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Nonprofiteer
← COTTON ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by COTTON ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$83,727,067
Total expenses
$83,810,624
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$83,314,905
Investment income
$248,612
Other revenue
$163,550
Total assets, end of year
$182,061,211
Total liabilities, end of year
$81,021,156
Net assets or fund balances, end of year
$101,040,055
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: SALES OF ELECTRICITY

    total $79,889,099 · related or exempt $79,889,099

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $3,344,846 · related or exempt $3,344,846

  • 2c · Program service revenue: SERVICE FEES

    total $80,960 · related or exempt $80,960

  • 3 · Investment income

    total $208,055 · excluded $208,055

  • 6a · Gross rents

    real property $126,094

  • 6c · Rental income or loss

    real property $126,094

  • 6d · Net rental income or loss

    total $126,094 · excluded $126,094

  • 7a · Gross sales of assets other than inventory

    other assets $54,560

  • 7b · Less cost or other basis and sales expenses

    other assets $14,003

  • 7c · Gain or loss

    other assets $40,557

  • 7d · Net gain or loss

    total $40,557 · excluded $40,557

  • 10a · Gross sales of inventory

    $478,247

  • 10b · Cost of goods sold

    $453,599

  • 10c · Net income from sales of inventory

    total $24,648 · excluded $24,648

  • 11a · Other revenue: OTHER

    total $9,308 · excluded $9,308

  • 11b · Other revenue: INTERCONNECTION FEE

    total $3,500 · excluded $3,500

  • 11e · Other revenue, total

    $12,808

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $7,673,840

  • 5 · Compensation of officers, directors and key employees

    total $1,233,925

  • 7 · Other salaries and wages

    total $803,405

  • 20 · Interest

    total $2,244,157

  • 22 · Depreciation, depletion and amortization

    total $5,029,165

  • 24a · Other expenses: PURCHASED POWER

    total $54,252,215

  • 24b · Other expenses: DISTRIBUTION

    total $8,515,922

  • 24c · Other expenses: CONSUMER EXPENSE

    total $1,734,269

  • 24d · Other expenses: TAXES

    total $1,583,454

  • 24e · All other expenses

    total $740,272

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,772,892 · end of year $1,414,690

  • 2 · Savings and temporary cash investments

    beginning of year $4,179,317 · end of year $1,096,955

  • 4 · Accounts receivable

    beginning of year $16,185,539 · end of year $13,026,189

  • 8 · Inventories for sale or use

    beginning of year $2,193,609 · end of year $2,351,008

  • 9 · Prepaid expenses and deferred charges

    beginning of year $99,379 · end of year $85,085

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

    $168,507,257

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

    $45,246,854

  • 10c · Land, buildings and equipment, net

    beginning of year $118,380,188 · end of year $123,260,403

  • 12 · Investments: other securities

    beginning of year $38,339,683 · end of year $40,826,881

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,644,430 · end of year $7,634,988

  • 23 · Secured mortgages and notes payable

    beginning of year $67,444,338 · end of year $63,009,677

  • 25 · Other liabilities

    beginning of year $10,568,753 · end of year $10,376,491

  • 29 · Capital stock, trust principal or current funds

    beginning of year $113,345 · end of year $113,560

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

    beginning of year $14,916,354 · end of year $15,699,801

  • 31 · Retained earnings, endowment or other funds

    beginning of year $78,463,387 · end of year $85,226,694

Mission and programs · 2023

Mission

TO PROVIDE ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.

  • TO PROVIDE ELECTRICITY TO OUR MEMBERS - 23,622 ACTIVE SERVICES AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.

As filed on the 2023 return.

Listed in Part VII

  • Jennifer M Meason

    CEO

    Total calculated
    $406,062
    From this org
    $264,456
    From related orgs
    $0
    Other
    $141,606
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,351
    Bonus
    not reported
    Other
    $11,105
    Deferred
    $120,274
    Nontaxable benefits
    $21,332
    Filer's total
    $406,062

  • Bryce Hooper

    COO

    Total calculated
    $244,261
    From this org
    $163,782
    From related orgs
    $0
    Other
    $80,479
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,475
    Bonus
    $500
    Other
    $9,807
    Deferred
    $59,671
    Nontaxable benefits
    $20,808
    Filer's total
    $244,261

  • Michael W Ottinger

    VP OPERATION

    Total calculated
    $222,629
    From this org
    $153,818
    From related orgs
    $0
    Other
    $68,811
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,100
    Bonus
    $500
    Other
    $4,218
    Deferred
    $48,003
    Nontaxable benefits
    $20,808
    Filer's total
    $222,629

  • Clint Ingram

    LINE OP SUPE

    Total calculated
    $197,010
    From this org
    $120,998
    From related orgs
    $0
    Other
    $76,012
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,014
    Bonus
    $500
    Other
    $1,484
    Deferred
    $55,204
    Nontaxable benefits
    $20,808
    Filer's total
    $197,010

  • Zachary Smith

    CREW CHIEF

    Total calculated
    $169,073
    From this org
    $131,558
    From related orgs
    $0
    Other
    $37,515
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,922
    Bonus
    $500
    Other
    $136
    Deferred
    $16,707
    Nontaxable benefits
    $20,808
    Filer's total
    $169,073

  • Jeromy Bowers

    VP ADMIN & I

    Total calculated
    $161,633
    From this org
    $123,187
    From related orgs
    $0
    Other
    $38,446
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,450
    Bonus
    $500
    Other
    $1,237
    Deferred
    $17,638
    Nontaxable benefits
    $20,808
    Filer's total
    $161,633

  • John Wiygul

    JOURNEYMAN L

    Total calculated
    $155,143
    From this org
    $119,114
    From related orgs
    $0
    Other
    $36,029
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $118,423
    Bonus
    $500
    Other
    $191
    Deferred
    $14,344
    Nontaxable benefits
    $21,685
    Filer's total
    $155,143

  • Keeton Sallee

    JOURNEYMAN L

    Total calculated
    $142,690
    From this org
    $115,590
    From related orgs
    $0
    Other
    $27,100
    Hours/week
    40

  • Kyle Linthicum

    JOURNEYMAN L

    Total calculated
    $139,490
    From this org
    $116,957
    From related orgs
    $0
    Other
    $22,533
    Hours/week
    40

  • Steven Robinson

    DIRECTOR

    Total calculated
    $29,176
    From this org
    $29,176
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Nichole Scott

    DIRECTOR

    Total calculated
    $28,176
    From this org
    $28,176
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian Demarcus

    DIRECTOR

    Total calculated
    $26,426
    From this org
    $26,426
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Tony High

    DIRECTOR

    Total calculated
    $26,120
    From this org
    $26,120
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Clifford Dunham

    DIRECTOR

    Total calculated
    $25,426
    From this org
    $25,426
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Martin Clark

    DIRECTOR

    Total calculated
    $25,120
    From this org
    $25,120
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Dell Farris

    DIRECTOR

    Total calculated
    $18,529
    From this org
    $18,529
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ken Layn

    DIRECTOR

    Total calculated
    $12,486
    From this org
    $12,486
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Shannon Files

    DIRECTOR

    Total calculated
    $6,016
    From this org
    $6,016
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ronnie Bohot

    DIRECTOR

    Total calculated
    $1,864
    From this org
    $1,864
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

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 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
JENNIFER MEASON ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN 112,321 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,954 TOTAL REPORTED IN COLUMN C 120,274 LESS: ACTUARIAL INCREASE (112,321) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 67,158 EXPENSE TO THE COOPERATIVE 75,112 MICHAEL OTTINGER ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN 43,269 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,733 TOTAL REPORTED IN COLUMN C 48,003 LESS: ACTUARIAL INCREASE ( 43,269) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 40,553 EXPENSE TO THE COOPERATIVE 45,286 BRYCE HOOPER ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN 54,624 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,048 TOTAL REPORTED IN COLUMN C 59,671 LESS: ACTUARIAL INCREASE ( 54,624) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,701 EXPENSE TO THE COOPERATIVE 47,749 CLINT INGRAM ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN 51,705 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,499 TOTAL REPORTED IN COLUMN C 55,204 LESS: ACTUARIAL INCREASE ( 51,705) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,739 EXPENSE TO THE COOPERATIVE 33,238 ZACHARY SMITH ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN 13,711 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,996 TOTAL REPORTED IN COLUMN C 16,707 LESS: ACTUARIAL INCREASE ( 13,711) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,635 EXPENSE TO THE COOPERATIVE 27,631 JEROMY BOWERS ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN 13,862 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,776 TOTAL REPORTED IN COLUMN C 17,638 LESS: ACTUARIAL INCREASE ( 13,862) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,743 EXPENSE TO THE COOPERATIVE 35,519 JOHN WIYGUL ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN 11,562 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,782 TOTAL REPORTED IN COLUMN C 14,344 LESS: ACTUARIAL INCREASE ( 11,562) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,129 EXPENSE TO THE COOPERATIVE 25,911

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • COTTON ELECTRIC CHARITABLE

    501C3 · DONATIONS · OK

    Directly controlled by CEC COTTON ELECTRIC COOPERATIVE

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.

  • COTTON ELECTRIC SERVICES INC

    C CORP · TESTING · OK · 100% owned · share of income $1,150,568 · share of assets $2,839,303

    Directly controlled by CEC COTTON ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
27 August 2024
IRS schema version
2023v5.0
Source object
202422549349301107

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