Totals
- Total revenue
- $852,552,468
- Total expenses
- $840,042,244
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $846,511,214
- Investment income
- $4,203,914
- Other revenue
- $1,837,340
- Total assets, end of year
- $2,529,005,112
- Total liabilities, end of year
- $2,110,147,596
- Net assets or fund balances, end of year
- $418,857,516
- 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 $846,511,214 · related or exempt $846,511,214
-
3 · Investment income
total $4,207,840 · excluded $4,207,840
-
7a · Gross sales of assets other than inventory
other assets $34,019
-
7b · Less cost or other basis and sales expenses
other assets $37,945
-
7c · Gain or loss
other assets -$3,926
-
7d · Net gain or loss
total -$3,926 · excluded -$3,926
-
11a · Other revenue: OTHER INCOME
total $988,455 · related or exempt $988,455
-
11b · Other revenue: CAPITAL CREDITS
total $712,001 · related or exempt $712,001
-
11c · Other revenue: AFUDC
total $136,884 · related or exempt $136,884
-
11e · Other revenue, total
$1,837,340
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $13,943,521
-
7 · Other salaries and wages
total $46,933,745
-
8 · Pension plan contributions
total $15,046,900
-
9 · Other employee benefits
total $2,466,779
-
10 · Payroll taxes
total $4,230,959
-
11b · Fees: legal
total $1,914,269
-
11c · Fees: accounting
total $223,890
-
12 · Advertising and promotion
total $7,768,965
-
13 · Office expenses
total $2,312,264
-
16 · Occupancy
total $3,875,182
-
17 · Travel
total $1,145,925
-
20 · Interest
total $47,463,096
-
22 · Depreciation, depletion and amortization
total $73,763,154
-
24a · Other expenses: PURCHASED POWER
total $319,125,063
-
24b · Other expenses: POWER PRODUCTION - FUEL
total $200,743,374
-
24c · Other expenses: TRANSMISSIONS - OPERATI
total $51,572,970
-
24d · Other expenses: POWER PRODUCTION - MAIN
total $18,407,357
-
24e · All other expenses
total $29,104,831
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $229,083,612 · end of year $207,689,795
-
2 · Savings and temporary cash investments
beginning of year $2,252,365 · end of year $2,049,718
-
4 · Accounts receivable
beginning of year $76,655,710 · end of year $100,343,617
-
8 · Inventories for sale or use
beginning of year $64,910,793 · end of year $68,533,444
-
9 · Prepaid expenses and deferred charges
beginning of year $101,228,013 · end of year $139,574,407
-
10a · Land, buildings and equipment: cost or other basis
$3,047,512,996
-
10b · Land, buildings and equipment: accumulated depreciation
$1,447,437,303
-
10c · Land, buildings and equipment, net
beginning of year $1,493,117,730 · end of year $1,600,075,693
-
12 · Investments: other securities
beginning of year $20,169,249 · end of year $20,375,030
-
13 · Investments: program-related
beginning of year $19,969,297 · end of year $19,976,452
-
15 · Other assets
beginning of year $431,714,094 · end of year $370,386,956
-
17 · Accounts payable and accrued expenses
beginning of year $109,564,042 · end of year $146,603,726
-
19 · Deferred revenue
beginning of year $137,000,000 · end of year $143,121,983
-
20 · Tax-exempt bond liabilities
beginning of year $82,870,437 · end of year $76,667,704
-
23 · Secured mortgages and notes payable
beginning of year $1,366,266,714 · end of year $1,454,914,659
-
24 · Unsecured notes and loans payable
beginning of year $91,249,992 · end of year $104,500,000
-
25 · Other liabilities
beginning of year $245,802,386 · end of year $184,339,524
-
29 · Capital stock, trust principal or current funds
beginning of year $110 · end of year $110
-
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 $406,347,182 · end of year $418,857,406
Mission and programs · 2022
Mission
POWERSOUTH ENERGY COOPERATIVE IS AN ALABAMA COOPERATIVE CORPORATION PRODUCING AND TRANSMITTING WHOLESALE ELECTRIC POWER TO AND FOR ITS COOPERATIVE AND MUNICIPAL MEMBERS UNDER THE PROVISIONS OF THE RURAL ELECTRIFICATION ACT OF 1936.
Activities or mission (Part I)
COOPERATIVE UTILITY SYSTEM - PRODUCING & DISTRIBUTING WHOLESALE ELECTRIC POWER TO & FOR COOPERATIVE MEMBERS UNDER THE PROVISIONS OF THE RURAL ELECTRIFICATION ACT OF 1936.
-
POWERSOUTH ENERGY COOPERATIVE SERVES THE WHOLESALE ENERGY NEEDS OF 20 UTILITY DISTRIBUTION MEMBERS IN ALABAMA AND NORTHWEST FLORIDA.
As filed on the 2022 return.
Listed in Part VII
-
Jimmy ShaverJIMMY SHAVER
BOARD MEMBER
- Total calculated
- $28,161
- From this org
- $28,161
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Willie WrightWILLIE WRIGHT
BOARD MEMBER
- Total calculated
- $22,804
- From this org
- $22,804
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Thomas DuncanTHOMAS DUNCAN
BOARD MEMBER
- Total calculated
- $22,404
- From this org
- $22,404
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Gerald EdmondsonGERALD EDMONDSON
BOARD MEMBER
- Total calculated
- $22,403
- From this org
- $22,403
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Stacey ParkerSTACEY PARKER
BOARD MEMBER
- Total calculated
- $22,403
- From this org
- $22,403
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Steven SheffieldSTEVEN SHEFFIELD
BOARD MEMBER
- Total calculated
- $22,400
- From this org
- $22,400
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
David BaileyDAVID BAILEY
BOARD MEMBER
- Total calculated
- $22,003
- From this org
- $22,003
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Terry MoseleyTERRY MOSELEY
BOARD MEMBER
- Total calculated
- $21,604
- From this org
- $21,604
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Isabell BoydISABELL BOYD
BOARD MEMBER
- Total calculated
- $21,602
- From this org
- $21,602
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Rodney HarrisonRODNEY HARRISON
BOARD MEMBER
- Total calculated
- $21,408
- From this org
- $21,408
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Wiregrass Electric CooperativeWIREGRASS ELECTRIC COOPERATIVE
BOARD MEMBER
- Total calculated
- $21,204
- From this org
- $21,204
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
John BartleyJOHN BARTLEY
BOARD MEMBER
- Total calculated
- $21,203
- From this org
- $21,203
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Chase RiddleCHASE RIDDLE
BOARD MEMBER
- Total calculated
- $21,203
- From this org
- $21,203
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Ed ShortED SHORT
BOARD MEMBER
- Total calculated
- $21,201
- From this org
- $21,201
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Tallapoosa River ElectricTALLAPOOSA RIVER ELECTRIC
BOARD MEMBER
- Total calculated
- $20,804
- From this org
- $20,804
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Debra BaxleyDEBRA BAXLEY
BOARD MEMBER
- Total calculated
- $20,803
- From this org
- $20,803
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Seth HammettSETH HAMMETT
BOARD MEMBER
- Total calculated
- $20,803
- From this org
- $20,803
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Joseph ColemanJOSEPH COLEMAN
BOARD MEMBER
- Total calculated
- $20,803
- From this org
- $20,803
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Willie SmithWILLIE SMITH
BOARD MEMBER
- Total calculated
- $20,803
- From this org
- $20,803
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Jeffrey HodgesJEFFREY HODGES
BOARD MEMBER
- Total calculated
- $20,803
- From this org
- $20,803
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Jon CullimoreJON CULLIMORE
BOARD MEMBER
- Total calculated
- $20,403
- From this org
- $20,403
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Ryan CampbellRYAN CAMPBELL
BOARD MEMBER
- Total calculated
- $20,403
- From this org
- $20,403
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Earl JohnsonEARL JOHNSON
BOARD MEMBER
- Total calculated
- $20,402
- From this org
- $20,402
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Kim JacksonKIM JACKSON
BOARD MEMBER
- Total calculated
- $20,003
- From this org
- $20,003
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Robert ByrdROBERT BYRD
BOARD MEMBER
- Total calculated
- $20,003
- From this org
- $20,003
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Karen MooreKAREN MOORE
BOARD MEMBER
- Total calculated
- $20,003
- From this org
- $20,003
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Edward MillerEDWARD MILLER
BOARD MEMBER
- Total calculated
- $20,003
- From this org
- $20,003
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
David CookDAVID COOK
BOARD MEMBER
- Total calculated
- $19,603
- From this org
- $19,603
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Tom StackhouseTOM STACKHOUSE
BOARD MEMBER
- Total calculated
- $19,204
- From this org
- $19,204
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Gary HarrisonGARY HARRISON
BOARD MEMBER
- Total calculated
- $19,203
- From this org
- $19,203
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Vince JohnsonVINCE JOHNSON
BOARD MEMBER
- Total calculated
- $19,200
- From this org
- $19,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Stephen RhodesSTEPHEN RHODES
BOARD MEMBER
- Total calculated
- $18,803
- From this org
- $18,803
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Tom MaddoxTOM MADDOX
BOARD MEMBER
- Total calculated
- $18,404
- From this org
- $18,404
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Johnny AdcockJOHNNY ADCOCK
BOARD MEMBER
- Total calculated
- $18,003
- From this org
- $18,003
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Becky BrackeBECKY BRACKE
BOARD MEMBER
- Total calculated
- $17,203
- From this org
- $17,203
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Jane BrunsonJANE BRUNSON
BOARD MEMBER
- Total calculated
- $16,903
- From this org
- $16,903
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Ty PeelTY PEEL
BOARD MEMBER
- Total calculated
- $16,703
- From this org
- $16,703
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
James HallJAMES HALL
BOARD MEMBER
- Total calculated
- $14,003
- From this org
- $14,003
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Joe RoneJOE RONE
BOARD MEMBER
- Total calculated
- $13,602
- From this org
- $13,602
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
John DavisJOHN DAVIS
BOARD MEMBER
- Total calculated
- $13,203
- From this org
- $13,203
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
George OwensGEORGE OWENS
BOARD MEMBER
- Total calculated
- $7,201
- From this org
- $7,201
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Derek ChadwellDEREK CHADWELL
BOARD MEMBER
- Total calculated
- $6,001
- From this org
- $6,001
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Marilyn DavisMARILYN DAVIS
BOARD MEMBER
- Total calculated
- $3,400
- From this org
- $3,400
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Howard DaughertyHOWARD DAUGHERTY
BOARD MEMBER
- Total calculated
- $1,100
- From this org
- $1,100
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Damon MorganDAMON MORGAN
COO/VP
- Total calculated
- $6,973,993
- From this org
- $6,736,847
- From related orgs
- $0
- Other
- $237,146
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $911,460
- Bonus
- $0
- Other
- $5,825,387
- Deferred
- $215,376
- Nontaxable benefits
- $21,770
- Filer's total
- $6,973,993
-
Gary SmithGARY SMITH
CEO/PRESIDENT
- Total calculated
- $2,158,798
- From this org
- $1,830,250
- From related orgs
- $0
- Other
- $328,548
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $1,317,981
- Bonus
- $0
- Other
- $512,269
- Deferred
- $306,778
- Nontaxable benefits
- $21,770
- Filer's total
- $2,158,798
-
Elizabeth WoodardELIZABETH WOODARD
CFO/VP
- Total calculated
- $824,798
- From this org
- $652,807
- From related orgs
- $0
- Other
- $171,991
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $614,718
- Bonus
- $0
- Other
- $38,089
- Deferred
- $150,221
- Nontaxable benefits
- $21,770
- Filer's total
- $824,798
-
Horace HornHORACE HORN
VP OF EXTERNAL AFFAIRS
- Total calculated
- $619,054
- From this org
- $491,672
- From related orgs
- $0
- Other
- $127,382
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $420,349
- Bonus
- $0
- Other
- $71,323
- Deferred
- $108,922
- Nontaxable benefits
- $18,460
- Filer's total
- $619,054
-
Art BrunsonART BRUNSON
VP OF LEGAL AND COMPLIANCE
- Total calculated
- $504,046
- From this org
- $391,861
- From related orgs
- $0
- Other
- $112,185
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $351,432
- Bonus
- $0
- Other
- $40,429
- Deferred
- $91,849
- Nontaxable benefits
- $20,336
- Filer's total
- $504,046
-
Matthew DiamondMATTHEW DIAMOND
VP OF MEMBER SERVICES AND COMMUNICATIONS
- Total calculated
- $416,758
- From this org
- $338,730
- From related orgs
- $0
- Other
- $78,028
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $317,568
- Bonus
- $0
- Other
- $21,162
- Deferred
- $59,698
- Nontaxable benefits
- $18,330
- Filer's total
- $416,758
-
Ron GrahamRON GRAHAM
VP OF POWER SUPPLY
- Total calculated
- $435,808
- From this org
- $331,606
- From related orgs
- $0
- Other
- $104,202
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $307,385
- Bonus
- $0
- Other
- $24,221
- Deferred
- $84,160
- Nontaxable benefits
- $20,042
- Filer's total
- $435,808
-
Joe ArmstrongJOE ARMSTRONG
VP OF ENGINEERING AND OPERATIONS
- Total calculated
- $409,212
- From this org
- $309,235
- From related orgs
- $0
- Other
- $99,977
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $292,016
- Bonus
- $0
- Other
- $17,219
- Deferred
- $80,065
- Nontaxable benefits
- $19,912
- Filer's total
- $409,212
-
John MathesonJOHN MATHESON
VP OF POWER PRODUCTIONS
- Total calculated
- $406,105
- From this org
- $306,127
- From related orgs
- $0
- Other
- $99,978
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $292,016
- Bonus
- $0
- Other
- $14,111
- Deferred
- $80,065
- Nontaxable benefits
- $19,913
- Filer's total
- $406,105
-
Taylor WilliamsTAYLOR WILLIAMS
DIRECTOR OF EXTERNAL AFFAIRS
- Total calculated
- $375,167
- From this org
- $278,140
- From related orgs
- $0
- Other
- $97,027
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $278,140
- Bonus
- $0
- Other
- $0
- Deferred
- $77,201
- Nontaxable benefits
- $19,826
- Filer's total
- $375,167
-
Terry WilsonTERRY WILSON
DIRECTOR OF T&D OPERATIONS
- Total calculated
- $335,018
- From this org
- $253,029
- From related orgs
- $0
- Other
- $81,989
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $229,268
- Bonus
- $0
- Other
- $23,761
- Deferred
- $63,066
- Nontaxable benefits
- $18,923
- Filer's total
- $335,018
-
Debra BracewellDEBRA BRACEWELL
MANAGER OF HUMAN RESOURCES
- Total calculated
- $316,245
- From this org
- $246,723
- From related orgs
- $0
- Other
- $69,522
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $183,240
- Bonus
- $17,932
- Other
- $45,551
- Deferred
- $51,492
- Nontaxable benefits
- $18,030
- Filer's total
- $316,245
-
Jonathan EllisonJONATHAN ELLISON
DIRECTOR OF TECHNICAL SERV
- Total calculated
- $305,864
- From this org
- $236,878
- From related orgs
- $0
- Other
- $68,986
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $212,063
- Bonus
- $0
- Other
- $24,815
- Deferred
- $57,976
- Nontaxable benefits
- $11,010
- Filer's total
- $305,864
-
David WyattDAVID WYATT
CENTRAL GENERATION PLANT M
- Total calculated
- $288,678
- From this org
- $224,223
- From related orgs
- $0
- Other
- $64,455
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $196,827
- Bonus
- $0
- Other
- $27,396
- Deferred
- $54,132
- Nontaxable benefits
- $10,323
- Filer's total
- $288,678
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 · 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)
- PART I, LINE 4B
- THE FOLLOWING PERSONS PARTICIPATE IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. GARY SMITH CEO/PRESIDENT SETH HAMMETT VP OF BUSINESS DEVELOPMENT HORACE HORN VP OF EXTERNAL AFFAIRS DAMON MORGAN COO ELIZABETH WOODARD CFO LEIGH GRANTHAM VP OF MEMBER SERVICES AND COMMUNICATIONS RON GRAHAM VP OF POWER SUPPLY ART BRUNSON VP OF LEGAL AND COMPLIANCE DURING 2022, THE FOLLOWING PAYMENTS WERE MADE TO EMPLOYEES FROM A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN: GARY SMITH $327,598 DAMON MORGAN $5,705,081 SETH HAMMETT $27,205 HORACE HORN $21,186 LEIGH GRANTHAM $109,709
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.
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ANDALUSIA AND CONECUH RAILROAD CO INC
C · RAILROAD · AL · 100% owned · share of income -$1,862 · share of assets $275,061 · controlled entity
Directly controlled by POWERSOUTH ENERGY COOPERATIVE
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POWERSOUTH DEVELOPMENT CORP
C · ECONOMIC DEVELOPMENT · AL · 100% owned · share of assets $498,197 · controlled entity
Directly controlled by POWERSOUTH ENERGY COOPERATIVE
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COOPERATIVE SERVICES INC
C · HOLDING COMPANY · AL · 100% owned · share of income -$6,870 · share of assets $67,289 · controlled entity
Directly controlled by POWERSOUTH ENERGY COOPERATIVE
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COOPERATIVE SERVICES ENTERPRISE INC
C · HOLDING COMPANY · AL · 100% owned · share of assets $35,805 · controlled entity
Directly controlled by COOPERATIVE SERVICES INC
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 18 September 2023
- IRS schema version
- 2022v5.0
- Source object
- 202303199349307555
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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