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Nonprofiteer
← MAGNOLIA ELECTRIC POWER ASSOCIATION

Form 990 for tax year 2023

Filed by MAGNOLIA ELECTRIC POWER ASSOCIATION.

Totals

Total revenue
$87,537,938
Total expenses
$87,537,938
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$85,348,342
Investment income
$447,356
Other revenue
$1,742,240
Total assets, end of year
$204,641,960
Total liabilities, end of year
$94,841,338
Net assets or fund balances, end of year
$109,800,622
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: MEMBERSHIP REVENUES

    total $84,402,463 · related or exempt $84,402,463

  • 2b · Program service revenue: POLE RENTAL

    total $945,879 · excluded $945,879

  • 3 · Investment income

    total $429,058 · excluded $429,058

  • 7a · Gross sales of assets other than inventory

    securities $59,584 · other assets $17,726

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

    securities $59,012

  • 7c · Gain or loss

    securities $572 · other assets $17,726

  • 7d · Net gain or loss

    total $18,298 · related or exempt $572 · excluded $17,726

  • 11a · Other revenue: PATRONAGE CAPITAL CREDITS

    total $1,691,713 · related or exempt $1,691,713

  • 11b · Other revenue: GAIN ON SALE OF ASSETS

    total $50,527 · related or exempt $50,527

  • 11e · Other revenue, total

    $1,742,240

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,734,608

  • 5 · Compensation of officers, directors and key employees

    total $784,220

  • 11b · Fees: legal

    total $34,958

  • 11c · Fees: accounting

    total $30,686

  • 11f · Fees: investment management

    total $60,485

  • 11g · Fees: other

    total $154,399

  • 13 · Office expenses

    total $71,915

  • 20 · Interest

    total $2,331,773

  • 22 · Depreciation, depletion and amortization

    total $6,743,436

  • 24a · Other expenses: COST OF POWER

    total $55,122,880

  • 24b · Other expenses: DISTRIBUTION - MAINTENANC

    total $12,321,642

  • 24c · Other expenses: DISTRIBUTION - OPERATIONS

    total $2,612,368

  • 24d · Other expenses: ADMINISTRATIVE & GENERAL

    total $2,343,305

  • 24e · All other expenses

    total $2,191,263

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,306,595 · end of year $2,435,270

  • 4 · Accounts receivable

    beginning of year $1,662,951 · end of year $1,656,823

  • 8 · Inventories for sale or use

    beginning of year $2,090,184 · end of year $2,012,400

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,652,421 · end of year $1,672,289

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

    $232,921,512

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

    $86,031,521

  • 10c · Land, buildings and equipment, net

    beginning of year $139,570,770 · end of year $146,889,991

  • 11 · Investments: publicly traded securities

    beginning of year $6,429,796 · end of year $7,023,655

  • 15 · Other assets

    beginning of year $44,029,666 · end of year $42,951,532

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,846,185 · end of year $11,012,574

  • 23 · Secured mortgages and notes payable

    beginning of year $74,042,116 · end of year $79,075,323

  • 25 · Other liabilities

    beginning of year $5,093,050 · end of year $4,753,441

  • 31 · Retained earnings, endowment or other funds

    beginning of year $108,761,032 · end of year $109,800,622

Mission and programs · 2023

Mission

MEMBER OWNED ELECTRIC COOPERATIVE.

  • PROVISION OF ELECTRIC POWER TO MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Darrell Smith

    GENERAL MANA

    Total calculated
    $484,704
    From this org
    $412,146
    From related orgs
    $0
    Other
    $72,558
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $412,146
    Bonus
    not reported
    Other
    not reported
    Deferred
    $57,977
    Nontaxable benefits
    $14,581
    Filer's total
    $484,704

  • Aaron Achord

    MANAGER-ENG

    Total calculated
    $261,472
    From this org
    $215,424
    From related orgs
    $0
    Other
    $46,048
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,424
    Bonus
    not reported
    Other
    not reported
    Deferred
    $32,120
    Nontaxable benefits
    $13,928
    Filer's total
    $261,472

  • Daniel Evans

    ELEC. ENGINE

    Total calculated
    $163,464
    From this org
    $128,106
    From related orgs
    $0
    Other
    $35,358
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,106
    Bonus
    not reported
    Other
    not reported
    Deferred
    $20,257
    Nontaxable benefits
    $15,101
    Filer's total
    $163,464

  • Tony Nettles

    MANAGER-ADMI

    Total calculated
    $155,775
    From this org
    $128,165
    From related orgs
    $0
    Other
    $27,610
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,165
    Bonus
    not reported
    Other
    not reported
    Deferred
    $19,183
    Nontaxable benefits
    $8,427
    Filer's total
    $155,775

  • Terry Jackson

    SERVICEMAN

    Total calculated
    $152,059
    From this org
    $125,055
    From related orgs
    $0
    Other
    $27,004
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,055
    Bonus
    not reported
    Other
    not reported
    Deferred
    $12,838
    Nontaxable benefits
    $14,166
    Filer's total
    $152,059

  • Dorneail Magee

    SERVICEMAN

    Total calculated
    $146,794
    From this org
    $119,804
    From related orgs
    $0
    Other
    $26,990
    Hours/week
    40

  • Jason Mallette

    SENIOR LINEM

    Total calculated
    $146,061
    From this org
    $118,691
    From related orgs
    $0
    Other
    $27,370
    Hours/week
    40

  • Jerry L Sisco

    DIRECTOR

    Total calculated
    $21,408
    From this org
    $15,450
    From related orgs
    $0
    Other
    $5,958
    Hours/week
    13

  • Dennis Wilson

    VICE PRESIDE

    Total calculated
    $21,232
    From this org
    $18,600
    From related orgs
    $0
    Other
    $2,632
    Hours/week
    14

  • Carl Fuller

    DIRECTOR

    Total calculated
    $18,432
    From this org
    $15,450
    From related orgs
    $0
    Other
    $2,982
    Hours/week
    13

  • Odell McKenzie

    DIRECTOR

    Total calculated
    $17,353
    From this org
    $17,350
    From related orgs
    $0
    Other
    $3
    Hours/week
    14

  • John L McCabe

    SEC.-TREA.

    Total calculated
    $16,458
    From this org
    $10,500
    From related orgs
    $0
    Other
    $5,958
    Hours/week
    12

  • Cindy Ginn

    DIRECTOR

    Total calculated
    $15,553
    From this org
    $15,550
    From related orgs
    $0
    Other
    $3
    Hours/week
    13

  • Pat Ard

    DIRECTOR

    Total calculated
    $11,850
    From this org
    $11,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Hollis Alford

    PRESIDENT

    Total calculated
    $10,950
    From this org
    $10,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Scott Smith

    DIRECTOR

    Total calculated
    $10,503
    From this org
    $10,500
    From related orgs
    $0
    Other
    $3
    Hours/week
    12

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 · 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.

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.0
Source object
202433139349304008

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