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Nonprofiteer
← PETIT JEAN ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2023

Filed by PETIT JEAN ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$44,611,992
Total expenses
$45,708,518
Contributions and grants received
$0
Grants paid
$8,305
Program service revenue
$37,439,644
Investment income
$387,597
Other revenue
$6,784,751
Total assets, end of year
$221,770,362
Total liabilities, end of year
$176,956,719
Net assets or fund balances, end of year
$44,813,643
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: SALES OF ELECTRICITY

    total $36,494,442 · related or exempt $36,494,442

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $756,395 · related or exempt $756,395

  • 2c · Program service revenue: SERVICE FEES

    total $163,332 · related or exempt $163,332

  • 2d · Program service revenue: OTHER PROGRAM REVENUE

    total $25,475 · related or exempt $25,475

  • 3 · Investment income

    total $387,597 · excluded $387,597

  • 5 · Royalties

    total $7,051 · excluded $7,051

  • 10a · Gross sales of inventory

    $6,808

  • 10b · Cost of goods sold

    $3,761

  • 10c · Net income from sales of inventory

    total $3,047 · related or exempt $3,047

  • 11a · Other revenue: BROADBAND INTERNET SALES

    total $6,695,546 · unrelated business $6,695,546

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $325,317 · excluded $325,317

  • 11c · Other revenue: BROADBAND P'SHIP LOSS

    total -$296,305 · unrelated business -$296,305

  • 11d · All other revenue

    total $50,095 · unrelated business $50,095

  • 11e · Other revenue, total

    $6,774,653

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $8,305

  • 4 · Benefits paid to or for members

    total $47,685

  • 5 · Compensation of officers, directors and key employees

    total $1,178,688

  • 7 · Other salaries and wages

    total $3,670,332

  • 8 · Pension plan contributions

    total $919,277

  • 9 · Other employee benefits

    total $1,085,109

  • 10 · Payroll taxes

    total $307,116

  • 20 · Interest

    total $5,851,706

  • 22 · Depreciation, depletion and amortization

    total $5,893,994

  • 24a · Other expenses: PURCHASED POWER

    total $16,716,936

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $6,412,542

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,450,312

  • 24d · Other expenses: CONSUMER SALES & SERVIC

    total $1,086,143

  • 24e · All other expenses

    total $1,080,373

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,789,722 · end of year $2,196,569

  • 2 · Savings and temporary cash investments

    beginning of year $109,400 · end of year $2,291,040

  • 4 · Accounts receivable

    beginning of year $4,110,721 · end of year $5,207,475

  • 8 · Inventories for sale or use

    beginning of year $4,618,915 · end of year $6,208,246

  • 9 · Prepaid expenses and deferred charges

    beginning of year $192,572 · end of year $201,833

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

    $228,598,521

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

    $36,121,476

  • 10c · Land, buildings and equipment, net

    beginning of year $141,687,396 · end of year $192,477,045

  • 13 · Investments: program-related

    beginning of year $12,036,525 · end of year $12,066,926

  • 14 · Intangible assets

    beginning of year $222,399 · end of year $402,623

  • 15 · Other assets

    beginning of year $1,674,684 · end of year $718,605

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,558,136 · end of year $10,042,876

  • 23 · Secured mortgages and notes payable

    beginning of year $100,623,942 · end of year $160,895,834

  • 25 · Other liabilities

    beginning of year $5,800,590 · end of year $6,018,009

  • 29 · Capital stock, trust principal or current funds

    beginning of year $325,180 · end of year $328,040

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

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $47,134,486 · end of year $44,485,603

Mission and programs · 2023

Mission

TO PROVIDE RELIABLE AND QUALITY ELECTRIC SERVICE AT FAIR AND COMPETITIVE PRICES. WE PROVIDE LEADERSHIP WITHIN LOCAL COMMUNITIES TO FACILITATE POSITIVE GROWTH WITHIN OUR SERVICE AREA.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 20,875 ACTIVE SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Richard Collins Jr

    VICE PRESIDENT

    Total calculated
    $38,734
    From this org
    $38,734
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.96

  • Frederick Herman

    SECRETARY/TREASURER

    Total calculated
    $35,512
    From this org
    $35,512
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.15

  • Terry Kirkendoll

    DIRECTOR

    Total calculated
    $31,312
    From this org
    $31,312
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.46

  • Gilbert Lewis

    DIRECTOR

    Total calculated
    $30,545
    From this org
    $30,545
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.2

  • Jerel Brown

    DIRECTOR

    Total calculated
    $29,562
    From this org
    $29,562
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.45

  • Darrell Allen

    DIRECTOR

    Total calculated
    $29,340
    From this org
    $29,340
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Donnie Collins

    PRESIDENT

    Total calculated
    $29,212
    From this org
    $29,212
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.35

  • Addison Wood

    DIRECTOR

    Total calculated
    $27,840
    From this org
    $27,840
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.44

  • William Derickson

    DIRECTOR

    Total calculated
    $27,793
    From this org
    $27,793
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.12

  • Michael Kirkland

    CEO/GENERAL MANAGER

    Total calculated
    $704,810
    From this org
    $412,393
    From related orgs
    $0
    Other
    $292,417
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $403,639
    Bonus
    $123
    Other
    $8,631
    Deferred
    $264,575
    Nontaxable benefits
    $27,842
    Filer's total
    $704,810

  • Marianne Pyeatt

    MANAGER OF FINANCE AND ACC

    Total calculated
    $194,028
    From this org
    $136,114
    From related orgs
    $0
    Other
    $57,914
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $133,794
    Bonus
    $125
    Other
    $2,195
    Deferred
    $30,072
    Nontaxable benefits
    $27,842
    Filer's total
    $194,028

  • Johnny Moore

    MANAGER OF OPERATIONS

    Total calculated
    $224,270
    From this org
    $150,549
    From related orgs
    $0
    Other
    $73,721
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $142,479
    Bonus
    $336
    Other
    $7,734
    Deferred
    $51,105
    Nontaxable benefits
    $22,616
    Filer's total
    $224,270

  • William Green

    BROADBAND MANAGER

    Total calculated
    $218,455
    From this org
    $147,178
    From related orgs
    $0
    Other
    $71,277
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $145,278
    Bonus
    $162
    Other
    $1,738
    Deferred
    $43,627
    Nontaxable benefits
    $27,650
    Filer's total
    $218,455

  • Michael Garbow

    MANAGER OF ENGINEERING

    Total calculated
    $211,696
    From this org
    $180,718
    From related orgs
    $0
    Other
    $30,978
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,375
    Bonus
    $0
    Other
    $59,343
    Deferred
    $6,447
    Nontaxable benefits
    $24,531
    Filer's total
    $211,696

  • William Tester

    BRANCH MANAGER

    Total calculated
    $204,970
    From this org
    $131,138
    From related orgs
    $0
    Other
    $73,832
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $120,057
    Bonus
    $352
    Other
    $10,729
    Deferred
    $47,592
    Nontaxable benefits
    $26,240
    Filer's total
    $204,970

  • Jamie L Reeves

    FOREMAN

    Total calculated
    $196,837
    From this org
    $118,682
    From related orgs
    $0
    Other
    $78,155
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $116,322
    Bonus
    $200
    Other
    $2,160
    Deferred
    $55,490
    Nontaxable benefits
    $22,665
    Filer's total
    $196,837

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

The filer's explanations (Part III)

PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. MICHAEL KIRKLAND: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 244,344 EMPLOYER CONTRIBUTION TO 401(K) PLAN 20,231 TOTAL REPORTED IN COLUMN C $ 264,575 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (244,344) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 107,316 EXPENSE TO THE COOPERATIVE $ 127,547 JOHNNY MOORE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 43,699 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,406 TOTAL REPORTED IN COLUMN C $ 51,105 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (43,699) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 39,476 EXPENSE TO THE COOPERATIVE $ 46,882 WILLIAM GREEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,158 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,469 TOTAL REPORTED IN COLUMN C $ 43,627 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,158) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,963 EXPENSE TO THE COOPERATIVE $ 53,432 MICHAEL GARBOW: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,447 TOTAL REPORTED IN COLUMN C $ 6,447 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (0) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 43,737 EXPENSE TO THE COOPERATIVE $ 50,184 WILLIAM TESTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 41,455 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,137 TOTAL REPORTED IN COLUMN C $ 47,592 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (41,455) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 39,476 EXPENSE TO THE COOPERATIVE $ 45,613 JAMIE L REEVES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 50,934 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,556 TOTAL REPORTED IN COLUMN C $ 55,490 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (50,934) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,147 EXPENSE TO THE COOPERATIVE $ 33,703 MARIANNE PYEATT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 23,333 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,739 TOTAL REPORTED IN COLUMN C $ 30,072 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (23,333) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,913 EXPENSE TO THE COOPERATIVE $ 36,652

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • PETIT JEAN FIBER LLC

    BROADBAND INTERNET SERVICE · AR · income $6,449,336 · assets $7,537,833

    Directly controlled by PETIT JEAN ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
27 May 2026
IRS schema version
2023v6.0
Source object
202611569349300211

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