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Nonprofiteer
← CENTRAL ELECTRIC POWER COOPERATIVE INC

Form 990 for tax year 2023

Filed by CENTRAL ELECTRIC POWER COOPERATIVE INC.

Totals

Total revenue
$1,494,325,046
Total expenses
$1,494,640,588
Contributions and grants received
$0
Grants paid
$8,957,330
Program service revenue
$1,494,167,752
Investment income
$1,167,320
Other revenue
-$1,010,026
Total assets, end of year
$579,816,387
Total liabilities, end of year
$491,766,054
Net assets or fund balances, end of year
$88,050,333
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: SALES OF ELECTRIC ENERGY

    total $1,494,167,752 · related or exempt $1,494,167,752

  • 3 · Investment income

    total $1,641,127 · excluded $1,641,127

  • 7a · Gross sales of assets other than inventory

    securities $7,106,507

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

    securities $7,580,314

  • 7c · Gain or loss

    securities -$473,807

  • 7d · Net gain or loss

    total -$473,807 · excluded -$473,807

  • 11a · Other revenue: PATRONAGE CAPITAL

    total $284,599 · related or exempt $284,599

  • 11b · Other revenue: MISCELLANEOUS

    total $114,002 · related or exempt $114,002

  • 11c · Other revenue: ABANDONED PROJECTS

    total -$1,408,627 · related or exempt -$1,408,627

  • 11e · Other revenue, total

    -$1,010,026

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $8,957,330

  • 4 · Benefits paid to or for members

    total $12,494,852

  • 5 · Compensation of officers, directors and key employees

    total $3,907,822

  • 7 · Other salaries and wages

    total $4,805,499

  • 8 · Pension plan contributions

    total $1,483,495

  • 9 · Other employee benefits

    total $1,055,558

  • 10 · Payroll taxes

    total $516,820

  • 11b · Fees: legal

    total $2,426,284

  • 11c · Fees: accounting

    total $119,651

  • 11d · Fees: lobbying

    total $60,749

  • 11g · Fees: other

    total $7,937,770

  • 12 · Advertising and promotion

    total $43,056

  • 13 · Office expenses

    total $201,717

  • 14 · Information technology

    total $1,048,021

  • 16 · Occupancy

    total $534,797

  • 17 · Travel

    total $242,394

  • 19 · Conferences, conventions and meetings

    total $289,740

  • 20 · Interest

    total $8,605,929

  • 22 · Depreciation, depletion and amortization

    total $13,997,355

  • 23 · Insurance

    total $247,921

  • 24a · Other expenses: PURCHASED AND GENERATED

    total $1,394,338,688

  • 24b · Other expenses: OPERATIONS & MAINTENANC

    total $16,249,955

  • 24c · Other expenses: TAXES-TRANSMISSION

    total $9,445,646

  • 24d · Other expenses: ORGANIZATION & PROFESSI

    total $3,689,656

  • 24e · All other expenses

    total $1,939,883

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,625 · end of year $7,689

  • 2 · Savings and temporary cash investments

    beginning of year $11,933,418 · end of year $45,651,189

  • 4 · Accounts receivable

    beginning of year $157,572,631 · end of year $143,469,760

  • 8 · Inventories for sale or use

    beginning of year $1,223,774 · end of year $995,658

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,555,203 · end of year $25,048,586

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

    $448,299,446

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

    $124,462,588

  • 10c · Land, buildings and equipment, net

    beginning of year $314,721,641 · end of year $323,836,858

  • 12 · Investments: other securities

    beginning of year $5,530,813 · end of year $5,558,994

  • 13 · Investments: program-related

    beginning of year $5,464,270 · end of year $11,896,262

  • 15 · Other assets

    beginning of year $20,305,684 · end of year $23,351,391

  • 17 · Accounts payable and accrued expenses

    beginning of year $146,294,640 · end of year $153,131,601

  • 19 · Deferred revenue

    beginning of year $14,607,565 · end of year $19,997,025

  • 23 · Secured mortgages and notes payable

    beginning of year $281,404,236 · end of year $316,498,672

  • 25 · Other liabilities

    beginning of year $1,640,271 · end of year $2,138,756

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,173 · end of year $1,173

  • 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 $75,367,174 · end of year $88,049,160

Mission and programs · 2023

Mission

CENTRAL IS A GENERATION AND TRANSMISSION (G&T) COOPERATIVE SUPPLYING POWER TO NINETEEN MEMBER DISTRIBUTION COOPERATIVES IN SOUTH CAROLINA. CENTRAL CONSTRUCTS TRANSMISSION TAP LINES TO SERVE SUBSTATIONS OWNED BY THE DISTRIBUTION COOPERATIVES.

Activities or mission (Part I)

CENTRAL EXISTS TO PROVIDE RELIABLE POWER DELIVERY FOR THE BENEFIT OF OUR MEMBERS.

  • CENTRAL EXISTS SOLELY FOR THE BENEFIT OF ITS MEMBERS. WE WILL PROVIDE A RELIABLE, LONG TERM, AND STABLE SUPPLY OF POWER, WHICH ACCOMMODATES GROWTH, AT THE LOWEST POSSIBLE COST CONSISTENT WITH GOOD UTILITY PRACTICE. WE WILL PROVIDE FOR RELIABLE DELIVERY OF POWER, WHEN AND WHERE DESIRED, CONSISTENT WITH APPLICABLE GUIDELINES. WE WILL PROVIDE ADDITIONAL ENERGY-RELATED OR DELIVERY-RELATED SERVICES AS DIRECTED BY THE BOARD OF TRUSTEES.

As filed on the 2023 return.

Listed in Part VII

  • A Berl Davis

    SECRETARY/TREASURER

    Total calculated
    $28,006
    From this org
    $28,006
    From related orgs
    $0
    Other
    $0
    Hours/week
    7
  • Andy McKnight

    TRUSTEE

    Total calculated
    $12,053
    From this org
    $12,053
    From related orgs
    $0
    Other
    $0
    Hours/week
    5 + 2 related
  • Anita P Whitney

    TRUSTEE

    Total calculated
    $16,662
    From this org
    $16,662
    From related orgs
    $0
    Other
    $0
    Hours/week
    7
  • B Robert Paulling

    TRUSTEE

    Total calculated
    $24,815
    From this org
    $19,852
    From related orgs
    $4,963
    Other
    $0
    Hours/week
    5 + 4 related
  • Brian W Broughton

    TRUSTEE

    Total calculated
    $29,424
    From this org
    $25,170
    From related orgs
    $4,254
    Other
    $0
    Hours/week
    5
  • Carolyn Boyd

    TRUSTEE

    Total calculated
    $15,953
    From this org
    $15,953
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Chad T Lowder

    TRUSTEE

    Total calculated
    $26,942
    From this org
    $26,942
    From related orgs
    $0
    Other
    $0
    Hours/week
    7 + 2 related
  • Charles R Smith

    TRUSTEE

    Total calculated
    $13,471
    From this org
    $13,471
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Charles R Allen

    TRUSTEE

    Total calculated
    $21,270
    From this org
    $21,270
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • David Efelkel

    TRUSTEE

    Total calculated
    $25,524
    From this org
    $21,979
    From related orgs
    $3,545
    Other
    $0
    Hours/week
    5 + 2 related
  • Douglas A Reeves

    VICE CHAIRMAN

    Total calculated
    $35,096
    From this org
    $35,096
    From related orgs
    $0
    Other
    $0
    Hours/week
    7
  • E Paul Basha

    CHAIRMAN

    Total calculated
    $69,128
    From this org
    $60,620
    From related orgs
    $8,508
    Other
    $0
    Hours/week
    7 + 2 related
  • Franklin M Looper Jr

    TRUSTEE

    Total calculated
    $14,180
    From this org
    $14,180
    From related orgs
    $0
    Other
    $0
    Hours/week
    5 + 2 related
  • G Keith Avery

    TRUSTEE

    Total calculated
    $19,852
    From this org
    $19,852
    From related orgs
    $0
    Other
    $0
    Hours/week
    5 + 2 related
  • Gary L Stooksbury

    TRUSTEE

    Total calculated
    $30,842
    From this org
    $26,588
    From related orgs
    $4,254
    Other
    $0
    Hours/week
    5
  • Hamer L Parnell

    TRUSTEE

    Total calculated
    $11,344
    From this org
    $11,344
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • J David Wasson Jr

    TRUSTEE

    Total calculated
    $28,360
    From this org
    $25,524
    From related orgs
    $2,836
    Other
    $0
    Hours/week
    7 + 2 related
  • H Wayne Dewitt

    TRUSTEE

    Total calculated
    $17,371
    From this org
    $17,371
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Johnnie L Dickert

    TRUSTEE

    Total calculated
    $23,043
    From this org
    $16,662
    From related orgs
    $6,381
    Other
    $0
    Hours/week
    5
  • Robert G Ardis III

    TRUSTEE

    Total calculated
    $29,424
    From this org
    $29,424
    From related orgs
    $0
    Other
    $0
    Hours/week
    7
  • Steve Chewning

    TRUSTEE

    Total calculated
    $18,789
    From this org
    $18,789
    From related orgs
    $0
    Other
    $0
    Hours/week
    7 + 2 related
  • Terry W Mallard

    TRUSTEE

    Total calculated
    $32,260
    From this org
    $23,397
    From related orgs
    $8,863
    Other
    $0
    Hours/week
    5 + 2 related
  • Mark L Walling

    TRUSTEE

    Total calculated
    $21,979
    From this org
    $21,979
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • William L Fleming Jr

    TRUSTEE

    Total calculated
    $22,688
    From this org
    $22,688
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Mitchell Rabon

    TRUSTEE

    Total calculated
    $12,762
    From this org
    $12,762
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • James L Lovinggood

    TRUSTEE

    Total calculated
    $24,106
    From this org
    $24,106
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Wf Davis

    TRUSTEE

    Total calculated
    $12,053
    From this org
    $7,799
    From related orgs
    $4,254
    Other
    $0
    Hours/week
    7
  • Bruce Bacon

    TRUSTEE

    Total calculated
    $19,852
    From this org
    $19,852
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • James E Stewart Jr

    TRUSTEE

    Total calculated
    $12,762
    From this org
    $12,762
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Mary B Sheridan

    TRUSTEE

    Total calculated
    $26,233
    From this org
    $15,598
    From related orgs
    $10,635
    Other
    $0
    Hours/week
    5 + 2 related
  • James M Bunton Jr

    TRUSTEE

    Total calculated
    $19,852
    From this org
    $13,471
    From related orgs
    $6,381
    Other
    $0
    Hours/week
    5 + 2 related
  • Charles E Adair

    TRUSTEE

    Total calculated
    $15,598
    From this org
    $13,471
    From related orgs
    $2,127
    Other
    $0
    Hours/week
    5
  • James L Rowe

    TRUSTEE

    Total calculated
    $20,916
    From this org
    $18,434
    From related orgs
    $2,482
    Other
    $0
    Hours/week
    5 + 4 related
  • Barbara F Weston

    TRUSTEE

    Total calculated
    $18,434
    From this org
    $14,180
    From related orgs
    $4,254
    Other
    $0
    Hours/week
    5
  • James A Risinger

    TRUSTEE

    Total calculated
    $14,180
    From this org
    $14,180
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Michael Fuller

    TRUSTEE - SEE SCHEDULE O

    Total calculated
    $0
    Hours/week
    5 + 2 related
  • Danny Shelley

    TRUSTEE - SEE SCHEDULE O

    Total calculated
    $0
    Hours/week
    7
  • Franklin C Blanton

    TRUSTEE

    Total calculated
    $12,053
    From this org
    $12,053
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Jeffrey M Lewis

    TRUSTEE

    Total calculated
    $19,143
    From this org
    $19,143
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Travis Burriss

    TRUSTEE

    Total calculated
    $3,545
    From this org
    $3,545
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Kenneth T Carter

    TRUSTEE

    Total calculated
    $2,127
    From this org
    $2,127
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Matthew D Stanley

    TRUSTEE

    Total calculated
    $2,127
    From this org
    $2,127
    From related orgs
    $0
    Other
    $0
    Hours/week
    5
  • Robert Hochstetler

    PRESIDENT & CEO

    Total calculated
    $1,401,681
    From this org
    $954,669
    From related orgs
    $0
    Other
    $447,012
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $917,500
    Bonus
    $18,866
    Other
    $18,303
    Deferred
    $416,222
    Nontaxable benefits
    $30,790
    Filer's total
    $1,401,681
  • Mryan Thomas

    SVP OF ADMINISTRATION & CFO

    Total calculated
    $554,564
    From this org
    $434,371
    From related orgs
    $0
    Other
    $120,193
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $379,641
    Bonus
    $50,720
    Other
    $4,010
    Deferred
    $90,762
    Nontaxable benefits
    $29,431
    Filer's total
    $554,564
  • Mark A Svrcek

    SVP OF MEMBER SOLUTIONS

    Total calculated
    $180,825
    From this org
    $117,935
    From related orgs
    $0
    Other
    $62,890
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $96,211
    Bonus
    $12,908
    Other
    $8,816
    Deferred
    $52,129
    Nontaxable benefits
    $10,761
    Filer's total
    $180,825
  • James Cole Price

    SVP OF MEMBER SERVICES

    Total calculated
    $468,111
    From this org
    $349,087
    From related orgs
    $0
    Other
    $119,024
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $336,557
    Bonus
    $9,426
    Other
    $3,104
    Deferred
    $93,612
    Nontaxable benefits
    $25,412
    Filer's total
    $468,111
  • William Ware

    VP OF ENGINEERING & ENGINE

    Total calculated
    $404,733
    From this org
    $261,819
    From related orgs
    $0
    Other
    $142,914
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,648
    Bonus
    $7,948
    Other
    -$777
    Deferred
    $115,111
    Nontaxable benefits
    $27,803
    Filer's total
    $404,733
  • Marcus Harris

    SVP OF PLANNING AND POWER SUPPLY

    Total calculated
    $138,445
    From this org
    $119,698
    From related orgs
    $0
    Other
    $18,747
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $63,344
    Bonus
    $50,626
    Other
    $5,728
    Deferred
    $14,105
    Nontaxable benefits
    $4,642
    Filer's total
    $138,445
  • Kenneth Motsinger

    DIRECTOR OF ENGINEERING

    Total calculated
    $302,589
    From this org
    $204,658
    From related orgs
    $0
    Other
    $97,931
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,411
    Bonus
    $2,821
    Other
    -$2,574
    Deferred
    $74,547
    Nontaxable benefits
    $23,384
    Filer's total
    $302,589
  • Gerald Fleming

    DIRECTOR OF POWER SUPPLY

    Total calculated
    $296,899
    From this org
    $199,998
    From related orgs
    $0
    Other
    $96,901
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,068
    Bonus
    $6,771
    Other
    $159
    Deferred
    $73,688
    Nontaxable benefits
    $23,213
    Filer's total
    $296,899
  • James Tindal

    DIRECTOR OF TRANSMISSION D

    Total calculated
    $336,664
    From this org
    $175,380
    From related orgs
    $0
    Other
    $161,284
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,647
    Bonus
    $6,421
    Other
    -$1,688
    Deferred
    $138,488
    Nontaxable benefits
    $22,796
    Filer's total
    $336,664
  • Dinah Raven

    CORPORATE CONTROLLER

    Total calculated
    $237,529
    From this org
    $175,231
    From related orgs
    $0
    Other
    $62,298
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,388
    Bonus
    $6,851
    Other
    -$8
    Deferred
    $46,057
    Nontaxable benefits
    $16,241
    Filer's total
    $237,529
  • Teresa Kanter

    DIRECTOR OF POWER SUPPLY OPERATIONS

    Total calculated
    $224,415
    From this org
    $200,217
    From related orgs
    $0
    Other
    $24,198
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,379
    Bonus
    $4,181
    Other
    $9,657
    Deferred
    $8,605
    Nontaxable benefits
    $15,593
    Filer's total
    $224,415
  • John Brantley

    SR VP OF ADMINISTRATION

    Total calculated
    $108,564
    From this org
    $27,627
    From related orgs
    $0
    Other
    $80,937
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $3,011
    Bonus
    $13,296
    Other
    $11,320
    Deferred
    $80,371
    Nontaxable benefits
    $566
    Filer's total
    $108,564

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 · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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)

PART I, LINE 1A
AS PART OF ITS WELLNESS PROGRAM, CENTRAL OFFERS EACH EMPLOYEE AND THEIR COVERED FAMILY MEMBER $20 PER MONTH TOWARDS THEIR HEALTH CLUB MEMBERSHIP. UNTIL THE ANNUAL CAP OF $240 FOR THOSE WITH "EMPLOYEE ONLY" MEDICAL PLAN COVERAGE AND $480 FOR THOSE WITH "EMPLOYEE PLUS" (SPOUSE, CHILD, FAMILY) IS MET, CENTRAL WILL ALSO REIMBURSE UP TO $150 PER EMPLOYEE ANNUALLY FOR THE COST OF FITNESS EQUIPMENT.
PART I, LINE 3
CENTRAL OBTAINS AN INDEPENDENT, THIRD-PARTY WAGE AND SALARY STUDY EVERY THREE YEARS. EVERY YEAR, CENTRAL PARTICIPATES IN A COMPENSATION AND BENEFITS SURVEY PERFORMED BY THE COOPERATIVE SYSTEM'S NATIONAL ORGANIZATION. THESE MARKET COMPARABLES ARE REVIEWED BY THE CEO AND SENIOR STAFF. THE RESULTS OF THE STUDY ARE REVIEWED BY THE BOARD AND RECOMMENDATIONS IMPLEMENTED.
PART I, LINE 4B
CENTRAL'S PRESIDENT AND CEO, ROBERT HOCHSTETLER, SVP OF ADMINISTRATION AND CFO, RYAN THOMAS, AND SVP OF PLANNING AND POWER, MARCUS HARRIS PARTICIPATED IN CENTRAL'S 457(B) DEFERRED COMPENSATION PLAN ESTABLISHED IN 2010. IN 2023, HOCHSTETLER, THOMAS, AND HARRIS EACH ELECTED TO DEFER $22,500 OF SALARY UNTIL REACHING NORMAL RETIREMENT DATE. IN 2023, JAMES C. PRICE, RYAN THOMAS, MARCUS HARRIS, AND JOHN BRANTLEY PARTICIPATED IN CENTRAL'S EXECUTIVE BENEFIT RESTORATION PLAN. BENEFITS ACCRUED UNDER THIS PLAN ARE ACTUARIALLY DETERMINED BASED ON SALARY, AGE, AND YEARS OF SERVICE. IN 2023, JOHN BRANTLEY RECEIVED A PAYOUT OF $11,320 WHICH IS INCLUDED IN OTHER REPORTABLE COMPENSATION ON SCHEDULE J, PART II, COLUMN B(III). AS INDICATED ON SCHEDULE J, PART II, COLUMN F, THIS PAYOUT WAS REPORTED AS DEFERRED COMPENSATION ON PRIOR YEARS' FORMS 990.

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

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • PALMETTO ECONOMIC DEVELOPMENT CORP

    501(C)(3) · ECONOMIC DEVELOPMENT FOR ELECTRIC COOPERATIVES · SC · controlled entity

    Directly controlled by CENTRAL ELECTRIC POWER COOPERATIVE INC

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • DEMAND SIDE TOOLS LLC

    RELATED · COMPUTER SOFTWARE · SC · 50% owned · share of income -$5,322 · share of assets $51,624 · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • COOPERATIVE ELECTRIC ENERGY UTILITY SUPPLY INC

    C · MATERIAL SUPPLIER FOR ELECTRIC COOPERATIVES · SC

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202423209349311557

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