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Nonprofiteer
← PENNYRILE RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2022

Filed by PENNYRILE RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$153,031,041
Total expenses
$147,431,289
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$147,590,012
Investment income
$2,293,629
Other revenue
$3,147,400
Total assets, end of year
$293,745,572
Total liabilities, end of year
$153,255,851
Net assets or fund balances, end of year
$140,489,721
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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: SALE OF ELECTRICITY

    total $147,590,012 · related or exempt $147,590,012 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $2,293,629 · related or exempt $2,293,629 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $3,042,285

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $3,042,285

  • 6d · Net rental income or loss

    total $3,042,285 · related or exempt $3,042,285 · unrelated business $0 · excluded $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: JOBBING

    total $44,177 · related or exempt $44,177 · unrelated business $0 · excluded $0

  • 11b · Other revenue: OTHER

    total $60,938 · related or exempt $0 · unrelated business $0 · excluded $60,938

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $105,115

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $856,460

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $5,658,645

  • 8 · Pension plan contributions

    total $1,377,056

  • 9 · Other employee benefits

    total $1,257,465

  • 10 · Payroll taxes

    total $458,626

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $58,524

  • 11c · Fees: accounting

    total $38,985

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $149,910

  • 13 · Office expenses

    total $576,141

  • 14 · Information technology

    total $360,877

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $4,828,993

  • 17 · Travel

    total $150,835

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $24,449

  • 20 · Interest

    total $3,601,468

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $10,502,996

  • 23 · Insurance

    total $487,888

  • 24a · Other expenses: PURCHASED POWER

    total $106,946,066

  • 24b · Other expenses: SCHOOL & PROPERTY TAXES

    total $5,879,568

  • 24c · Other expenses: RIGHT OF WAY EXPENSES

    total $4,175,792

  • 24d · Other expenses: UNCOLLECTIBLE ACCOUNTS

    total $40,545

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $234,774 · end of year $184,224

  • 2 · Savings and temporary cash investments

    beginning of year $54,695,463 · end of year $45,860,329

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $12,572,827 · end of year $14,043,341

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,394,380 · end of year $1,521,519

  • 8 · Inventories for sale or use

    beginning of year $10,296,583 · end of year $13,505,228

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,289,250 · end of year $3,557,880

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

    $334,202,431

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

    $122,496,575

  • 10c · Land, buildings and equipment, net

    beginning of year $184,050,147 · end of year $211,705,856

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $2,085,919 · end of year $2,109,592

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $1,606,025 · end of year $1,257,603

  • 17 · Accounts payable and accrued expenses

    beginning of year $33,056,409 · end of year $35,313,967

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $100,834,171 · end of year $114,207,194

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $3,815,458 · end of year $3,734,690

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,213,070 · end of year $1,252,381

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

    beginning of year $4,770,986 · end of year $4,770,986

  • 31 · Retained earnings, endowment or other funds

    beginning of year $128,535,274 · end of year $134,466,354

Mission and programs · 2022

Mission

Utility Systems Program - Sale of Electricity to Members

Activities or mission (Part I)

Sale of electricity to members.

  • Utility Systems Programs: Sale of Electricity to Members

    Revenue $147,590,012

As filed on the 2022 return.

Listed in Part VII

  • Alan Gates

    President/CEO

    Total calculated
    $391,902
    From this org
    $337,721
    From related orgs
    $0
    Other
    $54,181
    Hours/week
    65

    Schedule J breakdown matched by us

    Base
    $337,721
    Bonus
    $0
    Other
    $0
    Deferred
    $38,728
    Nontaxable benefits
    $15,454
    Filer's total
    $391,903

  • Robert C Standard

    Line Foreman

    Total calculated
    $260,101
    From this org
    $232,462
    From related orgs
    $0
    Other
    $27,639
    Hours/week
    91

    Schedule J breakdown matched by us

    Base
    $232,462
    Bonus
    $0
    Other
    $0
    Deferred
    $12,186
    Nontaxable benefits
    $15,454
    Filer's total
    $260,102

  • Sandy Grogan

    Vice President Finance & Accounting

    Total calculated
    $185,746
    From this org
    $158,416
    From related orgs
    $0
    Other
    $27,330
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $158,416
    Bonus
    $0
    Other
    $0
    Deferred
    $11,876
    Nontaxable benefits
    $15,454
    Filer's total
    $185,746

  • Brent Gilkey

    Vice President Member Services & Communication

    Total calculated
    $178,840
    From this org
    $151,876
    From related orgs
    $0
    Other
    $26,964
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $151,876
    Bonus
    $0
    Other
    $0
    Deferred
    $11,510
    Nontaxable benefits
    $15,454
    Filer's total
    $178,840

  • William Stokes

    VP Operations

    Total calculated
    $167,593
    From this org
    $141,199
    From related orgs
    $0
    Other
    $26,394
    Hours/week
    60

  • Mark Giltner

    Vice President Human Resources

    Total calculated
    $160,904
    From this org
    $135,541
    From related orgs
    $0
    Other
    $25,363
    Hours/week
    60

  • Philip Adler

    Lineman

    Total calculated
    $157,247
    From this org
    $137,865
    From related orgs
    $0
    Other
    $19,382
    Hours/week
    59.75

  • James Futrell

    Board Member

    Total calculated
    $22,951
    From this org
    $22,951
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.04

  • George Fox

    Chairman

    Total calculated
    $20,201
    From this org
    $20,201
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.04

  • Bates Payne Jr

    Board Member

    Total calculated
    $19,101
    From this org
    $19,101
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.42

  • Bryson Price

    Board Member

    Total calculated
    $18,826
    From this org
    $18,826
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.37

  • Robert Allen

    Vice Chairman

    Total calculated
    $18,276
    From this org
    $18,276
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.04

  • Joe E Rogers

    Secretary-Treasurer

    Total calculated
    $17,294
    From this org
    $17,294
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Duane Moore

    Assistant Secretary-Treasurer

    Total calculated
    $16,351
    From this org
    $16,351
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.83

  • James W Lear

    Board Member

    Total calculated
    $15,616
    From this org
    $15,616
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.52

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 · 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
14 November 2023
IRS schema version
2022v5.0
Source object
202303189349306180

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