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Nonprofiteer
← SNAPPING SHOALS ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by SNAPPING SHOALS ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$236,987,219
Total expenses
$236,987,219
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$236,212,291
Investment income
$679,925
Other revenue
$95,003
Total assets, end of year
$315,667,754
Total liabilities, end of year
$213,307,432
Net assets or fund balances, end of year
$102,360,322
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 $232,496,223 · related or exempt $232,496,223

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

    total $1,496,134 · related or exempt $1,496,134

  • 2c · Program service revenue: POLE RENTAL

    total $1,348,842 · excluded $1,348,842

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $871,092 · related or exempt $871,092

  • 3 · Investment income

    total $679,925 · excluded $679,925

  • 10a · Gross sales of inventory

    $271,152

  • 10b · Cost of goods sold

    $250,085

  • 10c · Net income from sales of inventory

    total $21,067 · unrelated business $21,067

  • 11a · Other revenue: MISCELLANEOUS NONOPERATING IN

    total $78,335 · related or exempt $78,335

  • 11b · Other revenue: GAIN (LOSS) ON SALE OF PROPER

    total -$4,399 · related or exempt -$4,399

  • 11e · Other revenue, total

    $73,936

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $9,939,955

  • 5 · Compensation of officers, directors and key employees

    total $1,159,858

  • 20 · Interest

    total $4,757,425

  • 22 · Depreciation, depletion and amortization

    total $12,454,916

  • 24a · Other expenses: PURCHASED POWER

    total $164,734,868

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $13,999,472

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

    total $11,387,369

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $8,939,044

  • 24e · All other expenses

    total $9,614,312

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,008,163 · end of year $19,988,249

  • 4 · Accounts receivable

    beginning of year $29,986,180 · end of year $27,627,710

  • 8 · Inventories for sale or use

    beginning of year $3,794,922 · end of year $4,415,395

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,598,702 · end of year $16,828,902

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

    $371,935,600

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

    $161,313,241

  • 10c · Land, buildings and equipment, net

    beginning of year $197,080,676 · end of year $210,622,359

  • 13 · Investments: program-related

    beginning of year $33,103,105 · end of year $34,593,293

  • 15 · Other assets

    beginning of year $4,075,297 · end of year $1,591,846

  • 17 · Accounts payable and accrued expenses

    beginning of year $38,850,493 · end of year $25,900,417

  • 19 · Deferred revenue

    beginning of year $36,020,000 · end of year $40,520,000

  • 23 · Secured mortgages and notes payable

    beginning of year $102,639,058 · end of year $117,598,725

  • 25 · Other liabilities

    beginning of year $27,552,472 · end of year $29,288,290

  • 29 · Capital stock, trust principal or current funds

    beginning of year $934,546 · end of year $947,726

  • 31 · Retained earnings, endowment or other funds

    beginning of year $100,650,476 · end of year $101,412,596

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

  • JAKE CARTER

    CHAIRMAN

    Total calculated
    $45,158
    From this org
    $45,158
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • JEANETTE BERRY

    VICE CHAIRMA

    Total calculated
    $23,189
    From this org
    $23,189
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • LANCE HARPER

    SEC.- TREASU

    Total calculated
    $41,442
    From this org
    $41,442
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • ALFORD FLANIGAN

    ASST SEC.-TR

    Total calculated
    $23,541
    From this org
    $23,541
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • GENE MORRIS

    DIRECTOR

    Total calculated
    $50,658
    From this org
    $50,658
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • WALTER JOHNSON

    DIRECTOR

    Total calculated
    $22,134
    From this org
    $22,134
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • ANTHONY NORTON

    DIRECTOR

    Total calculated
    $35,123
    From this org
    $35,123
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • MILLARD ROSS

    DIRECTOR

    Total calculated
    $12,487
    From this org
    $12,487
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • JEFF WIGINGTON

    DIRECTOR

    Total calculated
    $13,581
    From this org
    $13,581
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • EARNEST WATKINS

    DIRECTOR

    Total calculated
    $19,348
    From this org
    $19,348
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • JAMES WHITE

    DIRECTOR

    Total calculated
    $34,794
    From this org
    $34,794
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • RUBY WOODS

    DIRECTOR

    Total calculated
    $29,431
    From this org
    $29,431
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • SHAUN MOCK

    PRESIDENT &

    Total calculated
    $808,970
    From this org
    $0
    From related orgs
    $570,307
    Other
    $238,663
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    not reported + $501,978 related
    Bonus
    not reported + $27,380 related
    Other
    not reported + $40,949 related
    Deferred
    not reported + $209,239 related
    Nontaxable benefits
    not reported + $29,424 related
    Filer's total
    not reported + $808,970 related

  • FRANK ASKEW

    COO

    Total calculated
    $446,485
    From this org
    $0
    From related orgs
    $346,480
    Other
    $100,005
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    not reported + $304,774 related
    Bonus
    not reported + $10,587 related
    Other
    not reported + $31,119 related
    Deferred
    not reported + $85,532 related
    Nontaxable benefits
    not reported + $14,473 related
    Filer's total
    not reported + $446,485 related

  • MIKE MILLIGAN

    EVP-ENGINEER

    Total calculated
    $405,003
    From this org
    $0
    From related orgs
    $303,659
    Other
    $101,344
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    not reported + $273,465 related
    Bonus
    not reported + $9,087 related
    Other
    not reported + $21,107 related
    Deferred
    not reported + $77,026 related
    Nontaxable benefits
    not reported + $24,318 related
    Filer's total
    not reported + $405,003 related

  • DONALD RITCHEY

    SVP-LINE SVC

    Total calculated
    $337,899
    From this org
    $0
    From related orgs
    $297,796
    Other
    $40,103
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    not reported + $255,766 related
    Bonus
    not reported + $10,587 related
    Other
    not reported + $31,443 related
    Deferred
    not reported + $15,429 related
    Nontaxable benefits
    not reported + $24,674 related
    Filer's total
    not reported + $337,899 related

  • KATIE JOHNSTON

    CFO

    Total calculated
    $399,635
    From this org
    $0
    From related orgs
    $308,154
    Other
    $91,481
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    not reported + $259,935 related
    Bonus
    not reported + $13,587 related
    Other
    not reported + $34,632 related
    Deferred
    not reported + $68,810 related
    Nontaxable benefits
    not reported + $22,671 related
    Filer's total
    not reported + $399,635 related

  • ROBBIE YOUNG

    VP-ENGINEERI

    Total calculated
    $259,570
    From this org
    $0
    From related orgs
    $224,881
    Other
    $34,689
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    not reported + $207,739 related
    Bonus
    not reported + $7,074 related
    Other
    not reported + $10,068 related
    Deferred
    not reported + $12,732 related
    Nontaxable benefits
    not reported + $21,957 related
    Filer's total
    not reported + $259,570 related

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 · Form 990 of other organizations
  • 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.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
2 October 2024
IRS schema version
2023v5.0
Source object
202422859349301877

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