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Nonprofiteer
← GRAYSON RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2023

Filed by GRAYSON RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$41,054,365
Total expenses
$41,054,365
Contributions and grants received
$0
Grants paid
$10,000
Program service revenue
$39,388,755
Investment income
$412,515
Other revenue
$1,253,095
Total assets, end of year
$92,629,124
Total liabilities, end of year
$52,319,970
Net assets or fund balances, end of year
$40,309,154
Program services expenses (Part IX)
$41,054,365
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$41,054,365

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: PROVIDE ELECTRIC SERVICE

    total $39,363,608 · related or exempt $39,363,608

  • 2b · Program service revenue: OTHER ELECTRIC SERVICES

    total $25,147 · related or exempt $25,147

  • 3 · Investment income

    total $412,515 · excluded $412,515

  • 11a · Other revenue: JOINT USE RENTS

    total $631,015 · excluded $631,015

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

    total $429,098 · related or exempt $429,098

  • 11c · Other revenue: PATRONAGE CAP CREDITS

    total $170,882 · related or exempt $170,882

  • 11d · All other revenue

    total $22,100 · excluded $22,100

  • 11e · Other revenue, total

    $1,253,095

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $10,000 · program services $10,000

  • 4 · Benefits paid to or for members

    total $1,072,245 · program services $1,072,245

  • 5 · Compensation of officers, directors and key employees

    total $188,726 · program services $188,726

  • 7 · Other salaries and wages

    total $3,291,907 · program services $3,291,907

  • 8 · Pension plan contributions

    total $723,678 · program services $723,678

  • 9 · Other employee benefits

    total $1,558,182 · program services $1,558,182

  • 10 · Payroll taxes

    total $248,640 · program services $248,640

  • 11b · Fees: legal

    total $24,785 · program services $24,785

  • 11c · Fees: accounting

    total $99,433 · program services $99,433

  • 13 · Office expenses

    total $163,262 · program services $163,262

  • 20 · Interest

    total $2,089,332 · program services $2,089,332

  • 22 · Depreciation, depletion and amortization

    total $4,106,122 · program services $4,106,122

  • 24a · Other expenses: COST OF POWER

    total $24,900,833 · program services $24,900,833

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $4,572,490 · program services $4,572,490

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $1,659,730 · program services $1,659,730

  • 24d · Other expenses: DISTRIBUTION - OPERATIO

    total $1,298,026 · program services $1,298,026

  • 24e · All other expenses

    total -$4,953,026 · program services -$4,953,026

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $271,280 · end of year $268,677

  • 2 · Savings and temporary cash investments

    beginning of year $9,412,000 · end of year $6,417,000

  • 4 · Accounts receivable

    beginning of year $6,057,082 · end of year $5,473,123

  • 8 · Inventories for sale or use

    beginning of year $1,144,677 · end of year $1,315,491

  • 9 · Prepaid expenses and deferred charges

    beginning of year $76,090 · end of year $77,146

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

    $93,296,210

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

    $34,629,078

  • 10c · Land, buildings and equipment, net

    beginning of year $57,714,962 · end of year $58,667,132

  • 13 · Investments: program-related

    beginning of year $19,515,623 · end of year $20,037,872

  • 15 · Other assets

    beginning of year $473,838 · end of year $372,683

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,453,044 · end of year $2,663,332

  • 23 · Secured mortgages and notes payable

    beginning of year $45,959,871 · end of year $43,950,242

  • 25 · Other liabilities

    beginning of year $6,978,377 · end of year $5,706,396

  • 29 · Capital stock, trust principal or current funds

    beginning of year $159,590 · end of year $161,535

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

    beginning of year -$52,697 · end of year $1,208,473

  • 31 · Retained earnings, endowment or other funds

    beginning of year $38,167,367 · end of year $38,939,146

Mission and programs · 2023

Mission

PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 15,576 CUSTOMERS PER MONTH.

  • PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 15,576 CUSTOMERS PER MONTH.

    Expenses $41,054,365 · Revenue $39,988,735

As filed on the 2023 return.

Listed in Part VII

  • Jim Bentley

    VICE CHAIRMAN

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.75

  • Danny Mabry

    DIRECTOR

    Total calculated
    $14,200
    From this org
    $14,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.83

  • Harold Dupuy

    CHAIRMAN

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.19

  • Jimmy Whitt

    DIRECTOR

    Total calculated
    $14,000
    From this org
    $14,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.42

  • Kayla Webb

    SECRETARY/TREASURER

    Total calculated
    $12,400
    From this org
    $12,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.35

  • Bradley Cherry

    PRESIDENT/CEO

    Total calculated
    $186,042
    From this org
    $124,126
    From related orgs
    $0
    Other
    $61,916
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,126
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $61,916
    Filer's total
    $186,042

  • Brian Poling

    MGR OF TECH SERVICES

    Total calculated
    $170,435
    From this org
    $112,667
    From related orgs
    $0
    Other
    $57,768
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,667
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $57,768
    Filer's total
    $170,435

  • Kyle Clevenger

    MGR OF OPERATIONS

    Total calculated
    $171,549
    From this org
    $114,310
    From related orgs
    $0
    Other
    $57,239
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,310
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $57,239
    Filer's total
    $171,549

  • Christopher Mosier

    MAINTENANCE LEADMAN

    Total calculated
    $159,109
    From this org
    $122,068
    From related orgs
    $0
    Other
    $37,041
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,068
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $37,041
    Filer's total
    $159,109

  • Michael L Martin

    ASST. MGR. OF OPERATIONS

    Total calculated
    $157,689
    From this org
    $112,618
    From related orgs
    $0
    Other
    $45,071
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,618
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $45,071
    Filer's total
    $157,689

  • Michael R Blevins

    MAINTENANCE LEADMAN

    Total calculated
    $159,582
    From this org
    $111,542
    From related orgs
    $0
    Other
    $48,040
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,542
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $48,040
    Filer's total
    $159,582

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

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
8 October 2024
IRS schema version
2023v5.1
Source object
202432839349301708

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