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Nonprofiteer
← SOUTH CENTRAL ARKANSAS ELECTRIC COOPERATIVE INCORPORATED

Form 990 for tax year 2024

Filed by SOUTH CENTRAL ARKANSAS ELECTRIC COOPERATIVE INCORPORATED.

Totals

Total revenue
$34,430,241
Total expenses
$28,265,681
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$29,255,377
Investment income
$429,157
Other revenue
$4,745,707
Total assets, end of year
$125,990,484
Total liabilities, end of year
$81,894,007
Net assets or fund balances, end of year
$44,096,477
Program services expenses (Part IX)
$28,265,681
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$28,265,681

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 $29,255,377 · related or exempt $29,255,377

  • 3 · Investment income

    total $429,157 · excluded $429,157

  • 10a · Gross sales of inventory

    $7,478

  • 10b · Cost of goods sold

    $7,244

  • 10c · Net income from sales of inventory

    total $234 · related or exempt $234

  • 11a · Other revenue: OTHER ELECTRIC REVENUES

    total $3,383,438 · related or exempt $3,088,394 · excluded $295,044

  • 11b · Other revenue: PATRONAGE CAPITAL CREDITS

    total $1,341,741 · related or exempt $1,341,741

  • 11c · Other revenue: SALES TAX DISCOUNTS

    total $20,294 · related or exempt $20,294

  • 11e · Other revenue, total

    $4,745,473

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $625,195 · program services $625,195

  • 20 · Interest

    total $2,312,734 · program services $2,312,734

  • 22 · Depreciation, depletion and amortization

    total $4,223,872 · program services $4,223,872

  • 24a · Other expenses: COST OF PURCHASED POWER

    total $14,857,161 · program services $14,857,161

  • 24b · Other expenses: DISTRIBUTION - OPERATIO

    total $2,724,046 · program services $2,724,046

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $1,644,374 · program services $1,644,374

  • 24d · Other expenses: ADMINISTRATIVE & GENERA

    total $1,398,314 · program services $1,398,314

  • 24e · All other expenses

    total $479,985 · program services $479,985

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $385,082 · end of year $1,865,090

  • 2 · Savings and temporary cash investments

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

  • 4 · Accounts receivable

    beginning of year $23,161,038 · end of year $24,475,675

  • 8 · Inventories for sale or use

    beginning of year $580,373 · end of year $509,955

  • 9 · Prepaid expenses and deferred charges

    beginning of year $373,640 · end of year $243,473

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

    $137,383,880

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

    $40,107,686

  • 10c · Land, buildings and equipment, net

    beginning of year $100,631,690 · end of year $97,276,194

  • 13 · Investments: program-related

    beginning of year $2,881,533 · end of year $726,961

  • 15 · Other assets

    beginning of year $25,925 · end of year $823,136

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,990,862 · end of year $6,213,647

  • 23 · Secured mortgages and notes payable

    beginning of year $73,937,145 · end of year $72,748,453

  • 25 · Other liabilities

    beginning of year $2,872,199 · end of year $2,931,907

  • 29 · Capital stock, trust principal or current funds

    beginning of year $46,007,298 · end of year $51,428,167

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

    beginning of year $115,790 · end of year $115,860

  • 31 · Retained earnings, endowment or other funds

    beginning of year -$5,814,013 · end of year -$7,447,550

Mission and programs · 2024

Mission

ELECTRIC DISTRIBUTION TO MEMBERS AT MINIMAL COST.250,059,530 KWH WERE SOLD TO AN AVERAGE OF 10,675 CONSUMERS.

Activities or mission (Part I)

ELECTRIC DISTRIBUTION TO MEMBERS AT MINIMAL COST. 250,059,530 KWH WERE SOLD TO AN AVERAGE OF 10,675 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 $28,265,681

As filed on the 2024 return.

Listed in Part VII

  • Brian Kirksey

    PRESIDENT

    Total calculated
    $37,375
    From this org
    $16,000
    From related orgs
    $0
    Other
    $21,375
    Hours/week
    5

  • Danny Buck

    DIRECTOR

    Total calculated
    $30,875
    From this org
    $9,500
    From related orgs
    $0
    Other
    $21,375
    Hours/week
    3

  • Scott Clark

    VICE-PRESIDENT

    Total calculated
    $40,218
    From this org
    $13,000
    From related orgs
    $0
    Other
    $27,218
    Hours/week
    5

  • Tim Trout

    SECRETARY/TREAS

    Total calculated
    $32,643
    From this org
    $12,000
    From related orgs
    $0
    Other
    $20,643
    Hours/week
    5

  • Karen Kirkpatrick

    SECRETARY/TREAS

    Total calculated
    $31,375
    From this org
    $10,000
    From related orgs
    $0
    Other
    $21,375
    Hours/week
    4

  • Ronnie Penney

    DIRECTOR

    Total calculated
    $19,656
    From this org
    $8,000
    From related orgs
    $0
    Other
    $11,656
    Hours/week
    1

  • Ricky Francis

    DIRECTOR

    Total calculated
    $28,143
    From this org
    $7,500
    From related orgs
    $0
    Other
    $20,643
    Hours/week
    7

  • Shelly Loe

    DIRECTOR

    Total calculated
    $37,986
    From this org
    $11,500
    From related orgs
    $0
    Other
    $26,486
    Hours/week
    3

  • Mark Batson

    DIRECTOR

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Colby Wells

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $358,424
    From this org
    $230,370
    From related orgs
    $0
    Other
    $128,054
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $230,370
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $128,054
    Filer's total
    $358,424

  • Jamie Farrell

    VP TECHNOLOGY/GM FIBER SUB

    Total calculated
    $209,835
    From this org
    $134,519
    From related orgs
    $0
    Other
    $75,316
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $134,519
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $75,316
    Filer's total
    $209,835

  • Austin Wilson

    SERVICEMAN

    Total calculated
    $180,398
    From this org
    $125,767
    From related orgs
    $0
    Other
    $54,631
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $125,767
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $54,631
    Filer's total
    $180,398

  • Jeremy Leamons

    SERVICEMAN

    Total calculated
    $172,047
    From this org
    $118,054
    From related orgs
    $0
    Other
    $53,993
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $118,054
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $53,993
    Filer's total
    $172,047

  • Walter Ivy

    OPERATIONS COORDINATOR

    Total calculated
    $176,815
    From this org
    $119,867
    From related orgs
    $0
    Other
    $56,948
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $119,867
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $56,948
    Filer's total
    $176,815

  • Collin Medley

    SERVICEMAN

    Total calculated
    $154,042
    From this org
    $120,041
    From related orgs
    $0
    Other
    $34,001
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $120,041
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,001
    Filer's total
    $154,042

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 -$1,946,377 · share of assets $128,109,281

    Directly controlled by SOUTH CENTRAL ARKANSAS ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2024
Filed
4 May 2025
IRS schema version
2024v5.1
Source object
202531289349300103

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