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Nonprofiteer
← SOUTHERN PINE ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by SOUTHERN PINE ELECTRIC COOPERATIVE.

Totals

Total revenue
$220,241,849
Total expenses
$220,241,849
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$220,168,482
Investment income
-$1,541,445
Other revenue
$1,614,812
Total assets, end of year
$497,414,310
Total liabilities, end of year
$187,177,129
Net assets or fund balances, end of year
$310,237,181
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: Sale of Electricity

    total $215,868,440 · related or exempt $215,868,440

  • 2b · Program service revenue: Capital Credits

    total $4,300,042 · related or exempt $4,300,042

  • 3 · Investment income

    total $362,756 · excluded $362,756

  • 6a · Gross rents

    personal property $1,583,701

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $1,583,701

  • 6d · Net rental income or loss

    total $1,583,701 · excluded $1,583,701

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

    other assets $1,904,201

  • 7c · Gain or loss

    other assets -$1,904,201

  • 7d · Net gain or loss

    total -$1,904,201 · excluded -$1,904,201

  • 11a · Other revenue: Rebates

    total $16,711 · related or exempt $16,711

  • 11b · Other revenue: Miscellaneous Revenue

    total $14,400 · related or exempt $14,400

  • 11e · Other revenue, total

    $31,111

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $7,270,194

  • 5 · Compensation of officers, directors and key employees

    total $1,815,750

  • 20 · Interest

    total $4,765,950

  • 22 · Depreciation, depletion and amortization

    total $14,840,878

  • 24a · Other expenses: Cost of Power

    total $153,756,194

  • 24b · Other expenses: Dist Exp - Maintenance

    total $16,755,562

  • 24c · Other expenses: Administrative & Genera

    total $10,438,193

  • 24d · Other expenses: Consumer Accounts Expen

    total $4,956,331

  • 24e · All other expenses

    total $5,642,797

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,586,067 · end of year $4,923,786

  • 2 · Savings and temporary cash investments

    beginning of year $7,874,000 · end of year $6,009,000

  • 4 · Accounts receivable

    beginning of year $29,948,476 · end of year $23,761,010

  • 7 · Other notes and loans receivable

    beginning of year $992,909 · end of year $2,673,010

  • 8 · Inventories for sale or use

    beginning of year $7,226,802 · end of year $8,829,440

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,651,681 · end of year $1,103,885

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

    $516,333,949

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

    $167,625,765

  • 10c · Land, buildings and equipment, net

    beginning of year $346,241,244 · end of year $348,708,184

  • 13 · Investments: program-related

    beginning of year $99,480,241 · end of year $101,405,995

  • 17 · Accounts payable and accrued expenses

    beginning of year $19,854,155 · end of year $26,224,847

  • 19 · Deferred revenue

    beginning of year $4,000,000 · end of year $2,000,000

  • 23 · Secured mortgages and notes payable

    beginning of year $154,510,429 · end of year $152,046,800

  • 25 · Other liabilities

    beginning of year $6,892,170 · end of year $6,905,482

  • 29 · Capital stock, trust principal or current funds

    beginning of year $355,032 · end of year $356,217

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

    beginning of year $736,236 · end of year $736,158

  • 31 · Retained earnings, endowment or other funds

    beginning of year $317,653,398 · end of year $309,144,806

Mission and programs · 2022

Mission

The mission of Southern Pine Electric's Board of Directors and employees is to enhance the quality of life of our members and community by safely providing reliable electric energy at an affordable price.

  • Southern Pine Electric Cooperative is an electric distribution cooperative that provided service to approximately 69,822 meters in south central Mississippi. Utilizing its 10,668 miles of electric distribution lines, Southern Pine Electric sold 1,955,922,274 kilowatt hours of electric energy to its members.

As filed on the 2022 return.

Listed in Part VII

  • Billy M Berry

    Chariman/Director

    Total calculated
    $70,119
    From this org
    $70,119
    From related orgs
    $0
    Other
    $0
    Hours/week
    28

  • Mims W Berry

    Director

    Total calculated
    $42,987
    From this org
    $42,987
    From related orgs
    $0
    Other
    $0
    Hours/week
    19

  • Charles Lowe

    Director

    Total calculated
    $61,331
    From this org
    $61,331
    From related orgs
    $0
    Other
    $0
    Hours/week
    18

  • Blaine H Eaton

    Director

    Total calculated
    $37,725
    From this org
    $37,725
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Haskins Montgomery

    Secretary/Director

    Total calculated
    $45,520
    From this org
    $45,520
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Billy Parish

    Director

    Total calculated
    $42,816
    From this org
    $42,816
    From related orgs
    $0
    Other
    $0
    Hours/week
    19

  • Greg Sullivan

    Director

    Total calculated
    $66,246
    From this org
    $66,246
    From related orgs
    $0
    Other
    $0
    Hours/week
    22

  • David Tadlock

    Director

    Total calculated
    $26,060
    From this org
    $26,060
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Richard Thoms

    Vice-Chairman/Director

    Total calculated
    $44,565
    From this org
    $44,565
    From related orgs
    $0
    Other
    $0
    Hours/week
    21

  • Fountaine McNair

    Director

    Total calculated
    $33,985
    From this org
    $33,985
    From related orgs
    $0
    Other
    $0
    Hours/week
    18

  • Jeffery Sims

    Director

    Total calculated
    $36,561
    From this org
    $36,561
    From related orgs
    $0
    Other
    $0
    Hours/week
    19

  • Dean Kirby

    Director

    Total calculated
    $28,637
    From this org
    $28,637
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Staci L Rhodes

    Director

    Total calculated
    $32,627
    From this org
    $32,627
    From related orgs
    $0
    Other
    $0
    Hours/week
    17

  • Ann S Hamm

    VP of Finance

    Total calculated
    $215,166
    From this org
    $169,073
    From related orgs
    $0
    Other
    $46,093
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $167,114
    Bonus
    $0
    Other
    $1,959
    Deferred
    $37,040
    Nontaxable benefits
    $9,053
    Filer's total
    $215,166

  • Chris K Rhodes

    President / CEO

    Total calculated
    $537,121
    From this org
    $312,203
    From related orgs
    $0
    Other
    $224,918
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $305,486
    Bonus
    $0
    Other
    $6,717
    Deferred
    $199,984
    Nontaxable benefits
    $24,934
    Filer's total
    $537,121

  • Ryan R Robertson

    Chief Financial Officer

    Total calculated
    $204,697
    From this org
    $169,175
    From related orgs
    $0
    Other
    $35,522
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $157,233
    Bonus
    $0
    Other
    $11,942
    Deferred
    $26,886
    Nontaxable benefits
    $8,636
    Filer's total
    $204,697

  • Jim Jordan

    VP of Engineering

    Total calculated
    $289,587
    From this org
    $182,395
    From related orgs
    $0
    Other
    $107,192
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $177,502
    Bonus
    $0
    Other
    $4,893
    Deferred
    $85,471
    Nontaxable benefits
    $21,721
    Filer's total
    $289,587

  • John Joseph Hardin

    Director of Plant and Faci

    Total calculated
    $227,606
    From this org
    $146,190
    From related orgs
    $0
    Other
    $81,416
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $145,229
    Bonus
    $0
    Other
    $961
    Deferred
    $63,306
    Nontaxable benefits
    $18,110
    Filer's total
    $227,606

  • Robert Chad Lewis

    VP of Operations

    Total calculated
    $254,655
    From this org
    $179,867
    From related orgs
    $0
    Other
    $74,788
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $173,434
    Bonus
    $0
    Other
    $6,433
    Deferred
    $60,915
    Nontaxable benefits
    $13,873
    Filer's total
    $254,655

  • Ollen D McAlpin

    VP of Administration

    Total calculated
    $202,208
    From this org
    $161,079
    From related orgs
    $0
    Other
    $41,129
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $154,150
    Bonus
    $0
    Other
    $6,929
    Deferred
    $25,166
    Nontaxable benefits
    $15,963
    Filer's total
    $202,208

  • Jennifer W Collins

    VP of Communications & Gov

    Total calculated
    $222,562
    From this org
    $150,997
    From related orgs
    $0
    Other
    $71,565
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $146,183
    Bonus
    $0
    Other
    $4,814
    Deferred
    $63,359
    Nontaxable benefits
    $8,206
    Filer's total
    $222,562

  • James Keith King

    Director of Supply Chain

    Total calculated
    $200,155
    From this org
    $132,743
    From related orgs
    $0
    Other
    $67,412
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,913
    Bonus
    $0
    Other
    $830
    Deferred
    $57,211
    Nontaxable benefits
    $10,201
    Filer's total
    $200,155

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 · 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

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
2022
Filed
7 November 2023
IRS schema version
2022v5.0
Source object
202313139349304836

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