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Nonprofiteer
← SOUTH PLAINS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by SOUTH PLAINS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$167,567,520
Total expenses
$169,150,958
Contributions and grants received
$0
Grants paid
$296,818
Program service revenue
$168,855,331
Investment income
-$1,732,837
Other revenue
$445,026
Total assets, end of year
$563,842,361
Total liabilities, end of year
$333,380,160
Net assets or fund balances, end of year
$230,462,201
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 $159,864,022 · related or exempt $159,864,022

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $8,991,309 · related or exempt $8,991,309

  • 3 · Investment income

    total $803,905 · excluded $803,905

  • 6a · Gross rents

    real property $142,200 · personal property $178,070

  • 6b · Less rental expenses

    real property $91,925 · personal property $118,915

  • 6c · Rental income or loss

    real property $50,275 · personal property $59,155

  • 6d · Net rental income or loss

    total $109,430 · related or exempt $9,235 · unrelated business $100,195

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

    other assets $2,536,742

  • 7c · Gain or loss

    other assets -$2,536,742

  • 7d · Net gain or loss

    total -$2,536,742 · related or exempt -$2,536,742

  • 10a · Gross sales of inventory

    $425,047

  • 10b · Cost of goods sold

    $215,603

  • 10c · Net income from sales of inventory

    total $209,444 · related or exempt $214,166 · unrelated business -$4,722

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $126,152 · excluded $126,152

  • 11e · Other revenue, total

    $126,152

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $296,818

  • 4 · Benefits paid to or for members

    total $3,463,753

  • 5 · Compensation of officers, directors and key employees

    total $1,911,548

  • 7 · Other salaries and wages

    total $12,076,356

  • 8 · Pension plan contributions

    total $1,988,196

  • 9 · Other employee benefits

    total $3,529,923

  • 10 · Payroll taxes

    total $915,040

  • 20 · Interest

    total $13,883,141

  • 22 · Depreciation, depletion and amortization

    total $12,722,714

  • 24a · Other expenses: PURCHASED POWER

    total $106,253,967

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $6,184,356

  • 24c · Other expenses: CUSTOMER ACCOUNTS

    total $3,044,461

  • 24d · Other expenses: UNRELATED BUS. INC. TAX

    total $18,225

  • 24e · All other expenses

    total $2,862,460

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $14,209,385 · end of year $15,187,883

  • 4 · Accounts receivable

    beginning of year $18,133,931 · end of year $12,291,169

  • 7 · Other notes and loans receivable

    beginning of year $4,196,026 · end of year $4,099,233

  • 8 · Inventories for sale or use

    beginning of year $21,372 · end of year $50,124

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,395,119 · end of year $2,549,662

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

    $473,688,477

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

    $109,661,503

  • 10c · Land, buildings and equipment, net

    beginning of year $332,250,701 · end of year $364,026,974

  • 13 · Investments: program-related

    beginning of year $146,938,433 · end of year $155,098,849

  • 15 · Other assets

    beginning of year $9,983,479 · end of year $10,538,467

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,144,622 · end of year $18,618,486

  • 21 · Escrow or custodial account liability

    beginning of year $302,809 · end of year $757,123

  • 23 · Secured mortgages and notes payable

    beginning of year $259,329,693 · end of year $283,180,629

  • 25 · Other liabilities

    beginning of year $24,797,087 · end of year $30,823,922

  • 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 $228,554,235 · end of year $230,462,201

Mission and programs · 2024

Mission

NONE

Activities or mission (Part I)

TO PROVIDE ELECTRIC ENERGY TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • SALES OF ELECTRIC ENERGY TO OUR MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 75,399 ACTIVE SERVICES AT YEAR END.

As filed on the 2024 return.

Listed in Part VII

  • Brent Whitaker

    DIRECTOR

    Total calculated
    $32,892
    From this org
    $32,892
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.7

  • Lloyd Arthur

    DIRECTOR

    Total calculated
    $33,692
    From this org
    $33,692
    From related orgs
    $0
    Other
    $0
    Hours/week
    14.8

  • Scott Martin

    SECRETARY/TREASURER

    Total calculated
    $29,692
    From this org
    $29,692
    From related orgs
    $0
    Other
    $0
    Hours/week
    14.7

  • Danny Stanton

    VICE PRESIDENT

    Total calculated
    $33,000
    From this org
    $33,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    19.9

  • Larry Browning

    DIRECTOR

    Total calculated
    $30,600
    From this org
    $30,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.7

  • Rynn Truett

    ASSISTANT SECRETARY/TREASU

    Total calculated
    $29,540
    From this org
    $29,540
    From related orgs
    $0
    Other
    $0
    Hours/week
    15.5

  • Joe McFerrin

    DIRECTOR

    Total calculated
    $29,800
    From this org
    $29,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    15.8

  • Rd McCallister

    DIRECTOR (JAN-AUG)

    Total calculated
    $17,000
    From this org
    $17,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.9

  • Bobby Richey

    PRESIDENT

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    21.4

  • Benny Nixon

    DIRECTOR

    Total calculated
    $26,800
    From this org
    $26,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.7

  • David Gossett

    DIRECTOR

    Total calculated
    $27,400
    From this org
    $27,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    14.4

  • Dewayne McCallister

    DIRECTOR (AUG-DEC)

    Total calculated
    $14,800
    From this org
    $14,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    19.8

  • Jamie McNeill

    DIRECTOR

    Total calculated
    $29,000
    From this org
    $29,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.5

  • Larry Dale Ancell

    EXECUTIVE VP/GENERAL MANAG

    Total calculated
    $557,291
    From this org
    $440,456
    From related orgs
    $0
    Other
    $116,835
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $359,942
    Bonus
    $6,900
    Other
    $73,614
    Deferred
    $88,421
    Nontaxable benefits
    $28,414
    Filer's total
    $557,291

  • John Randal Bailey

    ASSISTANT GENERAL MANAGER

    Total calculated
    $645,771
    From this org
    $372,088
    From related orgs
    $0
    Other
    $273,683
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $328,626
    Bonus
    $5,100
    Other
    $38,362
    Deferred
    $246,269
    Nontaxable benefits
    $27,414
    Filer's total
    $645,771

  • Shane Adams

    CHIEF FINANCIAL OFFICER

    Total calculated
    $347,270
    From this org
    $264,336
    From related orgs
    $0
    Other
    $82,934
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $218,026
    Bonus
    $6,400
    Other
    $39,910
    Deferred
    $45,995
    Nontaxable benefits
    $36,939
    Filer's total
    $347,270

  • Randy McGee

    MANAGER OF MEMBER SERVICES

    Total calculated
    $297,283
    From this org
    $249,586
    From related orgs
    $0
    Other
    $47,697
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,254
    Bonus
    $2,800
    Other
    $78,532
    Deferred
    $36,361
    Nontaxable benefits
    $11,336
    Filer's total
    $297,283

  • Jamey Phillips

    GENERAL COUNSEL/DIRECTOR CORP AFFAIRS

    Total calculated
    $274,989
    From this org
    $244,644
    From related orgs
    $0
    Other
    $30,345
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,394
    Bonus
    $4,600
    Other
    $30,650
    Deferred
    $27,723
    Nontaxable benefits
    $2,622
    Filer's total
    $274,989

  • Tahnee Truitt

    DIRECTOR OF HUMAN RESOURCE

    Total calculated
    $288,331
    From this org
    $231,585
    From related orgs
    $0
    Other
    $56,746
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,556
    Bonus
    $6,400
    Other
    $20,629
    Deferred
    $41,238
    Nontaxable benefits
    $15,508
    Filer's total
    $288,331

  • Lynn Simmons

    DIRECTOR OF COMMUNICATIONS

    Total calculated
    $292,011
    From this org
    $228,228
    From related orgs
    $0
    Other
    $63,783
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,373
    Bonus
    $6,400
    Other
    $22,455
    Deferred
    $49,730
    Nontaxable benefits
    $14,053
    Filer's total
    $292,011

  • Jon Henson

    LUBBOCK DIVISION MANAGER

    Total calculated
    $284,725
    From this org
    $212,641
    From related orgs
    $0
    Other
    $72,084
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,277
    Bonus
    $4,600
    Other
    $22,764
    Deferred
    $44,808
    Nontaxable benefits
    $27,276
    Filer's total
    $284,725

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

  • 1a · Travel for companions
  • 1a · Health or social club dues or initiation fees
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
DURING 2024, THE COOPERATIVE PAID $7,469 FOR COUNTRY CLUB DUES FOR GENERAL MANAGER, LARRY DALE ANCELL.
PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. JOHN RANDAL BAILEY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 246,269 EMPLOYER CONTRIBUTION TO 401(K) PLAN -0- TOTAL REPORTED IN COLUMN C $ 246,269 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (246,269) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 131,461 EXPENSE TO THE COOPERATIVE $ 131,461 LARRY DALE ANCELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 77,332 EMPLOYER CONTRIBUTION TO 401(K) PLAN 11,089 TOTAL REPORTED IN COLUMN C $ 88,421 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (77,332) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 55,894 EXPENSE TO THE COOPERATIVE $ 66,983 SHANE ADAMS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,060 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,935 TOTAL REPORTED IN COLUMN C $ 45,995 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,060) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,197 EXPENSE TO THE COOPERATIVE $ 42,132 RANDY MCGEE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,261 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,100 TOTAL REPORTED IN COLUMN C $ 36,361 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,261) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,593 EXPENSE TO THE COOPERATIVE $ 33,693 LYNN SIMMONS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 43,617 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,113 TOTAL REPORTED IN COLUMN C $ 49,730 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (43,617) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,047 EXPENSE TO THE COOPERATIVE $ 40,160 TAHNEE TRUITT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 34,980 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,258 TOTAL REPORTED IN COLUMN C $ 41,238 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (34,980) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 35,197 EXPENSE TO THE COOPERATIVE $ 41,455 JON HENSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 38,976 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,832 TOTAL REPORTED IN COLUMN C $ 44,808 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (38,976) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,797 EXPENSE TO THE COOPERATIVE $ 38,629 JAMEY PHILLIPS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 21,441 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,282 TOTAL REPORTED IN COLUMN C $ 27,723 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (21,441) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,436 EXPENSE TO THE COOPERATIVE $ 35,718

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • SOUTH PLAINS ELECTRIC TRUST

    501(C)(3) · SCHOLARSHIPS, GRANTS, AND DONATIONS · TX · controlled entity

    Directly controlled by SOUTH PLAINS ELECTRIC COOPERATIVE INC

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.

  • SOUTH PLAINS DEVELOPMENT CORPORATION

    C · REAL ESTATE RENTAL AND DEVELOPMENT · TX · 100% owned · share of income $956,752 · share of assets $7,279,739 · controlled entity

    Directly controlled by SOUTH PLAINS ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202523209349302377

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