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Nonprofiteer
← PLANTERS ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by PLANTERS ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$41,020,584
Total expenses
$41,020,584
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$40,177,818
Investment income
$842,766
Other revenue
$0
Total assets, end of year
$116,810,085
Total liabilities, end of year
$62,025,515
Net assets or fund balances, end of year
$54,784,570
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 $38,436,559 · related or exempt $38,436,559

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

    total $727,609 · related or exempt $727,609

  • 2c · Program service revenue: POLE RENTAL

    total $538,740 · related or exempt $538,740

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $474,910 · related or exempt $474,910

  • 3 · Investment income

    total $842,766 · excluded $842,766

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $6,215,520

  • 5 · Compensation of officers, directors and key employees

    total $657,171

  • 13 · Office expenses

    total $82,831

  • 20 · Interest

    total $1,245,184

  • 22 · Depreciation, depletion and amortization

    total $2,990,595

  • 24a · Other expenses: PURCHASED POWER

    total $20,268,458

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $3,927,380

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $2,165,702

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,481,540

  • 24e · All other expenses

    total $1,986,203

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $589,713 · end of year $1,104,335

  • 2 · Savings and temporary cash investments

    beginning of year $2,675,794 · end of year $9,386,403

  • 4 · Accounts receivable

    beginning of year $3,319,126 · end of year $3,300,573

  • 8 · Inventories for sale or use

    beginning of year $1,107,231 · end of year $1,117,304

  • 9 · Prepaid expenses and deferred charges

    beginning of year $19,881,958 · end of year $12,283,812

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

    $100,101,133

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

    $28,813,122

  • 10c · Land, buildings and equipment, net

    beginning of year $66,834,609 · end of year $71,288,011

  • 13 · Investments: program-related

    beginning of year $17,007,019 · end of year $18,167,241

  • 15 · Other assets

    beginning of year $46,116 · end of year $162,406

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,386,642 · end of year $3,295,697

  • 23 · Secured mortgages and notes payable

    beginning of year $43,344,789 · end of year $44,169,683

  • 25 · Other liabilities

    beginning of year $12,903,495 · end of year $14,560,135

  • 29 · Capital stock, trust principal or current funds

    beginning of year $127,117 · end of year $128,071

  • 31 · Retained earnings, endowment or other funds

    beginning of year $51,699,523 · end of year $54,656,499

Mission and programs · 2023

Mission

PROVIDE THE BEST POSSIBLE ELETRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

Activities or mission (Part I)

PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • 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.

As filed on the 2023 return.

Listed in Part VII

  • HORACE WEATHERSBY III

    CHAIRMAN

    Total calculated
    $22,232
    From this org
    $22,232
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • JONATHAN CROCKETT

    VICE CHAIRMA

    Total calculated
    $17,377
    From this org
    $17,377
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • TODD BAZEMORE

    SECRETARY/TR

    Total calculated
    $19,200
    From this org
    $19,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • STANTON R HILLIS

    DIRECTOR

    Total calculated
    $23,634
    From this org
    $23,634
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • AINSWORTH ZEAGLER

    DIRECTOR

    Total calculated
    $21,183
    From this org
    $21,183
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • DON I BURKE

    DIRECTOR

    Total calculated
    $21,358
    From this org
    $21,358
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • LINDA D JOSEY

    DIRECTOR

    Total calculated
    $17,130
    From this org
    $17,130
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • MARY ROBBINS

    DIRECTOR

    Total calculated
    $20,400
    From this org
    $20,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • RAYBURN G JOHNSON

    DIRECTOR

    Total calculated
    $20,400
    From this org
    $20,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • EDWARD M BRINSON

    GENERAL MANA

    Total calculated
    $474,257
    From this org
    $366,319
    From related orgs
    $0
    Other
    $107,938
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $323,071
    Bonus
    $10,911
    Other
    $32,337
    Deferred
    $95,659
    Nontaxable benefits
    $12,279
    Filer's total
    $474,257

  • NORMAN WILLIAMS

    ASST GENERAL

    Total calculated
    $264,013
    From this org
    $194,477
    From related orgs
    $0
    Other
    $69,536
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $177,338
    Bonus
    $5,911
    Other
    $11,228
    Deferred
    $52,122
    Nontaxable benefits
    $17,414
    Filer's total
    $264,013

  • WILLIAM J MCBRIDE

    INFO. SYSTEM

    Total calculated
    $269,723
    From this org
    $201,939
    From related orgs
    $0
    Other
    $67,784
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $180,981
    Bonus
    $2,911
    Other
    $18,047
    Deferred
    $54,202
    Nontaxable benefits
    $13,582
    Filer's total
    $269,723

  • PAULINE ADAMS

    MGR. OF ADMI

    Total calculated
    $226,821
    From this org
    $166,692
    From related orgs
    $0
    Other
    $60,129
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $147,301
    Bonus
    $2,911
    Other
    $16,480
    Deferred
    $43,889
    Nontaxable benefits
    $16,240
    Filer's total
    $226,821

  • RANDALL HILL

    MGR. MEMBER

    Total calculated
    $225,058
    From this org
    $164,911
    From related orgs
    $0
    Other
    $60,147
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $150,014
    Bonus
    $2,911
    Other
    $11,986
    Deferred
    $44,794
    Nontaxable benefits
    $15,353
    Filer's total
    $225,058

  • WILLIAM WILSON

    LINE SUPERIN

    Total calculated
    $206,520
    From this org
    $158,431
    From related orgs
    $0
    Other
    $48,089
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $147,861
    Bonus
    $911
    Other
    $9,659
    Deferred
    $36,329
    Nontaxable benefits
    $11,760
    Filer's total
    $206,520

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 · 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

The filer's explanations (Part III)

SCHEDULE J, PART III
THE NQDC PLAN IS COMPRISED OF EMPLOYEE DEFERRALS UNDER IRC SECTION 457(B) AND EMPLOYER CONTRIBUTIONS UNDER IRC 457(F). THE CORPORATION'S 457 (F)EMPLOYER CONTRIBUTIONS ARE INCLUDED IN COLUMN C, "RETIREMENT AND OTHER DEFERRED COMPENSATION" ON FORM 990, SCHEDULE J. 457(F) DEFERRALS ARE NOT TAXABLE TO THE PARTICIPANT UNTIL DISTRIBUTION OR SUBSTANTIAL RISK OF FORTEITURE CEASES TO EXIST.

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
4 April 2024
IRS schema version
2023v5.0
Source object
202420999349301612

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