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Nonprofiteer
← BLUEGRASS ENERGY COOPERATIVE CORP

Form 990 for tax year 2022

Filed by BLUEGRASS ENERGY COOPERATIVE CORP.

Totals

Total revenue
$163,075,358
Total expenses
$163,075,358
Contributions and grants received
$0
Grants paid
$13,500
Program service revenue
$157,018,460
Investment income
-$60,709
Other revenue
$6,117,607
Total assets, end of year
$305,801,018
Total liabilities, end of year
$139,064,177
Net assets or fund balances, end of year
$166,736,841
Program services expenses (Part IX)
$163,075,358
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$163,075,358

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 REVENUE

    total $156,703,898 · related or exempt $156,703,898

  • 2b · Program service revenue: SALE OF ELECTRIC MERCHANDISE

    total $314,562 · related or exempt $314,562

  • 3 · Investment income

    total -$60,709 · excluded -$60,709

  • 11a · Other revenue: G&T CAPITAL CREDITS

    total $4,056,700 · related or exempt $4,056,700

  • 11b · Other revenue: JOINT USE POLE ATTACHMENT

    total $1,793,035 · excluded $1,793,035

  • 11c · Other revenue: OTHER CREDITS

    total $256,469 · related or exempt $256,469

  • 11d · All other revenue

    total $11,403 · related or exempt $11,403

  • 11e · Other revenue, total

    $6,117,607

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $13,500 · program services $13,500

  • 4 · Benefits paid to or for members

    total $7,467,696 · program services $7,467,696

  • 5 · Compensation of officers, directors and key employees

    total $1,393,370 · program services $1,393,370

  • 7 · Other salaries and wages

    total $7,285,391 · program services $7,285,391

  • 8 · Pension plan contributions

    total $1,422,995 · program services $1,422,995

  • 9 · Other employee benefits

    total $1,390,888 · program services $1,390,888

  • 10 · Payroll taxes

    total $596,214 · program services $596,214

  • 11b · Fees: legal

    total $27,917 · program services $27,917

  • 11c · Fees: accounting

    total $21,500 · program services $21,500

  • 13 · Office expenses

    total $586,971 · program services $586,971

  • 20 · Interest

    total $3,013,803 · program services $3,013,803

  • 22 · Depreciation, depletion and amortization

    total $11,461,030 · program services $11,461,030

  • 23 · Insurance

    total $419,675 · program services $419,675

  • 24a · Other expenses: COST OF POWER

    total $121,345,153 · program services $121,345,153

  • 24b · Other expenses: DISTRIBUTION MAINTENANC

    total $9,391,801 · program services $9,391,801

  • 24c · Other expenses: ADMINISTRATION AND GENE

    total $3,748,260 · program services $3,748,260

  • 24d · Other expenses: DISTRIBUTION - OPERATIO

    total $3,128,353 · program services $3,128,353

  • 24e · All other expenses

    total -$9,639,159 · program services -$9,639,159

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,581,622 · end of year $4,711,249

  • 2 · Savings and temporary cash investments

    beginning of year $4,000,000

  • 4 · Accounts receivable

    beginning of year $10,333,347 · end of year $10,996,626

  • 8 · Inventories for sale or use

    beginning of year $2,080,231 · end of year $4,038,365

  • 9 · Prepaid expenses and deferred charges

    beginning of year $633,202 · end of year $714,287

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

    $314,342,140

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

    $127,193,289

  • 10c · Land, buildings and equipment, net

    beginning of year $183,630,662 · end of year $187,148,851

  • 13 · Investments: program-related

    beginning of year $85,183,097 · end of year $87,502,183

  • 15 · Other assets

    beginning of year $8,566,588 · end of year $10,689,457

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,664,743 · end of year $15,964,116

  • 23 · Secured mortgages and notes payable

    beginning of year $115,528,115 · end of year $109,313,563

  • 25 · Other liabilities

    beginning of year $13,577,297 · end of year $13,786,498

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,143,488 · end of year $1,160,815

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

    beginning of year $620,984 · end of year $620,984

  • 31 · Retained earnings, endowment or other funds

    beginning of year $157,474,122 · end of year $164,955,042

Mission and programs · 2022

Mission

DISTRIBUTION SALES OF ELECTRICITY ON A PATRONAGE BASIS TO A MONTHLY AVERAGE OF APPROXIMATELY 62,000 CONSUMERS. BLUE GRASS ENERGY'S MISSION IS TO PROVIDE SAFE, RELIABLE, AFFORDABLE ENERGY SERVICES, WHILE IMPROVING THE QUALITY OF LIFE FOR OUR MEMBERS.

Activities or mission (Part I)

SINCE 1937, BLUE GRASS ENERGY HAS BEEN MAKING LIFE BETTER, THE COOPERATIVE WAY, FOR OUR MEMBERS AND COMMUNITIES BY PROVIDING SAFE, RELIABLE, AND AFFORDABLE ENERGY SERVICES. ELECTRICITY IS DELIVERED ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. TODAY, BLUE GRASS ENERGY SERVES APPROXIMATELY 62,000 CONSUMERS IN 23 KENTUCKY COUNTIES.

  • DISTRIBUTION SALES OF ELECTRICITY ON A PATRONAGE BASIS TO A MONTHLY AVERAGE OF APPROXIMATELY 62,000 CONSUMERS.

    Expenses $163,075,358 · Revenue $161,343,032

As filed on the 2022 return.

Listed in Part VII

  • Dennis Moneyhon

    CHAIRMAN

    Total calculated
    $23,400
    From this org
    $23,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.5

  • Gary Keller

    VICE CHAIRMAN

    Total calculated
    $21,600
    From this org
    $21,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.96

  • Jane Smith

    SEC/TREASURER

    Total calculated
    $21,600
    From this org
    $21,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.42

  • Jody Hughes

    DIRECTOR

    Total calculated
    $17,700
    From this org
    $17,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.91

  • Paul Tucker

    DIRECTOR

    Total calculated
    $21,600
    From this org
    $21,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.71

  • Doug Fritz

    DIRECTOR

    Total calculated
    $20,100
    From this org
    $20,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.5

  • Richard Cobb IV

    DIRECTOR

    Total calculated
    $21,900
    From this org
    $21,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.63

  • Lu Young

    DIRECTOR

    Total calculated
    $18,900
    From this org
    $18,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.55

  • Michael Williams

    PRESIDENT/CEO

    Total calculated
    $969,739
    From this org
    $865,080
    From related orgs
    $0
    Other
    $104,659
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $865,080
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $104,659
    Filer's total
    $969,739

  • Charles G Williamson III

    CFO

    Total calculated
    $234,687
    From this org
    $179,985
    From related orgs
    $0
    Other
    $54,702
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $179,985
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $54,702
    Filer's total
    $234,687

  • Beonka Stockton

    VP ADMINISTRATION

    Total calculated
    $162,309
    From this org
    $145,253
    From related orgs
    $0
    Other
    $17,056
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $145,253
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $17,056
    Filer's total
    $162,309

  • Kenneth Searcy

    MANAGER OPERATIONS

    Total calculated
    $152,080
    From this org
    $136,234
    From related orgs
    $0
    Other
    $15,846
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $136,234
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,846
    Filer's total
    $152,080

  • Wesley Wade

    FIRST CLASS LINE TECH

    Total calculated
    $152,599
    From this org
    $137,263
    From related orgs
    $0
    Other
    $15,336
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $137,263
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,336
    Filer's total
    $152,599

  • Denise Myers

    VP-COMMUNITY RELATIONS

    Total calculated
    $185,076
    From this org
    $130,533
    From related orgs
    $0
    Other
    $54,543
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $130,533
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $54,543
    Filer's total
    $185,076

  • Bobby McCoun

    VP MEMBER SERVICES

    Total calculated
    $184,629
    From this org
    $131,344
    From related orgs
    $0
    Other
    $53,285
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $131,344
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $53,285
    Filer's total
    $184,629

  • Brad Marshall

    FORMER DIRECTOR

    Total calculated
    $16,068
    From this org
    $16,068
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $16,068
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $16,068

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
BLUE GRASS WILL REIMBURSE AN EMPLOYEE FOR UP TO $20 PER MONTH FOR A HEALTH CLUB MEMBERSHIP IN COMPLIANCE WITH ITS WELLNESS PROGRAM.

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
30 August 2023
IRS schema version
2022v5.0
Source object
202312899349300111

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