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Nonprofiteer
← MID-SOUTH ELECTRIC COOPERATIVE ASSOCIATION

Form 990 for tax year 2023

Filed by MID-SOUTH ELECTRIC COOPERATIVE ASSOCIATION.

Totals

Total revenue
$151,151,344
Total expenses
$148,656,414
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$145,361,894
Investment income
-$275,566
Other revenue
$6,065,016
Total assets, end of year
$562,970,321
Total liabilities, end of year
$405,144,419
Net assets or fund balances, end of year
$157,825,902
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 OF ELECTRICITY

    total $126,893,160 · related or exempt $126,893,160

  • 2b · Program service revenue: BROADBAND REVENUE

    total $14,711,412 · related or exempt $14,711,412

  • 2c · Program service revenue: PATRONAGE DIVIDENDS

    total $3,027,450 · related or exempt $3,027,450

  • 2d · Program service revenue: SERVICE FEES

    total $669,645 · related or exempt $669,645

  • 2e · Program service revenue: OTHER PROGRAM REVENUE

    total $60,227 · related or exempt $60,227

  • 3 · Investment income

    total $93,911 · excluded $93,911

  • 6a · Gross rents

    real property $236,088

  • 6b · Less rental expenses

    real property $10,529

  • 6c · Rental income or loss

    real property $225,559

  • 6d · Net rental income or loss

    total $225,559 · related or exempt $226,238 · unrelated business -$679

  • 7a · Gross sales of assets other than inventory

    other assets $650,402

  • 7b · Less cost or other basis and sales expenses

    other assets $1,019,879

  • 7c · Gain or loss

    other assets -$369,477

  • 7d · Net gain or loss

    total -$369,477 · related or exempt -$369,477

  • 10a · Gross sales of inventory

    $9,596

  • 10b · Cost of goods sold

    $9,694

  • 10c · Net income from sales of inventory

    total -$98 · related or exempt -$98

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $5,206,625 · excluded $5,206,625

  • 11b · Other revenue: BOND SECURITIZATION P'SHIP INCOME

    total $632,930 · related or exempt $632,930

  • 11e · Other revenue, total

    $5,839,555

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $7,787,218

  • 5 · Compensation of officers, directors and key employees

    total $2,290,117

  • 7 · Other salaries and wages

    total $6,360,214

  • 8 · Pension plan contributions

    total $1,194,010

  • 9 · Other employee benefits

    total $1,354,231

  • 10 · Payroll taxes

    total $644,471

  • 20 · Interest

    total $11,208,096

  • 22 · Depreciation, depletion and amortization

    total $15,968,065

  • 24a · Other expenses: PURCHASED POWER

    total $82,968,365

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $6,468,203

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $6,364,212

  • 24d · Other expenses: CONSUMER EXPENSE

    total $5,047,468

  • 24e · All other expenses

    total $1,001,744

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,076,011 · end of year $2,688,498

  • 2 · Savings and temporary cash investments

    beginning of year $412,647

  • 4 · Accounts receivable

    beginning of year $8,556,684 · end of year $8,155,908

  • 7 · Other notes and loans receivable

    beginning of year $73,630 · end of year $73,630

  • 8 · Inventories for sale or use

    beginning of year $502,323 · end of year $975,941

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,057,828 · end of year $3,537,097

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

    $525,264,050

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

    $53,449,238

  • 10c · Land, buildings and equipment, net

    beginning of year $428,322,115 · end of year $471,814,812

  • 13 · Investments: program-related

    beginning of year $61,620,461 · end of year $65,143,693

  • 15 · Other assets

    beginning of year $11,273,195 · end of year $10,580,742

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,173,045 · end of year $20,347,670

  • 19 · Deferred revenue

    beginning of year $11,058,975 · end of year $10,655,586

  • 21 · Escrow or custodial account liability

    beginning of year $29,412 · end of year $29,537

  • 23 · Secured mortgages and notes payable

    beginning of year $328,144,774 · end of year $355,700,426

  • 25 · Other liabilities

    beginning of year $14,956,634 · end of year $18,411,200

  • 29 · Capital stock, trust principal or current funds

    beginning of year $3,852,935 · end of year $4,162,635

  • 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 $141,679,119 · end of year $153,663,267

Mission and programs · 2023

Mission

THE COOPERATIVE'S AND ITS SUBSIDIARIES' MISSION IS TO PROVIDE QUALITY SERVICE (ELECTRICITY, WATER, WASTEWATER, INTERNET, & SOLAR) AT A REASONABLE PRICE, BRINGING VITAL SERVICES TO INCREASE BOTH THE QUALITY OF LIFE AND ECONOMIC HEALTH IN THE MID-SOUTH SYNERGY SERVICE AREA.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 40,525 ACTIVE SERVICES AT YEAR END.

  • COMMUNICATIONS DIVISION:PROVIDING BROADBAND INTERNET SERVICES THROUGH THE CONSTRUCTION OF A FIBER OPTIC NETWORK. WHEN CUMULATIVE NET MARGINS DERIVED FROM MEMBER SALES OF BROADBAND INTERNET SERVICES EXCEED CUMULATIVE NET LOSSES FROM SUCH SALES, THE COOPERATIVE WILL ALLOCATE PATRONAGE CAPITAL TO THE MEMBERS. THERE WERE 12,476 SUBSCRIBERS AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Dennis McWhorter

    DIRECTOR

    Total calculated
    $24,063
    From this org
    $24,063
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9 + 1 related

  • James Morrison

    VICE PRESIDENT

    Total calculated
    $19,618
    From this org
    $19,618
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5 + 1 related

  • Kenneth McDougald

    DIRECTOR

    Total calculated
    $11,149
    From this org
    $11,149
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4 + 1 related

  • Marshall Shirley

    PRESIDENT

    Total calculated
    $40,568
    From this org
    $40,568
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.1 + 1 related

  • Paul Malek

    DIRECTOR

    Total calculated
    $14,322
    From this org
    $14,322
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.8 + 1 related

  • Robert Pierce

    DIRECTOR

    Total calculated
    $10,670
    From this org
    $10,670
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 1 related

  • Russell Watson

    DIRECTOR

    Total calculated
    $27,927
    From this org
    $27,927
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3 + 1 related

  • Steve Driver

    DIRECTOR

    Total calculated
    $25,768
    From this org
    $25,768
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.7 + 1 related

  • Kerry Kelton

    GENERAL MANAGER/CEO

    Total calculated
    $695,745
    From this org
    $565,620
    From related orgs
    $0
    Other
    $130,125
    Hours/week
    55 + 1 related

    Schedule J breakdown matched by us

    Base
    $394,287
    Bonus
    $23,517
    Other
    $147,816
    Deferred
    $101,407
    Nontaxable benefits
    $28,718
    Filer's total
    $695,745

  • Troy Morris

    SR. VICE PRESIDENT

    Total calculated
    $403,018
    From this org
    $299,326
    From related orgs
    $0
    Other
    $103,692
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $229,873
    Bonus
    $13,666
    Other
    $55,787
    Deferred
    $69,976
    Nontaxable benefits
    $33,716
    Filer's total
    $403,018

  • Michael McDougald

    SR. VICE PRESIDENT

    Total calculated
    $403,631
    From this org
    $310,216
    From related orgs
    $0
    Other
    $93,415
    Hours/week
    50 + 1 related

    Schedule J breakdown matched by us

    Base
    $231,574
    Bonus
    $13,682
    Other
    $64,960
    Deferred
    $61,108
    Nontaxable benefits
    $32,307
    Filer's total
    $403,631

  • Andrew Dallmeyer

    SR. VICE PRESIDENT

    Total calculated
    $333,097
    From this org
    $253,812
    From related orgs
    $0
    Other
    $79,285
    Hours/week
    50 + 1 related

    Schedule J breakdown matched by us

    Base
    $217,575
    Bonus
    $12,563
    Other
    $23,674
    Deferred
    $49,216
    Nontaxable benefits
    $30,069
    Filer's total
    $333,097

  • Russell Smith

    SR. VICE PRESIDENT

    Total calculated
    $280,541
    From this org
    $251,278
    From related orgs
    $0
    Other
    $29,263
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $188,986
    Bonus
    $10,749
    Other
    $51,543
    Deferred
    $27,094
    Nontaxable benefits
    $2,169
    Filer's total
    $280,541

  • David Williams

    VP - OPERATIONS

    Total calculated
    $324,982
    From this org
    $244,863
    From related orgs
    $0
    Other
    $80,119
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $167,620
    Bonus
    $15,188
    Other
    $62,055
    Deferred
    $50,187
    Nontaxable benefits
    $29,932
    Filer's total
    $324,982

  • Brandon Northcut

    VP - TECHNOLOGY

    Total calculated
    $262,250
    From this org
    $204,380
    From related orgs
    $0
    Other
    $57,870
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $162,291
    Bonus
    $10,238
    Other
    $31,851
    Deferred
    $26,771
    Nontaxable benefits
    $31,099
    Filer's total
    $262,250

  • Justin Stapelton

    VP - GOVERNMENT RELATIONS

    Total calculated
    $256,483
    From this org
    $199,365
    From related orgs
    $0
    Other
    $57,118
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,870
    Bonus
    $7,733
    Other
    $66,762
    Deferred
    $24,393
    Nontaxable benefits
    $32,725
    Filer's total
    $256,483

  • Cathy Barker

    VP - HR & SAFETY

    Total calculated
    $234,815
    From this org
    $180,943
    From related orgs
    $0
    Other
    $53,872
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $126,450
    Bonus
    $7,786
    Other
    $46,707
    Deferred
    $23,177
    Nontaxable benefits
    $30,695
    Filer's total
    $234,815

  • Melanie Caballero

    VP - COMPLIANCE

    Total calculated
    $251,246
    From this org
    $165,740
    From related orgs
    $0
    Other
    $85,506
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $129,234
    Bonus
    $8,345
    Other
    $28,161
    Deferred
    $55,098
    Nontaxable benefits
    $30,408
    Filer's total
    $251,246

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 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

The filer's explanations (Part III)

PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. KERRY KELTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 74,860 EMPLOYER CONTRIBUTION TO 401(K) PLAN 26,547 TOTAL REPORTED IN COLUMN C $ 101,407 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (74,860) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 54,351 EXPENSE TO THE COOPERATIVE $ 80,898 MICHAEL MCDOUGALD: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,711 EMPLOYER CONTRIBUTION TO 401(K) PLAN 15,397 TOTAL REPORTED IN COLUMN C $ 61,108 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,711) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,018 EXPENSE TO THE COOPERATIVE $ 50,415 TROY MORRIS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 47,476 EMPLOYER CONTRIBUTION TO 401(K) PLAN 22,500 TOTAL REPORTED IN COLUMN C $ 69,976 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (47,476) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,976 EXPENSE TO THE COOPERATIVE $ 57,476 ANDREW DALLMEYER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,232 EMPLOYER CONTRIBUTION TO 401(K) PLAN 18,984 TOTAL REPORTED IN COLUMN C $ 49,216 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,232) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 31,579 EXPENSE TO THE COOPERATIVE $ 50,563 DAVID WILLIAMS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,372 EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,815 TOTAL REPORTED IN COLUMN C $ 50,187 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,372) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,127 EXPENSE TO THE COOPERATIVE $ 41,942 RUSSELL SMITH: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,820 EMPLOYER CONTRIBUTION TO 401(K) PLAN 18,274 TOTAL REPORTED IN COLUMN C $ 27,094 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,820) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,823 EXPENSE TO THE COOPERATIVE $ 47,097 BRANDON NORTHCUT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 10,993 EMPLOYER CONTRIBUTION TO 401(K) PLAN 15,778 TOTAL REPORTED IN COLUMN C $ 26,771 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (10,993) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,263 EXPENSE TO THE COOPERATIVE $ 44,041 JUSTIN STAPELTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,972 EMPLOYER CONTRIBUTION TO 401(K) PLAN 15,421 TOTAL REPORTED IN COLUMN C $ 24,393 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,972) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,349 EXPENSE TO THE COOPERATIVE $ 36,770 MELANIE CABALLERO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,246 EMPLOYER CONTRIBUTION TO 401(K) PLAN 12,852 TOTAL REPORTED IN COLUMN C $ 55,098 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (42,246) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,038 EXPENSE TO THE COOPERATIVE $ 35,890 CATHY BARKER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 18,928 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,249 TOTAL REPORTED IN COLUMN C $ 23,177 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (18,928) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,496 EXPENSE TO THE COOPERATIVE $ 25,745

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • MSEC WHOLESALE SERVICES LLC

    WHOLESALE WATER SALES · TX · income $0 · assets $0

    Directly controlled by MID-SOUTH ELECTRIC COOPERATIVE ASSOCIATION

  • MSEC COMMUNICATIONS LLC

    INTERNET · TX · income $14,809,097 · assets $23,628,973

    Directly controlled by MID-SOUTH ELECTRIC COOPERATIVE ASSOCIATION

Related corporations and trusts

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

  • MSEC ENTERPRISES INC & SUBSIDIARY

    C · WATER DISTRIBUTION; RETRO FITTING METERS · TX · 100% owned · share of income $10,095,277 · share of assets $74,722,869 · controlled entity

    Directly controlled by MID-SOUTH ELECTRIC COOPERATIVE

  • MSEC WASTE WATER

    C · WASTE WATER (SEWER) · TX · 100% owned · share of income $497,894 · share of assets $5,195,181 · controlled entity

    Directly controlled by MID-SOUTH ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202413219349300006

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