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Nonprofiteer
← PALMETTO ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by PALMETTO ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$194,786,503
Total expenses
$194,786,503
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$194,731,033
Investment income
$55,470
Other revenue
$0
Total assets, end of year
$321,081,636
Total liabilities, end of year
$216,375,901
Net assets or fund balances, end of year
$104,705,735
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: ELECTRIC SALES

    total $192,505,056 · related or exempt $192,505,056

  • 2b · Program service revenue: GENERAL AND TRANSMISSION CAPI

    total $1,241,006 · related or exempt $1,241,006

  • 2c · Program service revenue: OTHER CAPITAL CREDIS

    total $835,533 · related or exempt $835,533

  • 2d · Program service revenue: OTHER REVENUE

    total $149,438 · related or exempt $149,438

  • 3 · Investment income

    total $55,470 · excluded $55,470

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $10,292,105

  • 5 · Compensation of officers, directors and key employees

    total $1,380,425

  • 20 · Interest

    total $6,430,450

  • 22 · Depreciation, depletion and amortization

    total $11,118,497

  • 24a · Other expenses: PURCHASED POWER

    total $125,271,749

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $9,894,945

  • 24c · Other expenses: ADMINISTRATIVE AND GENERA

    total $9,413,842

  • 24d · Other expenses: TAXES AND OTHER

    total $6,990,192

  • 24e · All other expenses

    total $13,994,298

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $4,419,931 · end of year $7,651,372

  • 4 · Accounts receivable

    beginning of year $19,622,161 · end of year $21,011,724

  • 8 · Inventories for sale or use

    beginning of year $15,385,050 · end of year $14,243,534

  • 9 · Prepaid expenses and deferred charges

    beginning of year $261,904 · end of year $294,568

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

    $377,053,234

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

    $126,660,979

  • 10c · Land, buildings and equipment, net

    beginning of year $231,226,833 · end of year $250,392,255

  • 13 · Investments: program-related

    beginning of year $23,009,451 · end of year $24,487,572

  • 15 · Other assets

    beginning of year $3,874,695 · end of year $3,000,611

  • 17 · Accounts payable and accrued expenses

    beginning of year $27,215,973 · end of year $29,517,436

  • 23 · Secured mortgages and notes payable

    beginning of year $122,470,780 · end of year $132,011,450

  • 24 · Unsecured notes and loans payable

    beginning of year $2,000,000 · end of year $5,000,000

  • 25 · Other liabilities

    beginning of year $44,829,674 · end of year $49,847,015

  • 29 · Capital stock, trust principal or current funds

    beginning of year $323,385 · end of year $329,725

  • 31 · Retained earnings, endowment or other funds

    beginning of year $100,960,213 · end of year $104,376,010

Mission and programs · 2024

Mission

TO DELIVER COMPETITIVELY PRICED, RELIABLE ENERGY AND INNOVATIVE RELATED SERVICES TO ITS MEMBERS AND TO PROVIDE LEADERSHIP AND SUPPORT TO THE COMMUNITIES WE SERVE

  • N/A

As filed on the 2024 return.

Listed in Part VII

  • Jeremiah E Vaigneur

    CHAIRMAN

    Total calculated
    $29,839
    From this org
    $29,839
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • D Terrell Smith

    VICE CHAIRMA

    Total calculated
    $29,167
    From this org
    $29,167
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Carolyn Grant

    SECRETARY-TR

    Total calculated
    $26,751
    From this org
    $26,751
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Drearl Bostick Sr

    DIRECTOR

    Total calculated
    $30,889
    From this org
    $30,889
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Greg Cook

    DIRECTOR

    Total calculated
    $17,800
    From this org
    $17,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Alicia Holland

    DIRECTOR

    Total calculated
    $33,676
    From this org
    $33,676
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Nicholas T Gohagan

    DIRECTOR

    Total calculated
    $9,250
    From this org
    $9,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • William J Nimmer

    DIRECTOR

    Total calculated
    $41,053
    From this org
    $41,053
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James L Rowe

    DIRECTOR

    Total calculated
    $49,391
    From this org
    $49,391
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • David L White

    DIRECTOR

    Total calculated
    $19,517
    From this org
    $19,517
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Thomas Stanley Jr

    DIRECTOR

    Total calculated
    $25,127
    From this org
    $25,127
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • David Howard

    DIRECTOR

    Total calculated
    $31,427
    From this org
    $31,427
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • A Berl Davis Jr

    PRES. & CEO

    Total calculated
    $1,036,538
    From this org
    $569,226
    From related orgs
    $0
    Other
    $467,312
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $452,512
    Bonus
    $53,018
    Other
    $63,696
    Deferred
    $440,016
    Nontaxable benefits
    $27,296
    Filer's total
    $1,036,538

  • Wilson D Saleeby

    V.P ENGIN/OP

    Total calculated
    $444,077
    From this org
    $323,819
    From related orgs
    $0
    Other
    $120,258
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $285,359
    Bonus
    $28,470
    Other
    $9,990
    Deferred
    $80,648
    Nontaxable benefits
    $39,610
    Filer's total
    $444,077

  • Tanya K Trull

    V.P FINANCE

    Total calculated
    $453,834
    From this org
    $274,758
    From related orgs
    $0
    Other
    $179,076
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $228,189
    Bonus
    $23,990
    Other
    $22,579
    Deferred
    $142,534
    Nontaxable benefits
    $36,542
    Filer's total
    $453,834

  • Georgia Vido

    V.P HUMAN RE

    Total calculated
    $412,031
    From this org
    $267,915
    From related orgs
    $0
    Other
    $144,116
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $224,090
    Bonus
    $22,305
    Other
    $21,520
    Deferred
    $107,788
    Nontaxable benefits
    $36,328
    Filer's total
    $412,031

  • Richard E Hunter III

    V.P MARKETIN

    Total calculated
    $387,436
    From this org
    $257,122
    From related orgs
    $0
    Other
    $130,314
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $216,611
    Bonus
    $25,246
    Other
    $15,265
    Deferred
    $94,252
    Nontaxable benefits
    $36,062
    Filer's total
    $387,436

  • Bruce K Draper

    OPERATIONS M

    Total calculated
    $411,460
    From this org
    $307,437
    From related orgs
    $0
    Other
    $104,023
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,565
    Bonus
    not reported
    Other
    $128,872
    Deferred
    $68,648
    Nontaxable benefits
    $35,375
    Filer's total
    $411,460

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.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
4 November 2025
IRS schema version
2024v5.0
Source object
202523099349302107

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