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Nonprofiteer
← COWETA FAYETTE ELECTRIC MEMBERSHIP

Form 990 for tax year 2022

Filed by COWETA FAYETTE ELECTRIC MEMBERSHIP.

Totals

Total revenue
$210,303,970
Total expenses
$214,065,727
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$213,972,713
Investment income
$93,014
Other revenue
-$3,761,757
Total assets, end of year
$434,427,704
Total liabilities, end of year
$244,517,984
Net assets or fund balances, end of year
$189,909,720
Program services expenses (Part IX)
$214,065,727
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% 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 REVENUE

    total $206,356,601 · related or exempt $206,356,601

  • 2b · Program service revenue: OTHER CAPITAL CREDITS

    total $5,717,020 · related or exempt $5,717,020

  • 2c · Program service revenue: POLE RENTAL

    total $1,870,104 · excluded $1,870,104

  • 2d · Program service revenue: OTHER ELECTRIC SERVICES

    total $28,988 · related or exempt $28,988

  • 3 · Investment income

    total $93,014 · excluded $93,014

  • 11a · Other revenue: EQUITY EARNINGS-RELYCO SUBSID

    total $443,203 · related or exempt $443,203

  • 11b · Other revenue: EQUITY EARNINGS-NAT GAS SUBSI

    total -$4,204,960 · related or exempt -$4,204,960

  • 11e · Other revenue, total

    -$3,761,757

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $8,911,208 · program services $8,911,208

  • 5 · Compensation of officers, directors and key employees

    total $931,271 · program services $931,271

  • 20 · Interest

    total $5,975,027 · program services $5,975,027

  • 22 · Depreciation, depletion and amortization

    total $12,632,273 · program services $12,632,273

  • 24a · Other expenses: PURCHASED POWER

    total $151,853,235 · program services $151,853,235

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $9,156,668 · program services $9,156,668

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $8,860,707 · program services $8,860,707

  • 24d · Other expenses: ADMIN. & GENERAL EXP.

    total $7,222,901 · program services $7,222,901

  • 24e · All other expenses

    total $8,522,437 · program services $8,522,437

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $19,098,474 · end of year $14,997,208

  • 4 · Accounts receivable

    beginning of year $20,919,770 · end of year $22,453,313

  • 8 · Inventories for sale or use

    beginning of year $3,436,696 · end of year $5,651,239

  • 9 · Prepaid expenses and deferred charges

    beginning of year $312,144 · end of year $314,777

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

    $436,286,158

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

    $147,135,852

  • 10c · Land, buildings and equipment, net

    beginning of year $272,872,846 · end of year $289,150,306

  • 13 · Investments: program-related

    beginning of year $100,264,700 · end of year $101,849,809

  • 15 · Other assets

    beginning of year $11,052 · end of year $11,052

  • 17 · Accounts payable and accrued expenses

    beginning of year $20,158,956 · end of year $26,589,782

  • 24 · Unsecured notes and loans payable

    beginning of year $190,406,346 · end of year $204,244,246

  • 25 · Other liabilities

    beginning of year $18,151,869 · end of year $13,683,956

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,836,340 · end of year $1,872,660

  • 31 · Retained earnings, endowment or other funds

    beginning of year $186,362,171 · end of year $188,037,060

Mission and programs · 2022

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • N/A

As filed on the 2022 return.

Listed in Part VII

  • James W Fulton III

    CHAIRMAN

    Total calculated
    $35,368
    From this org
    $35,368
    From related orgs
    $0
    Other
    $0
    Hours/week
    11.11

  • J Neal Shepard Jr

    VICE CHAIRMA

    Total calculated
    $31,502
    From this org
    $31,502
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.6

  • Daniel Langford

    SECRETARY-TR

    Total calculated
    $33,236
    From this org
    $33,236
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.67

  • Therol R Brown

    DIRECTOR

    Total calculated
    $33,379
    From this org
    $33,379
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.84

  • Donald Harris

    DIRECTOR

    Total calculated
    $26,286
    From this org
    $26,286
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.41

  • Ross Henry

    DIRECTOR

    Total calculated
    $27,686
    From this org
    $27,686
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.7

  • Lee Hunter

    DIRECTOR

    Total calculated
    $33,786
    From this org
    $33,786
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.81

  • Alice J Mallory

    DIRECTOR

    Total calculated
    $32,295
    From this org
    $32,295
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.88

  • Mildred A Winkles

    DIRECTOR

    Total calculated
    $34,434
    From this org
    $34,434
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.19

  • Christopher L Stephens

    PRESIDENT &

    Total calculated
    $643,299
    From this org
    $484,973
    From related orgs
    $0
    Other
    $158,326
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $415,229
    Bonus
    $44,122
    Other
    $25,622
    Deferred
    $127,797
    Nontaxable benefits
    $61,058
    Filer's total
    $643,299

  • Dan Hart

    CEO-NATURAL

    Total calculated
    $773,683
    From this org
    $641,216
    From related orgs
    $0
    Other
    $132,467
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $496,564
    Bonus
    $86,559
    Other
    $58,093
    Deferred
    $103,357
    Nontaxable benefits
    $58,220
    Filer's total
    $773,683

  • Clarence Wright

    EVP-ENGINEER

    Total calculated
    $307,863
    From this org
    $231,959
    From related orgs
    $0
    Other
    $75,904
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $212,265
    Bonus
    $14,039
    Other
    $5,655
    Deferred
    $52,542
    Nontaxable benefits
    $46,724
    Filer's total
    $307,863

  • Stanley Sitzler

    COO

    Total calculated
    $355,206
    From this org
    $318,805
    From related orgs
    $0
    Other
    $36,401
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $277,894
    Bonus
    $22,072
    Other
    $18,839
    Deferred
    $12,040
    Nontaxable benefits
    $48,722
    Filer's total
    $355,206

  • William H Couch

    CFO

    Total calculated
    $344,392
    From this org
    $238,505
    From related orgs
    $0
    Other
    $105,887
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $200,801
    Bonus
    $14,355
    Other
    $23,349
    Deferred
    $82,288
    Nontaxable benefits
    $47,198
    Filer's total
    $344,392

  • Wendell Webb

    VP OF OPERAT

    Total calculated
    $303,228
    From this org
    $245,814
    From related orgs
    $0
    Other
    $57,414
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $202,480
    Bonus
    $15,742
    Other
    $27,592
    Deferred
    $36,506
    Nontaxable benefits
    $41,816
    Filer's total
    $303,228

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 · Form 990 of other organizations
  • 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.

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.

  • EMC NATURAL GAS INC

    C CORP · SALE OF NG · GA · 100% owned · share of income -$4,204,960 · share of assets $57,460,283

    Directly controlled by CFEMC

  • RELYCO RESOURCES INC

    C CORP · SECURITY S · GA · 100% owned · share of income $443,203 · share of assets $656,664

    Directly controlled by CFEMC

Provenance

Return type
form_990
Tax year
2022
Filed
7 November 2023
IRS schema version
2022v5.0
Source object
202333119349302918

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