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Nonprofiteer
← ALCORN COUNTY ELECTRIC POWER ASSOCIATION

Form 990 for tax year 2024

Filed by ALCORN COUNTY ELECTRIC POWER ASSOCIATION.

Totals

Total revenue
$23,072,462
Total expenses
$19,440,180
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$465,389
Investment income
$687,737
Other revenue
$21,919,336
Total assets, end of year
$120,548,991
Total liabilities, end of year
$40,096,393
Net assets or fund balances, end of year
$80,452,598
Program services expenses (Part IX)
$19,440,180
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% 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: FORFEITED DISCOUNTS

    total $288,939 · related or exempt $288,939

  • 2b · Program service revenue: SERVICE REVENUE

    total $176,450 · related or exempt $176,450

  • 3 · Investment income

    total $687,737 · related or exempt $647,516 · unrelated business $40,221

  • 6a · Gross rents

    real property $51,624 · personal property $3,658,406

  • 6c · Rental income or loss

    real property $51,624 · personal property $3,658,406

  • 6d · Net rental income or loss

    total $3,710,030 · related or exempt $2,153,347 · unrelated business $1,556,683

  • 10a · Gross sales of inventory

    $67,530,558

  • 10b · Cost of goods sold

    $50,355,811

  • 10c · Net income from sales of inventory

    total $17,174,747 · related or exempt $17,174,747

  • 11a · Other revenue: EQUITY EARNINGS OF FIBER

    total $593,008 · related or exempt $593,008

  • 11b · Other revenue: MISC NON OPERATING INCOME

    total $260,176 · related or exempt $260,176

  • 11c · Other revenue: GAIN ON OPEB LIAB VALUATION

    total $145,373 · related or exempt $145,373

  • 11d · All other revenue

    total $36,002 · related or exempt $36,002

  • 11e · Other revenue, total

    $1,034,559

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $4,322,203 · program services $4,322,203

  • 9 · Other employee benefits

    total $1,032,527 · program services $1,032,527

  • 11b · Fees: legal

    total $11,120 · program services $11,120

  • 11c · Fees: accounting

    total $19,800 · program services $19,800

  • 11g · Fees: other

    total $61,405 · program services $61,405

  • 13 · Office expenses

    total $1,793,618 · program services $1,793,618

  • 20 · Interest

    total $605,397 · program services $605,397

  • 22 · Depreciation, depletion and amortization

    total $6,108,368 · program services $6,108,368

  • 23 · Insurance

    total $425,193 · program services $425,193

  • 24a · Other expenses: DISTRIBUTION EXPENSE

    total $3,581,331 · program services $3,581,331

  • 24b · Other expenses: CUSTOMER ACCOUNT EXPENSE

    total $682,956 · program services $682,956

  • 24c · Other expenses: TAXES

    total $497,317 · program services $497,317

  • 24d · Other expenses: GENERAL MAINTENANCE

    total $291,651 · program services $291,651

  • 24e · All other expenses

    total $7,294 · program services $7,294

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,572,526 · end of year $1,875,902

  • 2 · Savings and temporary cash investments

    beginning of year $3,074,841 · end of year $3,258,966

  • 4 · Accounts receivable

    beginning of year $6,442,139 · end of year $7,849,314

  • 7 · Other notes and loans receivable

    beginning of year $4,875,584 · end of year $2,796,936

  • 8 · Inventories for sale or use

    beginning of year $2,379,067 · end of year $2,821,536

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,194,559 · end of year $15,900,831

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

    $147,242,328

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

    $62,509,634

  • 10c · Land, buildings and equipment, net

    beginning of year $85,332,063 · end of year $84,732,694

  • 12 · Investments: other securities

    beginning of year $108,539 · end of year $151,589

  • 15 · Other assets

    beginning of year $1,338,650 · end of year $1,161,223

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,030,761 · end of year $12,319,024

  • 23 · Secured mortgages and notes payable

    beginning of year $21,015,235 · end of year $19,470,383

  • 24 · Unsecured notes and loans payable

    end of year $50,000

  • 25 · Other liabilities

    beginning of year $8,455,826 · end of year $8,256,986

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

    beginning of year $603,527 · end of year $607,697

  • 31 · Retained earnings, endowment or other funds

    beginning of year $76,212,619 · end of year $79,844,901

Mission and programs · 2024

Mission

Withheld by Nonprofiteer: this text may name a private individual.

Activities or mission (Part I)

Withheld by Nonprofiteer: this text may name a private individual.

  • PROVIDED ELECTRICITY TO APPROXIMATELY 19,000 CUSTOMERS/MEMBERS

As filed on the 2024 return. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • BOBBY ROBERTS

    BOARD MEMBER

    Total calculated
    $5,104
    From this org
    $550
    From related orgs
    $0
    Other
    $4,554
    Hours/week
    2

  • MARK GARDNER

    SECRETARY

    Total calculated
    $550
    From this org
    $550
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • J B DARNELL

    VICE PRESIDE

    Total calculated
    $550
    From this org
    $550
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • BEN FERRELL

    PRESIDENT

    Total calculated
    $550
    From this org
    $550
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • ERIC POWELL

    BOARD MEMBER

    Total calculated
    $550
    From this org
    $550
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • SEAN MCGRATH

    CEO

    Total calculated
    $362,992
    From this org
    $270,005
    From related orgs
    $0
    Other
    $92,987
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $236,672
    Bonus
    $33,333
    Other
    not reported
    Deferred
    $72,781
    Nontaxable benefits
    $20,206
    Filer's total
    $362,992

  • JASON GRISHAM

    COO

    Total calculated
    $295,894
    From this org
    $227,819
    From related orgs
    $0
    Other
    $68,075
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,637
    Bonus
    $29,182
    Other
    not reported
    Deferred
    $49,322
    Nontaxable benefits
    $18,753
    Filer's total
    $295,894

  • WALLY EATON

    OPER SUPERIN

    Total calculated
    $230,923
    From this org
    $178,542
    From related orgs
    $0
    Other
    $52,381
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,671
    Bonus
    $22,871
    Other
    not reported
    Deferred
    $38,447
    Nontaxable benefits
    $13,934
    Filer's total
    $230,923

  • TRINT BAGGETT

    SYSTEM ENGIN

    Total calculated
    $233,840
    From this org
    $177,401
    From related orgs
    $0
    Other
    $56,439
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,602
    Bonus
    $22,799
    Other
    not reported
    Deferred
    $38,391
    Nontaxable benefits
    $18,048
    Filer's total
    $233,840

  • SCOTTY MILLS

    RIGHT OF WAY

    Total calculated
    $204,098
    From this org
    $158,772
    From related orgs
    $0
    Other
    $45,326
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,440
    Bonus
    $20,332
    Other
    not reported
    Deferred
    $34,036
    Nontaxable benefits
    $11,290
    Filer's total
    $204,098

  • DON ARNOLD

    LINE FOREMAN

    Total calculated
    $213,415
    From this org
    $169,522
    From related orgs
    $0
    Other
    $43,893
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,326
    Bonus
    $19,196
    Other
    not reported
    Deferred
    $33,045
    Nontaxable benefits
    $10,848
    Filer's total
    $213,415

  • JAMES CARSON

    DIRECTOR OF

    Total calculated
    $186,612
    From this org
    $140,395
    From related orgs
    $0
    Other
    $46,217
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,293
    Bonus
    $18,102
    Other
    not reported
    Deferred
    $28,562
    Nontaxable benefits
    $17,655
    Filer's total
    $186,612

  • JAMES ANDREW GALLOWAY

    CFO

    Total calculated
    $213,177
    From this org
    $174,957
    From related orgs
    $0
    Other
    $38,220
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,804
    Bonus
    $16,153
    Other
    not reported
    Deferred
    $20,691
    Nontaxable benefits
    $17,529
    Filer's total
    $213,177

  • BENJAMIN TUCKER

    DIRECTOR OF

    Total calculated
    $171,494
    From this org
    $144,717
    From related orgs
    $0
    Other
    $26,777
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,305
    Bonus
    $13,412
    Other
    not reported
    Deferred
    $11,064
    Nontaxable benefits
    $15,713
    Filer's total
    $171,494

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

The filer's explanations (Part III)

SCHEDULE J, PART III
SEAN MCGRATH, CEO, AND JASON GRISHAM, COO, HAVE A SALARY CONTINUATION NONQUALIFIED PLAN AGREEMENT BACKED BY LIFE INSURANCE POLICIES. IT IS PAYABLE UPON RETIREMENT IN MONTHLY INSTALLMENTS.

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 corporations and trusts

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

Provenance

Return type
form_990
Tax year
2024
Filed
10 November 2025
IRS schema version
2024v5.0
Source object
202543179349306829

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