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Nonprofiteer
← HOLSTON ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by HOLSTON ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$103,748,257
Total expenses
$103,748,257
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$101,139,255
Investment income
$701,306
Other revenue
$1,907,696
Total assets, end of year
$143,343,428
Total liabilities, end of year
$45,959,477
Net assets or fund balances, end of year
$97,383,951
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 $86,316,013 · related or exempt $86,316,013

  • 2b · Program service revenue: Other Utility Revenue

    total $14,823,242 · related or exempt $14,823,242

  • 3 · Investment income

    total $701,306 · excluded $701,306

  • 6a · Gross rents

    personal property $1,781,686

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $1,781,686

  • 6d · Net rental income or loss

    total $1,781,686 · excluded $1,781,686

  • 11a · Other revenue: Non-Operating Revenue

    total $126,010 · excluded $126,010

  • 11e · Other revenue, total

    $126,010

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $6,253,232

  • 5 · Compensation of officers, directors and key employees

    total $698,898

  • 20 · Interest

    total $872,955

  • 22 · Depreciation, depletion and amortization

    total $7,741,393

  • 24a · Other expenses: Purchased Power

    total $63,897,979

  • 24b · Other expenses: Distribution-Operations

    total $11,242,452

  • 24c · Other expenses: Distribution-Maintenanc

    total $7,151,913

  • 24d · Other expenses: Accounting & Collection

    total $3,199,242

  • 24e · All other expenses

    total $2,690,193

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $15,865,514 · end of year $11,575,560

  • 4 · Accounts receivable

    beginning of year $5,842,098 · end of year $4,503,238

  • 7 · Other notes and loans receivable

    beginning of year $335,506 · end of year $197,998

  • 8 · Inventories for sale or use

    beginning of year $1,199,842 · end of year $1,745,248

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,608,486 · end of year $4,229,767

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

    $185,466,498

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

    $72,802,815

  • 10c · Land, buildings and equipment, net

    beginning of year $105,883,104 · end of year $112,663,683

  • 13 · Investments: program-related

    beginning of year $3,736,728 · end of year $5,805,082

  • 15 · Other assets

    beginning of year $2,960,903 · end of year $2,622,852

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,787,978 · end of year $12,722,155

  • 23 · Secured mortgages and notes payable

    beginning of year $29,013,244 · end of year $28,269,472

  • 24 · Unsecured notes and loans payable

    beginning of year $2,600,000 · end of year $1,000,000

  • 25 · Other liabilities

    beginning of year $3,895,100 · end of year $3,967,850

  • 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 $110,130 · end of year $104,990

  • 31 · Retained earnings, endowment or other funds

    beginning of year $91,025,729 · end of year $97,278,961

Mission and programs · 2022

Mission

At Holston Electric Cooperative our mission is to provide safe, dependable electric service to our member-owners at a reasonable cost.

Activities or mission (Part I)

At Holston Electric Cooperative, our mission is to provide safe, dependable electric service to our member-owners at a reasonable cost.

  • Holston Electric Cooperative is a customer-owned distributor of TVA power, providing service to more than 32,000 residential, commercial and industrial customers in a 525 square-mile area of Hawkins and Hamblen Counties in upper East Tennessee.

  • Holston Electric Cooperative operates it's wholly owned subsidiary, HolstonConnect, LLC, to provide rural broadband services (Internet, Telephone and Televison) to the current footprint of the Electric Cooperative. The most recent customer count is approximately 12,500 customers.

As filed on the 2022 return.

Listed in Part VII

  • Gordell Ely

    Director

    Total calculated
    $14,175
    From this org
    $14,175
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2

  • Jeff Ringley

    Director/President

    Total calculated
    $14,450
    From this org
    $14,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.3

  • Phil Barrett

    Director/Vice President

    Total calculated
    $16,425
    From this org
    $16,425
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9

  • David Marshall

    Director

    Total calculated
    $15,575
    From this org
    $15,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mark Derrick

    Director/ Secretary/Treasurer

    Total calculated
    $16,200
    From this org
    $16,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.6

  • Jerry Horner

    Director

    Total calculated
    $11,025
    From this org
    $11,025
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Crystal Price

    Director

    Total calculated
    $14,575
    From this org
    $14,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Shannon Bellamy

    Director of Finance and Hu

    Total calculated
    $194,697
    From this org
    $179,475
    From related orgs
    $0
    Other
    $15,222
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $153,957
    Bonus
    $0
    Other
    $25,518
    Deferred
    $4,234
    Nontaxable benefits
    $10,988
    Filer's total
    $194,697

  • James B Sandlin

    General Manager

    Total calculated
    $401,776
    From this org
    $291,270
    From related orgs
    $0
    Other
    $110,506
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $266,952
    Bonus
    $0
    Other
    $24,318
    Deferred
    $84,624
    Nontaxable benefits
    $25,882
    Filer's total
    $401,776

  • Arthur Davenport

    Director of Operations

    Total calculated
    $238,612
    From this org
    $232,601
    From related orgs
    $0
    Other
    $6,011
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $11,454
    Bonus
    $0
    Other
    $221,147
    Deferred
    $0
    Nontaxable benefits
    $6,011
    Filer's total
    $238,612

  • Chris Couch

    Foreman

    Total calculated
    $152,256
    From this org
    $140,125
    From related orgs
    $0
    Other
    $12,131
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $124,558
    Bonus
    $0
    Other
    $15,567
    Deferred
    $2,568
    Nontaxable benefits
    $9,563
    Filer's total
    $152,256

  • Thomas Powell

    Director of Broadband Oper

    Total calculated
    $171,190
    From this org
    $137,447
    From related orgs
    $0
    Other
    $33,743
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $123,215
    Bonus
    $0
    Other
    $14,232
    Deferred
    $8,681
    Nontaxable benefits
    $25,062
    Filer's total
    $171,190

  • James M Collier

    Director of Operations

    Total calculated
    $239,995
    From this org
    $152,402
    From related orgs
    $0
    Other
    $87,593
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $127,840
    Bonus
    $0
    Other
    $24,562
    Deferred
    $62,729
    Nontaxable benefits
    $24,864
    Filer's total
    $239,995

  • Nathan Franklin

    Director of Engineering

    Total calculated
    $211,573
    From this org
    $135,240
    From related orgs
    $0
    Other
    $76,333
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $117,709
    Bonus
    $0
    Other
    $17,531
    Deferred
    $51,320
    Nontaxable benefits
    $25,013
    Filer's total
    $211,573

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Part I, Line 4a
Arthur Davenport received $199,961 as part of an "Exit Incentive" agreement.

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.

  • Holston Connect

    Broadband Service · TN · income $11,750,860 · assets $3,904,410

    Directly controlled by Holston Electric Cooperative Inc

Provenance

Return type
form_990
Tax year
2022
Filed
24 October 2023
IRS schema version
2022v5.0
Source object
202343139349303724

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