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Nonprofiteer
← THREE NOTCH ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by THREE NOTCH ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$43,402,125
Total expenses
$42,664,997
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$41,839,313
Investment income
$1,562,812
Other revenue
$0
Total assets, end of year
$110,389,084
Total liabilities, end of year
$51,293,839
Net assets or fund balances, end of year
$59,095,245
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$42,664,997

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: Electricity Sales

    total $39,257,583 · related or exempt $39,257,583

  • 2b · Program service revenue: SER, LLC INCOME

    total $1,444,250 · related or exempt $1,444,250

  • 2c · Program service revenue: Capital Credits

    total $948,608 · related or exempt $948,608

  • 2d · Program service revenue: Pole Rental

    total $188,872 · related or exempt $188,872

  • 3 · Investment income

    total $1,562,812 · related or exempt $1,500,000 · excluded $62,812

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $8,897,025

  • 5 · Compensation of officers, directors and key employees

    total $377,276

  • 20 · Interest

    total $2,007,495

  • 21 · Payments to affiliates

    total $2,891,117

  • 24a · Other expenses: COST OF POWER

    total $17,798,687

  • 24b · Other expenses: DISTRIBUTION MAINTENANC

    total $5,266,510

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $2,746,858

  • 24d · Other expenses: GENERAL & ADMINISTRATIO

    total $1,623,881

  • 24e · All other expenses

    total $1,056,148

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,765,976 · end of year $11,608,741

  • 4 · Accounts receivable

    beginning of year $2,739,300 · end of year $3,236,086

  • 7 · Other notes and loans receivable

    beginning of year $412,250 · end of year $282,300

  • 8 · Inventories for sale or use

    beginning of year $1,192,141 · end of year $925,833

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,560 · end of year $0

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

    $102,199,272

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

    $35,133,165

  • 10c · Land, buildings and equipment, net

    beginning of year $66,140,971 · end of year $67,066,107

  • 13 · Investments: program-related

    beginning of year $26,775,527 · end of year $26,617,317

  • 15 · Other assets

    beginning of year $555,533 · end of year $652,700

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,030,049 · end of year $3,015,031

  • 23 · Secured mortgages and notes payable

    beginning of year $47,798,219 · end of year $45,580,418

  • 25 · Other liabilities

    beginning of year $2,160,356 · end of year $2,698,390

  • 29 · Capital stock, trust principal or current funds

    beginning of year $41,395 · end of year $41,375

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

    beginning of year $374,548 · end of year $374,806

  • 31 · Retained earnings, endowment or other funds

    beginning of year $50,178,691 · end of year $58,679,064

Mission and programs · 2023

Mission

TO PROVIDE OUR MEMBERS WITH PROMPT & EFFICIENT SERVICE AND ELECTRICITY AT THE LOWEST POSSIBLE COST.

Activities or mission (Part I)

TO PROVIDE MEMBERS PROMPT & EFFICIENT SERVICE & ELECTRICITY AT THE LOWEST POSSIBLE COST.

  • SALE OF ELECTRICITY TO APPROXIMATELY 8,275 COOPERATIVE MEMBERS LOCATED IN SOUTHWEST GEORGIA.

    Expenses $42,664,997

As filed on the 2023 return.

Listed in Part VII

  • Earl Philip Buckhalter

    DIRECTOR

    Total calculated
    $12,121
    From this org
    $12,121
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Stacy T Cooper

    DIRECTOR

    Total calculated
    $30,095
    From this org
    $30,095
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Sam Hattaway

    DIRECTOR

    Total calculated
    $30,870
    From this org
    $30,870
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • James Vann Hornsby

    ASSISTANT SEC/TREAS

    Total calculated
    $24,253
    From this org
    $24,253
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Kimbley Rentz

    VICE CHAIRMAN

    Total calculated
    $10,766
    From this org
    $6,766
    From related orgs
    $0
    Other
    $4,000
    Hours/week
    5

  • Stephen J Holt

    CHAIRMAN

    Total calculated
    $15,056
    From this org
    $15,056
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Kenneth Massey

    SECRETARY-TREASURER

    Total calculated
    $13,306
    From this org
    $13,306
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Tony Bruner

    DIRECTOR

    Total calculated
    $1,175
    From this org
    $1,175
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Barbara Means

    DIRECTOR

    Total calculated
    $5,675
    From this org
    $5,675
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Alex Jernigan

    DIRECTOR

    Total calculated
    $6,175
    From this org
    $6,175
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Janet Grimsley

    CEO

    Total calculated
    $227,784
    From this org
    $164,275
    From related orgs
    $0
    Other
    $63,509
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,750
    Bonus
    $8,525
    Other
    $0
    Deferred
    $37,443
    Nontaxable benefits
    $26,066
    Filer's total
    $227,784

  • Robert R Wilbourn

    SERVICEMAN

    Total calculated
    $161,872
    From this org
    $121,834
    From related orgs
    $0
    Other
    $40,038
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,724
    Bonus
    $4,110
    Other
    $0
    Deferred
    $23,184
    Nontaxable benefits
    $16,854
    Filer's total
    $161,872

  • William T Richardson

    OPERATIONS MANAGER

    Total calculated
    $166,745
    From this org
    $115,214
    From related orgs
    $0
    Other
    $51,531
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,273
    Bonus
    $4,941
    Other
    $0
    Deferred
    $26,077
    Nontaxable benefits
    $25,454
    Filer's total
    $166,745

  • Michael Beard

    FOREMAN

    Total calculated
    $159,955
    From this org
    $122,278
    From related orgs
    $0
    Other
    $37,677
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $118,168
    Bonus
    $4,110
    Other
    $0
    Deferred
    $20,946
    Nontaxable benefits
    $16,731
    Filer's total
    $159,955

  • Raymond J Sherrer

    STAKING TECHNICIAN

    Total calculated
    $156,999
    From this org
    $108,381
    From related orgs
    $0
    Other
    $48,618
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $104,122
    Bonus
    $4,259
    Other
    $0
    Deferred
    $23,183
    Nontaxable benefits
    $25,435
    Filer's total
    $156,999

  • Joshua K Cook

    FOREMAN

    Total calculated
    $159,224
    From this org
    $111,855
    From related orgs
    $0
    Other
    $47,369
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $107,529
    Bonus
    $4,326
    Other
    $0
    Deferred
    $22,048
    Nontaxable benefits
    $25,321
    Filer's total
    $159,224

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.

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 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 $1,444,251 · share of assets $166,831

Related corporations and trusts

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

  • THREE NOTCH HOLDING CORPORATION

    C · ELECTRIC POWER GENERATION · GA · 100% owned · share of income $1,469,699 · share of assets $4,077,724

Provenance

Return type
form_990
Tax year
2023
Filed
19 March 2024
IRS schema version
2023v5.0
Source object
202410799349301331

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