Form 990 for tax year 2023

Filed by SOUTHWEST ARKANSAS ELECTRIC COOP CORP.

Totals

Total revenue: $57,874,281
Total expenses: $78,974,821
Contributions and grants received: $0
Grants paid: $0
Program service revenue: $73,254,609
Investment income: $1,903,534
Other revenue: -$17,283,862
Total assets, end of year: $332,150,322
Total liabilities, end of year: $209,865,893
Net assets or fund balances, end of year: $122,284,429
Program services expenses (Part IX): not reported
Management and general expenses: not reported
Fundraising expenses: not reported
Program service expenses (Part III): $0

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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$0
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$0
1g · Noncash contributions included above

$0
2a · Program service revenue: SALES OF ELECTRIC ENERGY

total $72,131,985 · related or exempt $72,131,985 · unrelated business $0 · excluded $0
2b · Program service revenue: G&T CAPITAL CREDITS

total $801,380 · related or exempt $801,380 · unrelated business $0 · excluded $0
2c · Program service revenue: OTHER CAPITAL CREDITS

total $321,244 · related or exempt $321,244 · unrelated business $0 · excluded $0
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $1,750,476 · related or exempt $0 · unrelated business $540,191 · excluded $1,210,285
4 · Income from investment of tax-exempt bond proceeds

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
5 · Royalties

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6a · Gross rents

real property $3,423,909 · personal property $218,690
6b · Less rental expenses

real property $21,142,307 · personal property $0
6c · Rental income or loss

real property -$17,718,398 · personal property $218,690
6d · Net rental income or loss

total -$17,499,708 · related or exempt $0 · unrelated business -$17,718,398 · excluded $218,690
7a · Gross sales of assets other than inventory

securities $0 · other assets $153,058
7b · Less cost or other basis and sales expenses

securities $0 · other assets $0
7c · Gain or loss

securities $0 · other assets $153,058
7d · Net gain or loss

total $153,058 · related or exempt $0 · unrelated business $0 · excluded $153,058
8a · Fundraising events: gross income

$0
8a · Fundraising events: contributions included on line 1c

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0 · unrelated business $0 · excluded $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11a · Other revenue: MANAGEMENT FEES FROM SWATT

total $166,722 · related or exempt $0 · unrelated business $166,722 · excluded $0
11b · Other revenue: SALES TAX DISCOUNTS

total $33,687 · related or exempt $0 · unrelated business $0 · excluded $33,687
11c · Other revenue: REBATES

total $7,199 · related or exempt $0 · unrelated business $0 · excluded $7,199
11d · All other revenue

total $8,238 · related or exempt $0 · unrelated business $0 · excluded $8,238
11e · Other revenue, total

$215,846

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $0
2 · Grants to domestic individuals

total $0
3 · Grants to foreign organizations and individuals

total $0
4 · Benefits paid to or for members

total $8,849,375
5 · Compensation of officers, directors and key employees

total $1,431,163
6 · Compensation of disqualified persons

total $0
7 · Other salaries and wages

total $4,935,320
8 · Pension plan contributions

total $0
9 · Other employee benefits

total $0
10 · Payroll taxes

total $1,237,692
11a · Fees: management

total $0
11b · Fees: legal

total $0
11c · Fees: accounting

total $0
11d · Fees: lobbying

total $0
11e · Fees: professional fundraising services

total $0
11f · Fees: investment management

total $0
11g · Fees: other

total $0
12 · Advertising and promotion

total $0
13 · Office expenses

total $0
14 · Information technology

total $0
15 · Royalties

total $0
16 · Occupancy

total $0
17 · Travel

total $0
18 · Travel or entertainment for public officials

total $0
19 · Conferences, conventions and meetings

total $0
20 · Interest

total $6,065,285
21 · Payments to affiliates

total $0
22 · Depreciation, depletion and amortization

total $7,587,397
23 · Insurance

total $0
24a · Other expenses: COST OF POWER

total $39,584,296
24b · Other expenses: DISTRIBUTION EXPENSE

total $5,742,376
24c · Other expenses: ADMIN & GENERAL

total $1,699,057
24d · Other expenses: CONSUMER ACCOUNTS

total $1,264,804
24e · All other expenses

total $578,056

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $2,241,235 · end of year $1,787,710
2 · Savings and temporary cash investments

beginning of year $13,096,646 · end of year $19,715,705
3 · Pledges and grants receivable

beginning of year $0 · end of year $0
4 · Accounts receivable

beginning of year $10,026,078 · end of year $15,775,606
5 · Loans and receivables from officers and key people

beginning of year $0 · end of year $0
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $353,155 · end of year $457,377
8 · Inventories for sale or use

beginning of year $9,051,835 · end of year $8,843,686
9 · Prepaid expenses and deferred charges

beginning of year $584,633 · end of year $1,434,343
10a · Land, buildings and equipment: cost or other basis

$333,547,454
10b · Land, buildings and equipment: accumulated depreciation

$79,964,428
10c · Land, buildings and equipment, net

beginning of year $209,659,370 · end of year $253,583,026
11 · Investments: publicly traded securities

beginning of year $0 · end of year $0
12 · Investments: other securities

beginning of year $0
13 · Investments: program-related

beginning of year $25,072,524 · end of year $27,816,805
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $2,401,732 · end of year $2,736,064
17 · Accounts payable and accrued expenses

beginning of year $18,813,869 · end of year $19,051,767
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $0 · end of year $0
20 · Tax-exempt bond liabilities

beginning of year $0 · end of year $0
21 · Escrow or custodial account liability

beginning of year $0 · end of year $0
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $138,636,872 · end of year $189,128,520
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $1,622,810 · end of year $1,685,606
27 · Net assets without donor restrictions

beginning of year $0 · end of year $0
28 · Net assets with donor restrictions

beginning of year $0 · end of year $0
29 · Capital stock, trust principal or current funds

beginning of year $108,343,738 · end of year $112,745,052
30 · Paid-in or capital surplus, or land, building or equipment fund

beginning of year $276,757 · end of year $323,303
31 · Retained earnings, endowment or other funds

beginning of year $4,793,162 · end of year $9,216,074

Mission and programs · 2023

Mission

PROVIDE FIRST CLASS ELECTRIC SERVICE TO THE MEMBERSHIP AT A VALUED PRICE, AND TO PROVIDE OTHER SERVICES THAT ADD VALUE TO THE ORGANIZATION.

DISTRIBUTION OF ELECTRICITY TO 19,007 MEMBER ACCOUNTS, 31,910 METERS

As filed on the 2023 return.

Listed in Part VII

Alan Green

Vice Chairman

Total calculated

$39,671

From this org

$39,671

From related orgs

$0

Other

$0

Hours/week

4
Andy Youngblood

Secretary/Treasurer

Total calculated

$38,715

From this org

$38,715

From related orgs

$0

Other

$0

Hours/week

4
Russell Pendergraft

Chairman

Total calculated

$40,715

From this org

$40,715

From related orgs

$0

Other

$0

Hours/week

4
Brett Renfro

Director

Total calculated

$32,737

From this org

$32,737

From related orgs

$0

Other

$0

Hours/week

4
Jamie Stevens

Director

Total calculated

$10,520

From this org

$10,520

From related orgs

$0

Other

$0

Hours/week

4
Jim Alford

Director

Total calculated

$37,715

From this org

$37,715

From related orgs

$0

Other

$0

Hours/week

4
Paula Mounts

Director

Total calculated

$10,494

From this org

$10,494

From related orgs

$0

Other

$0

Hours/week

4
Rickie Barnard

Director

Total calculated

$35,715

From this org

$35,715

From related orgs

$0

Other

$0

Hours/week

4
Stacy Womack

Director

Total calculated

$21,822

From this org

$21,822

From related orgs

$0

Other

$0

Hours/week

4
Tommy Isbell

Director

Total calculated

$25,704

From this org

$25,704

From related orgs

$0

Other

$0

Hours/week

4
Warren Plyler

Director

Total calculated

$21,841

From this org

$21,841

From related orgs

$0

Other

$0

Hours/week

4
Bobby Fenton

Vice President of Operations

Total calculated

$211,941

From this org

$152,788

From related orgs

$0

Other

$59,153

Hours/week

45

Schedule J breakdown matched by us

Base

$136,408

Bonus

$0

Other

$16,380

Deferred

$33,271

Nontaxable benefits

$25,882

Filer's total

$211,941
George Wall

Vice President of Engineering

Total calculated

$232,515

From this org

$168,428

From related orgs

$0

Other

$64,087

Hours/week

40

Schedule J breakdown matched by us

Base

$164,387

Bonus

$0

Other

$4,041

Deferred

$40,409

Nontaxable benefits

$23,678

Filer's total

$232,515
Jeff Newton

Vice President of IT THRU 9/6/23

Total calculated

$173,428

From this org

$125,793

From related orgs

$0

Other

$47,635

Hours/week

40

Schedule J breakdown matched by us

Base

$105,071

Bonus

$0

Other

$20,722

Deferred

$25,257

Nontaxable benefits

$22,378

Filer's total

$173,428
Kecia Wolf

President and CEO

Total calculated

$278,309

From this org

$213,578

From related orgs

$0

Other

$64,731

Hours/week

60

Schedule J breakdown matched by us

Base

$196,450

Bonus

$0

Other

$17,128

Deferred

$40,820

Nontaxable benefits

$23,911

Filer's total

$278,309
Kevin Kennedy

Director of Engineering

Total calculated

$219,323

From this org

$156,034

From related orgs

$0

Other

$63,289

Hours/week

40

Schedule J breakdown matched by us

Base

$129,706

Bonus

$0

Other

$26,328

Deferred

$33,510

Nontaxable benefits

$29,779

Filer's total

$219,323
Joseph Rogers

Lineman

Total calculated

$197,854

From this org

$124,101

From related orgs

$0

Other

$73,753

Hours/week

52

Schedule J breakdown matched by us

Base

$120,203

Bonus

$0

Other

$3,898

Deferred

$44,661

Nontaxable benefits

$29,092

Filer's total

$197,854
Randall Rankin

Manager of Metering and SCADA

Total calculated

$184,071

From this org

$126,822

From related orgs

$0

Other

$57,249

Hours/week

40

Schedule J breakdown matched by us

Base

$115,618

Bonus

$0

Other

$11,204

Deferred

$29,978

Nontaxable benefits

$27,271

Filer's total

$184,071
Todd Spakes

Lineman

Total calculated

$173,734

From this org

$130,209

From related orgs

$0

Other

$43,525

Hours/week

52

Schedule J breakdown matched by us

Base

$122,563

Bonus

$0

Other

$7,646

Deferred

$20,070

Nontaxable benefits

$23,455

Filer's total

$173,734
Troy Allen

Lineman

Total calculated

$172,794

From this org

$124,709

From related orgs

$0

Other

$48,085

Hours/week

52

Schedule J breakdown matched by us

Base

$123,345

Bonus

$0

Other

$1,364

Deferred

$20,070

Nontaxable benefits

$28,015

Filer's total

$172,794
Zachary Stafford

Lineman

Total calculated

$164,851

From this org

$133,109

From related orgs

$0

Other

$31,742

Hours/week

51

Schedule J breakdown matched by us

Base

$132,603

Bonus

$0

Other

$506

Deferred

$20,070

Nontaxable benefits

$11,672

Filer's total

$164,851

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)

Schedule J, Part I, Line 3: SEE SCHEDULE O FOR EXPLANATION OF PRESIDENT/CEO'S COMPENSATION EVALUATION AND APPROVAL.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Southwest Arkansas Telecommunications and Technology

C Corporation · Fiber Optic Internet · AR · 100% owned · share of income $7,913,104 · share of assets $18,384,116 · controlled entity

Directly controlled by Southwest Arkansas Electric Cooperative

Provenance

Return type: form_990
Tax year: 2023
Filed: 7 November 2024
IRS schema version: 2023v5.1
Source object: 202403129349304335

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