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Nonprofiteer
← EAST MISSISSIPPI ELECTRIC POWER

Form 990 for tax year 2022

Filed by EAST MISSISSIPPI ELECTRIC POWER.

Totals

Total revenue
$95,947,513
Total expenses
$95,947,513
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$89,697,668
Investment income
$3,271,740
Other revenue
$2,978,105
Total assets, end of year
$300,410,105
Total liabilities, end of year
$202,571,734
Net assets or fund balances, end of year
$97,838,371
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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: OPERATING REVENUES

    total $85,842,683 · related or exempt $85,842,683

  • 2b · Program service revenue: QUALIFIED POLE RENTAL

    total $3,854,985 · excluded $3,854,985

  • 3 · Investment income

    total $3,271,740 · unrelated business $3,160,964 · excluded $110,776

  • 11a · Other revenue: BROADBAND ADMIN. SERVICES

    total $1,941,043 · unrelated business $1,941,043

  • 11b · Other revenue: PATRONAGE CAPITAL

    total $522,690 · related or exempt $522,690

  • 11c · Other revenue: NAVY PRIVATIZATION CONTRACT

    total $445,355 · related or exempt $445,355

  • 11d · All other revenue

    total $69,017 · related or exempt $52,312 · unrelated business $16,705

  • 11e · Other revenue, total

    $2,978,105

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,263,813

  • 5 · Compensation of officers, directors and key employees

    total $871,715

  • 7 · Other salaries and wages

    total $6,753,366

  • 8 · Pension plan contributions

    total $2,085,475

  • 9 · Other employee benefits

    total $2,373,155

  • 10 · Payroll taxes

    total $773,576

  • 11b · Fees: legal

    total $55,005

  • 11c · Fees: accounting

    total $35,477

  • 11g · Fees: other

    total $6,242

  • 12 · Advertising and promotion

    total $434,954

  • 20 · Interest

    total $5,941,848

  • 22 · Depreciation, depletion and amortization

    total $9,210,013

  • 24a · Other expenses: COST OF POWER

    total $53,798,331

  • 24b · Other expenses: DISTRIBUTIONS - MAINTENAN

    total $3,684,820

  • 24c · Other expenses: DISTRIBUTION - OPERATIONS

    total $2,294,572

  • 24d · Other expenses: ADMINISTRATIVE & GENERAL

    total $1,202,723

  • 24e · All other expenses

    total $2,162,428

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,333,736 · end of year $8,652,797

  • 4 · Accounts receivable

    beginning of year $6,351,061 · end of year $8,312,338

  • 7 · Other notes and loans receivable

    beginning of year $8,573,423 · end of year $11,338,668

  • 8 · Inventories for sale or use

    beginning of year $11,515,401 · end of year $12,143,017

  • 9 · Prepaid expenses and deferred charges

    beginning of year $331,571 · end of year $442,620

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

    $365,194,325

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

    $118,622,516

  • 10c · Land, buildings and equipment, net

    beginning of year $189,379,335 · end of year $246,571,809

  • 11 · Investments: publicly traded securities

    beginning of year $1,641,492 · end of year $1,934,054

  • 12 · Investments: other securities

    beginning of year $4,459,644 · end of year $4,765,124

  • 15 · Other assets

    beginning of year $5,401,103 · end of year $6,249,678

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,463,713 · end of year $10,940,369

  • 23 · Secured mortgages and notes payable

    beginning of year $120,683,174 · end of year $174,440,845

  • 25 · Other liabilities

    beginning of year $19,560,682 · end of year $17,190,520

  • 31 · Retained earnings, endowment or other funds

    beginning of year $94,279,197 · end of year $97,838,371

Mission and programs · 2022

Mission

OUR MISSION IS TO DELIVER SERVICES THAT EMPOWER LIVES AND OUR VISION IS BUILDING PATHWAYS FOR COMMUNITY SUCCESS.

  • THE ASSOCIATION DELIVERED ELECTRIC SERVICE TO OVER 37000 MEMBERS.

  • PROVISION OF BROADBAND SERVICES TO MEMBERSHIP THROUGH A WHOLLY OWNED SUBSIDIARY.

As filed on the 2022 return.

Listed in Part VII

  • Randy Carroll

    CHIEF EXECUT

    Total calculated
    $367,395
    From this org
    $285,107
    From related orgs
    $0
    Other
    $82,288
    Hours/week
    30 + 20 related

    Schedule J breakdown matched by us

    Base
    $248,819
    Bonus
    $36,288
    Other
    not reported
    Deferred
    $60,004
    Nontaxable benefits
    $22,284
    Filer's total
    $367,395

  • Kevin Hedgpeth

    DIRECTOR OF

    Total calculated
    $258,481
    From this org
    $194,000
    From related orgs
    $0
    Other
    $64,481
    Hours/week
    29 + 20 related

    Schedule J breakdown matched by us

    Base
    $184,477
    Bonus
    $9,523
    Other
    not reported
    Deferred
    $42,197
    Nontaxable benefits
    $22,284
    Filer's total
    $258,481

  • Pat Williams

    DIR OF ENGIN

    Total calculated
    $255,451
    From this org
    $202,066
    From related orgs
    $0
    Other
    $53,385
    Hours/week
    36 + 10 related

    Schedule J breakdown matched by us

    Base
    $194,048
    Bonus
    $8,018
    Other
    not reported
    Deferred
    $42,197
    Nontaxable benefits
    $11,188
    Filer's total
    $255,451

  • Brent Mabry

    DIR. OF SYST

    Total calculated
    $250,559
    From this org
    $188,795
    From related orgs
    $0
    Other
    $61,764
    Hours/week
    29 + 20 related

    Schedule J breakdown matched by us

    Base
    $179,980
    Bonus
    $8,815
    Other
    not reported
    Deferred
    $39,480
    Nontaxable benefits
    $22,284
    Filer's total
    $250,559

  • Bryce Nester

    DIR OF ENERG

    Total calculated
    $233,271
    From this org
    $173,348
    From related orgs
    $0
    Other
    $59,923
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,296
    Bonus
    $4,052
    Other
    not reported
    Deferred
    $37,639
    Nontaxable benefits
    $22,284
    Filer's total
    $233,271

  • Sherry Wallace

    DIRECTOR OF

    Total calculated
    $207,549
    From this org
    $151,476
    From related orgs
    $0
    Other
    $56,073
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $147,487
    Bonus
    $3,989
    Other
    not reported
    Deferred
    $33,789
    Nontaxable benefits
    $22,284
    Filer's total
    $207,549

  • Gary Hutcherson

    DIR. OF INFO

    Total calculated
    $205,361
    From this org
    $151,551
    From related orgs
    $0
    Other
    $53,810
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,438
    Bonus
    $6,113
    Other
    not reported
    Deferred
    $31,526
    Nontaxable benefits
    $22,284
    Filer's total
    $205,361

  • Julie Boles

    DIR. OF MRKT

    Total calculated
    $189,484
    From this org
    $136,420
    From related orgs
    $0
    Other
    $53,064
    Hours/week
    25 + 15 related

    Schedule J breakdown matched by us

    Base
    $132,415
    Bonus
    $4,005
    Other
    not reported
    Deferred
    $30,780
    Nontaxable benefits
    $22,284
    Filer's total
    $189,484

  • Mike Fuller

    DIRECTOR

    Total calculated
    $38,684
    From this org
    $12,200
    From related orgs
    $4,200
    Other
    $22,284
    Hours/week
    1.8 + 0.5 related

  • Billy Clay

    DIRECTOR

    Total calculated
    $36,987
    From this org
    $11,203
    From related orgs
    $3,500
    Other
    $22,284
    Hours/week
    4.9 + 0.5 related

  • Jerry Webb

    DIRECTOR

    Total calculated
    $33,186
    From this org
    $10,902
    From related orgs
    $0
    Other
    $22,284
    Hours/week
    3.1

  • Ches Brewer

    DIRECTOR

    Total calculated
    $33,002
    From this org
    $10,718
    From related orgs
    $0
    Other
    $22,284
    Hours/week
    5.5

  • David Sorrels

    DIRECTOR

    Total calculated
    $23,794
    From this org
    $12,575
    From related orgs
    $700
    Other
    $10,519
    Hours/week
    4.7 + 0.5 related

  • Chester Willis

    TREASURER

    Total calculated
    $22,626
    From this org
    $12,107
    From related orgs
    $0
    Other
    $10,519
    Hours/week
    2.8

  • Lindsey Keene

    SECRETARY

    Total calculated
    $16,118
    From this org
    $10,760
    From related orgs
    $4,200
    Other
    $1,158
    Hours/week
    4.1 + 0.5 related

  • Gloria Welch

    VICE PRESIDE

    Total calculated
    $15,475
    From this org
    $11,275
    From related orgs
    $4,200
    Other
    $0
    Hours/week
    2.2 + 0.5 related

  • Mike Kennedy

    PRESIDENT

    Total calculated
    $14,089
    From this org
    $9,400
    From related orgs
    $4,200
    Other
    $489
    Hours/week
    2.5 + 0.5 related

  • Larry Pace

    DIRECTOR

    Total calculated
    $11,784
    From this org
    $10,626
    From related orgs
    $0
    Other
    $1,158
    Hours/week
    6

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 · 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

The filer's explanations (Part III)

SCHEDULE J, PART III
COMPENSATION IS REVIEWED BY AN EXTERNAL ORGANIZATION AND COMPARED TO OTHER SIMILAR ORGANIZATIONS WITHIN THE ELECTRIC COOPERATIVE INDUSTRY.

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.

  • EAST MISSISSIPPI CONNECT LLC

    C CORP · BROADBAND · MS · 100% owned · share of income $10,248,886 · share of assets $13,416,360 · controlled entity

Provenance

Return type
form_990
Tax year
2022
Filed
6 May 2024
IRS schema version
2022v5.0
Source object
202421359349304897

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