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Nonprofiteer
← OKEFENOKE RURAL ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2023

Filed by OKEFENOKE RURAL ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$88,852,838
Total expenses
$88,852,838
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$88,784,839
Investment income
$67,999
Other revenue
$0
Total assets, end of year
$207,267,510
Total liabilities, end of year
$135,089,170
Net assets or fund balances, end of year
$72,178,340
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.

  • 2a · Program service revenue: ELECTRIC REVENUE

    total $86,223,630 · related or exempt $86,223,630

  • 2b · Program service revenue: G & T CAPITAL CREDITS

    total $1,089,344 · related or exempt $1,089,344

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $971,474 · related or exempt $971,474

  • 2d · Program service revenue: POLE RENTAL

    total $500,391 · excluded $500,391

  • 3 · Investment income

    total $67,999 · excluded $67,999

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $5,244,578

  • 5 · Compensation of officers, directors and key employees

    total $553,504

  • 20 · Interest

    total $4,555,748

  • 22 · Depreciation, depletion and amortization

    total $6,614,788

  • 24a · Other expenses: PURCHASED POWER

    total $53,235,035

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $7,231,554

  • 24c · Other expenses: ADMIN. & GENERAL EXP.

    total $4,187,971

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $4,072,872

  • 24e · All other expenses

    total $3,156,788

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,501,197 · end of year $2,501,447

  • 4 · Accounts receivable

    beginning of year $6,592,569 · end of year $8,133,156

  • 8 · Inventories for sale or use

    beginning of year $4,332,961 · end of year $5,169,624

  • 9 · Prepaid expenses and deferred charges

    beginning of year $584,737 · end of year $580,620

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

    $237,629,415

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

    $78,578,452

  • 10c · Land, buildings and equipment, net

    beginning of year $149,789,672 · end of year $159,050,963

  • 13 · Investments: program-related

    beginning of year $27,071,248 · end of year $28,641,071

  • 15 · Other assets

    beginning of year $4,095,750 · end of year $3,190,629

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,416,500 · end of year $10,342,390

  • 23 · Secured mortgages and notes payable

    beginning of year $109,367,350 · end of year $117,718,917

  • 25 · Other liabilities

    beginning of year $4,774,169 · end of year $7,027,863

  • 29 · Capital stock, trust principal or current funds

    beginning of year $349,968 · end of year $385,378

  • 31 · Retained earnings, endowment or other funds

    beginning of year $68,060,147 · end of year $71,792,962

Mission and programs · 2023

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • N/A

As filed on the 2023 return.

Listed in Part VII

  • Robert W Combs

    PRESIDENT

    Total calculated
    $4,810
    From this org
    $4,810
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Steve E Rawl Sr

    1ST VP

    Total calculated
    $0
    Hours/week
    4

  • Jimmy Woodard

    2ND VP

    Total calculated
    $14,904
    From this org
    $14,904
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Cristi B Koncz

    SECRETARY-TR

    Total calculated
    $13,324
    From this org
    $13,324
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Clyde Mizell

    DIRECTOR

    Total calculated
    $22,215
    From this org
    $22,215
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • James Giddens

    DIRECTOR

    Total calculated
    $26,340
    From this org
    $26,340
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Terrell Brazell

    DIRECTOR

    Total calculated
    $25,308
    From this org
    $25,308
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Craig Morgan

    DIRECTOR

    Total calculated
    $26,340
    From this org
    $26,340
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Joe Loomis

    DIRECTOR

    Total calculated
    $27,261
    From this org
    $27,261
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • John Middleton

    GENERAL MANA

    Total calculated
    $393,003
    From this org
    $302,256
    From related orgs
    $0
    Other
    $90,747
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $284,916
    Bonus
    $350
    Other
    $16,990
    Deferred
    $74,466
    Nontaxable benefits
    $16,281
    Filer's total
    $393,003

  • Travis Page

    MGR OF DIST

    Total calculated
    $231,708
    From this org
    $166,091
    From related orgs
    $0
    Other
    $65,617
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $150,022
    Bonus
    $350
    Other
    $15,719
    Deferred
    $40,101
    Nontaxable benefits
    $25,516
    Filer's total
    $231,708

  • Tony Rowell

    MGR OF INFO

    Total calculated
    $236,939
    From this org
    $171,568
    From related orgs
    $0
    Other
    $65,371
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $163,802
    Bonus
    $350
    Other
    $7,416
    Deferred
    $40,101
    Nontaxable benefits
    $25,270
    Filer's total
    $236,939

  • Michael Boatwright

    LINE CREW FO

    Total calculated
    $202,092
    From this org
    $153,216
    From related orgs
    $0
    Other
    $48,876
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $146,885
    Bonus
    $350
    Other
    $5,981
    Deferred
    $26,860
    Nontaxable benefits
    $22,016
    Filer's total
    $202,092

  • David Smith

    HR DIRECTOR

    Total calculated
    $217,498
    From this org
    $158,799
    From related orgs
    $0
    Other
    $58,699
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $144,923
    Bonus
    $350
    Other
    $13,526
    Deferred
    $37,724
    Nontaxable benefits
    $20,975
    Filer's total
    $217,498

  • Darren Crews

    MGR OF ENGIN

    Total calculated
    $215,971
    From this org
    $157,054
    From related orgs
    $0
    Other
    $58,917
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $149,484
    Bonus
    $350
    Other
    $7,220
    Deferred
    $39,373
    Nontaxable benefits
    $19,544
    Filer's total
    $215,971

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 committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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

The filer's explanations (Part III)

SCHEDULE J, PART III
THE COOPERATIVE HAS ESTABLISHED A DEFERRED COMPENSATION PLAN ON BEHALF OF QUALIFIED INDIVIDUALS WHO HAVE ELECTED TO DEFER CERTAIN AMOUNTS OF COMPENSATION. THE ANNUAL DEFERRAL OF THE COMPENSATION PLAN IS CALCULATED IN ACCORDANCE WITH INTERNAL REVENUE CODE (IRC) SECTION 457, SUBJECT TO CHANGES UNDER IRC SECTION 457(B). 2023 DEFERRED COMPENSATION FOR ROBERT W. COMBS AND STEVE E. RAWL, SR. WILL BE REPORTED IN IRS FORM 990 FILINGS IN THE YEAR NONQUALIFIED PAYMENTS OCCUR AND ARE TAXABLE COMPENSATION IN ACCORDANCE WITH APPLICABLE DISCLOSURE REQUIREMENTS.

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
2023
Filed
26 August 2024
IRS schema version
2023v5.0
Source object
202402399349301450

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