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Nonprofiteer
← ALCORN COUNTY ELECTRIC POWER ASSOCIATION

Form 990 for tax year 2022

Filed by ALCORN COUNTY ELECTRIC POWER ASSOCIATION.

Totals

Total revenue
$21,306,636
Total expenses
$18,435,950
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$468,244
Investment income
$297,585
Other revenue
$20,540,807
Total assets, end of year
$110,907,490
Total liabilities, end of year
$38,553,660
Net assets or fund balances, end of year
$72,353,830
Program services expenses (Part IX)
$18,435,950
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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: FORFEITED DISCOUNTS

    total $290,153 · related or exempt $290,153

  • 2b · Program service revenue: SERVICE REVENUE

    total $178,091 · related or exempt $178,091

  • 3 · Investment income

    total $297,585 · related or exempt $211,954 · unrelated business $85,631

  • 6a · Gross rents

    real property $51,624 · personal property $3,569,961

  • 6c · Rental income or loss

    real property $51,624 · personal property $3,569,961

  • 6d · Net rental income or loss

    total $3,621,585 · related or exempt $2,298,586 · unrelated business $1,322,999

  • 10a · Gross sales of inventory

    $62,455,618

  • 10b · Cost of goods sold

    $47,280,956

  • 10c · Net income from sales of inventory

    total $15,174,662 · related or exempt $15,174,662

  • 11a · Other revenue: GAIN ON OPEB LIAB VALUATION

    total $1,354,197 · related or exempt $1,354,197

  • 11b · Other revenue: EQUITY EARNINGS OF FIBER

    total $385,758 · related or exempt $385,758

  • 11c · Other revenue: MISCELLANEOUS INCOME

    total $4,605 · related or exempt $4,605

  • 11e · Other revenue, total

    $1,744,560

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $3,172,547 · program services $3,172,547

  • 9 · Other employee benefits

    total $1,777,871 · program services $1,777,871

  • 11b · Fees: legal

    total $11,735 · program services $11,735

  • 11c · Fees: accounting

    total $20,325 · program services $20,325

  • 11g · Fees: other

    total $90,029 · program services $90,029

  • 13 · Office expenses

    total $1,448,217 · program services $1,448,217

  • 20 · Interest

    total $696,267 · program services $696,267

  • 22 · Depreciation, depletion and amortization

    total $5,416,097 · program services $5,416,097

  • 23 · Insurance

    total $507,916 · program services $507,916

  • 24a · Other expenses: DISTRIBUTION EXPENSE

    total $4,006,320 · program services $4,006,320

  • 24b · Other expenses: TAXES

    total $477,820 · program services $477,820

  • 24c · Other expenses: GENERAL MAINTENANCE

    total $377,145 · program services $377,145

  • 24d · Other expenses: CUSTOMER ACCOUNT EXPENSE

    total $300,079 · program services $300,079

  • 24e · All other expenses

    total $133,582 · program services $133,582

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,664,737 · end of year $4,408,883

  • 2 · Savings and temporary cash investments

    beginning of year $2,963,212 · end of year $2,920,170

  • 4 · Accounts receivable

    beginning of year $7,151,004 · end of year $6,310,888

  • 7 · Other notes and loans receivable

    beginning of year $3,347,590 · end of year $3,834,603

  • 8 · Inventories for sale or use

    beginning of year $2,264,196 · end of year $2,537,518

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,747,515 · end of year $4,998,542

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

    $135,804,256

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

    $51,096,204

  • 10c · Land, buildings and equipment, net

    beginning of year $84,203,900 · end of year $84,708,052

  • 12 · Investments: other securities

    beginning of year $75,196 · end of year $89,021

  • 15 · Other assets

    beginning of year $1,040,466 · end of year $1,099,813

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,901,322 · end of year $6,987,684

  • 23 · Secured mortgages and notes payable

    beginning of year $23,963,201 · end of year $22,511,169

  • 25 · Other liabilities

    beginning of year $10,117,369 · end of year $9,054,807

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

    beginning of year $594,332 · end of year $601,542

  • 31 · Retained earnings, endowment or other funds

    beginning of year $68,881,592 · end of year $71,752,288

Mission and programs · 2022

Mission

Withheld by Nonprofiteer: this text may name a private individual.

Activities or mission (Part I)

Withheld by Nonprofiteer: this text may name a private individual.

  • PROVIDED ELECTRICITY TO APPROXIMATELY 19,000 CUSTOMERS/MEMBERS

As filed on the 2022 return. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • Bobby Roberts

    PRESIDENT

    Total calculated
    $5,385
    From this org
    $0
    From related orgs
    $0
    Other
    $5,385
    Hours/week
    2

  • Mark Gardner

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • J B Darnell

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    2

  • Ben Ferrell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Eric Powell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Sean McGrath

    CEO

    Total calculated
    $256,910
    From this org
    $196,984
    From related orgs
    $0
    Other
    $59,926
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,401
    Bonus
    $23,583
    Other
    not reported
    Deferred
    $59,926
    Nontaxable benefits
    not reported
    Filer's total
    $256,910

  • Jason Grisham

    COO

    Total calculated
    $262,486
    From this org
    $201,822
    From related orgs
    $0
    Other
    $60,664
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,576
    Bonus
    $24,246
    Other
    not reported
    Deferred
    $60,664
    Nontaxable benefits
    not reported
    Filer's total
    $262,486

  • Paul McNair

    ASST. OPER M

    Total calculated
    $349,577
    From this org
    $298,810
    From related orgs
    $0
    Other
    $50,767
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,946
    Bonus
    $21,389
    Other
    $129,475
    Deferred
    $50,767
    Nontaxable benefits
    not reported
    Filer's total
    $349,577

  • Wally Eaton

    LINE FOREMAN

    Total calculated
    $208,839
    From this org
    $162,424
    From related orgs
    $0
    Other
    $46,415
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,097
    Bonus
    $19,327
    Other
    not reported
    Deferred
    $46,415
    Nontaxable benefits
    not reported
    Filer's total
    $208,839

  • Trint Baggett

    SYSTEM ENGIN

    Total calculated
    $205,838
    From this org
    $155,875
    From related orgs
    $0
    Other
    $49,963
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,244
    Bonus
    $18,631
    Other
    not reported
    Deferred
    $49,963
    Nontaxable benefits
    not reported
    Filer's total
    $205,838

  • Scotty Mills

    RIGHT OF WAY

    Total calculated
    $186,056
    From this org
    $144,380
    From related orgs
    $0
    Other
    $41,676
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,973
    Bonus
    $17,407
    Other
    not reported
    Deferred
    $41,676
    Nontaxable benefits
    not reported
    Filer's total
    $186,056

  • Don Arnold

    LINE FOREMAN

    Total calculated
    $175,374
    From this org
    $137,021
    From related orgs
    $0
    Other
    $38,353
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $120,556
    Bonus
    $16,465
    Other
    not reported
    Deferred
    $38,353
    Nontaxable benefits
    not reported
    Filer's total
    $175,374

  • James Andrew Galloway

    CFO

    Total calculated
    $123,298
    From this org
    $110,833
    From related orgs
    $0
    Other
    $12,465
    Hours/week
    40

  • Eddie Howard

    CEO

    Total calculated
    $812,181
    From this org
    $230,064
    From related orgs
    $0
    Other
    $582,117
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,423
    Bonus
    $27,641
    Other
    not reported
    Deferred
    $582,117
    Nontaxable benefits
    not reported
    Filer's total
    $812,181

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

None.

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 III
EDDIE HOWARD, CEO, SEAN MCGRATH, CEO, AND JASON GRISHAM, COO, HAVE A SALARY CONTINUATION NONQUALIFIED PLAN AGREEMENT BACKED BY LIFE INSURANCE POLICIES. IT IS PAYABLE UPON RETIREMENT IN MONTHLY INSTALLMENTS. EDDIE HOWARD RETIRED IN MARCH 2023.

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.

  • FIRST LIGHT FIBER LLC

    BROADBAND · MS

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202430169349304043

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