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Nonprofiteer
← C & L ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2022

Filed by C & L ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$53,180,295
Total expenses
$52,475,984
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$52,221,578
Investment income
$748,601
Other revenue
$210,116
Total assets, end of year
$142,929,498
Total liabilities, end of year
$86,174,416
Net assets or fund balances, end of year
$56,755,082
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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 Revenue

    total $51,510,051 · related or exempt $51,510,051 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Capital Credits

    total $711,527 · related or exempt $711,527 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $748,601 · related or exempt $0 · unrelated business $0 · excluded $748,601

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $208,884

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $208,884

  • 6d · Net rental income or loss

    total $208,884 · related or exempt $0 · unrelated business $0 · excluded $208,884

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 10a · Gross sales of inventory

    $13,751

  • 10b · Cost of goods sold

    $12,519

  • 10c · Net income from sales of inventory

    total $1,232 · related or exempt $0 · unrelated business $0 · excluded $1,232

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $917,495

  • 7 · Other salaries and wages

    total $6,781,524

  • 8 · Pension plan contributions

    total $1,777,304

  • 9 · Other employee benefits

    total $2,277,467

  • 10 · Payroll taxes

    total $591,086

  • 11b · Fees: legal

    total $18,129

  • 11c · Fees: accounting

    total $36,950

  • 13 · Office expenses

    total $280,767

  • 19 · Conferences, conventions and meetings

    total $14,342

  • 20 · Interest

    total $2,441,077

  • 22 · Depreciation, depletion and amortization

    total $5,077,859

  • 23 · Insurance

    total $241,657

  • 24a · Other expenses: Cost of Power

    total $30,195,454

  • 24b · Other expenses: Admin. & General

    total $1,822,225

  • 24e · All other expenses

    total $2,648

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $428,183 · end of year $635,277

  • 2 · Savings and temporary cash investments

    beginning of year $6,979,578 · end of year $5,034,831

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $5,323,875 · end of year $4,600,696

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $1,805,683 · end of year $2,537,460

  • 9 · Prepaid expenses and deferred charges

    beginning of year $136,922 · end of year $150,977

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

    $178,992,627

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

    $65,870,080

  • 10c · Land, buildings and equipment, net

    beginning of year $107,538,821 · end of year $113,122,547

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $16,300,320 · end of year $16,118,581

  • 15 · Other assets

    beginning of year $1,087,509 · end of year $729,129

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,886,742 · end of year $10,051,834

  • 23 · Secured mortgages and notes payable

    beginning of year $75,074,110 · end of year $76,111,142

  • 25 · Other liabilities

    beginning of year $11,440 · end of year $11,440

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

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

    beginning of year $371,200 · end of year $373,265

  • 31 · Retained earnings, endowment or other funds

    beginning of year $56,257,399 · end of year $56,381,817

Mission and programs · 2022

Mission

Sales of electricity to rural members of the Cooperative and maintain the distribution lines in the service area

Activities or mission (Part I)

Sales of electricity to rural members of the Cooperative and maintain the distribution power lines in the service area

  • Purchase, distribution and sale of electricity to rural members, members served - 14,981; no. of services - 22,499

As filed on the 2022 return.

Listed in Part VII

  • Gregory Smith

    General Manager

    Total calculated
    $315,435
    From this org
    $227,329
    From related orgs
    $0
    Other
    $88,106
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,329
    Bonus
    $0
    Other
    $0
    Deferred
    $61,691
    Nontaxable benefits
    $26,415
    Filer's total
    $315,435

  • Brian Lowery

    Manager of Office Services

    Total calculated
    $199,497
    From this org
    $140,705
    From related orgs
    $0
    Other
    $58,792
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,705
    Bonus
    $0
    Other
    $0
    Deferred
    $34,341
    Nontaxable benefits
    $24,451
    Filer's total
    $199,497

  • Shawn Harvey

    Serviceman

    Total calculated
    $193,633
    From this org
    $147,155
    From related orgs
    $0
    Other
    $46,478
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,155
    Bonus
    $0
    Other
    $0
    Deferred
    $22,848
    Nontaxable benefits
    $23,630
    Filer's total
    $193,633

  • James McGee

    Supervisor

    Total calculated
    $192,463
    From this org
    $137,270
    From related orgs
    $0
    Other
    $55,193
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,270
    Bonus
    $0
    Other
    $0
    Deferred
    $30,982
    Nontaxable benefits
    $24,211
    Filer's total
    $192,463

  • William Dye

    Mgr. of Finance and Admin.

    Total calculated
    $187,117
    From this org
    $128,802
    From related orgs
    $0
    Other
    $58,315
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,802
    Bonus
    $0
    Other
    $0
    Deferred
    $37,524
    Nontaxable benefits
    $20,791
    Filer's total
    $187,117

  • John Gatlin

    Operations Supervisor

    Total calculated
    $184,125
    From this org
    $136,234
    From related orgs
    $0
    Other
    $47,891
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,234
    Bonus
    $0
    Other
    $0
    Deferred
    $24,174
    Nontaxable benefits
    $23,717
    Filer's total
    $184,125

  • Tony Cathey

    Director

    Total calculated
    $45,234
    From this org
    $45,234
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.17

  • John E Ashcraft

    Director

    Total calculated
    $42,463
    From this org
    $42,463
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.69

  • Lawrence E Hudson

    Director

    Total calculated
    $41,934
    From this org
    $41,934
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.57 + 7 related

  • Frank Wilson

    Director

    Total calculated
    $41,334
    From this org
    $41,334
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.88

  • William M Humphrey

    Director

    Total calculated
    $40,284
    From this org
    $40,284
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.85

  • Charles S Searcy

    Director

    Total calculated
    $39,734
    From this org
    $39,734
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.6

  • Keith D Griffin

    Secretary

    Total calculated
    $39,716
    From this org
    $39,716
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.4

  • Philip C Wilson

    Director

    Total calculated
    $37,534
    From this org
    $37,534
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 1 related

  • Robert W Floyd

    Chairman

    Total calculated
    $34,234
    From this org
    $34,234
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.89

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 · Written employment contract
  • 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.

Provenance

Return type
form_990
Tax year
2022
Filed
2 November 2023
IRS schema version
2022v5.0
Source object
202343079349300129

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