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Nonprofiteer
← GRAYSON RURAL ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2024

Filed by GRAYSON RURAL ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$40,083,276
Total expenses
$40,083,276
Contributions and grants received
$205,186
Grants paid
$10,000
Program service revenue
$38,553,800
Investment income
$363,020
Other revenue
$961,270
Total assets, end of year
$90,678,862
Total liabilities, end of year
$49,532,404
Net assets or fund balances, end of year
$41,146,458
Program services expenses (Part IX)
$40,083,276
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$40,083,276

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.

  • 1e · Government grants (contributions)

    $205,186

  • 2a · Program service revenue: PROVIDE ELECTRIC SERVICE

    total $38,531,392 · related or exempt $38,531,392

  • 2b · Program service revenue: OTHER ELECTRIC SERVICES

    total $22,408 · related or exempt $22,408

  • 3 · Investment income

    total $340,020 · excluded $340,020

  • 6a · Gross rents

    real property $5,400

  • 6b · Less rental expenses

    real property $6,821

  • 6c · Rental income or loss

    real property -$1,421

  • 6d · Net rental income or loss

    total -$1,421 · excluded -$1,421

  • 7a · Gross sales of assets other than inventory

    other assets $23,000

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

    other assets $0

  • 7c · Gain or loss

    other assets $23,000

  • 7d · Net gain or loss

    total $23,000 · related or exempt $23,000

  • 11a · Other revenue: JOINT USE RENTS

    total $644,771 · excluded $644,771

  • 11b · Other revenue: PATRONAGE CAP CREDITS

    total $168,269 · related or exempt $168,269

  • 11c · Other revenue: G&T CAPITAL CREDITS

    total $149,651 · related or exempt $149,651

  • 11e · Other revenue, total

    $962,691

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

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

  • 4 · Benefits paid to or for members

    total $1,082,856 · program services $1,082,856

  • 5 · Compensation of officers, directors and key employees

    total $199,828 · program services $199,828

  • 7 · Other salaries and wages

    total $3,256,076 · program services $3,256,076

  • 8 · Pension plan contributions

    total $843,939 · program services $843,939

  • 9 · Other employee benefits

    total $1,685,209 · program services $1,685,209

  • 10 · Payroll taxes

    total $267,500 · program services $267,500

  • 11b · Fees: legal

    total $25,621 · program services $25,621

  • 11c · Fees: accounting

    total $20,126 · program services $20,126

  • 13 · Office expenses

    total $165,157 · program services $165,157

  • 20 · Interest

    total $2,047,946 · program services $2,047,946

  • 22 · Depreciation, depletion and amortization

    total $4,277,782 · program services $4,277,782

  • 24a · Other expenses: COST OF POWER

    total $23,894,455 · program services $23,894,455

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $4,378,767 · program services $4,378,767

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $1,617,306 · program services $1,617,306

  • 24d · Other expenses: DISTRIBUTION - OPERATIO

    total $1,480,971 · program services $1,480,971

  • 24e · All other expenses

    total -$5,170,263 · program services -$5,170,263

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $268,677 · end of year $375,615

  • 2 · Savings and temporary cash investments

    beginning of year $6,417,000 · end of year $3,650,000

  • 4 · Accounts receivable

    beginning of year $5,473,123 · end of year $4,915,284

  • 8 · Inventories for sale or use

    beginning of year $1,315,491 · end of year $1,282,075

  • 9 · Prepaid expenses and deferred charges

    beginning of year $77,146 · end of year $77,171

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

    $97,479,562

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

    $37,693,541

  • 10c · Land, buildings and equipment, net

    beginning of year $58,667,132 · end of year $59,786,021

  • 13 · Investments: program-related

    beginning of year $20,037,872 · end of year $20,279,097

  • 15 · Other assets

    beginning of year $372,683 · end of year $313,599

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,663,332 · end of year $2,540,100

  • 23 · Secured mortgages and notes payable

    beginning of year $43,950,242 · end of year $41,857,444

  • 25 · Other liabilities

    beginning of year $5,706,396 · end of year $5,134,860

  • 29 · Capital stock, trust principal or current funds

    beginning of year $161,535 · end of year $162,880

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

    beginning of year $1,208,473 · end of year $1,218,267

  • 31 · Retained earnings, endowment or other funds

    beginning of year $38,939,146 · end of year $39,765,311

Mission and programs · 2024

Mission

PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 15,597 CUSTOMERS PER MONTH.

  • PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 15,597 CUSTOMERS PER MONTH.

    Expenses $40,083,276 · Grants $10,000 · Revenue $38,894,720

As filed on the 2024 return.

Listed in Part VII

  • Jim Bentley

    VICE CHAIRMAN

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.06

  • Danny Mabry

    DIRECTOR

    Total calculated
    $13,800
    From this org
    $13,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.54

  • Harold Dupuy

    CHAIRMAN

    Total calculated
    $11,800
    From this org
    $11,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.25

  • Jimmy Whitt

    DIRECTOR

    Total calculated
    $12,400
    From this org
    $12,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.54

  • Kayla Webb

    SECRETARY/TREASURER

    Total calculated
    $12,800
    From this org
    $12,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.46

  • Tonya Slone

    DIRECTOR

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.88

  • Bradley Cherry

    PRESIDENT/CEO

    Total calculated
    $194,021
    From this org
    $128,228
    From related orgs
    $0
    Other
    $65,793
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,228
    Bonus
    $0
    Other
    $0
    Deferred
    $38,754
    Nontaxable benefits
    $27,039
    Filer's total
    $194,021

  • Sherry Buckler

    MANAGER OF ACCOUNTING & HR

    Total calculated
    $140,058
    From this org
    $88,109
    From related orgs
    $0
    Other
    $51,949
    Hours/week
    40

  • Ryan Rice

    CONSTRUCTION LEADMAN

    Total calculated
    $172,451
    From this org
    $120,046
    From related orgs
    $0
    Other
    $52,405
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $120,046
    Bonus
    $0
    Other
    $0
    Deferred
    $25,605
    Nontaxable benefits
    $26,800
    Filer's total
    $172,451

  • Christopher Mosier

    MAINTENANCE LEADMAN

    Total calculated
    $182,048
    From this org
    $141,191
    From related orgs
    $0
    Other
    $40,857
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,191
    Bonus
    $0
    Other
    $0
    Deferred
    $25,148
    Nontaxable benefits
    $15,709
    Filer's total
    $182,048

  • Michael R Blevins

    MAINTENANCE LEADMAN

    Total calculated
    $178,856
    From this org
    $126,919
    From related orgs
    $0
    Other
    $51,937
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,919
    Bonus
    $0
    Other
    $0
    Deferred
    $25,148
    Nontaxable benefits
    $26,789
    Filer's total
    $178,856

  • James Withrow

    MAINTENANCE LEADMAN

    Total calculated
    $180,181
    From this org
    $128,397
    From related orgs
    $0
    Other
    $51,784
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,397
    Bonus
    $0
    Other
    $0
    Deferred
    $24,995
    Nontaxable benefits
    $26,789
    Filer's total
    $180,181

  • Jason Porter

    MAINTENANCE LEADMAN

    Total calculated
    $172,598
    From this org
    $120,814
    From related orgs
    $0
    Other
    $51,784
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $120,814
    Bonus
    $0
    Other
    $0
    Deferred
    $24,995
    Nontaxable benefits
    $26,789
    Filer's total
    $172,598

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 · Written employment contract
  • 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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
14 May 2025
IRS schema version
2024v5.1
Source object
202511349349306826

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