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Nonprofiteer
← COASTAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by COASTAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$30,600,099
Total expenses
$30,600,099
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$30,329,280
Investment income
$260,920
Other revenue
$9,899
Total assets, end of year
$66,583,418
Total liabilities, end of year
$49,914,279
Net assets or fund balances, end of year
$16,669,139
Program services expenses (Part IX)
$30,600,099
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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: ELECTRIC SERVICE REVENUE

    total $29,978,266 · related or exempt $29,978,266

  • 2b · Program service revenue: OTHER CAPITAL CREDITS

    total $237,613 · related or exempt $237,613

  • 2c · Program service revenue: POLE RENTAL

    total $113,401 · excluded $113,401

  • 3 · Investment income

    total $260,920 · excluded $260,920

  • 11a · Other revenue: OTHER INCOME & DEDUCTIONS - H

    total $4,099 · related or exempt $4,099

  • 11b · Other revenue: OTHER INCOME & DEDUCTIONS

    total $3,100 · related or exempt $3,100

  • 11c · Other revenue: FEE INCOME - ERC LOANS

    total $1,725 · related or exempt $1,725

  • 11d · All other revenue

    total $975 · related or exempt $975

  • 11e · Other revenue, total

    $9,899

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,029,055 · program services $1,029,055

  • 5 · Compensation of officers, directors and key employees

    total $635,009 · program services $635,009

  • 6 · Compensation of disqualified persons

    total $44,327 · program services $44,327

  • 13 · Office expenses

    total $145,861 · program services $145,861

  • 20 · Interest

    total $1,837,812 · program services $1,837,812

  • 22 · Depreciation, depletion and amortization

    total $1,904,763 · program services $1,904,763

  • 24a · Other expenses: PURCHASE POWER

    total $15,647,649 · program services $15,647,649

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $3,324,049 · program services $3,324,049

  • 24c · Other expenses: ADMIN & GENERAL

    total $3,153,964 · program services $3,153,964

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $1,687,517 · program services $1,687,517

  • 24e · All other expenses

    total $1,190,093 · program services $1,190,093

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,110,027 · end of year $2,816,499

  • 2 · Savings and temporary cash investments

    beginning of year $18 · end of year $18

  • 4 · Accounts receivable

    beginning of year $937,300 · end of year $1,976,754

  • 7 · Other notes and loans receivable

    beginning of year $869,263 · end of year $923,690

  • 8 · Inventories for sale or use

    beginning of year $548,619 · end of year $753,187

  • 9 · Prepaid expenses and deferred charges

    beginning of year $209,046 · end of year $227,919

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

    $77,290,006

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

    $24,115,050

  • 10c · Land, buildings and equipment, net

    beginning of year $55,101,184 · end of year $53,174,956

  • 13 · Investments: program-related

    beginning of year $4,234,531 · end of year $4,373,176

  • 15 · Other assets

    beginning of year $2,161,259 · end of year $2,337,219

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,191,209 · end of year $4,510,565

  • 22 · Loans and payables to officers and key people

    beginning of year $250,000 · end of year $260,853

  • 23 · Secured mortgages and notes payable

    beginning of year $39,173,619 · end of year $39,129,826

  • 24 · Unsecured notes and loans payable

    beginning of year $763,455 · end of year $1,160,207

  • 25 · Other liabilities

    beginning of year $4,867,941 · end of year $4,852,828

  • 29 · Capital stock, trust principal or current funds

    beginning of year $49,670 · end of year $50,180

  • 31 · Retained earnings, endowment or other funds

    beginning of year $15,875,353 · end of year $16,618,959

Mission and programs · 2024

Mission

TO PROVIDE DIVERSIFIED, INNOVATIVE ENERGY AND RELATED SERVICES TO ITS CUSTOMERS CONSISTENT WITH SOUND BUSINESS PRACTICES, WHILE ALWAYS ACTING IN A COMMUNITY-BUILDING LEADERSHIP ROLE.

  • N/A

As filed on the 2024 return.

Listed in Part VII

  • James M Bunton Jr

    CHAIRMAN

    Total calculated
    $10,880
    From this org
    $530
    From related orgs
    $0
    Other
    $10,350
    Hours/week
    8.37

  • Ian Padgett

    VICE CHAIRMA

    Total calculated
    $9,530
    From this org
    $530
    From related orgs
    $0
    Other
    $9,000
    Hours/week
    7.92

  • Terry Hoff

    SECRETARY

    Total calculated
    $14,030
    From this org
    $14,030
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.77

  • Johhny Frank

    TREASURER

    Total calculated
    $16,280
    From this org
    $530
    From related orgs
    $0
    Other
    $15,750
    Hours/week
    11.13

  • James H Copeland III

    TRUSTEE

    Total calculated
    $19,363
    From this org
    $19,363
    From related orgs
    $0
    Other
    $0
    Hours/week
    11.63

  • Wendell McDonald

    TRUSTEE

    Total calculated
    $16,633
    From this org
    $16,633
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.9

  • Lavern Polk

    TRUSTEE

    Total calculated
    $24,418
    From this org
    $24,418
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.29

  • James C Bryan

    TRUSTEE

    Total calculated
    $14,608
    From this org
    $14,608
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • William M Smoak

    TRUSTEE

    Total calculated
    $13,465
    From this org
    $13,465
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.69

  • Leon H Bryan

    FORMER - TRU

    Total calculated
    $44,327
    From this org
    $44,327
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $44,327
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $44,327

  • Mark L Walling

    PRESIDENT &

    Total calculated
    $495,802
    From this org
    $305,191
    From related orgs
    $0
    Other
    $190,611
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $276,664
    Bonus
    $6,392
    Other
    $22,135
    Deferred
    $148,671
    Nontaxable benefits
    $41,940
    Filer's total
    $495,802

  • Janice F Avant

    VP - FINANCE

    Total calculated
    $337,138
    From this org
    $199,662
    From related orgs
    $0
    Other
    $137,476
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $181,584
    Bonus
    $10,831
    Other
    $7,247
    Deferred
    $98,320
    Nontaxable benefits
    $39,156
    Filer's total
    $337,138

  • Matthew Bryan

    VP-ENG. & OP

    Total calculated
    $320,167
    From this org
    $194,857
    From related orgs
    $0
    Other
    $125,310
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,122
    Bonus
    $15,198
    Other
    $14,537
    Deferred
    $89,050
    Nontaxable benefits
    $36,260
    Filer's total
    $320,167

  • Deanne Fender

    EXECUTIVE AS

    Total calculated
    $230,907
    From this org
    $150,015
    From related orgs
    $0
    Other
    $80,892
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $92,362
    Bonus
    $55,586
    Other
    $2,067
    Deferred
    $49,373
    Nontaxable benefits
    $31,519
    Filer's total
    $230,907

  • Richard Massey

    LINEMAN SUPE

    Total calculated
    $236,203
    From this org
    $160,748
    From related orgs
    $0
    Other
    $75,455
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $149,988
    Bonus
    $5,848
    Other
    $4,912
    Deferred
    $55,770
    Nontaxable benefits
    $19,685
    Filer's total
    $236,203

  • Timothy Mixson

    LEAD LINEMAN

    Total calculated
    $250,188
    From this org
    $165,515
    From related orgs
    $0
    Other
    $84,673
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $107,203
    Bonus
    $56,672
    Other
    $1,640
    Deferred
    $53,187
    Nontaxable benefits
    $31,486
    Filer's total
    $250,188

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 · 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)

SCHEDULE J, PAGE 1, PART I, LINE 4
LEON H. BRYAN 0 44,327 0

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
30 October 2025
IRS schema version
2024v5.0
Source object
202513079349302471

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

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