 November 2024
IRS schema version
2023v5.0
Source object
202443189349308439

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

The source document this was parsed from is served over the API, which is where bulk and document access live.