Skip to content
Nonprofiteer
← GREYSTONE POWER CORPORATION AN ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2024

Filed by GREYSTONE POWER CORPORATION AN ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$378,815,590
Total expenses
$380,563,202
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$373,467,865
Investment income
$2,824,875
Other revenue
$2,522,850
Total assets, end of year
$815,281,281
Total liabilities, end of year
$499,085,257
Net assets or fund balances, end of year
$316,196,024
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$380,563,202

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 $361,849,893 · related or exempt $361,849,893

  • 2b · Program service revenue: PATRONAGE CAPITAL CREDITS

    total $4,909,560 · related or exempt $4,909,560

  • 2c · Program service revenue: POLE RENTAL

    total $3,175,790 · excluded $3,175,790

  • 2d · Program service revenue: OTHER ELECTRIC REVENUE

    total $2,904,044 · related or exempt $2,904,044

  • 2e · Program service revenue: BROADBAND REVENUES

    total $628,578 · related or exempt $628,578

  • 3 · Investment income

    total $2,824,875 · excluded $2,824,875

  • 5 · Royalties

    total $512,099 · excluded $512,099

  • 11a · Other revenue: COOP CHOICE EARNINGS

    total $1,731,831 · unrelated business $1,731,831

  • 11b · Other revenue: NON OP REV GAS SOUTH

    total $131,700 · unrelated business $131,700

  • 11c · Other revenue: NON OP REV SURGE MONTHLY FEES

    total $73,365 · related or exempt $73,365

  • 11d · All other revenue

    total $73,855 · related or exempt $73,855

  • 11e · Other revenue, total

    $2,010,751

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $24,468,691

  • 5 · Compensation of officers, directors and key employees

    total $1,421,050

  • 20 · Interest

    total $13,331,428

  • 22 · Depreciation, depletion and amortization

    total $24,589,391

  • 24a · Other expenses: PURCHASED POWER

    total $256,839,947

  • 24b · Other expenses: DISTRIBUTION OPERATIONS/M

    total $34,511,359

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

    total $11,013,275

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $7,801,436

  • 24e · All other expenses

    total $6,586,625

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,027,243 · end of year $17,102,014

  • 2 · Savings and temporary cash investments

    beginning of year $59,510,000 · end of year $42,450,000

  • 4 · Accounts receivable

    beginning of year $47,696,105 · end of year $48,021,383

  • 7 · Other notes and loans receivable

    beginning of year $3,000,000

  • 8 · Inventories for sale or use

    beginning of year $12,756,812 · end of year $20,260,207

  • 9 · Prepaid expenses and deferred charges

    beginning of year $686,870 · end of year $688,863

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

    $795,211,683

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

    $178,488,973

  • 10c · Land, buildings and equipment, net

    beginning of year $547,653,955 · end of year $616,722,710

  • 11 · Investments: publicly traded securities

    beginning of year -$592,806

  • 13 · Investments: program-related

    beginning of year $37,943,406 · end of year $42,566,185

  • 14 · Intangible assets

    end of year $410,193

  • 15 · Other assets

    beginning of year $21,871,154 · end of year $27,059,726

  • 17 · Accounts payable and accrued expenses

    beginning of year $36,759,290 · end of year $46,446,467

  • 23 · Secured mortgages and notes payable

    beginning of year $368,478,073 · end of year $398,090,802

  • 25 · Other liabilities

    beginning of year $30,135,611 · end of year $54,547,988

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,289,304 · end of year $1,327,915

  • 31 · Retained earnings, endowment or other funds

    beginning of year $303,890,461 · end of year $314,868,109

Mission and programs · 2024

Mission

MAKING LIFE BETTER IN THE COMMUNITIES WE SERVE.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE WITHIN THE SYSTEM AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

    Expenses $377,757,205

  • TO PROVIDE BROADBAND SERVICES TO THE UNSERVED AND UNDERSERVED MEMBERS OF GREYSTONE POWER CORPORATION THROUGH GREYSTONE CONNECT, LLC, A SINGLE MEMBER LIMITED LIABILITY COMPANY.

    Expenses $2,805,997

As filed on the 2024 return.

Listed in Part VII

  • Genevieve B Cole

    CHAIRMAN

    Total calculated
    $30,128
    From this org
    $30,128
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.94

  • David Hagenow

    VICE CHAIRMA

    Total calculated
    $30,259
    From this org
    $30,259
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Billy Mayhew

    SECRETARY/TR

    Total calculated
    $28,976
    From this org
    $28,976
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.42

  • Jim Johns

    DIRECTOR

    Total calculated
    $33,626
    From this org
    $33,626
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.1

  • Milton Jones

    DIRECTOR

    Total calculated
    $30,337
    From this org
    $30,337
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.88

  • Maribeth Wansley

    DIRECTOR

    Total calculated
    $29,459
    From this org
    $29,459
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.96

  • John A Walton

    DIRECTOR

    Total calculated
    $28,264
    From this org
    $28,264
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.79

  • Neal Dettmering

    DIRECTOR

    Total calculated
    $30,107
    From this org
    $30,107
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.35

  • Charisse Braxton

    DIRECTOR

    Total calculated
    $31,856
    From this org
    $31,856
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.23

  • Gary A Miller

    PRESIDENT &

    Total calculated
    $1,148,037
    From this org
    $878,647
    From related orgs
    $0
    Other
    $269,390
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $753,843
    Bonus
    $737
    Other
    $124,067
    Deferred
    $239,190
    Nontaxable benefits
    $30,200
    Filer's total
    $1,148,037

  • Michael Moore

    VP-SPECIAL P

    Total calculated
    $431,382
    From this org
    $348,040
    From related orgs
    $0
    Other
    $83,342
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $323,831
    Bonus
    $5,858
    Other
    $18,351
    Deferred
    $53,142
    Nontaxable benefits
    $30,200
    Filer's total
    $431,382

  • Kara T Pearson

    CFO

    Total calculated
    $422,880
    From this org
    $338,350
    From related orgs
    $0
    Other
    $84,530
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $311,384
    Bonus
    $8,494
    Other
    $18,472
    Deferred
    $49,969
    Nontaxable benefits
    $34,561
    Filer's total
    $422,880

  • Timothy Williams

    VP CORP/EXT.

    Total calculated
    $428,995
    From this org
    $314,155
    From related orgs
    $0
    Other
    $114,840
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $280,384
    Bonus
    $737
    Other
    $33,034
    Deferred
    $87,990
    Nontaxable benefits
    $26,850
    Filer's total
    $428,995

  • David Johnson

    COO

    Total calculated
    $414,914
    From this org
    $328,337
    From related orgs
    $0
    Other
    $86,577
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $295,069
    Bonus
    $5,858
    Other
    $27,410
    Deferred
    $48,017
    Nontaxable benefits
    $38,560
    Filer's total
    $414,914

  • James Wright

    VP-CORPORATE

    Total calculated
    $399,311
    From this org
    $326,072
    From related orgs
    $0
    Other
    $73,239
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $314,175
    Bonus
    not reported
    Other
    $11,897
    Deferred
    $39,691
    Nontaxable benefits
    $33,548
    Filer's total
    $399,311

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 · 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
GARY A. MILLER 0 31,310 0
SCHEDULE J, PART III
SCHEDULE J, PART II, COLUMN B (III) - THE AMOUNTS REPORTED IN THIS COLUMN GENERALLY INCLUDE AMOUNTS PAID OUT UNDER A NON-QUALIFIED DEFERRED COMPENSATION PLAN (NQDC PLAN). THE PURPOSE OF THE PLAN IS TO MAKE WHOLE CERTAIN MEMBERS OF MANAGEMENT WHOSE ACCRUED BENEFIT UNDER THE NRECA R&S PENSION PLAN THAT IS LIMITED BY THE INTERNAL REVENUE CODE ARE MADE WHOLE. DISTRIBUTIONS FROM THE NQDC PLAN ARE PROCESSED THROUGH THE COMPANY'S PAYROLL SYSTEM AND INCLUDED IN EACH PARTICIPANT'S REPORTABLE COMPENSATION. A CREDIT IS RECEIVED FROM NRECA FOR AMOUNTS THE COMPANY PAID THE PARTICIPANTS. DISTRIBUTIONS FROM THE NQDC PLAN FOR THE YEAR ENDED DECEMBER 31, 2024 WERE 31,310.

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.

  • GREYSTONE CONNECT LLC GREYSTONE CONNECT LLC

    BROADBAND · GA · income -$2,264,689 · assets $1,927,695

    Directly controlled by GPC

Provenance

Return type
form_990
Tax year
2024
Filed
30 October 2025
IRS schema version
2024v5.0
Source object
202523039349302127

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.