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Nonprofiteer
← GRADY ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2022

Filed by GRADY ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$52,006,596
Total expenses
$51,729,742
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$51,872,870
Investment income
$107,233
Other revenue
$26,493
Total assets, end of year
$142,481,155
Total liabilities, end of year
$69,426,904
Net assets or fund balances, end of year
$73,054,251
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$51,729,742

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: SALE OF ELECTRICITY

    total $50,831,377 · related or exempt $50,831,377

  • 2b · Program service revenue: CAPITAL CREDIT ALLOCATIONS

    total $522,544 · related or exempt $522,544

  • 2c · Program service revenue: POLE & TOWER RENT

    total $518,949 · related or exempt $518,949

  • 3 · Investment income

    total $46,398 · excluded $46,398

  • 7a · Gross sales of assets other than inventory

    other assets $97,000

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

    other assets $36,165

  • 7c · Gain or loss

    other assets $60,835

  • 7d · Net gain or loss

    total $60,835 · related or exempt $60,835

  • 11a · Other revenue: OTHER NON-OPERATING INCOME

    total $26,493 · related or exempt $26,493

  • 11e · Other revenue, total

    $26,493

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $8,282,347

  • 5 · Compensation of officers, directors and key employees

    total $671,280

  • 20 · Interest

    total $1,879,332

  • 22 · Depreciation, depletion and amortization

    total $3,676,909

  • 24a · Other expenses: COST OF POWER

    total $27,730,004

  • 24b · Other expenses: DISTRIBUTION MAINTENANC

    total $3,215,106

  • 24c · Other expenses: GENERAL AND ADMINISTRAT

    total $2,137,689

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $2,040,680

  • 24e · All other expenses

    total $2,096,395

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,699,769 · end of year $6,128,311

  • 4 · Accounts receivable

    beginning of year $4,233,320 · end of year $4,665,180

  • 8 · Inventories for sale or use

    beginning of year $763,265 · end of year $1,431,712

  • 9 · Prepaid expenses and deferred charges

    beginning of year $107,736 · end of year $280,614

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

    $126,260,498

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

    $29,598,233

  • 10c · Land, buildings and equipment, net

    beginning of year $93,083,339 · end of year $96,662,265

  • 13 · Investments: program-related

    beginning of year $27,890,568 · end of year $31,694,867

  • 15 · Other assets

    beginning of year $1,624,417 · end of year $1,618,206

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,151,143 · end of year $8,373,026

  • 23 · Secured mortgages and notes payable

    beginning of year $53,625,910 · end of year $53,475,936

  • 25 · Other liabilities

    beginning of year $10,059,800 · end of year $7,577,942

  • 29 · Capital stock, trust principal or current funds

    beginning of year $68,620 · end of year $69,345

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

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $63,496,941 · end of year $72,984,906

Mission and programs · 2022

Mission

PROVIDE MEMBERS WITH ELECTRICITY.

Activities or mission (Part I)

SALE OF ELECTRICITY TO COOPERATIVE MEMBERS.

  • SALE OF ELECTRICITY TO COOPERATIVE MEMBERS. THE COOPERATIVE SERVES APPROXIMATELY 13,600 MEMBERS.

    Expenses $51,729,742

As filed on the 2022 return.

Listed in Part VII

  • Gregory Brouillet

    SECRETARY/TREASURER

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Eric Cohen

    CHAIRMAN

    Total calculated
    $19,172
    From this org
    $19,172
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Hammett

    DIRECTOR

    Total calculated
    $13,224
    From this org
    $13,224
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Terry Hurst

    VICE CHAIRMAN

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Blake Stanaland

    DIRECTOR

    Total calculated
    $17,172
    From this org
    $17,172
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lee Powell

    DIRECTOR

    Total calculated
    $16,172
    From this org
    $16,172
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Samuel Perkins

    DIRECTOR

    Total calculated
    $20,672
    From this org
    $20,672
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • John Long

    CEO

    Total calculated
    $368,867
    From this org
    $247,417
    From related orgs
    $0
    Other
    $121,450
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $232,917
    Bonus
    $14,500
    Other
    $0
    Deferred
    $109,350
    Nontaxable benefits
    $12,100
    Filer's total
    $368,867

  • R Kyle Henderson

    COO

    Total calculated
    $201,501
    From this org
    $132,378
    From related orgs
    $0
    Other
    $69,123
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,580
    Bonus
    $2,798
    Other
    $0
    Deferred
    $57,714
    Nontaxable benefits
    $11,409
    Filer's total
    $201,501

  • H Scott Taliaferro

    LINE CREW FOREMAN

    Total calculated
    $158,400
    From this org
    $103,346
    From related orgs
    $0
    Other
    $55,054
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $101,520
    Bonus
    $1,826
    Other
    $0
    Deferred
    $43,927
    Nontaxable benefits
    $11,127
    Filer's total
    $158,400

  • John Mark Bryant

    LINE CREW LEADER

    Total calculated
    $142,128
    From this org
    $104,556
    From related orgs
    $0
    Other
    $37,572
    Hours/week
    40

  • Joe Keith Harrell

    ENGINEERING MANAGER

    Total calculated
    $175,110
    From this org
    $108,715
    From related orgs
    $0
    Other
    $66,395
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $106,577
    Bonus
    $2,138
    Other
    $0
    Deferred
    $55,310
    Nontaxable benefits
    $11,085
    Filer's total
    $175,110

  • Russell Barry Bishop

    CONSTRUCTION MANAGER

    Total calculated
    $155,187
    From this org
    $101,015
    From related orgs
    $0
    Other
    $54,172
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $98,567
    Bonus
    $2,448
    Other
    $0
    Deferred
    $43,129
    Nontaxable benefits
    $11,043
    Filer's total
    $155,187

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

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • SUGAR CANE PROPERTIES LLC

    REAL ESTATE · GA

    Directly controlled by GRADY ELECTRIC MEMBERSHIP CORPORATION

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • SOWEGA ENERGY RESOURCES LLC

    RELATED · ELECTRIC POWER GENERATION · GA · 7.5% owned · share of income $1,097,358 · share of assets $1,148,549

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • GRADY EMC HOLDING CORPORATION

    C · ELECTRIC POWER GENERATION · GA · 100% owned · share of income $2,458,768 · share of assets $4,107,248

Provenance

Return type
form_990
Tax year
2022
Filed
3 October 2023
IRS schema version
2022v5.0
Source object
202332979349301128

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