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Nonprofiteer
← JACKSON PURCHASE ENERGY CORPORATION

Form 990 for tax year 2022

Filed by JACKSON PURCHASE ENERGY CORPORATION.

Totals

Total revenue
$99,427,396
Total expenses
$99,427,396
Contributions and grants received
$0
Grants paid
$9,000
Program service revenue
$98,095,892
Investment income
$289,258
Other revenue
$1,042,246
Total assets, end of year
$156,746,077
Total liabilities, end of year
$106,459,555
Net assets or fund balances, end of year
$50,286,522
Program services expenses (Part IX)
$99,427,396
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$99,427,396

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 ELECTRIC ENERGY

    total $98,095,892 · related or exempt $98,095,892

  • 3 · Investment income

    total $168,074 · excluded $168,074

  • 7a · Gross sales of assets other than inventory

    other assets $304,347

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

    other assets $183,163

  • 7c · Gain or loss

    other assets $121,184

  • 7d · Net gain or loss

    total $121,184 · related or exempt $121,184

  • 11a · Other revenue: JOINT USE POLE ATTACHMENT

    total $699,024 · excluded $699,024

  • 11b · Other revenue: PATRONAGE CAPITAL CREDITS

    total $340,237 · related or exempt $340,237

  • 11c · Other revenue: MISCELLANEOUS INCOME

    total $2,985 · related or exempt $2,985

  • 11e · Other revenue, total

    $1,042,246

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $9,000 · program services $9,000

  • 4 · Benefits paid to or for members

    total $88,156 · program services $88,156

  • 5 · Compensation of officers, directors and key employees

    total $551,714 · program services $551,714

  • 7 · Other salaries and wages

    total $6,017,738 · program services $6,017,738

  • 8 · Pension plan contributions

    total $1,341,199 · program services $1,341,199

  • 9 · Other employee benefits

    total $1,083,919 · program services $1,083,919

  • 10 · Payroll taxes

    total $590,985 · program services $590,985

  • 11b · Fees: legal

    total $123,967 · program services $123,967

  • 11c · Fees: accounting

    total $22,920 · program services $22,920

  • 13 · Office expenses

    total $156,842 · program services $156,842

  • 20 · Interest

    total $2,218,080 · program services $2,218,080

  • 22 · Depreciation, depletion and amortization

    total $7,066,167 · program services $7,066,167

  • 23 · Insurance

    total $319,521 · program services $319,521

  • 24a · Other expenses: COST OF POWER

    total $74,764,452 · program services $74,764,452

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $6,756,709 · program services $6,756,709

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $3,827,107 · program services $3,827,107

  • 24d · Other expenses: DISTRIBUTION - OPERATIO

    total $3,731,605 · program services $3,731,605

  • 24e · All other expenses

    total -$9,242,685 · program services -$9,242,685

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,560,370 · end of year $6,044,605

  • 4 · Accounts receivable

    beginning of year $5,514,191 · end of year $7,784,977

  • 8 · Inventories for sale or use

    beginning of year $2,202,404 · end of year $3,289,347

  • 9 · Prepaid expenses and deferred charges

    beginning of year $429,607 · end of year $462,080

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

    $207,194,674

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

    $79,301,071

  • 10c · Land, buildings and equipment, net

    beginning of year $123,264,401 · end of year $127,893,603

  • 13 · Investments: program-related

    beginning of year $3,854,966 · end of year $4,025,870

  • 15 · Other assets

    beginning of year $3,750,707 · end of year $7,245,595

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,456,450 · end of year $9,611,439

  • 23 · Secured mortgages and notes payable

    beginning of year $80,604,178 · end of year $87,560,183

  • 25 · Other liabilities

    beginning of year $7,131,307 · end of year $9,287,933

  • 29 · Capital stock, trust principal or current funds

    beginning of year $106,210 · end of year $100,925

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

    beginning of year $84,952 · end of year $80,204

  • 31 · Retained earnings, endowment or other funds

    beginning of year $50,193,549 · end of year $50,105,393

Mission and programs · 2022

Mission

DISTRIBUTION SALES OF ELECTRICITY TO APPROXIMATELY 30,459 MEMBER OWNERS ON A PATRONAGE BASIS.

  • PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 30,459 MEMBERS ON A MONTHLY BASIS.

    Expenses $99,427,396 · Revenue $98,560,298

As filed on the 2022 return.

Listed in Part VII

  • Erick Harris

    CHAIRMAN

    Total calculated
    $9,200
    From this org
    $9,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Jack Marshall

    VICE CHAIRMAN

    Total calculated
    $8,650
    From this org
    $8,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Wayne Elliott

    SECRETARY TREAS

    Total calculated
    $7,200
    From this org
    $7,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Lee Bearden

    DIRECTOR

    Total calculated
    $9,750
    From this org
    $9,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • David Brown

    DIRECTOR

    Total calculated
    $4,325
    From this org
    $4,325
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Joshua Barnes

    DIRECTOR

    Total calculated
    $7,200
    From this org
    $7,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Kevin Bell

    DIRECTOR

    Total calculated
    $7,925
    From this org
    $7,925
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Terry Teitloff

    DIRECTOR

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Ward Morgan

    VP OF OPERATIONS & TECHNICAL SVCS

    Total calculated
    $192,182
    From this org
    $157,524
    From related orgs
    $0
    Other
    $34,658
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $157,524
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,658
    Filer's total
    $192,182

  • Scott Adair

    VP OF HR & MEMBERS SVCS

    Total calculated
    $173,787
    From this org
    $141,102
    From related orgs
    $0
    Other
    $32,685
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $141,102
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $32,685
    Filer's total
    $173,787

  • Meredith Kendall

    DIRECTOR ACCOUNTING & FINANCE

    Total calculated
    $108,431
    From this org
    $93,069
    From related orgs
    $0
    Other
    $15,362
    Hours/week
    50

  • Travis Spiceland

    VP OF ENGINEERING

    Total calculated
    $142,326
    From this org
    $112,720
    From related orgs
    $0
    Other
    $29,606
    Hours/week
    50

  • Greg Grissom

    PRESIDENT & CEO

    Total calculated
    $408,512
    From this org
    $329,739
    From related orgs
    $0
    Other
    $78,773
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $329,739
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $78,773
    Filer's total
    $408,512

  • Jeremy Goodman

    LINE TECHNICIAN

    Total calculated
    $189,179
    From this org
    $129,782
    From related orgs
    $0
    Other
    $59,397
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $129,782
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $59,397
    Filer's total
    $189,179

  • Michael Washman

    LINE TECHNICIAN

    Total calculated
    $183,334
    From this org
    $134,036
    From related orgs
    $0
    Other
    $49,298
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $134,036
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $49,298
    Filer's total
    $183,334

  • Jason Gipson

    LINE TECHNICIAN

    Total calculated
    $172,027
    From this org
    $134,324
    From related orgs
    $0
    Other
    $37,703
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $134,324
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $37,703
    Filer's total
    $172,027

  • David Cotton

    LINE TECHNICIAN

    Total calculated
    $168,164
    From this org
    $132,838
    From related orgs
    $0
    Other
    $35,326
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $132,838
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $35,326
    Filer's total
    $168,164

  • Kenny Harper

    LINE TECHNICIAN

    Total calculated
    $178,443
    From this org
    $129,145
    From related orgs
    $0
    Other
    $49,298
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $129,145
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $49,298
    Filer's total
    $178,443

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
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
SOCIAL CLUB DUES OF $2,400 WERE PAID ON GREG GRISSOM'S BEHALF DURING 2022.
PART I, LINE 1B
NO WRITTEN POLICY IS IN PLACE REGARDING PAYMENT OR REIMBURSEMENT OF THE EXPENSES DESCRIBED ABOVE; HOWEVER, SUBSTANTIATION IS REQUIRED PRIOR TO REIMBURSEMENT.

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
11 May 2023
IRS schema version
2022v5.0
Source object
202321319349304427

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

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