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Nonprofiteer
← MAGNOLIA ELECTRIC POWER ASSOCIATION

Form 990 for tax year 2024

Filed by MAGNOLIA ELECTRIC POWER ASSOCIATION.

Totals

Total revenue
$92,860,120
Total expenses
$92,860,120
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$90,801,824
Investment income
$459,812
Other revenue
$1,598,484
Total assets, end of year
$217,227,885
Total liabilities, end of year
$105,528,696
Net assets or fund balances, end of year
$111,699,189
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: MEMBERSHIP REVENUES

    total $89,211,245 · related or exempt $89,211,245

  • 2b · Program service revenue: POLE RENTAL

    total $1,590,579 · excluded $1,590,579

  • 3 · Investment income

    total $453,651 · excluded $453,651

  • 7a · Gross sales of assets other than inventory

    securities $78,080

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

    securities $71,919

  • 7c · Gain or loss

    securities $6,161

  • 7d · Net gain or loss

    total $6,161 · related or exempt $6,161

  • 11a · Other revenue: PATRONAGE CAPITAL CREDITS

    total $1,560,538 · related or exempt $1,560,538

  • 11b · Other revenue: GAIN ON SALE OF ASSETS

    total $37,946 · related or exempt $37,946

  • 11e · Other revenue, total

    $1,598,484

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,695,044

  • 5 · Compensation of officers, directors and key employees

    total $802,893

  • 11b · Fees: legal

    total $22,591

  • 11c · Fees: accounting

    total $30,599

  • 11f · Fees: investment management

    total $67,205

  • 13 · Office expenses

    total $73,635

  • 20 · Interest

    total $2,871,541

  • 22 · Depreciation, depletion and amortization

    total $7,268,807

  • 24a · Other expenses: COST OF POWER

    total $56,737,767

  • 24b · Other expenses: DISTRIBUTION - MAINTENANC

    total $13,470,634

  • 24c · Other expenses: ADMINISTRATIVE & GENERAL

    total $2,531,030

  • 24d · Other expenses: DISTRIBUTION - OPERATIONS

    total $1,923,088

  • 24e · All other expenses

    total $2,365,286

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,435,270 · end of year $2,238,985

  • 4 · Accounts receivable

    beginning of year $1,656,823 · end of year $2,814,274

  • 8 · Inventories for sale or use

    beginning of year $2,012,400 · end of year $2,022,574

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,672,289 · end of year $3,641,484

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

    $244,036,442

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

    $89,539,022

  • 10c · Land, buildings and equipment, net

    beginning of year $146,889,991 · end of year $154,497,420

  • 11 · Investments: publicly traded securities

    beginning of year $7,023,655 · end of year $7,546,544

  • 15 · Other assets

    beginning of year $42,951,532 · end of year $44,466,604

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,012,574 · end of year $9,820,196

  • 19 · Deferred revenue

    end of year $2,000,000

  • 23 · Secured mortgages and notes payable

    beginning of year $79,075,323 · end of year $88,574,908

  • 25 · Other liabilities

    beginning of year $4,753,441 · end of year $5,133,592

  • 31 · Retained earnings, endowment or other funds

    beginning of year $109,800,622 · end of year $111,699,189

Mission and programs · 2024

Mission

MEMBER OWNED ELECTRIC COOPERATIVE.

  • PROVISION OF ELECTRIC POWER TO MEMBERS.

As filed on the 2024 return.

Listed in Part VII

  • Darrell Smith

    GENERAL MANA

    Total calculated
    $507,976
    From this org
    $446,496
    From related orgs
    $0
    Other
    $61,480
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $446,496
    Bonus
    not reported
    Other
    not reported
    Deferred
    $45,900
    Nontaxable benefits
    $15,580
    Filer's total
    $507,976

  • Aaron Achord

    MANAGER-ENG

    Total calculated
    $276,177
    From this org
    $227,362
    From related orgs
    $0
    Other
    $48,815
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,362
    Bonus
    not reported
    Other
    not reported
    Deferred
    $33,887
    Nontaxable benefits
    $14,928
    Filer's total
    $276,177

  • Jason Mallette

    SENIOR LINEM

    Total calculated
    $172,282
    From this org
    $144,432
    From related orgs
    $0
    Other
    $27,850
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,432
    Bonus
    not reported
    Other
    not reported
    Deferred
    $12,599
    Nontaxable benefits
    $15,251
    Filer's total
    $172,282

  • Corey L Fletcher

    LINEMAN

    Total calculated
    $171,707
    From this org
    $143,554
    From related orgs
    $0
    Other
    $28,153
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,554
    Bonus
    not reported
    Other
    not reported
    Deferred
    $12,973
    Nontaxable benefits
    $15,180
    Filer's total
    $171,707

  • Daniel Evans

    ELEC. ENGINE

    Total calculated
    $171,563
    From this org
    $134,301
    From related orgs
    $0
    Other
    $37,262
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,301
    Bonus
    not reported
    Other
    not reported
    Deferred
    $21,207
    Nontaxable benefits
    $16,055
    Filer's total
    $171,563

  • Ws McCaskill

    FOREMAN

    Total calculated
    $167,368
    From this org
    $144,358
    From related orgs
    $0
    Other
    $23,010
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,358
    Bonus
    not reported
    Other
    not reported
    Deferred
    $14,363
    Nontaxable benefits
    $8,647
    Filer's total
    $167,368

  • Tony Nettles

    MANAGER-ADMI

    Total calculated
    $163,306
    From this org
    $134,225
    From related orgs
    $0
    Other
    $29,081
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,225
    Bonus
    not reported
    Other
    not reported
    Deferred
    $19,865
    Nontaxable benefits
    $9,216
    Filer's total
    $163,306

  • Odell McKenzie

    VICE SEC./TR

    Total calculated
    $20,830
    From this org
    $20,830
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Dennis Wilson

    PRESIDENT

    Total calculated
    $19,440
    From this org
    $19,440
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Pat Ard

    VICE PRESIDE

    Total calculated
    $19,242
    From this org
    $19,242
    From related orgs
    $0
    Other
    $0
    Hours/week
    14

  • Cindy Ginn

    DIRECTOR

    Total calculated
    $15,909
    From this org
    $15,909
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Jerry L Sisco

    DIRECTOR

    Total calculated
    $13,947
    From this org
    $13,947
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Carl Fuller

    DIRECTOR

    Total calculated
    $12,651
    From this org
    $12,651
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Scott Smith

    SEC./TREAS

    Total calculated
    $12,555
    From this org
    $12,555
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Hollis Alford

    DIRECTOR

    Total calculated
    $10,950
    From this org
    $10,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • John L McCabe

    DIRECTOR

    Total calculated
    $6,087
    From this org
    $6,087
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

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 · 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
2024
Filed
7 November 2025
IRS schema version
2024v5.0
Source object
202533149349302658

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