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← TRI-COUNTY ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2022

Filed by TRI-COUNTY ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$150,554,249
Total expenses
$143,411,932
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$149,860,331
Investment income
$693,918
Other revenue
$0
Total assets, end of year
$220,282,810
Total liabilities, end of year
$58,048,563
Net assets or fund balances, end of year
$162,234,247
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$143,411,932

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 $144,988,689 · related or exempt $144,988,689 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Rent from Electric Property

    total $2,040,594 · related or exempt $0 · unrelated business $0 · excluded $2,040,594

  • 2c · Program service revenue: Forfeited Discounts

    total $373,805 · related or exempt $373,805 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Service Charges

    total $633,138 · related or exempt $633,138 · unrelated business $0 · excluded $0

  • 2e · Program service revenue: Miscellaneous

    total $61,165 · related or exempt $61,165 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $1,762,940 · related or exempt $1,762,940 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $693,918 · related or exempt $0 · unrelated business $0 · excluded $693,918

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $1,257,515

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $6,279,878

  • 8 · Pension plan contributions

    total $1,285,701

  • 9 · Other employee benefits

    total $1,961,979

  • 10 · Payroll taxes

    total $547,560

  • 11b · Fees: legal

    total $40,718

  • 11c · Fees: accounting

    total $13,950

  • 11g · Fees: other

    total $3,397,840

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $49,411

  • 14 · Information technology

    total $694,741

  • 17 · Travel

    total $1,107,925

  • 20 · Interest

    total $722,529

  • 22 · Depreciation, depletion and amortization

    total $9,771,836

  • 23 · Insurance

    total $397,256

  • 24a · Other expenses: Repairs & Maintenance

    total $477,423

  • 24b · Other expenses: Electricity Purchased for Resale

    total $110,844,942

  • 24c · Other expenses: Property Taxes

    total $1,408,359

  • 24d · Other expenses: Gross Receipts Tax

    total $1,401,225

  • 24e · All other expenses

    total $1,751,144

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,373,825 · end of year $4,097,446

  • 2 · Savings and temporary cash investments

    beginning of year $25,242,000 · end of year $18,467,073

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $6,955,811 · end of year $4,718,423

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $2,617,544 · end of year $1,710,712

  • 8 · Inventories for sale or use

    beginning of year $3,951,877 · end of year $6,408,027

  • 9 · Prepaid expenses and deferred charges

    beginning of year $897,075 · end of year $1,207,258

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

    $282,760,082

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

    $110,397,296

  • 10c · Land, buildings and equipment, net

    beginning of year $160,705,795 · end of year $172,362,786

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $13,609,409 · end of year $11,311,085

  • 17 · Accounts payable and accrued expenses

    beginning of year $19,753,379 · end of year $17,339,671

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $26,538,254 · end of year $25,038,525

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $16,577,369 · end of year $15,670,367

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $212,240 · end of year $214,575

  • 31 · Retained earnings, endowment or other funds

    beginning of year $154,272,094 · end of year $162,019,672

Mission and programs · 2022

Mission

Distribution of electricity to over 55,000 metered locations in South Central Kentucky and Northern Middle Tennessee.

Activities or mission (Part I)

To be the provider of choice for energy related services by exceeding customer expectations and providing community leadership; your partner in a changing and competitive world

  • Revenue exceeded expenses by $7,142,317.

    Expenses $143,411,932 · Revenue $150,554,249

As filed on the 2022 return.

Listed in Part VII

  • Paul Thompson

    Chief Executive Officer

    Total calculated
    $374,410
    From this org
    $279,817
    From related orgs
    $0
    Other
    $94,593
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $272,407
    Bonus
    $0
    Other
    $7,410
    Deferred
    $82,471
    Nontaxable benefits
    $12,122
    Filer's total
    $374,410

  • Tammy Dixon

    Director of H.R. & External Relations

    Total calculated
    $252,924
    From this org
    $153,492
    From related orgs
    $0
    Other
    $99,432
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,427
    Bonus
    $0
    Other
    $1,065
    Deferred
    $88,836
    Nontaxable benefits
    $10,596
    Filer's total
    $252,924

  • Glenn Hale

    Director of Finance & Administration

    Total calculated
    $241,451
    From this org
    $141,329
    From related orgs
    $0
    Other
    $100,122
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,327
    Bonus
    $0
    Other
    $3,002
    Deferred
    $78,665
    Nontaxable benefits
    $21,457
    Filer's total
    $241,451

  • Jimmy Beecham

    Director of Engineering and Operations

    Total calculated
    $185,839
    From this org
    $163,926
    From related orgs
    $0
    Other
    $21,913
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $160,909
    Bonus
    $0
    Other
    $3,017
    Deferred
    $0
    Nontaxable benefits
    $21,913
    Filer's total
    $185,839

  • Mike Miller

    Director

    Total calculated
    $31,550
    From this org
    $11,726
    From related orgs
    $0
    Other
    $19,824
    Hours/week
    3

  • Bret Carver

    Director

    Total calculated
    $30,868
    From this org
    $11,044
    From related orgs
    $0
    Other
    $19,824
    Hours/week
    3

  • Jeffery Downing

    Director

    Total calculated
    $30,550
    From this org
    $10,726
    From related orgs
    $0
    Other
    $19,824
    Hours/week
    3

  • T P Thompson Jr

    Director

    Total calculated
    $29,850
    From this org
    $10,026
    From related orgs
    $0
    Other
    $19,824
    Hours/week
    3

  • Mark Linkous

    Director

    Total calculated
    $26,990
    From this org
    $14,044
    From related orgs
    $0
    Other
    $12,946
    Hours/week
    3

  • Andy Goad

    Director

    Total calculated
    $24,604
    From this org
    $11,658
    From related orgs
    $0
    Other
    $12,946
    Hours/week
    3

  • Kelby Graves

    Director

    Total calculated
    $23,672
    From this org
    $10,726
    From related orgs
    $0
    Other
    $12,946
    Hours/week
    3

  • Ronald Bailey

    Director

    Total calculated
    $22,422
    From this org
    $9,476
    From related orgs
    $0
    Other
    $12,946
    Hours/week
    3

  • Ron Alan Powell

    Director

    Total calculated
    $22,002
    From this org
    $9,408
    From related orgs
    $0
    Other
    $12,594
    Hours/week
    3

  • Travis Carter

    Director

    Total calculated
    $15,421
    From this org
    $7,840
    From related orgs
    $0
    Other
    $7,581
    Hours/week
    3

  • Tony Bentle

    Director

    Total calculated
    $4,000
    From this org
    $4,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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.

  • Tri-County Fiber Communications LLC

    Retail Broadband Provider · TN · income $1,762,940 · assets $1,589,412

    Directly controlled by Tri-County Electric Membership

Provenance

Return type
form_990
Tax year
2022
Filed
16 November 2023
IRS schema version
2022v5.0
Source object
202303219349301525

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