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Nonprofiteer
← PEA RIVER ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by PEA RIVER ELECTRIC COOPERATIVE.

Totals

Total revenue
$48,527,907
Total expenses
$48,027,033
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$47,326,490
Investment income
$349,064
Other revenue
$852,353
Total assets, end of year
$131,213,257
Total liabilities, end of year
$64,748,396
Net assets or fund balances, end of year
$66,464,861
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 $47,326,490 · related or exempt $47,326,490

  • 3 · Investment income

    total $349,064 · related or exempt $349,064

  • 11a · Other revenue: CAPITAL CREDITS

    total $784,823 · related or exempt $784,823

  • 11b · Other revenue: OTHER

    total $67,530 · related or exempt $67,530

  • 11e · Other revenue, total

    $852,353

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,144,186

  • 5 · Compensation of officers, directors and key employees

    total $472,109

  • 7 · Other salaries and wages

    total $666,113

  • 20 · Interest

    total $1,793,212

  • 24a · Other expenses: COST OF POWER

    total $28,190,526

  • 24b · Other expenses: DISTRIBUTION EXP - MAINT

    total $4,852,107

  • 24c · Other expenses: DEPRECIATION

    total $4,063,145

  • 24d · Other expenses: CONSUMER ACCTS EXP

    total $1,865,363

  • 24e · All other expenses

    total $3,980,272

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $852,951 · end of year $1,072,759

  • 2 · Savings and temporary cash investments

    beginning of year $1,500,000 · end of year $11,900,000

  • 4 · Accounts receivable

    beginning of year $3,840,578 · end of year $4,458,208

  • 7 · Other notes and loans receivable

    beginning of year $439,782 · end of year $496,735

  • 8 · Inventories for sale or use

    beginning of year $545,570 · end of year $1,010,820

  • 9 · Prepaid expenses and deferred charges

    beginning of year $305,908 · end of year $308,128

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

    $140,856,979

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

    $49,516,235

  • 10c · Land, buildings and equipment, net

    beginning of year $83,191,806 · end of year $91,340,744

  • 13 · Investments: program-related

    beginning of year $19,955,960 · end of year $20,625,863

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,519,019 · end of year $5,929,549

  • 23 · Secured mortgages and notes payable

    beginning of year $35,897,442 · end of year $54,133,160

  • 25 · Other liabilities

    beginning of year $4,460,855 · end of year $4,685,687

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

    beginning of year $70,612 · end of year $71,038

  • 31 · Retained earnings, endowment or other funds

    beginning of year $65,684,627 · end of year $66,393,823

Mission and programs · 2022

Mission

TO PROVIDE THE BEST VALUE IN QUALITY ELECTRIC AND RELATED SERVICES IN SOUTHEAST ALABAMA.

  • UTILIZING APPROXIMATELY 3,188 MILES OF DISTRIBUTION LINES, PEA RIVER ELECTRIC COOPERATIVE, INC. SOLD 324,656,555 KILOWATT HOURS OF ELECTRIC ENERGY TO ITS MEMBERS.

  • THE COOPERATIVE PROVIDED ELECTRIC SERVICE TO 14,221 MEMBERS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jeffrey M Hodges

    CEO

    Total calculated
    $262,550
    From this org
    $182,021
    From related orgs
    $0
    Other
    $80,529
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $182,021
    Bonus
    not reported
    Other
    not reported
    Deferred
    $62,568
    Nontaxable benefits
    $17,961
    Filer's total
    $262,550

  • Scotty Barefoot

    OPPERATIONS

    Total calculated
    $235,885
    From this org
    $162,162
    From related orgs
    $0
    Other
    $73,723
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $162,162
    Bonus
    not reported
    Other
    not reported
    Deferred
    $55,762
    Nontaxable benefits
    $17,961
    Filer's total
    $235,885

  • Eugene Jackson

    ENGINEER

    Total calculated
    $233,703
    From this org
    $158,874
    From related orgs
    $0
    Other
    $74,829
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $158,874
    Bonus
    not reported
    Other
    not reported
    Deferred
    $56,868
    Nontaxable benefits
    $17,961
    Filer's total
    $233,703

  • Terry Chancey

    CONSTRUCTION

    Total calculated
    $211,274
    From this org
    $116,397
    From related orgs
    $0
    Other
    $94,877
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $116,397
    Bonus
    not reported
    Other
    not reported
    Deferred
    $76,916
    Nontaxable benefits
    $17,961
    Filer's total
    $211,274

  • Brian Whatley

    CONSTRUCTION

    Total calculated
    $191,669
    From this org
    $111,367
    From related orgs
    $0
    Other
    $80,302
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $111,367
    Bonus
    not reported
    Other
    not reported
    Deferred
    $61,297
    Nontaxable benefits
    $19,005
    Filer's total
    $191,669

  • Joshua German

    LINEMAN

    Total calculated
    $156,238
    From this org
    $117,313
    From related orgs
    $0
    Other
    $38,925
    Hours/week
    57

    Schedule J breakdown matched by us

    Base
    $117,313
    Bonus
    not reported
    Other
    not reported
    Deferred
    $20,964
    Nontaxable benefits
    $17,961
    Filer's total
    $156,238

  • Chelsey Polumbo

    CFO

    Total calculated
    $120,245
    From this org
    $91,020
    From related orgs
    $0
    Other
    $29,225
    Hours/week
    42

  • Larry L Grantham

    TRUSTEE

    Total calculated
    $32,962
    From this org
    $13,800
    From related orgs
    $0
    Other
    $19,162
    Hours/week
    8

  • Billy W Danzey

    VICE PRESIDE

    Total calculated
    $31,605
    From this org
    $31,605
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Jack Edwin Jones Jr

    TRUSTEE

    Total calculated
    $31,605
    From this org
    $31,605
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Lee T Peters

    TRUSTEE

    Total calculated
    $29,778
    From this org
    $29,778
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Braxton Green

    PRESIDENT

    Total calculated
    $29,405
    From this org
    $29,405
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • James E Miller

    TRUSTEE

    Total calculated
    $28,273
    From this org
    $9,000
    From related orgs
    $0
    Other
    $19,273
    Hours/week
    6

  • Lowell Bristow

    TRUSTEE

    Total calculated
    $28,047
    From this org
    $8,700
    From related orgs
    $0
    Other
    $19,347
    Hours/week
    6

  • William H Strickland

    SECRETARY

    Total calculated
    $25,989
    From this org
    $25,989
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Dianne Money

    TRUSTEE

    Total calculated
    $14,986
    From this org
    $14,986
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Michael Starling

    TRUSTEE

    Total calculated
    $10,816
    From this org
    $4,200
    From related orgs
    $0
    Other
    $6,616
    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

None.

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
26 October 2023
IRS schema version
2022v5.0
Source object
202332899349301348

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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