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Nonprofiteer
← PONTOTOC ELECTRIC POWER ASSN

Form 990 for tax year 2022

Filed by PONTOTOC ELECTRIC POWER ASSN.

Totals

Total revenue
$12,013,910
Total expenses
$8,946,463
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$87,561
Other revenue
$11,926,349
Total assets, end of year
$90,440,236
Total liabilities, end of year
$12,451,294
Net assets or fund balances, end of year
$77,988,942
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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.

  • 3 · Investment income

    total $87,561 · related or exempt $87,561

  • 6a · Gross rents

    real property $4,800

  • 6b · Less rental expenses

    real property $3,434

  • 6c · Rental income or loss

    real property $1,366

  • 6d · Net rental income or loss

    total $1,366 · related or exempt $1,366

  • 10a · Gross sales of inventory

    $52,732,928

  • 10b · Cost of goods sold

    $42,265,832

  • 10c · Net income from sales of inventory

    total $10,467,096 · related or exempt $10,467,096

  • 11a · Other revenue: RENT - ELECTRIC PROPERTIES

    total $1,457,887 · related or exempt $1,457,887

  • 11e · Other revenue, total

    $1,457,887

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $480,477

  • 7 · Other salaries and wages

    total $1,479,358

  • 8 · Pension plan contributions

    total $1,372,255

  • 10 · Payroll taxes

    total $343,428

  • 20 · Interest

    total $74,574

  • 22 · Depreciation, depletion and amortization

    total $3,226,071

  • 23 · Insurance

    total $288,470

  • 24a · Other expenses: CUSTOMER RECORDS & COLLEC

    total $620,198

  • 24b · Other expenses: MISC GEN EXPENSE

    total $265,187

  • 24c · Other expenses: OFFICE SUPPLIES & EXP

    total $233,729

  • 24d · Other expenses: METER READING EXPENSE

    total $157,304

  • 24e · All other expenses

    total $405,412

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $255,519 · end of year $585,733

  • 2 · Savings and temporary cash investments

    beginning of year $4,773,097 · end of year $2,036,610

  • 4 · Accounts receivable

    beginning of year $6,147,444 · end of year $5,375,646

  • 7 · Other notes and loans receivable

    beginning of year $40,594 · end of year $16,542

  • 8 · Inventories for sale or use

    beginning of year $2,355,473 · end of year $2,505,897

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,765,712 · end of year $4,998,712

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

    $117,019,617

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

    $42,098,521

  • 10c · Land, buildings and equipment, net

    beginning of year $70,749,752 · end of year $74,921,096

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,318,029 · end of year $7,573,297

  • 19 · Deferred revenue

    beginning of year $177,632 · end of year $421,321

  • 24 · Unsecured notes and loans payable

    beginning of year $1,495,000

  • 25 · Other liabilities

    beginning of year $4,449,911 · end of year $4,456,676

  • 29 · Capital stock, trust principal or current funds

    beginning of year $940,437 · end of year $938,171

  • 31 · Retained earnings, endowment or other funds

    beginning of year $74,706,582 · end of year $77,050,771

Mission and programs · 2022

Mission

PROVISION OF ELECTRIC POWER TO RURAL CUSTOMERS.

  • PROVISION OF ELECTRICAL POWER TO 20,332 USERS AS OF JUNE 30, 2023

As filed on the 2022 return.

Listed in Part VII

  • Frankie Moorman

    GENERAL MGR

    Total calculated
    $142,723
    From this org
    $166,143
    From related orgs
    $0
    Other
    -$23,420
    Hours/week
    50

  • Jeanna Sorto

    SECRETARY/AC

    Total calculated
    $139,527
    From this org
    $133,883
    From related orgs
    $0
    Other
    $5,644
    Hours/week
    50

  • James Elzie

    GENERAL FORE

    Total calculated
    $82,929
    From this org
    $101,032
    From related orgs
    $0
    Other
    -$18,103
    Hours/week
    40

  • Benjamin Hogan

    BRUCE DISTRI

    Total calculated
    $69,503
    From this org
    $100,227
    From related orgs
    $0
    Other
    -$30,724
    Hours/week
    40

  • Anthony Staten

    CUSTOMER ACC

    Total calculated
    $65,738
    From this org
    $103,639
    From related orgs
    $0
    Other
    -$37,901
    Hours/week
    40

  • Larry D Parker

    PRESIDENT

    Total calculated
    $14,560
    From this org
    $14,560
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert Tedford

    DIRECTOR

    Total calculated
    $14,299
    From this org
    $14,299
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Terry Chunn

    PRESIDENT

    Total calculated
    $14,103
    From this org
    $14,103
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bobby Duke

    DIRECTOR

    Total calculated
    $13,891
    From this org
    $13,891
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Randy Heard

    VICE PRESIDE

    Total calculated
    $13,859
    From this org
    $13,859
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jeff Washington

    DIRECTOR

    Total calculated
    $13,844
    From this org
    $13,844
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jackie Courson

    DIRECTOR

    Total calculated
    $13,812
    From this org
    $13,812
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Nickey Browning

    DIRECTOR

    Total calculated
    $13,734
    From this org
    $13,734
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Terry Oaks

    DIRECTOR

    Total calculated
    $13,723
    From this org
    $13,723
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • David High

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Jim Riddle Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

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.

Schedule J

Answered yes

  • 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
13 November 2023
IRS schema version
2022v5.0
Source object
202323179349305552

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