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Nonprofiteer
← TWIN COUNTY ELECTRIC POWER ASSN

Form 990 for tax year 2024

Filed by TWIN COUNTY ELECTRIC POWER ASSN.

Totals

Total revenue
$34,292,595
Total expenses
$34,292,595
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$33,393,366
Investment income
$257,213
Other revenue
$642,016
Total assets, end of year
$80,048,511
Total liabilities, end of year
$35,257,615
Net assets or fund balances, end of year
$44,790,896
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: OPERATING REVENUES

    total $33,025,738 · related or exempt $33,025,738

  • 2b · Program service revenue: POLE RENTAL

    total $367,628 · excluded $367,628

  • 3 · Investment income

    total $257,213 · excluded $257,213

  • 11a · Other revenue: PATRONAGE CAPITAL

    total $607,322 · related or exempt $607,322

  • 11b · Other revenue: NON OPERATING INCOME

    total $34,694 · related or exempt $34,694

  • 11e · Other revenue, total

    $642,016

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,216,947

  • 5 · Compensation of officers, directors and key employees

    total $525,802

  • 11b · Fees: legal

    total $121,557

  • 11c · Fees: accounting

    total $20,723

  • 11g · Fees: other

    total $48,036

  • 12 · Advertising and promotion

    total $210,601

  • 17 · Travel

    total $99,264

  • 20 · Interest

    total $1,367,904

  • 22 · Depreciation, depletion and amortization

    total $3,583,191

  • 24a · Other expenses: COST OF POWER

    total $18,496,926

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $3,081,081

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $2,526,802

  • 24d · Other expenses: ADMINISTRATIVE AND GENERA

    total $1,833,609

  • 24e · All other expenses

    total $1,160,152

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,156,606 · end of year $1,841,603

  • 4 · Accounts receivable

    beginning of year $1,299,352 · end of year $1,309,493

  • 8 · Inventories for sale or use

    beginning of year $2,115,127 · end of year $2,191,250

  • 9 · Prepaid expenses and deferred charges

    beginning of year $816,144 · end of year $1,158,308

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

    $113,749,220

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

    $56,065,251

  • 10c · Land, buildings and equipment, net

    beginning of year $56,461,991 · end of year $57,683,969

  • 15 · Other assets

    beginning of year $15,790,882 · end of year $15,863,888

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,210,118 · end of year $2,181,688

  • 23 · Secured mortgages and notes payable

    beginning of year $28,822,685 · end of year $30,556,146

  • 25 · Other liabilities

    beginning of year $3,087,016 · end of year $2,519,781

  • 29 · Capital stock, trust principal or current funds

    beginning of year $216,998 · end of year $175,975

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

    beginning of year $5,553,675 · end of year $6,020,831

  • 31 · Retained earnings, endowment or other funds

    beginning of year $38,749,610 · end of year $38,594,090

Mission and programs · 2024

Mission

TO PROVIDE THE MOST RELIABLE ELECTRIC SERVICE AT THE LEAST COST POSSIBLE.

  • PROVIDED ELECTRICAL SERVICE TO MEMBERS.

As filed on the 2024 return.

Listed in Part VII

  • Michael Lang

    ENGINEERING

    Total calculated
    $195,360
    From this org
    $155,633
    From related orgs
    $0
    Other
    $39,727
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,406
    Bonus
    $22,227
    Other
    not reported
    Deferred
    $26,853
    Nontaxable benefits
    $12,874
    Filer's total
    $195,360

  • Terry E Newton

    SUPT. OPER./

    Total calculated
    $190,989
    From this org
    $145,334
    From related orgs
    $0
    Other
    $45,655
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,837
    Bonus
    $12,497
    Other
    not reported
    Deferred
    $30,377
    Nontaxable benefits
    $15,278
    Filer's total
    $190,989

  • Clayton Seymour Jr

    MANAGER-ACCT

    Total calculated
    $189,661
    From this org
    $145,127
    From related orgs
    $0
    Other
    $44,534
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,862
    Bonus
    $6,265
    Other
    not reported
    Deferred
    $29,309
    Nontaxable benefits
    $15,225
    Filer's total
    $189,661

  • Marcus L Ross

    BRANCH MANAG

    Total calculated
    $189,608
    From this org
    $149,410
    From related orgs
    $0
    Other
    $40,198
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,417
    Bonus
    $7,993
    Other
    not reported
    Deferred
    $32,158
    Nontaxable benefits
    $8,040
    Filer's total
    $189,608

  • Thomas Price

    BRANCH MANAG

    Total calculated
    $189,006
    From this org
    $142,153
    From related orgs
    $0
    Other
    $46,853
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,390
    Bonus
    $7,763
    Other
    not reported
    Deferred
    $30,746
    Nontaxable benefits
    $16,107
    Filer's total
    $189,006

  • Daniel B Cochran

    BRANCH MANAG

    Total calculated
    $188,016
    From this org
    $144,403
    From related orgs
    $0
    Other
    $43,613
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,445
    Bonus
    $6,958
    Other
    not reported
    Deferred
    $30,911
    Nontaxable benefits
    $12,702
    Filer's total
    $188,016

  • Tim W Perkins- Resigned 12924

    GENERAL MGR

    Total calculated
    $123,999
    From this org
    $119,758
    From related orgs
    $0
    Other
    $4,241
    Hours/week
    40

  • Leslie Holloway Hired 6124

    GENERAL MANA

    Total calculated
    $114,342
    From this org
    $91,339
    From related orgs
    $0
    Other
    $23,003
    Hours/week
    40

  • Joel B Cunningham

    PRESIDENT

    Total calculated
    $17,400
    From this org
    $17,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.46

  • James T Bruton

    SEC/TREAS.

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.47

  • Timothy A Clements

    ASST SEC/TRE

    Total calculated
    $10,200
    From this org
    $10,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.22

  • Kenneth Fratesi

    DIRECTOR

    Total calculated
    $9,600
    From this org
    $9,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.72

  • Jamie Murrell

    DIRECTOR

    Total calculated
    $9,600
    From this org
    $9,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.91

  • Norma Quinn

    DIRECTOR

    Total calculated
    $9,600
    From this org
    $9,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Bryan E Thomas

    DIRECTOR

    Total calculated
    $9,600
    From this org
    $9,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.45

  • Neill Nichols

    VICE PRESIDE

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.61

  • W Clark Carter

    DIRECTOR

    Total calculated
    $7,800
    From this org
    $7,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.36

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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

The filer's explanations (Part III)

SCHEDULE J, PART III
1(A) -TCEPA REIMBURSES THE REASONABLE COST FOR TRAVEL FOR COMPANIONS OF MEMBERS OF ITS BOARD OF DIRECTORS TO STATE, REGIONAL, AND NATIONAL MEETINGS FOR THE CONVENIENCE OF ITS DIRECTORS. 3- TCEPA'S BOARD OF DIRECTORS ESTABLISHES THE COMPENSATION OF TWIN COUNTY'S GENERAL MANAGER CONSIDERING THE COMPENSATION PAID BY OTHER ELECTRIC POWER ASSOCIATIONS TO THEIR RESPECTIVE GENERAL MANAGERS.

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
2024
Filed
24 March 2025
IRS schema version
2024v5.0
Source object
202510839349301406

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