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Nonprofiteer
← PALMETTO ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by PALMETTO ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$182,854,455
Total expenses
$182,854,455
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$182,799,433
Investment income
$55,022
Other revenue
$0
Total assets, end of year
$297,800,025
Total liabilities, end of year
$195,846,174
Net assets or fund balances, end of year
$101,953,851
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 SALES

    total $179,804,398 · related or exempt $179,804,398

  • 2b · Program service revenue: OTHER CAPITAL CREDIS

    total $2,290,496 · related or exempt $2,290,496

  • 2c · Program service revenue: GENERAL AND TRANSMISSION CAPI

    total $956,335 · related or exempt $956,335

  • 2d · Program service revenue: OTHER REVENUE

    total -$251,796 · related or exempt -$251,796

  • 3 · Investment income

    total $55,022 · excluded $55,022

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $8,219,553

  • 5 · Compensation of officers, directors and key employees

    total $1,273,093

  • 20 · Interest

    total $5,376,748

  • 22 · Depreciation, depletion and amortization

    total $10,543,162

  • 24a · Other expenses: PURCHASED POWER

    total $119,190,017

  • 24b · Other expenses: ADMINISTRATIVE AND GENERA

    total $9,087,933

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $9,032,103

  • 24d · Other expenses: TAXES AND OTHER

    total $6,559,060

  • 24e · All other expenses

    total $13,572,786

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $5,776,192 · end of year $4,419,931

  • 4 · Accounts receivable

    beginning of year $18,078,291 · end of year $19,622,161

  • 8 · Inventories for sale or use

    beginning of year $17,821,300 · end of year $15,385,050

  • 9 · Prepaid expenses and deferred charges

    beginning of year $255,494 · end of year $261,904

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

    $350,978,955

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

    $119,752,122

  • 10c · Land, buildings and equipment, net

    beginning of year $207,582,982 · end of year $231,226,833

  • 13 · Investments: program-related

    beginning of year $20,366,568 · end of year $23,009,451

  • 15 · Other assets

    beginning of year $5,576,048 · end of year $3,874,695

  • 17 · Accounts payable and accrued expenses

    beginning of year $32,018,656 · end of year $27,215,973

  • 23 · Secured mortgages and notes payable

    beginning of year $92,566,459 · end of year $122,470,780

  • 24 · Unsecured notes and loans payable

    beginning of year $10,000,000 · end of year $2,000,000

  • 25 · Other liabilities

    beginning of year $41,849,168 · end of year $44,159,421

  • 29 · Capital stock, trust principal or current funds

    beginning of year $318,195 · end of year $323,385

  • 31 · Retained earnings, endowment or other funds

    beginning of year $98,704,397 · end of year $101,630,466

Mission and programs · 2023

Mission

TO DELIVER COMPETITIVELY PRICED, RELIABLE ENERGY AND INNOVATIVE RELATED SERVICES TO ITS MEMBERS AND TO PROVIDE LEADERSHIP AND SUPPORT TO THE COMMUNITIES WE SERVE

  • N/A

As filed on the 2023 return.

Listed in Part VII

  • Jeremiah E Vaigneur

    CHAIRMAN

    Total calculated
    $33,295
    From this org
    $33,295
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • D Terrell Smith

    VICE CHAIRMA

    Total calculated
    $26,990
    From this org
    $26,990
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Carolyn Grant

    SECRETARY-TR

    Total calculated
    $24,057
    From this org
    $24,057
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Drearl Bostick Sr

    DIRECTOR

    Total calculated
    $29,945
    From this org
    $29,945
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Greg Cook

    DIRECTOR

    Total calculated
    $20,100
    From this org
    $20,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Alicia Holland

    DIRECTOR

    Total calculated
    $30,792
    From this org
    $30,792
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Nicholas T Gohagan

    DIRECTOR

    Total calculated
    $11,550
    From this org
    $11,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • William J Nimmer

    DIRECTOR

    Total calculated
    $39,192
    From this org
    $39,192
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James L Rowe

    DIRECTOR

    Total calculated
    $48,779
    From this org
    $48,779
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • David L White

    DIRECTOR

    Total calculated
    $16,776
    From this org
    $16,776
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Thomas Stanley Jr

    DIRECTOR

    Total calculated
    $16,161
    From this org
    $16,161
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • David Howard

    DIRECTOR

    Total calculated
    $19,311
    From this org
    $19,311
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • C Alex Ulmer

    DIRECTOR (PA

    Total calculated
    $16,069
    From this org
    $16,069
    From related orgs
    $0
    Other
    $0

  • Eunice F Spilliards

    DIRECTOR (PA

    Total calculated
    $41,494
    From this org
    $41,494
    From related orgs
    $0
    Other
    $0

  • A Berl Davis Jr

    PRES. & CEO

    Total calculated
    $929,374
    From this org
    $535,348
    From related orgs
    $0
    Other
    $394,026
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $419,671
    Bonus
    $57,505
    Other
    $58,172
    Deferred
    $353,743
    Nontaxable benefits
    $40,283
    Filer's total
    $929,374

  • Wilson D Saleeby

    V.P ENGIN/OP

    Total calculated
    $404,262
    From this org
    $293,798
    From related orgs
    $0
    Other
    $110,464
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $260,925
    Bonus
    $26,351
    Other
    $6,522
    Deferred
    $74,036
    Nontaxable benefits
    $36,428
    Filer's total
    $404,262

  • Tanya K Trull

    V.P FINANCE

    Total calculated
    $426,482
    From this org
    $256,957
    From related orgs
    $0
    Other
    $169,525
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $210,972
    Bonus
    $26,171
    Other
    $19,814
    Deferred
    $134,688
    Nontaxable benefits
    $34,837
    Filer's total
    $426,482

  • Georgia Vido

    V.P HUMAN RE

    Total calculated
    $384,064
    From this org
    $248,122
    From related orgs
    $0
    Other
    $135,942
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $202,997
    Bonus
    $23,263
    Other
    $21,862
    Deferred
    $101,009
    Nontaxable benefits
    $34,933
    Filer's total
    $384,064

  • Richard E Hunter III

    V.P MARKETIN

    Total calculated
    $358,384
    From this org
    $236,291
    From related orgs
    $0
    Other
    $122,093
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $201,684
    Bonus
    $24,725
    Other
    $9,882
    Deferred
    $87,991
    Nontaxable benefits
    $34,102
    Filer's total
    $358,384

  • Michael Taylor

    V.P INFORMAT

    Total calculated
    $361,722
    From this org
    $221,733
    From related orgs
    $0
    Other
    $139,989
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $186,224
    Bonus
    $23,263
    Other
    $12,246
    Deferred
    $103,927
    Nontaxable benefits
    $36,062
    Filer's total
    $361,722

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 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4
EUNICE F. SPILLIARDS 0 41,494 0
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 2023 .DEFERRED COMPENSATION FOR EUNICE SPILLIARDS 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
11 November 2024
IRS schema version
2023v5.0
Source object
202433179349302678

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