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Nonprofiteer
← GRAYSON RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2022

Filed by GRAYSON RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$43,062,397
Total expenses
$43,062,397
Contributions and grants received
$0
Grants paid
$10,000
Program service revenue
$41,376,300
Investment income
$78,195
Other revenue
$1,607,902
Total assets, end of year
$94,665,552
Total liabilities, end of year
$56,391,292
Net assets or fund balances, end of year
$38,274,260
Program services expenses (Part IX)
$43,062,397
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$43,062,397

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: PROVIDE ELECTRIC SERVICE

    total $41,373,528 · related or exempt $41,373,528

  • 2b · Program service revenue: OTHER ELECTRIC SERVICES

    total $2,772 · related or exempt $2,772

  • 3 · Investment income

    total $78,195 · excluded $78,195

  • 11a · Other revenue: G&T CAPITAL CREDITS

    total $859,764 · related or exempt $859,764

  • 11b · Other revenue: JOINT USE RENTS

    total $596,884 · excluded $596,884

  • 11c · Other revenue: PATRONAGE CAP CREDITS

    total $156,254 · related or exempt $156,254

  • 11d · All other revenue

    total -$5,000 · excluded -$5,000

  • 11e · Other revenue, total

    $1,607,902

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $10,000 · program services $10,000

  • 4 · Benefits paid to or for members

    total $4,603,146 · program services $4,603,146

  • 5 · Compensation of officers, directors and key employees

    total $414,912 · program services $414,912

  • 7 · Other salaries and wages

    total $3,026,224 · program services $3,026,224

  • 8 · Pension plan contributions

    total $938,911 · program services $938,911

  • 9 · Other employee benefits

    total $1,672,950 · program services $1,672,950

  • 10 · Payroll taxes

    total $246,672 · program services $246,672

  • 11b · Fees: legal

    total $23,457 · program services $23,457

  • 11c · Fees: accounting

    total $16,400 · program services $16,400

  • 13 · Office expenses

    total $152,384 · program services $152,384

  • 20 · Interest

    total $1,050,938 · program services $1,050,938

  • 22 · Depreciation, depletion and amortization

    total $3,967,063 · program services $3,967,063

  • 24a · Other expenses: COST OF POWER

    total $26,278,263 · program services $26,278,263

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $3,244,254 · program services $3,244,254

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $1,475,019 · program services $1,475,019

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,157,716 · program services $1,157,716

  • 24e · All other expenses

    total -$5,215,912 · program services -$5,215,912

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $146,185 · end of year $271,280

  • 2 · Savings and temporary cash investments

    beginning of year $3,139,000 · end of year $9,412,000

  • 4 · Accounts receivable

    beginning of year $9,416,076 · end of year $6,057,082

  • 8 · Inventories for sale or use

    beginning of year $523,658 · end of year $1,144,677

  • 9 · Prepaid expenses and deferred charges

    beginning of year $73,467 · end of year $76,090

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

    $89,474,238

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

    $31,759,276

  • 10c · Land, buildings and equipment, net

    beginning of year $58,725,308 · end of year $57,714,962

  • 13 · Investments: program-related

    beginning of year $19,187,857 · end of year $19,515,623

  • 15 · Other assets

    beginning of year $705,571 · end of year $473,838

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,772,968 · end of year $3,453,044

  • 23 · Secured mortgages and notes payable

    beginning of year $48,548,102 · end of year $45,959,871

  • 25 · Other liabilities

    beginning of year $6,746,712 · end of year $6,978,377

  • 29 · Capital stock, trust principal or current funds

    beginning of year $158,575 · end of year $159,590

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

    beginning of year -$347,283 · end of year -$52,697

  • 31 · Retained earnings, endowment or other funds

    beginning of year $34,038,048 · end of year $38,167,367

Mission and programs · 2022

Mission

PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 15,504 CUSTOMERS PER MONTH.

  • PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 15,504 CUSTOMERS PER MONTH.

    Expenses $43,062,397 · Revenue $42,392,318

As filed on the 2022 return.

Listed in Part VII

  • Jim Bentley

    VICE CHAIRMAN

    Total calculated
    $11,600
    From this org
    $11,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.81

  • Danny Mabry

    DIRECTOR

    Total calculated
    $10,200
    From this org
    $10,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.19

  • Harold Dupuy

    CHAIRMAN

    Total calculated
    $11,800
    From this org
    $11,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.58

  • Jimmy Whitt

    DIRECTOR

    Total calculated
    $13,600
    From this org
    $13,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.27

  • Kayla Webb

    SECRETARY/TREASURER

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.23

  • Bradley Cherry

    PRESIDENT/CEO

    Total calculated
    $186,713
    From this org
    $186,713
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,791
    Bonus
    $0
    Other
    $59,922
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $186,713

  • Brian Poling

    MGR OF TECH SERVICES

    Total calculated
    $167,858
    From this org
    $167,858
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,099
    Bonus
    $0
    Other
    $55,759
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $167,858

  • Kyle Clevenger

    MGR OF OPERATIONS

    Total calculated
    $163,867
    From this org
    $163,867
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $108,622
    Bonus
    $0
    Other
    $55,245
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $163,867

  • Christopher Mosier

    MAINTENANCE LEADMAN

    Total calculated
    $160,777
    From this org
    $160,777
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,138
    Bonus
    $0
    Other
    $45,639
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $160,777

  • Michael L Martin

    ASST. MGR. OF OPERATIONS

    Total calculated
    $159,638
    From this org
    $159,638
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $105,819
    Bonus
    $0
    Other
    $53,819
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $159,638

  • Richard Easton

    FORMER LEADMAN

    Total calculated
    $150,180
    From this org
    $150,180
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $104,401
    Bonus
    $0
    Other
    $45,779
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $150,180

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.

Provenance

Return type
form_990
Tax year
2022
Filed
16 June 2023
IRS schema version
2022v5.0
Source object
202301809349301450

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