Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Network Services Revenues

  total $381,430,104 · related or exempt $381,430,104 · unrelated business $0 · excluded $0

• 2b · Program service revenue: Transmission Rental Income

  total $41,841,536 · related or exempt $41,841,536 · unrelated business $0 · excluded $0

• 2c · Program service revenue: Other Revenues

  total $6,053,144 · related or exempt $6,053,144 · unrelated business $0 · excluded $0

• 2d · Program service revenue: Refund to Members

  total -$17,300,000 · related or exempt -$17,300,000 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $7,287,535 · related or exempt $7,287,535 · unrelated business $0 · excluded $0

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7c · Gain or loss

  securities $0 · other assets $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $24,876,699

• 5 · Compensation of officers, directors and key employees

  total $6,059,793

• 7 · Other salaries and wages

  total $26,557,321

• 9 · Other employee benefits

  total $8,787,336

• 10 · Payroll taxes

  total $1,996,816

• 11b · Fees: legal

  total $819,907

• 11g · Fees: other

  total $27,777,710

• 12 · Advertising and promotion

  total $92,407

• 13 · Office expenses

  total $5,395,768

• 17 · Travel

  total $1,160,686

• 19 · Conferences, conventions and meetings

  total $298,473

• 20 · Interest

  total $90,518,020

• 22 · Depreciation, depletion and amortization

  total $86,558,047

• 23 · Insurance

  total $1,963,448

• 24a · Other expenses: Parity Expense

  total $55,055,727

• 24b · Other expenses: GSOC Ops/SS Charges

  total $32,689,261

• 24c · Other expenses: Property/Other Taxes

  total $26,601,444

• 24d · Other expenses: Control Center/Trans Reserve

  total $19,622,253

• 24e · All other expenses

  total $2,481,203

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $43,424,075 · end of year $111,779,638

• 4 · Accounts receivable

  beginning of year $43,796,739 · end of year $50,208,702

• 8 · Inventories for sale or use

  beginning of year $30,463,651 · end of year $46,719,998

• 9 · Prepaid expenses and deferred charges

  beginning of year $44,457,330 · end of year $55,343,972

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

  $4,403,722,860

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

  $1,425,024,009

• 10c · Land, buildings and equipment, net

  beginning of year $2,767,375,229 · end of year $2,978,698,851

• 13 · Investments: program-related

  beginning of year $24,509,776 · end of year $24,318,822

• 17 · Accounts payable and accrued expenses

  beginning of year $388,889,016 · end of year $458,260,980

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $94,465,000 · end of year $94,465,000

• 23 · Secured mortgages and notes payable

  beginning of year $2,079,991,959 · end of year $2,287,970,679

• 25 · Other liabilities

  beginning of year $5,560,020 · end of year $16,375,820

• 27 · Net assets without donor restrictions

  beginning of year $385,120,805 · end of year $409,997,504

• 28 · Net assets with donor restrictions

  beginning of year $0 · end of year $0

The filer's explanations (Part III)

Schedule J, Part I, Line 1a

All Georgia Transmission Corporation Officers and qualifying associates are eligible to receive a car allowance. The amounts range from $6,000 to $12,000. Amounts received are not grossed up for income tax purposes and the respective amount is reflected as part of gross wages, box 1, Form W-2 for each respective individual receiving an allowance. Car allowances are reviewed annually. Concerning the actual car allowance, no documentation is required to be presented to receive the allowance other than the required Board approval. Mileage reimbursement is, however, required to be substantiated before receipt of funds. Reimbursement is obtained through the submission of an authorized expense report. For the tax year 2023, qualifying associates received a one-time gross-up bonus payment for meeting their goals. Qualified associates must have refrained from clicking on IT-generated phishing emails to receive the gross-up payment. Associates who clicked on the emails received a non-grossed-up bonus payment.

Schedule J, Part I, Line 3

Georgia Transmission Corporation has a compensation committee that is a subset of the Board of Directors. Georgia Transmission Corporation's CEO's salary is market-reviewed annually and submitted by Human Resources to the committee for approval. The committee would then present the salary increase recommendation to the Board of Directors for approval.

Schedule J, Part I, Line 4

Non-Qualified plan participants include: Barbara Hampton $900, Dustin Zubke $17,700, Keith Daniel $1,408, David Van Winkle $5,419, John Raese $4,986, Angela Sheffield $2,980, Angela Farsee $2,427 and Camron Carden $525.