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Nonprofiteer
← CENTRAL ELECTRIC POWER COOPERATIVE INC

Form 990 for tax year 2022

Filed by CENTRAL ELECTRIC POWER COOPERATIVE INC.

Totals

Total revenue
$1,459,022,371
Total expenses
$1,459,000,797
Contributions and grants received
$0
Grants paid
$8,046,310
Program service revenue
$1,456,068,301
Investment income
$757,751
Other revenue
$2,196,319
Total assets, end of year
$519,315,059
Total liabilities, end of year
$443,946,712
Net assets or fund balances, end of year
$75,368,347
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 ELECTRIC ENERGY

    total $1,456,068,301 · related or exempt $1,456,068,301

  • 3 · Investment income

    total $840,425 · excluded $840,425

  • 7a · Gross sales of assets other than inventory

    securities $4,884,417

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

    securities $4,967,091

  • 7c · Gain or loss

    securities -$82,674

  • 7d · Net gain or loss

    total -$82,674 · excluded -$82,674

  • 11a · Other revenue: CONTRACT TERMINATION

    total $1,359,375 · related or exempt $1,359,375

  • 11b · Other revenue: PATRONAGE CAPITAL

    total $713,683 · related or exempt $713,683

  • 11c · Other revenue: MISCELLANEOUS

    total $123,261 · related or exempt $123,261

  • 11e · Other revenue, total

    $2,196,319

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $8,046,310

  • 4 · Benefits paid to or for members

    total $12,398,749

  • 5 · Compensation of officers, directors and key employees

    total $3,947,979

  • 7 · Other salaries and wages

    total $4,383,488

  • 8 · Pension plan contributions

    total $1,160,072

  • 9 · Other employee benefits

    total $1,038,380

  • 10 · Payroll taxes

    total $475,199

  • 11b · Fees: legal

    total $2,321,057

  • 11c · Fees: accounting

    total $92,346

  • 11d · Fees: lobbying

    total $53,438

  • 11g · Fees: other

    total $8,328,169

  • 12 · Advertising and promotion

    total $19,731

  • 13 · Office expenses

    total $228,742

  • 14 · Information technology

    total $797,650

  • 16 · Occupancy

    total $544,776

  • 17 · Travel

    total $319,879

  • 19 · Conferences, conventions and meetings

    total $276,077

  • 20 · Interest

    total $6,514,984

  • 22 · Depreciation, depletion and amortization

    total $11,922,145

  • 23 · Insurance

    total $237,817

  • 24a · Other expenses: PURCHASED AND GENERATED

    total $1,368,946,673

  • 24b · Other expenses: OPERATIONS & MAINTENANC

    total $13,274,672

  • 24c · Other expenses: TAXES-TRANSMISSION

    total $8,950,155

  • 24d · Other expenses: ORGANIZATION & PROFESSI

    total $3,113,214

  • 24e · All other expenses

    total $1,609,095

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,223 · end of year $7,625

  • 2 · Savings and temporary cash investments

    beginning of year $13,973,998 · end of year $11,933,418

  • 4 · Accounts receivable

    beginning of year $99,745,379 · end of year $157,572,631

  • 8 · Inventories for sale or use

    beginning of year $1,060,796 · end of year $1,223,774

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,144,225 · end of year $2,555,203

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

    $430,742,613

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

    $116,020,972

  • 10c · Land, buildings and equipment, net

    beginning of year $291,696,352 · end of year $314,721,641

  • 12 · Investments: other securities

    beginning of year $5,519,841 · end of year $5,530,813

  • 13 · Investments: program-related

    beginning of year $4,885,573 · end of year $5,464,270

  • 15 · Other assets

    beginning of year $16,494,808 · end of year $20,305,684

  • 17 · Accounts payable and accrued expenses

    beginning of year $110,507,579 · end of year $146,294,640

  • 19 · Deferred revenue

    beginning of year $590,293 · end of year $14,607,565

  • 23 · Secured mortgages and notes payable

    beginning of year $259,849,736 · end of year $281,404,236

  • 25 · Other liabilities

    beginning of year $1,606,220 · end of year $1,640,271

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,173 · end of year $1,173

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

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $64,972,194 · end of year $75,367,174

Mission and programs · 2022

Mission

CENTRAL IS A GENERATION AND TRANSMISSION (G&T) COOPERATIVE SUPPLYING POWER TO TWENTY MEMBER DISTRIBUTION COOPERATIVES IN SOUTH CAROLINA. CENTRAL CONSTRUCTS TRANSMISSION TAP LINES TO SERVE SUBSTATIONS OWNED BY THE DISTRIBUTION COOPERATIVES.

Activities or mission (Part I)

CENTRAL EXISTS SOLELY FOR THE BENEFIT OF ITS MEMBERS. WE WILL PROVIDE A RELIABLE, LONG TERM, AND STABLE SUPPLY OF POWER, WHICH ACCOMMODATES GROWTH, AT THE LOWEST POSSIBLE COST CONSISTENT WITH GOOD UTILITY PRACTICE. WE WILL PROVIDE FOR RELIABLE DELIVERY OF POWER, WHEN AND WHERE DESIRED, CONSISTENT WITH APPLICABLE GUIDELINES. WE WILL PROVIDE ADDITIONAL ENERGY-RELATED OR DELIVERY-RELATED SERVICES AS DIRECTED BY THE BOARD OF TRUSTEES.

  • CENTRAL EXISTS SOLELY FOR THE BENEFIT OF ITS MEMBERS. WE WILL PROVIDE A RELIABLE, LONG TERM, AND STABLE SUPPLY OF POWER, WHICH ACCOMMODATES GROWTH, AT THE LOWEST POSSIBLE COST CONSISTENT WITH GOOD UTILITY PRACTICE. WE WILL PROVIDE FOR RELIABLE DELIVERY OF POWER, WHEN AND WHERE DESIRED, CONSISTENT WITH APPLICABLE GUIDELINES. WE WILL PROVIDE ADDITIONAL ENERGY-RELATED OR DELIVERY-RELATED SERVICES AS DIRECTED BY THE BOARD OF TRUSTEES.

As filed on the 2022 return.

Listed in Part VII

  • A Berl Davis

    SECRETARY/TREASURER

    Total calculated
    $24,461
    From this org
    $24,461
    From related orgs
    $0
    Other
    $0
    Hours/week
    7
  • Andy McKnight

    TRUSTEE

    Total calculated
    $14,535
    From this org
    $13,117
    From related orgs
    $1,418
    Other
    $0
    Hours/week
    5 + 2 related
  • Anita P Whitney

    TRUSTEE

    Total calculated
    $15,598
    From this org
    $15,598
    From related orgs
    $0
    Other
    $0
    Hours/week
    7
  • B Robert Paulling

    TRUSTEE

    Total calculated
    $20,562
    From this org
    $14,535
    From related orgs
    $6,027
    Other
    $0
    Hours/week
    5 + 4 related
  • Brian W Broughton

    TRUSTEE

    Total calculated
    $15,953
    From this org
    $15,953
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Carolyn Boyd

    TRUSTEE

    Total calculated
    $13,117
    From this org
    $13,117
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Chad T Lowder

    TRUSTEE

    Total calculated
    $19,143
    From this org
    $19,143
    From related orgs
    $0
    Other
    $0
    Hours/week
    7 + 2 related
  • Charles R Smith

    TRUSTEE

    Total calculated
    $14,889
    From this org
    $14,889
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Charles R Allen

    TRUSTEE

    Total calculated
    $15,953
    From this org
    $15,953
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • David Efelkel

    TRUSTEE

    Total calculated
    $14,180
    From this org
    $11,344
    From related orgs
    $2,836
    Other
    $0
    Hours/week
    5 + 2 related
  • Douglas A Reeves

    VICE CHAIRMAN

    Total calculated
    $38,995
    From this org
    $38,995
    From related orgs
    $0
    Other
    $0
    Hours/week
    7
  • E Paul Basha

    CHAIRMAN

    Total calculated
    $44,667
    From this org
    $39,704
    From related orgs
    $4,963
    Other
    $0
    Hours/week
    7 + 2 related
  • Eugene Harriott Jr

    TRUSTEE

    Total calculated
    $4,254
    From this org
    $2,836
    From related orgs
    $1,418
    Other
    $0
    Hours/week
    5 + 2 related
  • Franklin M Looper Jr

    TRUSTEE

    Total calculated
    $13,117
    From this org
    $13,117
    From related orgs
    $0
    Other
    $0
    Hours/week
    5 + 2 related
  • G Keith Avery

    TRUSTEE

    Total calculated
    $19,498
    From this org
    $16,307
    From related orgs
    $3,191
    Other
    $0
    Hours/week
    5 + 2 related
  • Gary L Stooksbury

    TRUSTEE

    Total calculated
    $21,625
    From this org
    $21,625
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Hamer L Parnell

    TRUSTEE

    Total calculated
    $13,117
    From this org
    $13,117
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • J David Wasson Jr

    TRUSTEE

    Total calculated
    $26,588
    From this org
    $23,752
    From related orgs
    $2,836
    Other
    $0
    Hours/week
    7 + 2 related
  • H Wayne Dewitt

    TRUSTEE

    Total calculated
    $18,080
    From this org
    $18,080
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Johnnie L Dickert

    TRUSTEE

    Total calculated
    $17,016
    From this org
    $14,889
    From related orgs
    $2,127
    Other
    $0
    Hours/week
    5
  • Robert G Ardis III

    TRUSTEE

    Total calculated
    $27,297
    From this org
    $27,297
    From related orgs
    $0
    Other
    $0
    Hours/week
    7
  • Steve Chewning

    TRUSTEE

    Total calculated
    $18,434
    From this org
    $18,434
    From related orgs
    $0
    Other
    $0
    Hours/week
    7 + 2 related
  • Terry W Mallard

    TRUSTEE

    Total calculated
    $21,625
    From this org
    $17,371
    From related orgs
    $4,254
    Other
    $0
    Hours/week
    5 + 2 related
  • Mark L Walling

    TRUSTEE

    Total calculated
    $14,535
    From this org
    $14,535
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • William L Fleming Jr

    TRUSTEE

    Total calculated
    $18,789
    From this org
    $18,789
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Mitchell Rabon

    TRUSTEE

    Total calculated
    $13,117
    From this org
    $13,117
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • James L Lovinggood

    TRUSTEE

    Total calculated
    $16,307
    From this org
    $16,307
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Wf Davis

    TRUSTEE

    Total calculated
    $15,598
    From this org
    $13,471
    From related orgs
    $2,127
    Other
    $0
    Hours/week
    7
  • Bruce Bacon

    TRUSTEE

    Total calculated
    $17,016
    From this org
    $17,016
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • James E Stewart Jr

    TRUSTEE

    Total calculated
    $17,016
    From this org
    $17,016
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Mary B Sheridan

    TRUSTEE

    Total calculated
    $17,371
    From this org
    $13,471
    From related orgs
    $3,900
    Other
    $0
    Hours/week
    5 + 2 related
  • James M Bunton Jr

    TRUSTEE

    Total calculated
    $17,725
    From this org
    $14,889
    From related orgs
    $2,836
    Other
    $0
    Hours/week
    5 + 2 related
  • Charles E Adair

    TRUSTEE

    Total calculated
    $15,598
    From this org
    $15,598
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • James L Rowe

    TRUSTEE

    Total calculated
    $20,561
    From this org
    $14,889
    From related orgs
    $5,672
    Other
    $0
    Hours/week
    5 + 4 related
  • Barbara F Weston

    TRUSTEE

    Total calculated
    $15,244
    From this org
    $15,244
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • James A Risinger

    TRUSTEE

    Total calculated
    $14,889
    From this org
    $14,889
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Michael Fuller

    TRUSTEE - SEE SCHEDULE O

    Total calculated
    $0
    Hours/week
    5 + 2 related
  • Danny Shelley

    TRUSTEE - SEE SCHEDULE O

    Total calculated
    $0
    Hours/week
    7
  • Franklin C Blanton

    TRUSTEE

    Total calculated
    $10,990
    From this org
    $10,990
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Jeffrey M Lewis

    TRUSTEE

    Total calculated
    $14,889
    From this org
    $14,889
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Robert Hochstetler

    PRESIDENT & CEO

    Total calculated
    $1,461,445
    From this org
    $875,718
    From related orgs
    $0
    Other
    $585,727
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $856,500
    Bonus
    $18,832
    Other
    $386
    Deferred
    $556,762
    Nontaxable benefits
    $28,965
    Filer's total
    $1,461,445
  • John Brantley

    SR VP OF ADMINISTRATION

    Total calculated
    $542,497
    From this org
    $391,941
    From related orgs
    $0
    Other
    $150,556
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $358,664
    Bonus
    $3,833
    Other
    $29,444
    Deferred
    $131,424
    Nontaxable benefits
    $19,132
    Filer's total
    $542,497
  • Mryan Thomas

    VP OF ADMINISTRATION & CFO

    Total calculated
    $38,202
    From this org
    $29,024
    From related orgs
    $0
    Other
    $9,178
    Hours/week
    40
  • Mark A Svrcek

    SVP OF MEMBER SOLUTIONS

    Total calculated
    $564,115
    From this org
    $387,721
    From related orgs
    $0
    Other
    $176,394
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $380,026
    Bonus
    $3,883
    Other
    $3,812
    Deferred
    $148,763
    Nontaxable benefits
    $27,631
    Filer's total
    $564,115
  • James Price

    SVP OF MEMBER SERVICES

    Total calculated
    $427,579
    From this org
    $307,713
    From related orgs
    $0
    Other
    $119,866
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $294,689
    Bonus
    $9,575
    Other
    $3,449
    Deferred
    $97,677
    Nontaxable benefits
    $22,189
    Filer's total
    $427,579
  • Chris Wolfe

    MANAGER OF POWER SUPPLY CO

    Total calculated
    $290,751
    From this org
    $232,601
    From related orgs
    $0
    Other
    $58,150
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $226,742
    Bonus
    $3,783
    Other
    $2,076
    Deferred
    $37,299
    Nontaxable benefits
    $20,851
    Filer's total
    $290,751
  • William Ware

    VP OF ENGINEERING & ENGINE

    Total calculated
    $432,052
    From this org
    $254,032
    From related orgs
    $0
    Other
    $178,020
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,155
    Bonus
    $6,735
    Other
    $10,142
    Deferred
    $152,134
    Nontaxable benefits
    $25,886
    Filer's total
    $432,052
  • Kenneth Motsinger

    DIRECTOR OF ENGINEERING

    Total calculated
    $299,889
    From this org
    $192,936
    From related orgs
    $0
    Other
    $106,953
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,821
    Bonus
    $2,675
    Other
    -$4,560
    Deferred
    $82,378
    Nontaxable benefits
    $24,575
    Filer's total
    $299,889
  • Gerald Fleming

    DIRECTOR OF POWER SUPPLY

    Total calculated
    $293,781
    From this org
    $189,385
    From related orgs
    $0
    Other
    $104,396
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,636
    Bonus
    $4,508
    Other
    $241
    Deferred
    $82,720
    Nontaxable benefits
    $21,676
    Filer's total
    $293,781
  • James Tindal

    DIRECTOR OF TRANSMISSION D

    Total calculated
    $355,224
    From this org
    $163,936
    From related orgs
    $0
    Other
    $191,288
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,201
    Bonus
    $3,273
    Other
    -$1,538
    Deferred
    $170,006
    Nontaxable benefits
    $21,282
    Filer's total
    $355,224
  • Dinah Raven

    CORPORATE CONTROLLER

    Total calculated
    $231,324
    From this org
    $161,588
    From related orgs
    $0
    Other
    $69,736
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,215
    Bonus
    $6,383
    Other
    -$10
    Deferred
    $54,708
    Nontaxable benefits
    $15,028
    Filer's total
    $231,324
  • James Jackson

    SENIOR ENGINEER II - OPERATIONS & RELIABILITY

    Total calculated
    $220,427
    From this org
    $151,441
    From related orgs
    $0
    Other
    $68,986
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,746
    Bonus
    $5,526
    Other
    $2,169
    Deferred
    $53,383
    Nontaxable benefits
    $15,603
    Filer's total
    $220,427

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
AS PART OF ITS WELLNESS PROGRAM, CENTRAL OFFERS EACH EMPLOYEE AND THEIR COVERED FAMILY MEMBER $20 PER MONTH TOWARDS THEIR HEALTH CLUB MEMBERSHIP. UNTIL THE ANNUAL CAP OF $240 FOR THOSE WITH "EMPLOYEE ONLY" MEDICAL PLAN COVERAGE AND $480 FOR THOSE WITH "EMPLOYEE PLUS" (SPOUSE, CHILD, FAMILY) IS MET, CENTRAL WILL ALSO REIMBURSE UP TO $150 PER EMPLOYEE ANNUALLY FOR THE COST OF FITNESS EQUIPMENT.
PART I, LINE 3
CENTRAL OBTAINS AN INDEPENDENT, THIRD-PARTY WAGE AND SALARY STUDY EVERY THREE YEARS. EVERY YEAR, CENTRAL PARTICIPATES IN A COMPENSATION AND BENEFITS SURVEY PERFORMED BY THE COOPERATIVE SYSTEM'S NATIONAL ORGANIZATION. THESE MARKET COMPARABLES ARE REVIEWED BY THE CEO AND SENIOR STAFF. THE RESULTS OF THE STUDY ARE REVIEWED BY THE BOARD AND RECOMMENDATIONS IMPLEMENTED.
PART I, LINE 4B
CENTRAL'S PRESIDENT AND CEO, ROBERT HOCHSTETLER, AND SVP OF ADMINISTRATION AND CFO, RYAN THOMAS, PARTICIPATED IN CENTRAL'S 457(B) DEFERRED COMPENSATION PLAN ESTABLISHED IN 2010. IN 2022, HOCHSTETLER AND THOMAS ELECTED TO DEFER $19,500 AND $1,708 RESPECTIVELY OF SALARY UNTIL REACHING NORMAL RETIREMENT DATE. IN 2022, JOHN BRANTLEY, JAMES C. PRICE, AND RYAN THOMAS PARTICIPATED IN CENTRAL'S EXECUTIVE BENEFIT RESTORATION PLAN. BENEFITS ACCRUED UNDER THIS PLAN ARE ACTUARIALLY DETERMINED BASED ON SALARY, AGE, AND YEARS OF SERVICE. IN 2022, JOHN BRANTLEY RECEIVED A PAYOUT OF $14,522 WHICH IS INCLUDED IN OTHER REPORTABLE COMPENSATION ON SCHEDULE J, PART II, COLUMN B(III). AS INDICATED ON SCHEDULE J, PART II, COLUMN F, THIS PAYOUT WAS REPORTED AS DEFERRED COMPENSATION ON PRIOR YEARS' FORMS 990.

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • PALMETTO ECONOMIC DEVELOPMENT CORP

    501(C)(3) · ECONOMIC DEVELOPMENT FOR UTILITY COMPANIES · SC · controlled entity

    Directly controlled by CENTRAL ELECTRIC POWER COOPERATIVE INC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • DEMAND SIDE TOOLS LLC

    COMPUTER SOFTWARE · SC · income -$10,520 · assets $50,001

    Directly controlled by CENTRAL ELECTRIC POWER COOPERATIVE INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • COOPERATIVE ELECTRIC ENERGY UTILITY SUPPLY INC

    C · MATERIAL SUPPLIER FOR ELECTRIC COOPERATIVES · SC

Provenance

Return type
form_990
Tax year
2022
Filed
8 November 2023
IRS schema version
2022v5.0
Source object
202333139349301203

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