Skip to content
Nonprofiteer
← JACKSON ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by JACKSON ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$643,216,865
Total expenses
$643,216,865
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$635,536,508
Investment income
$4,683,993
Other revenue
$2,996,364
Total assets, end of year
$1,372,521,376
Total liabilities, end of year
$751,838,743
Net assets or fund balances, end of year
$620,682,633
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 ENERGY REVENUE

    total $610,530,071 · related or exempt $610,530,071

  • 2b · Program service revenue: G & T CAPITAL CREDITS

    total $17,339,974 · related or exempt $17,339,974

  • 2c · Program service revenue: POLE RENTAL

    total $4,573,428 · excluded $4,573,428

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $3,093,035 · related or exempt $3,093,035

  • 3 · Investment income

    total $4,683,993 · excluded $4,683,993

  • 11a · Other revenue: EQUITY IN EARNINGS OF SUBSIDI

    total $3,026,859 · unrelated business $3,026,859

  • 11b · Other revenue: NON-OPERATING MARGINS-OTHER

    total $2,177 · related or exempt $2,177

  • 11c · Other revenue: LOSS ON DISPOSITION OF PROPER

    total $1,435 · related or exempt $1,435

  • 11d · All other revenue

    total -$34,107 · related or exempt -$34,107

  • 11e · Other revenue, total

    $2,996,364

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $49,675,072

  • 5 · Compensation of officers, directors and key employees

    total $1,293,613

  • 13 · Office expenses

    total $1,010,689

  • 20 · Interest

    total $17,146,975

  • 22 · Depreciation, depletion and amortization

    total $44,278,176

  • 24a · Other expenses: PURCHASED POWER

    total $436,249,498

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $26,437,939

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

    total $20,725,738

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $16,654,829

  • 24e · All other expenses

    total $29,744,336

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $28,465,657 · end of year $28,437,026

  • 2 · Savings and temporary cash investments

    beginning of year $62,000,000 · end of year $66,000,000

  • 4 · Accounts receivable

    beginning of year $87,671,696 · end of year $66,166,061

  • 8 · Inventories for sale or use

    beginning of year $27,665,745 · end of year $41,657,907

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,396,465 · end of year $1,529,808

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

    $1,353,766,400

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

    $447,373,964

  • 10c · Land, buildings and equipment, net

    beginning of year $856,259,074 · end of year $906,392,436

  • 13 · Investments: program-related

    beginning of year $242,054,279 · end of year $261,784,813

  • 15 · Other assets

    beginning of year $715,411 · end of year $553,325

  • 17 · Accounts payable and accrued expenses

    beginning of year $74,120,202 · end of year $65,034,435

  • 23 · Secured mortgages and notes payable

    beginning of year $544,413,243 · end of year $562,176,044

  • 25 · Other liabilities

    beginning of year $101,844,268 · end of year $124,628,264

  • 29 · Capital stock, trust principal or current funds

    beginning of year $4,028,135 · end of year $4,140,670

  • 31 · Retained earnings, endowment or other funds

    beginning of year $581,822,479 · end of year $616,541,963

Mission and programs · 2023

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • N/A

As filed on the 2023 return.

Listed in Part VII

  • RODNEY CHANDLER

    CHAIRMAN

    Total calculated
    $52,011
    From this org
    $52,011
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • LYNN PRICE

    VICE CHAIRMA

    Total calculated
    $51,261
    From this org
    $51,261
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • SHADE STOREY

    SECRETARY/TR

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

  • OTIS JONES

    DIRECTOR

    Total calculated
    $43,528
    From this org
    $43,528
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • CHARLES B STEELE

    DIRECTOR

    Total calculated
    $31,076
    From this org
    $31,076
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • BILL E CARPENTER

    DIRECTOR

    Total calculated
    $7,182
    From this org
    $7,182
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • STEVE BLAIR

    DIRECTOR

    Total calculated
    $24,500
    From this org
    $24,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • JOHN MITCHELL

    DIRECTOR

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • ALTON THORNTON

    DIRECTOR

    Total calculated
    $19,625
    From this org
    $19,625
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • SARAH MCKINNEY

    DIRECTOR

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

  • PHILLIP SUTTON

    DIRECTOR

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • ERNEST A CHIP JAKINS III

    PRESIDENT &

    Total calculated
    $1,010,930
    From this org
    $776,969
    From related orgs
    $0
    Other
    $233,961
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $759,537
    Bonus
    $500
    Other
    $16,932
    Deferred
    $193,967
    Nontaxable benefits
    $39,994
    Filer's total
    $1,010,930

  • ROY A STOWE

    COO

    Total calculated
    $1,360,625
    From this org
    $1,187,880
    From related orgs
    $0
    Other
    $172,745
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $1,126,732
    Bonus
    $41,030
    Other
    $20,118
    Deferred
    $158,952
    Nontaxable benefits
    $13,793
    Filer's total
    $1,360,625

  • AMY W ROUSE

    EXEC VP/CORP

    Total calculated
    $524,525
    From this org
    $394,182
    From related orgs
    $0
    Other
    $130,343
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $358,895
    Bonus
    $22,613
    Other
    $12,674
    Deferred
    $90,349
    Nontaxable benefits
    $39,994
    Filer's total
    $524,525

  • JOSEPH L DOROUGH

    VP-ENGINEERI

    Total calculated
    $509,098
    From this org
    $363,620
    From related orgs
    $0
    Other
    $145,478
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $331,406
    Bonus
    $15,782
    Other
    $16,432
    Deferred
    $105,484
    Nontaxable benefits
    $39,994
    Filer's total
    $509,098

  • PRESTON L CHAPMAN

    EXEC VP/EXT

    Total calculated
    $549,420
    From this org
    $410,265
    From related orgs
    $0
    Other
    $139,155
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $361,686
    Bonus
    $33,559
    Other
    $15,020
    Deferred
    $110,952
    Nontaxable benefits
    $28,203
    Filer's total
    $549,420

  • BRITTANY CAISON

    VP MARKETING

    Total calculated
    $457,497
    From this org
    $333,195
    From related orgs
    $0
    Other
    $124,302
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $302,344
    Bonus
    $18,777
    Other
    $12,074
    Deferred
    $84,308
    Nontaxable benefits
    $39,994
    Filer's total
    $457,497

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 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 4
ROY A. STOWE 0 645,964 0
SCHEDULE J, PART III
THE CORPORATION HAS ESTABLISHED AN EXECUTIVE BENEFIT RESTORATION PLAN (EBR PLAN) UNDER IRC 457(F) FOR KEY MANAGEMENT AND HIGHLY COMPENSATED EMPLOYEES WHOSE BENEFITS UNDER THE RS PENSION PLAN ARE RESTRICTED BECAUSE OF MAXIMUM LIMITS ON BENEFITS OR COMPENSATION THAT MAY BE PROVIDED BY THE RS PENSION PLAN. THE ACTUARIALLY DETERMINED "SERVICE COST" COMPONENT OF CURRENT YEAR NET PERIODIC BENEFIT EXPENSE HAS BEEN ADDED TO COLUMN (C) FOR PARTICIPANTS OF THIS PLAN. THE COOPERATIVE HAS REPORTED PAYMENTS MADE FOR THE EBR PLAN IN THE CURRENT YEAR AS A COMPONENT OF COMPENSATION IN COLUMN(B)(II). COMPENSATION PREVIOUSLY REPORTED IN COLUMN(F)OF THE 2023 FORM 990 IN ACCORDANCE WITH APPLICABLE DISCLOSURE REQUIREMENTS. IN ADDITION, THE CORPORATION HAS ESTABLISHED A PENSION RESTORATION PLAN (PRP) FOR ITS CHIEF EXECUTIVE OFFICER (CEO) WHOSE BENEFITS UNDER THE RS PLAN ARE RESTRICTED. THE CORPORATION WILL BE REQUIRED TO PAY THIS BENEFIT FROM THE GENERAL ASSETS OF THE CORPORATION. AFTER PAYING THE BENEFIT, THE CORPORATION WILL RECEIVE CREDIT ON ITS PAYMENTS EQUAL TO THE TOTAL AMOUNT FROM THE RS PLAN.

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
13 November 2024
IRS schema version
2023v5.0
Source object
202443199349310819

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.