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Nonprofiteer
← TRI-COUNTY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by TRI-COUNTY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$52,888,646
Total expenses
$52,888,646
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$52,549,822
Investment income
$44,761
Other revenue
$294,063
Total assets, end of year
$193,404,609
Total liabilities, end of year
$149,925,684
Net assets or fund balances, end of year
$43,478,925
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$52,888,646

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: ELECTRICITY SALES

    total $49,225,414 · related or exempt $49,225,414

  • 2b · Program service revenue: CAPITAL CREDITS

    total $1,642,715 · related or exempt $1,642,715

  • 2c · Program service revenue: RENTS FROM ELECTRIC PROPERTY

    total $1,354,507 · related or exempt $1,354,507

  • 2d · Program service revenue: MISC SERVICE REVENUES

    total $327,186 · related or exempt $327,186

  • 3 · Investment income

    total $44,761 · excluded $44,761

  • 11a · Other revenue: GRANT PROCEEDS

    total $170,857 · related or exempt $170,857

  • 11b · Other revenue: BROADBAND REVENUE SHARING

    total $116,045 · related or exempt $116,045

  • 11c · Other revenue: MISCELLANEOUS NONPERATING INCOME

    total $7,161 · related or exempt $7,161

  • 11e · Other revenue, total

    $294,063

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,918,273

  • 5 · Compensation of officers, directors and key employees

    total $1,141,494

  • 20 · Interest

    total $4,316,240

  • 22 · Depreciation, depletion and amortization

    total $4,619,405

  • 24a · Other expenses: COST OF POWER

    total $26,708,176

  • 24b · Other expenses: MAINTENANCE

    total $4,769,254

  • 24c · Other expenses: OPERATIONS

    total $2,949,676

  • 24d · Other expenses: GENERAL & ADMINISTRATIV

    total $2,513,452

  • 24e · All other expenses

    total $1,952,676

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,028,524 · end of year $2,764,266

  • 4 · Accounts receivable

    beginning of year $4,526,164 · end of year $4,482,770

  • 8 · Inventories for sale or use

    beginning of year $5,638,131 · end of year $9,679,067

  • 9 · Prepaid expenses and deferred charges

    beginning of year $592,953 · end of year $461,679

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

    $157,914,828

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

    $44,231,162

  • 10c · Land, buildings and equipment, net

    beginning of year $86,220,079 · end of year $113,683,666

  • 13 · Investments: program-related

    beginning of year $11,598,703 · end of year $13,155,620

  • 15 · Other assets

    beginning of year $7,638,503 · end of year $49,177,541

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,349,648 · end of year $13,120,208

  • 23 · Secured mortgages and notes payable

    beginning of year $70,706,300 · end of year $135,585,751

  • 25 · Other liabilities

    beginning of year $1,237,805 · end of year $1,219,725

  • 29 · Capital stock, trust principal or current funds

    beginning of year $71,320 · end of year $72,135

  • 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 $39,877,984 · end of year $43,406,790

Mission and programs · 2023

Mission

PROVIDE QUALITY-SAFE-AFFORDABLE ELECTRIC SERVICE POWERED BY MEMBERS.

  • SALE OF ELECTRICITY TO COOPERATIVE MEMBERS

    Expenses $52,888,646

As filed on the 2023 return.

Listed in Part VII

  • Benjamin D Bishop

    TRUSTEE

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Bobby Dodd

    PRESIDENT

    Total calculated
    $5,800
    From this org
    $5,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Catherine Bethea

    TRUSTEE

    Total calculated
    $5,400
    From this org
    $5,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Donnie Waldrep

    VICE PRESIDENT

    Total calculated
    $5,800
    From this org
    $5,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • John Cruce

    TRUSTEE

    Total calculated
    $5,400
    From this org
    $5,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Ann Herring

    TRUSTEE

    Total calculated
    $5,400
    From this org
    $5,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • George Webb

    SECRETARY/TREASURER

    Total calculated
    $7,600
    From this org
    $7,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Johnny Edwards

    TRUSTEE

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

  • Junior Smith

    TRUSTEE

    Total calculated
    $6,800
    From this org
    $6,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • H Julius Hackett

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $344,466
    From this org
    $275,792
    From related orgs
    $0
    Other
    $68,674
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $269,416
    Bonus
    $0
    Other
    $6,376
    Deferred
    $38,153
    Nontaxable benefits
    $30,521
    Filer's total
    $344,466

  • Jeff Brewer

    VP ENGINEERING

    Total calculated
    $224,993
    From this org
    $149,379
    From related orgs
    $0
    Other
    $75,614
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,399
    Bonus
    $0
    Other
    $980
    Deferred
    $48,602
    Nontaxable benefits
    $27,012
    Filer's total
    $224,993

  • Wendell Williams

    VP FINANCE

    Total calculated
    $184,292
    From this org
    $117,357
    From related orgs
    $0
    Other
    $66,935
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,662
    Bonus
    $0
    Other
    $2,695
    Deferred
    $46,815
    Nontaxable benefits
    $20,120
    Filer's total
    $184,292

  • John Tuten

    VP OPERATIONS

    Total calculated
    $177,866
    From this org
    $132,868
    From related orgs
    $0
    Other
    $44,998
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,984
    Bonus
    $0
    Other
    $884
    Deferred
    $16,696
    Nontaxable benefits
    $28,302
    Filer's total
    $177,866

  • Eileen Herndon

    VP CORPORATE SVCS

    Total calculated
    $162,677
    From this org
    $103,103
    From related orgs
    $0
    Other
    $59,574
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $100,876
    Bonus
    $0
    Other
    $2,227
    Deferred
    $39,801
    Nontaxable benefits
    $19,773
    Filer's total
    $162,677

  • John Nash

    COOPERATIVE FOREMAN

    Total calculated
    $185,507
    From this org
    $123,242
    From related orgs
    $0
    Other
    $62,265
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,795
    Bonus
    $0
    Other
    $447
    Deferred
    $35,879
    Nontaxable benefits
    $26,386
    Filer's total
    $185,507

  • Michael S Henderson

    DISTRICT CREW LEADER

    Total calculated
    $190,511
    From this org
    $131,382
    From related orgs
    $0
    Other
    $59,129
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,978
    Bonus
    $0
    Other
    $404
    Deferred
    $32,884
    Nontaxable benefits
    $26,245
    Filer's total
    $190,511

  • Terry Barrs

    SERVICEMAN

    Total calculated
    $150,070
    From this org
    $113,414
    From related orgs
    $0
    Other
    $36,656
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,902
    Bonus
    $0
    Other
    $1,512
    Deferred
    $10,604
    Nontaxable benefits
    $26,052
    Filer's total
    $150,070

  • Jason Hughey

    APPARATUS TECHNICIAN

    Total calculated
    $171,910
    From this org
    $116,810
    From related orgs
    $0
    Other
    $55,100
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,580
    Bonus
    $0
    Other
    $230
    Deferred
    $29,046
    Nontaxable benefits
    $26,054
    Filer's total
    $171,910

  • David Wesson

    CONTRACTOR SUPERVISOR

    Total calculated
    $163,205
    From this org
    $112,623
    From related orgs
    $0
    Other
    $50,582
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,955
    Bonus
    $0
    Other
    $1,668
    Deferred
    $31,225
    Nontaxable benefits
    $19,357
    Filer's total
    $163,205

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.

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202423209349313742

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