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Nonprofiteer
← MACON ELECTRIC COOPERATIVE

Form 990 for tax year 2024

Filed by MACON ELECTRIC COOPERATIVE.

Totals

Total revenue
$31,343,808
Total expenses
$30,824,696
Contributions and grants received
$0
Grants paid
$10,000
Program service revenue
$31,236,888
Investment income
$106,920
Other revenue
$0
Total assets, end of year
$83,033,964
Total liabilities, end of year
$49,286,807
Net assets or fund balances, end of year
$33,747,157
Program services expenses (Part IX)
$30,824,696
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$30,824,696

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: Electric Service

    total $29,538,623 · related or exempt $29,538,623

  • 2b · Program service revenue: Capital Credits

    total $1,410,247 · related or exempt $1,410,247

  • 2c · Program service revenue: Other Electric Revenue

    total $229,522 · related or exempt $229,522

  • 2d · Program service revenue: Other

    total $58,496 · related or exempt $58,496

  • 3 · Investment income

    total $82,067 · related or exempt $82,067

  • 7a · Gross sales of assets other than inventory

    other assets $24,990

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

    other assets $137

  • 7c · Gain or loss

    other assets $24,853

  • 7d · Net gain or loss

    total $24,853 · related or exempt $24,853

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

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

  • 4 · Benefits paid to or for members

    total $747,055 · program services $747,055

  • 5 · Compensation of officers, directors and key employees

    total $476,066 · program services $476,066

  • 20 · Interest

    total $1,363,163 · program services $1,363,163

  • 22 · Depreciation, depletion and amortization

    total $2,597,601 · program services $2,597,601

  • 24a · Other expenses: Purchased Power

    total $17,034,265 · program services $17,034,265

  • 24b · Other expenses: Maintenance

    total $3,687,077 · program services $3,687,077

  • 24c · Other expenses: Operations

    total $1,947,004 · program services $1,947,004

  • 24d · Other expenses: Administrative Expense

    total $1,762,825 · program services $1,762,825

  • 24e · All other expenses

    total $1,199,640 · program services $1,199,640

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,971,475 · end of year $994,536

  • 2 · Savings and temporary cash investments

    beginning of year $839,675 · end of year $488,698

  • 4 · Accounts receivable

    beginning of year $6,378,496 · end of year $6,547,660

  • 8 · Inventories for sale or use

    beginning of year $381,941 · end of year $238,435

  • 9 · Prepaid expenses and deferred charges

    beginning of year $864,496 · end of year $926,337

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

    $77,118,428

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

    $18,162,966

  • 10c · Land, buildings and equipment, net

    beginning of year $57,797,233 · end of year $58,955,462

  • 13 · Investments: program-related

    beginning of year $14,142,774 · end of year $14,882,836

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,229,641 · end of year $3,174,865

  • 19 · Deferred revenue

    beginning of year $163,726 · end of year $160,021

  • 23 · Secured mortgages and notes payable

    beginning of year $45,389,677 · end of year $45,602,791

  • 25 · Other liabilities

    beginning of year $365,001 · end of year $349,130

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 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 $33,228,045 · end of year $33,747,157

Mission and programs · 2024

Mission

At Macon Electric Cooperative, we are dedicated to providing our member-owners with quality and reliable electric service at the lowest possible cost. We also strive to provide services to improve the quality of life throughout the communities we serve.

Activities or mission (Part I)

Dedicated to providing our member-owners with quality and reliable electric service at the lowest possible cost.

  • Providing electric service to the members of the Cooperative

    Expenses $30,824,696 · Grants $10,000 · Revenue $31,343,808

As filed on the 2024 return.

Listed in Part VII

  • Timothy Korman

    General Manager/CEO

    Total calculated
    $252,796
    From this org
    $172,808
    From related orgs
    $0
    Other
    $79,988
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $172,808
    Bonus
    $0
    Other
    $0
    Deferred
    $50,030
    Nontaxable benefits
    $29,958
    Filer's total
    $252,796

  • Kenneth Fuller

    Construction Foreman

    Total calculated
    $170,883
    From this org
    $127,172
    From related orgs
    $0
    Other
    $43,711
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $127,172
    Bonus
    $0
    Other
    $0
    Deferred
    $31,881
    Nontaxable benefits
    $11,830
    Filer's total
    $170,883

  • Nick Stueve

    Lead Lineman

    Total calculated
    $178,971
    From this org
    $125,785
    From related orgs
    $0
    Other
    $53,186
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $125,785
    Bonus
    $0
    Other
    $0
    Deferred
    $24,295
    Nontaxable benefits
    $28,891
    Filer's total
    $178,971

  • Luke Reitz

    Lineman

    Total calculated
    $133,767
    From this org
    $125,435
    From related orgs
    $0
    Other
    $8,332
    Hours/week
    48

  • Benjamen Williams

    Lineman

    Total calculated
    $150,302
    From this org
    $122,758
    From related orgs
    $0
    Other
    $27,544
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $122,758
    Bonus
    $0
    Other
    $0
    Deferred
    $15,816
    Nontaxable benefits
    $11,728
    Filer's total
    $150,302

  • Trae Adams

    Lineman

    Total calculated
    $157,198
    From this org
    $121,497
    From related orgs
    $0
    Other
    $35,701
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $121,497
    Bonus
    $0
    Other
    $0
    Deferred
    $6,895
    Nontaxable benefits
    $28,806
    Filer's total
    $157,198

  • Jamie Maupin

    CFO

    Total calculated
    $159,273
    From this org
    $118,145
    From related orgs
    $0
    Other
    $41,128
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $118,145
    Bonus
    $0
    Other
    $0
    Deferred
    $19,222
    Nontaxable benefits
    $21,906
    Filer's total
    $159,273

  • Richard L Kemp

    Secretary-Treasurer

    Total calculated
    $10,367
    From this org
    $10,367
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Mary Almond

    Director

    Total calculated
    $7,100
    From this org
    $7,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ben Williams

    Director

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Daniel Smithson

    Vice President

    Total calculated
    $6,250
    From this org
    $6,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • William Lear

    Director

    Total calculated
    $5,850
    From this org
    $5,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Alvin Weimer

    Director

    Total calculated
    $5,850
    From this org
    $5,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Collins

    President

    Total calculated
    $5,750
    From this org
    $5,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Paul Unterbrink

    Director

    Total calculated
    $2,750
    From this org
    $2,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert Hancock

    Director

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Larry Abernathy

    Director

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Chris Herman

    Director

    Total calculated
    $1,250
    From this org
    $1,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 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

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.

  • Macon Electric Service Company

    C · HVAC Sales and Service · MO · 100% owned · share of income -$63,633 · share of assets $412,800

    Directly controlled by Macon Electric Cooperative

Provenance

Return type
form_990
Tax year
2024
Filed
30 April 2025
IRS schema version
2024v5.1
Source object
202531209349301008

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