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Nonprofiteer
← COBB ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2022

Filed by COBB ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$472,050,608
Total expenses
$459,841,282
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$469,291,139
Investment income
$1,274,046
Other revenue
$1,485,423
Total assets, end of year
$1,177,341,705
Total liabilities, end of year
$501,611,395
Net assets or fund balances, end of year
$675,730,310
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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: ELECTRIC REVENUE

    total $456,283,598 · related or exempt $456,283,598

  • 2b · Program service revenue: PATRONAGE CAPITAL CREDITS

    total $9,484,464 · related or exempt $9,484,464

  • 2c · Program service revenue: POLE AND OTHER ATTACHMENTS

    total $3,523,077 · excluded $3,523,077

  • 3 · Investment income

    total $1,274,046 · related or exempt $1,274,046

  • 5 · Royalties

    total $940,544 · related or exempt $940,544

  • 6a · Gross rents

    real property $75,991 · personal property $14,500

  • 6c · Rental income or loss

    real property $75,991 · personal property $14,500

  • 6d · Net rental income or loss

    total $90,491 · unrelated business $14,500 · excluded $75,991

  • 11a · Other revenue: OTHER REVENUE

    total $454,388 · related or exempt $454,388

  • 11e · Other revenue, total

    $454,388

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,240,838

  • 20 · Interest

    total $17,566,893

  • 22 · Depreciation, depletion and amortization

    total $33,294,568

  • 24a · Other expenses: PURCHASED POWER

    total $339,375,164

  • 24b · Other expenses: ADMIN. & GENERAL EXP.

    total $22,490,501

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $19,256,292

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $13,706,571

  • 24e · All other expenses

    total $12,910,455

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $532,250 · end of year $1,181,320

  • 4 · Accounts receivable

    beginning of year $60,496,973 · end of year $64,314,190

  • 7 · Other notes and loans receivable

    beginning of year $7,098,846 · end of year $6,828,895

  • 8 · Inventories for sale or use

    beginning of year $5,174,171 · end of year $7,034,023

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,464,286 · end of year $1,455,551

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

    $1,041,956,910

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

    $313,174,766

  • 10c · Land, buildings and equipment, net

    beginning of year $696,895,431 · end of year $728,782,144

  • 13 · Investments: program-related

    beginning of year $226,416,217 · end of year $233,398,552

  • 15 · Other assets

    beginning of year $102,451,679 · end of year $134,347,030

  • 17 · Accounts payable and accrued expenses

    beginning of year $52,531,689 · end of year $59,674,180

  • 23 · Secured mortgages and notes payable

    beginning of year $405,646,254 · end of year $373,054,750

  • 24 · Unsecured notes and loans payable

    beginning of year $250,000 · end of year $4,700,000

  • 25 · Other liabilities

    beginning of year $75,457,069 · end of year $64,182,465

  • 29 · Capital stock, trust principal or current funds

    beginning of year $396,550 · end of year $379,295

  • 31 · Retained earnings, endowment or other funds

    beginning of year $567,248,291 · end of year $675,351,015

Mission and programs · 2022

Mission

RELIABLE, SAFE ELECTRICITY, RATE COMPETITIVE, ROBUST GOVERNANCE, RELEVANT SERVICES, RECOGNIZED EMPLOYER

Activities or mission (Part I)

OUR MISSION: RELIABLE, SAFE ELECTRICITY, RATE COMPETITIVE, ROBUST GOVERNANCE, RELEVANT SERVICES, RECOGNIZED EMPLOYER

  • N/A

As filed on the 2022 return.

Listed in Part VII

  • DAVID V TENNANT

    CHAIRMAN

    Total calculated
    $60,010
    From this org
    $45,610
    From related orgs
    $14,400
    Other
    $0
    Hours/week
    10 + 5 related

  • RUDY R UNDERWOOD

    VICE CHAIRMA

    Total calculated
    $45,987
    From this org
    $32,187
    From related orgs
    $13,800
    Other
    $0
    Hours/week
    7 + 5 related

  • WILLIAM C SHARP III

    SECRETARY/TR

    Total calculated
    $47,629
    From this org
    $33,229
    From related orgs
    $14,400
    Other
    $0
    Hours/week
    10 + 5 related

  • KELLY P BODNER

    DIRECTOR

    Total calculated
    $37,687
    From this org
    $37,687
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • ERIC BROADWELL

    DIRECTOR

    Total calculated
    $45,733
    From this org
    $45,733
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • DAVID MCCLELLAN

    DIRECTOR

    Total calculated
    $33,625
    From this org
    $33,625
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • EDWARD CROWELL

    DIRECTOR

    Total calculated
    $60,874
    From this org
    $47,674
    From related orgs
    $13,200
    Other
    $0
    Hours/week
    10 + 5 related

  • BRYAN BOYD

    DIRECTOR

    Total calculated
    $73,507
    From this org
    $59,707
    From related orgs
    $13,800
    Other
    $0
    Hours/week
    10 + 5 related

  • CHARLES M SWANSON

    DIRECTOR

    Total calculated
    $49,747
    From this org
    $49,747
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • KEVAN ESPY

    PRESIDENT &

    Total calculated
    $855,639
    From this org
    $627,988
    From related orgs
    $0
    Other
    $227,651
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $492,470
    Bonus
    $121,166
    Other
    $14,352
    Deferred
    $218,573
    Nontaxable benefits
    $9,078
    Filer's total
    $855,639

  • TIM SOSEBEE

    SR VP-BUSINE

    Total calculated
    $539,051
    From this org
    $359,728
    From related orgs
    $0
    Other
    $179,323
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $283,277
    Bonus
    $64,198
    Other
    $12,253
    Deferred
    $154,913
    Nontaxable benefits
    $24,410
    Filer's total
    $539,051

  • TIMOTHY HARSHBARGER

    VP HUMAN RES

    Total calculated
    $378,659
    From this org
    $337,254
    From related orgs
    $0
    Other
    $41,405
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $233,046
    Bonus
    $55,537
    Other
    $48,671
    Deferred
    $24,303
    Nontaxable benefits
    $17,102
    Filer's total
    $378,659

  • TIM JARRELL

    VP-POWER SUP

    Total calculated
    $475,825
    From this org
    $318,985
    From related orgs
    $0
    Other
    $156,840
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $225,466
    Bonus
    $51,738
    Other
    $41,781
    Deferred
    $131,833
    Nontaxable benefits
    $25,007
    Filer's total
    $475,825

  • KELSIE DANIELS

    VP-INFO. TEC

    Total calculated
    $377,887
    From this org
    $301,952
    From related orgs
    $0
    Other
    $75,935
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $238,456
    Bonus
    $53,110
    Other
    $10,386
    Deferred
    $57,371
    Nontaxable benefits
    $18,564
    Filer's total
    $377,887

  • BRETT STOVERN

    CFO-FORMER

    Total calculated
    $761,482
    From this org
    $645,968
    From related orgs
    $0
    Other
    $115,514
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $392,947
    Bonus
    $107,417
    Other
    $145,604
    Deferred
    $91,104
    Nontaxable benefits
    $24,410
    Filer's total
    $761,482

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 · Compensation committee
  • 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)

SCHEDULE J, PAGE 1, PART I, LINE 1A
MARIETTA COUNTRY CLUB: KEVAN ESPY (PRESIDENT & CEO) - 25,000 (INITIATION FEE), 7,853 (DUES)
SCHEDULE J, PAGE 1, PART I, LINE 4
TIMOTHY HARSHBARGER 0 36,454 0
SCHEDULE J, PART III
COBB EMC HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN UNDER IRC SECTION 457(F) THAT PROVIDES BENEFITS FOR A SELECT GROUP OF KEY MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES. THE PLAN WAS ADOPTED TO RETAIN AND REWARD LONG SERVICE PERSONNEL AND TO ATTRACT AND RETAIN MANAGEMENT EMPLOYEES. THE NONQUALIFIED AMOUNT ABOVE WAS PAID OUT IN 2022 AND IS INCLUDED IN THE PARTICIPANT'S W-2 COMPENSATION. THE AMOUNT IS A COMPONENT OF "OTHER REPORTABLE COMPENSATION" ON SCHEDULE J. THE FOLLOWING AMOUNTS ARE THE 2022 EMPLOYER CONTRIBUTIONS TO THE NONQUALIFIED PLAN THAT ARE NOT INCLUDED IN EACH EMPLOYEES' W-2, BUT ARE INCLUDED SCHEDULE J, COLUMN C: KEVAN ESPY - 14,876 BRETT STOVERN - 60,604 TIM SOSEBEE - 8,815 TIM JARRELL - 36,678

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2022
Filed
5 September 2023
IRS schema version
2022v5.0
Source object
202322489349301557

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