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Nonprofiteer
← PRINCE GEORGE ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by PRINCE GEORGE ELECTRIC COOPERATIVE.

Totals

Total revenue
$54,391,598
Total expenses
$48,721,481
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$52,294,474
Investment income
$1,671,427
Other revenue
$425,697
Total assets, end of year
$106,354,564
Total liabilities, end of year
$66,491,775
Net assets or fund balances, end of year
$39,862,789
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: ELECTRICITY TO MEMBERS

    total $41,370,071 · related or exempt $41,370,071

  • 2b · Program service revenue: INTERNET TO MEMBERS

    total $5,205,054 · related or exempt $5,205,054

  • 2c · Program service revenue: CONTRIBUTION IN AID OF CONSTRUCTI

    total $3,552,410 · related or exempt $3,552,410

  • 2d · Program service revenue: BROADBAND SUBSIDIES

    total $1,540,270 · related or exempt $1,540,270

  • 2e · Program service revenue: PATRONAGE ALLOCATIONS

    total $497,051 · related or exempt $497,051

  • 2f · All other program service revenue

    total $129,618 · excluded $129,618

  • 3 · Investment income

    total $67,282 · excluded $67,282

  • 7a · Gross sales of assets other than inventory

    other assets $1,604,145

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

    other assets $0

  • 7c · Gain or loss

    other assets $1,604,145

  • 7d · Net gain or loss

    total $1,604,145 · related or exempt $1,604,145

  • 11a · Other revenue: OTHER NON-OPERATING INCOME

    total $425,697 · related or exempt $425,697

  • 11e · Other revenue, total

    $425,697

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $755,554

  • 5 · Compensation of officers, directors and key employees

    total $848,091

  • 7 · Other salaries and wages

    total $1,026,166

  • 11b · Fees: legal

    total $132,159

  • 11c · Fees: accounting

    total $43,007

  • 11g · Fees: other

    total $17,394

  • 13 · Office expenses

    total $207,240

  • 14 · Information technology

    total $1,101,583

  • 16 · Occupancy

    total $145,676

  • 17 · Travel

    total $38,619

  • 19 · Conferences, conventions and meetings

    total $19,309

  • 20 · Interest

    total $2,395,524

  • 22 · Depreciation, depletion and amortization

    total $4,683,318

  • 23 · Insurance

    total $30,132

  • 24a · Other expenses: COST OF POWER

    total $27,558,313

  • 24b · Other expenses: DISTRIBUTION MAINTENANC

    total $3,353,689

  • 24c · Other expenses: CONSUMER ACCOUNTS

    total $2,523,159

  • 24d · Other expenses: DISTRIBUTION OPERATION

    total $1,828,949

  • 24e · All other expenses

    total $2,013,599

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,857,765 · end of year $3,212,738

  • 4 · Accounts receivable

    beginning of year $7,230,845 · end of year $6,111,890

  • 8 · Inventories for sale or use

    beginning of year $3,801,618 · end of year $5,009,925

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,249,835 · end of year $1,305,953

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

    $121,411,639

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

    $48,496,996

  • 10c · Land, buildings and equipment, net

    beginning of year $69,955,454 · end of year $72,914,643

  • 13 · Investments: program-related

    beginning of year $17,359,825 · end of year $17,776,606

  • 15 · Other assets

    beginning of year $22,809 · end of year $22,809

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,808,517 · end of year $6,340,692

  • 23 · Secured mortgages and notes payable

    beginning of year $52,614,017 · end of year $52,491,120

  • 25 · Other liabilities

    beginning of year $6,354,295 · end of year $7,659,963

  • 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 $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $37,701,322 · end of year $39,862,789

Mission and programs · 2023

Mission

SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS.

Activities or mission (Part I)

SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS

  • SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Paul H Brown

    CHAIRMAN

    Total calculated
    $23,905
    From this org
    $23,905
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • James Corl

    DIRECTOR

    Total calculated
    $11,600
    From this org
    $11,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Herbert R Patrick

    SECRETARY - TREASURER

    Total calculated
    $18,771
    From this org
    $18,771
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Richard B Scott

    ASST. SECRETARY-TREASURER

    Total calculated
    $17,406
    From this org
    $17,406
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John M Brock Jr

    DIRECTOR

    Total calculated
    $18,034
    From this org
    $18,034
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Matthew P Carden

    DIRECTOR

    Total calculated
    $17,844
    From this org
    $17,844
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Keith M Dunn

    VICE-CHAIRMAN

    Total calculated
    $18,081
    From this org
    $18,081
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Denya C Hankerson

    DIRECTOR

    Total calculated
    $18,819
    From this org
    $18,819
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian E Coey

    DIRECTOR

    Total calculated
    $17,402
    From this org
    $17,402
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Robert Howard Hall

    VICE PRESIDENT AND CHIEF F

    Total calculated
    $227,525
    From this org
    $209,646
    From related orgs
    $0
    Other
    $17,879
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,318
    Bonus
    $0
    Other
    $10,328
    Deferred
    $3,986
    Nontaxable benefits
    $13,893
    Filer's total
    $227,525

  • Sarat Yellepeddi

    PRESIDENT AND CEO

    Total calculated
    $313,094
    From this org
    $285,542
    From related orgs
    $0
    Other
    $27,552
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,064
    Bonus
    $0
    Other
    $15,478
    Deferred
    $5,401
    Nontaxable benefits
    $22,151
    Filer's total
    $313,094

  • Walter Lee Chappell

    VICE PRESIDENT OF OPERATIO

    Total calculated
    $215,925
    From this org
    $191,041
    From related orgs
    $0
    Other
    $24,884
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,180
    Bonus
    $0
    Other
    $18,861
    Deferred
    $3,444
    Nontaxable benefits
    $21,440
    Filer's total
    $215,925

  • Jason Jessup

    CONSTRUCTION FOREMAN

    Total calculated
    $128,810
    From this org
    $126,904
    From related orgs
    $0
    Other
    $1,906
    Hours/week
    40

  • Justin Harville

    GENERAL MANAGER

    Total calculated
    $175,803
    From this org
    $152,952
    From related orgs
    $0
    Other
    $22,851
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,980
    Bonus
    $0
    Other
    $13,972
    Deferred
    $2,780
    Nontaxable benefits
    $20,071
    Filer's total
    $175,803

  • Joshua Krenicky

    MANAGER OF OPERATIONS

    Total calculated
    $143,544
    From this org
    $141,073
    From related orgs
    $0
    Other
    $2,471
    Hours/week
    40

  • Douglas Dunn

    JOURNEYMAN LINEMAN

    Total calculated
    $122,991
    From this org
    $121,247
    From related orgs
    $0
    Other
    $1,744
    Hours/week
    40

  • Cary Logan

    FORMER PRESIDENT AND CEO

    Total calculated
    $236,123
    From this org
    $223,372
    From related orgs
    $0
    Other
    $12,751
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,891
    Bonus
    $0
    Other
    $11,481
    Deferred
    $2,251
    Nontaxable benefits
    $10,500
    Filer's total
    $236,123

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
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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.

  • PGEC ENTERPRISES LLC

    INTERNET ACCESS · VA · income $6,745,324 · assets $20,576,746

    Directly controlled by PRINCE GEORGE ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
10 May 2024
IRS schema version
2023v5.0
Source object
202421469349300407

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