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Nonprofiteer
← SOUTH CENTRAL ARKANSAS ELECTRIC COOPERATIVE INCORPORATED

Form 990 for tax year 2023

Filed by SOUTH CENTRAL ARKANSAS ELECTRIC COOPERATIVE INCORPORATED.

Totals

Total revenue
$29,318,440
Total expenses
$27,652,741
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$24,824,147
Investment income
$438,896
Other revenue
$4,055,397
Total assets, end of year
$128,109,281
Total liabilities, end of year
$87,800,206
Net assets or fund balances, end of year
$40,309,075
Program services expenses (Part IX)
$27,652,741
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$27,652,741

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: SALES-ELECTRIC ENERGY

    total $24,824,147 · related or exempt $24,824,147

  • 3 · Investment income

    total $438,896 · excluded $438,896

  • 10a · Gross sales of inventory

    $987,178

  • 10b · Cost of goods sold

    $805,117

  • 10c · Net income from sales of inventory

    total $182,061 · related or exempt $182,061

  • 11a · Other revenue: OTHER ELECTRIC REVENUES

    total $3,254,873 · related or exempt $3,020,269 · excluded $234,604

  • 11b · Other revenue: PATRONAGE CAPITAL CREDITS

    total $599,696 · related or exempt $599,696

  • 11c · Other revenue: SALES TAX DISCOUNTS

    total $18,767 · related or exempt $18,767

  • 11e · Other revenue, total

    $3,873,336

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $623,424 · program services $623,424

  • 20 · Interest

    total $2,310,198 · program services $2,310,198

  • 22 · Depreciation, depletion and amortization

    total $4,008,249 · program services $4,008,249

  • 24a · Other expenses: COST OF PURCHASED POWER

    total $13,601,670 · program services $13,601,670

  • 24b · Other expenses: DISTRIBUTION - OPERATIO

    total $2,513,825 · program services $2,513,825

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $2,450,043 · program services $2,450,043

  • 24d · Other expenses: ADMINISTRATIVE & GENERA

    total $1,129,584 · program services $1,129,584

  • 24e · All other expenses

    total $1,015,748 · program services $1,015,748

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $814,373 · end of year $385,082

  • 2 · Savings and temporary cash investments

    beginning of year $70,000 · end of year $70,000

  • 4 · Accounts receivable

    beginning of year $28,340,077 · end of year $23,161,038

  • 8 · Inventories for sale or use

    beginning of year $6,373,813 · end of year $580,373

  • 9 · Prepaid expenses and deferred charges

    beginning of year $361,719 · end of year $373,640

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

    $137,040,643

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

    $36,408,953

  • 10c · Land, buildings and equipment, net

    beginning of year $91,456,951 · end of year $100,631,690

  • 13 · Investments: program-related

    beginning of year $4,745,470 · end of year $2,881,533

  • 15 · Other assets

    beginning of year $0 · end of year $25,925

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,786,852 · end of year $10,990,862

  • 23 · Secured mortgages and notes payable

    beginning of year $78,064,241 · end of year $73,937,145

  • 25 · Other liabilities

    beginning of year $7,901,222 · end of year $2,872,199

  • 29 · Capital stock, trust principal or current funds

    beginning of year $44,341,602 · end of year $46,007,298

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

    beginning of year $115,730 · end of year $115,790

  • 31 · Retained earnings, endowment or other funds

    beginning of year -$4,047,244 · end of year -$5,814,013

Mission and programs · 2023

Mission

ELECTRIC DISTRIBUTION TO MEMBERS AT MINIMAL COST.236,800,037 KWH WERE SOLD TO AN AVERAGE OF 10,583 CONSUMERS.

Activities or mission (Part I)

ELECTRIC DISTRIBUTION TO MEMBERS AT MINIMAL COST. 236,800,037 KWH WERE SOLD TO AN AVERAGE OF 10,583 CONSUMERS.

  • REVENUE FROM SALES OF ELECTRIC ENERGY IS BILLED TO COVER ONLY AMOUNTS NECESSARY TO PROVIDE ELECTRIC DISTRIBUTION TO OUR MEMBERS, WHICH IS THE BASIS FOR WHICH THE COOPERATIVE IS ORGANIZED AND MAINTAINED. REGULATION BY THE ARKANSAS PUBLIC SERVICE COMMISSION ASSURES THAT OUR RATES COVER THE COST OF PROVIDING SERVICE WITHOUT A PLANNED PROFIT.

    Expenses $27,652,741

As filed on the 2023 return.

Listed in Part VII

  • Brian Kirksey

    PRESIDENT

    Total calculated
    $32,545
    From this org
    $11,500
    From related orgs
    $0
    Other
    $21,045
    Hours/week
    5

  • Danny Buck

    DIRECTOR

    Total calculated
    $31,607
    From this org
    $11,000
    From related orgs
    $0
    Other
    $20,607
    Hours/week
    3

  • Scott Clark

    VICE-PRESIDENT

    Total calculated
    $36,889
    From this org
    $10,500
    From related orgs
    $0
    Other
    $26,389
    Hours/week
    5

  • Tim Trout

    SECRETARY/TREAS

    Total calculated
    $34,420
    From this org
    $14,500
    From related orgs
    $0
    Other
    $19,920
    Hours/week
    5

  • Karen Kirkpatrick

    SECRETARY/TREAS

    Total calculated
    $29,607
    From this org
    $9,000
    From related orgs
    $0
    Other
    $20,607
    Hours/week
    4

  • Ronnie Penney

    DIRECTOR

    Total calculated
    $22,178
    From this org
    $11,000
    From related orgs
    $0
    Other
    $11,178
    Hours/week
    1

  • Ricky Francis

    DIRECTOR

    Total calculated
    $32,858
    From this org
    $12,500
    From related orgs
    $0
    Other
    $20,358
    Hours/week
    7

  • Shelly Loe

    DIRECTOR

    Total calculated
    $39,702
    From this org
    $14,000
    From related orgs
    $0
    Other
    $25,702
    Hours/week
    3

  • Mark Batson

    DIRECTOR

    Total calculated
    $8,250
    From this org
    $8,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Colby Wells

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $355,368
    From this org
    $237,303
    From related orgs
    $0
    Other
    $118,065
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $237,303
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $118,065
    Filer's total
    $355,368

  • Jamie Farrell

    VP TECHNOLOGY/GM FIBER SUB

    Total calculated
    $188,808
    From this org
    $118,522
    From related orgs
    $0
    Other
    $70,286
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $118,522
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $70,286
    Filer's total
    $188,808

  • Austin Wilson

    SERVICEMAN

    Total calculated
    $169,945
    From this org
    $117,321
    From related orgs
    $0
    Other
    $52,624
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $117,321
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $52,624
    Filer's total
    $169,945

  • Albert Cummings

    LINEMAN

    Total calculated
    $151,299
    From this org
    $112,595
    From related orgs
    $0
    Other
    $38,704
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $112,595
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $38,704
    Filer's total
    $151,299

  • Jeremy Leamons

    SERVICEMAN

    Total calculated
    $152,188
    From this org
    $100,081
    From related orgs
    $0
    Other
    $52,107
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $100,081
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $52,107
    Filer's total
    $152,188

  • Michael Armstrong

    VP OF OPERATIONS

    Total calculated
    $171,009
    From this org
    $106,240
    From related orgs
    $0
    Other
    $64,769
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $106,240
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $64,769
    Filer's total
    $171,009

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.

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.

  • SOUTH CENTRAL CONNECT LLC

    C · FIBER TO THE HOME · AR · 100% owned · share of income -$1,890,295 · share of assets $56,164,913

    Directly controlled by SOUTH CENTRAL ARKANSAS ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2023
Filed
10 May 2024
IRS schema version
2023v5.0
Source object
202421439349300317

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