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Nonprofiteer
← SOUTHWEST MISSISSIPPI ELECTRIC

Form 990 for tax year 2022

Filed by SOUTHWEST MISSISSIPPI ELECTRIC.

Totals

Total revenue
$62,434,062
Total expenses
$62,434,062
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$60,964,033
Investment income
$125,126
Other revenue
$1,344,903
Total assets, end of year
$131,108,590
Total liabilities, end of year
$63,716,276
Net assets or fund balances, end of year
$67,392,314
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: OPERATING REVENUES-MEMBER

    total $60,294,152 · related or exempt $60,294,152

  • 2b · Program service revenue: QUALIFIED POLE RENTAL INCOME

    total $669,881 · excluded $669,881

  • 3 · Investment income

    total $125,126 · excluded $125,126

  • 11a · Other revenue: PATRONAGE CAPITAL

    total $1,249,391 · related or exempt $1,249,391

  • 11b · Other revenue: OTHER MEMBER INCOME

    total $95,512 · related or exempt $95,512

  • 11e · Other revenue, total

    $1,344,903

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,998,665

  • 5 · Compensation of officers, directors and key employees

    total $550,819

  • 11b · Fees: legal

    total $24,000

  • 11c · Fees: accounting

    total $30,543

  • 11g · Fees: other

    total $32,713

  • 12 · Advertising and promotion

    total $179,134

  • 14 · Information technology

    total $14,423

  • 17 · Travel

    total $85,710

  • 20 · Interest

    total $2,230,023

  • 22 · Depreciation, depletion and amortization

    total $3,643,603

  • 24a · Other expenses: COST OF POWER

    total $38,692,957

  • 24b · Other expenses: DISTRIBUTION - MAINTENANC

    total $7,364,244

  • 24c · Other expenses: DISTRIBUTION - OPERATIONS

    total $2,529,425

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,627,868

  • 24e · All other expenses

    total $1,429,935

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,036,989 · end of year $3,340,297

  • 4 · Accounts receivable

    beginning of year $3,247,051 · end of year $3,290,814

  • 8 · Inventories for sale or use

    beginning of year $946,187 · end of year $1,204,289

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,320,537 · end of year $306,194

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

    $130,948,008

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

    $38,354,395

  • 10c · Land, buildings and equipment, net

    beginning of year $91,217,044 · end of year $92,593,613

  • 15 · Other assets

    beginning of year $29,566,658 · end of year $30,373,383

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,849,921 · end of year $8,909,755

  • 23 · Secured mortgages and notes payable

    beginning of year $54,590,396 · end of year $53,375,013

  • 25 · Other liabilities

    beginning of year $1,818,019 · end of year $1,431,508

  • 29 · Capital stock, trust principal or current funds

    beginning of year $102,015 · end of year $101,450

  • 31 · Retained earnings, endowment or other funds

    beginning of year $63,974,115 · end of year $67,290,864

Mission and programs · 2022

Mission

MEMBER OWNED ELECTRIC COOPERATIVE.

  • DISTRIBUTION OF ELECTRIC POWER TO MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Kevin Bonds

    GENERAL MANA

    Total calculated
    $335,548
    From this org
    $269,944
    From related orgs
    $0
    Other
    $65,604
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $269,944
    Bonus
    not reported
    Other
    not reported
    Deferred
    $41,642
    Nontaxable benefits
    $23,962
    Filer's total
    $335,548

  • William Newell

    CREW LEADER

    Total calculated
    $180,846
    From this org
    $145,418
    From related orgs
    $0
    Other
    $35,428
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,418
    Bonus
    not reported
    Other
    not reported
    Deferred
    $13,410
    Nontaxable benefits
    $22,018
    Filer's total
    $180,846

  • Ernie Orcutt

    SERVICEMAN

    Total calculated
    $174,927
    From this org
    $148,405
    From related orgs
    $0
    Other
    $26,522
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,405
    Bonus
    not reported
    Other
    not reported
    Deferred
    $12,194
    Nontaxable benefits
    $14,328
    Filer's total
    $174,927

  • Darryl Hassell

    MGR OF ENGIN

    Total calculated
    $171,427
    From this org
    $132,237
    From related orgs
    $0
    Other
    $39,190
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,237
    Bonus
    not reported
    Other
    not reported
    Deferred
    $21,217
    Nontaxable benefits
    $17,973
    Filer's total
    $171,427

  • Kevin Cotten

    MGR. OF OPER

    Total calculated
    $160,165
    From this org
    $117,800
    From related orgs
    $0
    Other
    $42,365
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,800
    Bonus
    not reported
    Other
    not reported
    Deferred
    $19,722
    Nontaxable benefits
    $22,643
    Filer's total
    $160,165

  • Alex Gandy

    CREW LEADER

    Total calculated
    $153,108
    From this org
    $116,627
    From related orgs
    $0
    Other
    $36,481
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,627
    Bonus
    not reported
    Other
    not reported
    Deferred
    $13,966
    Nontaxable benefits
    $22,515
    Filer's total
    $153,108

  • Virgil Scott

    CFO

    Total calculated
    $144,620
    From this org
    $117,859
    From related orgs
    $0
    Other
    $26,761
    Hours/week
    40

  • Stanley Rucker

    PRESIDENT

    Total calculated
    $11,677
    From this org
    $11,400
    From related orgs
    $0
    Other
    $277
    Hours/week
    5

  • Betsy Mosby

    SECRETARY

    Total calculated
    $8,126
    From this org
    $7,800
    From related orgs
    $0
    Other
    $326
    Hours/week
    4.5

  • Randy Wooley

    VICE PRESIDE

    Total calculated
    $8,126
    From this org
    $7,800
    From related orgs
    $0
    Other
    $326
    Hours/week
    4.5

  • John Brady

    ASSIST SECRE

    Total calculated
    $7,226
    From this org
    $6,900
    From related orgs
    $0
    Other
    $326
    Hours/week
    4

  • James A Ventress

    DIRECTOR

    Total calculated
    $7,046
    From this org
    $6,900
    From related orgs
    $0
    Other
    $146
    Hours/week
    4

  • Edward Edwards

    DIRECTOR

    Total calculated
    $5,826
    From this org
    $5,500
    From related orgs
    $0
    Other
    $326
    Hours/week
    3

  • John Hilbert

    DIRECTOR

    Total calculated
    $5,826
    From this org
    $5,500
    From related orgs
    $0
    Other
    $326
    Hours/week
    3

  • Robert Jones

    DIRECTOR

    Total calculated
    $5,826
    From this org
    $5,500
    From related orgs
    $0
    Other
    $326
    Hours/week
    3

  • James P Mullins-Resigned 1222

    DIRECTOR

    Total calculated
    $5,146
    From this org
    $5,000
    From related orgs
    $0
    Other
    $146
    Hours/week
    3

  • Callie Johnson-Resigned 822

    DIRECTOR

    Total calculated
    $3,717
    From this org
    $3,500
    From related orgs
    $0
    Other
    $217
    Hours/week
    3

  • Diane Davual-Began 822

    DIRECTOR

    Total calculated
    $2,109
    From this org
    $2,000
    From related orgs
    $0
    Other
    $109
    Hours/week
    3

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 · 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.

Provenance

Return type
form_990
Tax year
2022
Filed
22 March 2023
IRS schema version
2022v5.0
Source object
202310829349301961

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