Skip to content
Nonprofiteer
← POWERSOUTH ENERGY COOPERATIVE

Form 990 for tax year 2023

Filed by POWERSOUTH ENERGY COOPERATIVE.

Totals

Total revenue
$718,076,835
Total expenses
$704,858,774
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$709,740,490
Investment income
$7,590,224
Other revenue
$746,121
Total assets, end of year
$2,734,549,230
Total liabilities, end of year
$2,320,658,496
Net assets or fund balances, end of year
$413,890,734
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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: SALE OF ELECTRIC ENERGY

    total $709,048,958 · related or exempt $709,048,958

  • 2b · Program service revenue: CAPITAL CREDITS

    total $691,532 · related or exempt $691,532

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $7,314,195 · excluded $7,314,195

  • 6a · Gross rents

    real property $694,086

  • 6b · Less rental expenses

    real property $11,385

  • 6c · Rental income or loss

    real property $682,701 · personal property $0

  • 6d · Net rental income or loss

    total $682,701 · unrelated business $97,778 · excluded $584,923

  • 7a · Gross sales of assets other than inventory

    securities $260,354 · other assets $65,293

  • 7b · Less cost or other basis and sales expenses

    securities $49,618

  • 7c · Gain or loss

    securities $210,736 · other assets $65,293

  • 7d · Net gain or loss

    total $276,029 · excluded $276,029

  • 11a · Other revenue: NON-OPERATING INCOME

    total $63,420 · excluded $63,420

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $63,420

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $8,699,252

  • 11g · Fees: other

    total $0

  • 20 · Interest

    total $54,145,649

  • 22 · Depreciation, depletion and amortization

    total $77,837,694

  • 24a · Other expenses: POWER PRODUCTION

    total $295,903,805

  • 24b · Other expenses: PURCHASE OF POWER

    total $144,932,049

  • 24c · Other expenses: DISTRIBUTION

    total $83,439,358

  • 24d · Other expenses: ADMIN & GENERAL

    total $28,460,575

  • 24e · All other expenses

    total $11,440,392

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $207,689,795 · end of year $24,588,911

  • 2 · Savings and temporary cash investments

    beginning of year $2,049,718 · end of year $326,014,010

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $100,343,617 · end of year $101,404,906

  • 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 $68,533,444 · end of year $72,312,812

  • 9 · Prepaid expenses and deferred charges

    beginning of year $139,574,407 · end of year $149,369,220

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

    $2,542,352,144

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

    $845,832,644

  • 10c · Land, buildings and equipment, net

    beginning of year $1,600,075,693 · end of year $1,696,519,500

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $20,375,030 · end of year $2,884,286

  • 13 · Investments: program-related

    beginning of year $19,976,452 · end of year $21,571,183

  • 15 · Other assets

    beginning of year $370,386,956 · end of year $339,884,402

  • 17 · Accounts payable and accrued expenses

    beginning of year $146,603,726 · end of year $100,903,629

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $143,121,983 · end of year $140,681,303

  • 20 · Tax-exempt bond liabilities

    beginning of year $76,667,704 · end of year $70,464,973

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $1,454,914,659 · end of year $1,480,251,736

  • 24 · Unsecured notes and loans payable

    beginning of year $104,500,000 · end of year $309,750,008

  • 25 · Other liabilities

    beginning of year $184,339,524 · end of year $218,606,847

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $110 · end of year $110

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

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $418,857,406 · end of year $413,890,624

Mission and programs · 2023

Mission

POWERSOUTH ENERGY COOPERATIVE IS AN ALABAMA COOPERATIVE CORPORATION PRODUCING AND TRANSMITTING WHOLESALE ELECTRIC POWER TO AND FOR ITS COOPERATIVE AND MUNICIPAL MEMBERS UNDER THE PROVISIONS OF THE RURAL ELECTRIFICATION ACT OF 1936.

Activities or mission (Part I)

COOPERATIVE UTILITY SYSTEM - PRODUCING & DISTRIBUTING WHOLESALE ELECTRIC POWER TO AND FOR COOPERATIVE MEMBERS UNDER THE PROVISIONS OF THE RURAL ELECTRIFICATION ACT OF 1936.

  • POWERSOUTH ENERGY COOPERATIVE SERVES THE WHOLESALE ENERGY NEEDS OF 20 UTILITY DISTRIBUTION MEMBERS IN ALABAMA AND NORTHWEST FLORIDA.

As filed on the 2023 return.

Listed in Part VII

  • Becky Bracke

    Board Member

    Total calculated
    $18,553
    From this org
    $18,553
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Bobby Ballard

    Board Member

    Total calculated
    $4,650
    From this org
    $4,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Braxton Green

    Board Member

    Total calculated
    $8,851
    From this org
    $8,851
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Chase Riddle

    Board Member

    Total calculated
    $14,852
    From this org
    $14,852
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • David Bailey

    Board Member

    Total calculated
    $21,953
    From this org
    $21,953
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • David Cook

    Board Member

    Total calculated
    $15,553
    From this org
    $15,553
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Debra Baxley

    Board Member

    Total calculated
    $19,503
    From this org
    $19,503
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Delaney Kervin

    Board Member

    Total calculated
    $11,702
    From this org
    $11,702
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Derek Chadwell

    Board Member

    Total calculated
    $14,402
    From this org
    $14,402
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Earl Johnson

    Board Member

    Total calculated
    $20,202
    From this org
    $20,202
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Ed Short

    Board Member

    Total calculated
    $1,900
    From this org
    $1,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Edward Miller

    Board Member

    Total calculated
    $11,952
    From this org
    $11,952
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Gary Harrison

    Board Member

    Total calculated
    $22,903
    From this org
    $22,903
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Gerald Edmondson

    Board Member

    Total calculated
    $22,803
    From this org
    $22,803
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Isabell Boyd

    Board Member

    Total calculated
    $22,602
    From this org
    $22,602
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • James Hall

    Board Member

    Total calculated
    $14,951
    From this org
    $14,951
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Jane Brunson

    Board Member

    Total calculated
    $19,353
    From this org
    $19,353
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Jeffrey Hodges

    Board Member

    Total calculated
    $21,103
    From this org
    $21,103
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Joe Rone

    Board Member

    Total calculated
    $21,503
    From this org
    $21,503
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • John Bartley

    Board Member

    Total calculated
    $21,453
    From this org
    $21,453
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Johnny Adcock

    Board Member

    Total calculated
    $21,103
    From this org
    $21,103
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Jon Cullimore

    Board Member

    Total calculated
    $21,503
    From this org
    $21,503
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Joseph Coleman

    Board Member

    Total calculated
    $20,653
    From this org
    $20,653
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Karen Moore

    Board Member

    Total calculated
    $19,803
    From this org
    $19,803
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Kim Jackson

    Board Member

    Total calculated
    $20,203
    From this org
    $20,203
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Kip Justice

    Board Member

    Total calculated
    $2,650
    From this org
    $2,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Les Moreland

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    7

  • Louie Ward

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    7

  • Marilyn Davis

    Board Member

    Total calculated
    $20,253
    From this org
    $20,253
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Mark Parker

    Board Member

    Total calculated
    $17,203
    From this org
    $17,203
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Richard Jones

    Board Member

    Total calculated
    $15,703
    From this org
    $15,703
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Robert Byrd

    Board Member

    Total calculated
    $21,053
    From this org
    $21,053
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Rodney Harrison

    Board Member

    Total calculated
    $24,497
    From this org
    $24,497
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Ryan Campbell

    Board Member

    Total calculated
    $21,103
    From this org
    $21,103
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Seth Hammett

    Board Member

    Total calculated
    $1,901
    From this org
    $1,901
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Shawn Walling

    Board Meeting

    Total calculated
    $7,751
    From this org
    $7,751
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Stacey Parker

    Board Member

    Total calculated
    $23,903
    From this org
    $23,903
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Stephen Rhodes

    Board Member

    Total calculated
    $21,103
    From this org
    $21,103
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Steven Sheffield

    Board Member

    Total calculated
    $20,600
    From this org
    $20,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Terry Mitchell

    Board Member

    Total calculated
    $6,851
    From this org
    $6,851
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Terry Moseley

    Board Member

    Total calculated
    $21,053
    From this org
    $21,053
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Tom Duncan

    Board Member

    Total calculated
    $25,803
    From this org
    $25,803
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Tom Maddox

    Board Member

    Total calculated
    $21,053
    From this org
    $21,053
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Tom Stackhouse

    Board Member

    Total calculated
    $22,953
    From this org
    $22,953
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Vince Johnson

    Board Member

    Total calculated
    $20,200
    From this org
    $20,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Willie Smith

    Board Member

    Total calculated
    $22,452
    From this org
    $22,452
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Willie Wright

    Board Meeting

    Total calculated
    $21,053
    From this org
    $21,053
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Art Brunson

    VP of Legal and Corporate Affairs

    Total calculated
    $538,841
    From this org
    $418,257
    From related orgs
    $0
    Other
    $120,584
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $380,806
    Bonus
    $0
    Other
    $37,451
    Deferred
    $98,782
    Nontaxable benefits
    $21,802
    Filer's total
    $538,841

  • Damon Morgan

    EVP/COO

    Total calculated
    $1,495,527
    From this org
    $1,243,072
    From related orgs
    $0
    Other
    $252,455
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $1,041,276
    Bonus
    $0
    Other
    $201,796
    Deferred
    $229,464
    Nontaxable benefits
    $22,991
    Filer's total
    $1,495,527

  • Elizabeth Woodard

    EVP/CFO

    Total calculated
    $883,422
    From this org
    $700,301
    From related orgs
    $0
    Other
    $183,121
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $686,827
    Bonus
    $0
    Other
    $13,474
    Deferred
    $160,130
    Nontaxable benefits
    $22,991
    Filer's total
    $883,422

  • Gary Smith

    President/CFO

    Total calculated
    $2,144,353
    From this org
    $1,797,559
    From related orgs
    $0
    Other
    $346,794
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $1,478,805
    Bonus
    $0
    Other
    $318,754
    Deferred
    $323,803
    Nontaxable benefits
    $22,991
    Filer's total
    $2,144,353

  • Horace Horn

    Senior VP of External Affairs

    Total calculated
    $652,131
    From this org
    $518,027
    From related orgs
    $0
    Other
    $134,104
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $459,501
    Bonus
    $0
    Other
    $58,526
    Deferred
    $114,300
    Nontaxable benefits
    $19,804
    Filer's total
    $652,131

  • Joe Armstrong

    VP of Engineering & Operations

    Total calculated
    $434,247
    From this org
    $329,714
    From related orgs
    $0
    Other
    $104,533
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $308,463
    Bonus
    $0
    Other
    $21,251
    Deferred
    $83,247
    Nontaxable benefits
    $21,286
    Filer's total
    $434,247

  • John Matheson

    VP of Power Production

    Total calculated
    $417,290
    From this org
    $312,757
    From related orgs
    $0
    Other
    $104,533
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $308,464
    Bonus
    $0
    Other
    $4,293
    Deferred
    $83,247
    Nontaxable benefits
    $21,286
    Filer's total
    $417,290

  • Matthew Diamond

    VP of Member Services and Communications

    Total calculated
    $476,678
    From this org
    $364,892
    From related orgs
    $0
    Other
    $111,786
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $340,538
    Bonus
    $0
    Other
    $24,354
    Deferred
    $90,292
    Nontaxable benefits
    $21,494
    Filer's total
    $476,678

  • Ron Graham

    VP of Power Supply

    Total calculated
    $462,822
    From this org
    $353,893
    From related orgs
    $0
    Other
    $108,929
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $322,478
    Bonus
    $0
    Other
    $31,415
    Deferred
    $87,518
    Nontaxable benefits
    $21,411
    Filer's total
    $462,822

  • Taylor Williams

    VP of External Affairs

    Total calculated
    $400,794
    From this org
    $298,619
    From related orgs
    $0
    Other
    $102,175
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $298,619
    Bonus
    $0
    Other
    $0
    Deferred
    $80,964
    Nontaxable benefits
    $21,211
    Filer's total
    $400,794

  • David Pearce

    Bulk Power, Fuels & Energy Resources Manager

    Total calculated
    $273,730
    From this org
    $208,960
    From related orgs
    $0
    Other
    $64,770
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $201,469
    Bonus
    $0
    Other
    $7,491
    Deferred
    $53,927
    Nontaxable benefits
    $10,843
    Filer's total
    $273,730

  • James Grimes

    Power Production Engineering Manager

    Total calculated
    $281,218
    From this org
    $206,343
    From related orgs
    $0
    Other
    $74,875
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $204,495
    Bonus
    $0
    Other
    $1,848
    Deferred
    $55,188
    Nontaxable benefits
    $19,687
    Filer's total
    $281,218

  • James Hattaway

    Energy Services Manager

    Total calculated
    $309,244
    From this org
    $231,016
    From related orgs
    $0
    Other
    $78,228
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $214,566
    Bonus
    $0
    Other
    $16,450
    Deferred
    $58,325
    Nontaxable benefits
    $19,903
    Filer's total
    $309,244

  • Jonathan Ellison

    Director of Technical Services

    Total calculated
    $324,301
    From this org
    $252,108
    From related orgs
    $0
    Other
    $72,193
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $223,353
    Bonus
    $0
    Other
    $28,755
    Deferred
    $60,472
    Nontaxable benefits
    $11,721
    Filer's total
    $324,301

  • Julian Farrington

    Manager of Planning, Compliance & Regulatory

    Total calculated
    $309,879
    From this org
    $232,521
    From related orgs
    $0
    Other
    $77,358
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $211,823
    Bonus
    $0
    Other
    $20,698
    Deferred
    $57,510
    Nontaxable benefits
    $19,848
    Filer's total
    $309,879

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 committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
THE FOLLOWING PERSONS PARTICIPATE IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. GARY SMITH - PRESIDENT/CFO HORACE HORN - SENIOR VP OF EXTERNAL AFFAIRS DAMON MORGAN - EVP/COO ELIZABETH WOODARD - EVP/CFO RON GRAHAM - VP OF POWER SUPPLY ART BRUNSON - VP OF LEGAL AND CORPORATE AFFAIRS DURING 2023, THE FOLLOWING PAYMENTS WERE MADE TO EMPLOYEES FROM A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN GARY SMITH $272,796 HORACE HORN $17,853 DAMON MORGAN $115,381

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.

  • ANDALUSIA & CONECUH RAILROAD COMPANY INC

    C Corporation · RAILROAD · AL · 100% owned · share of income $2,165 · share of assets $275,131 · controlled entity

    Directly controlled by POWERSOUTH ENERGY COOPERATIVE

  • POWERSOUTH DEVELOPMENT CORPORATION

    C Corporation · ECONOMIC DEVELOPMENT · AL · 100% owned · share of income $0 · share of assets $208,702 · controlled entity

    Directly controlled by POWERSOUTH ENERGY COOPERATIVE

  • COOPERATIVE SERVICES INC

    C Corporation · HOLDING COMPANY · AL · 100% owned · share of income -$6,635 · share of assets $60,654 · controlled entity

    Directly controlled by POWERSOUTH ENERGY COOPERATIVE

  • COOPERATIVE SERVICES ENTERPRISES INC

    C Corporation · HOLDING COMPANY · AL · 100% owned · share of income $0 · share of assets $33,606 · controlled entity

    Directly controlled by COOPERATIVE SERVICES INC

Provenance

Return type
form_990
Tax year
2023
Filed
4 November 2024
IRS schema version
2023v5.1
Source object
202433099349302958

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

The source document this was parsed from is served over the API, which is where bulk and document access live.