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Nonprofiteer
← COWETA FAYETTE ELECTRIC MEMBERSHIP

Form 990 for tax year 2023

Filed by COWETA FAYETTE ELECTRIC MEMBERSHIP.

Totals

Total revenue
$208,232,760
Total expenses
$197,602,123
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$197,343,872
Investment income
$258,251
Other revenue
$10,630,637
Total assets, end of year
$469,193,110
Total liabilities, end of year
$260,383,758
Net assets or fund balances, end of year
$208,809,352
Program services expenses (Part IX)
$197,602,123
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 $188,608,426 · related or exempt $188,608,426

  • 2b · Program service revenue: OTHER CAPITAL CREDITS

    total $6,716,986 · related or exempt $6,716,986

  • 2c · Program service revenue: POLE RENTAL

    total $1,990,455 · excluded $1,990,455

  • 2d · Program service revenue: OTHER ELECTRIC SERVICES

    total $28,005 · related or exempt $28,005

  • 3 · Investment income

    total $258,251 · excluded $258,251

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

    total $9,377,238 · related or exempt $9,377,238

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

    total $1,253,399 · related or exempt $1,253,399

  • 11e · Other revenue, total

    $10,630,637

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $10,968,514 · program services $10,968,514

  • 5 · Compensation of officers, directors and key employees

    total $987,860 · program services $987,860

  • 20 · Interest

    total $7,169,884 · program services $7,169,884

  • 22 · Depreciation, depletion and amortization

    total $13,487,567 · program services $13,487,567

  • 24a · Other expenses: PURCHASED POWER

    total $129,966,806 · program services $129,966,806

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $9,759,318 · program services $9,759,318

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $8,719,148 · program services $8,719,148

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

    total $7,555,954 · program services $7,555,954

  • 24e · All other expenses

    total $8,987,072 · program services $8,987,072

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,997,208 · end of year $13,395,938

  • 4 · Accounts receivable

    beginning of year $22,453,313 · end of year $21,210,272

  • 8 · Inventories for sale or use

    beginning of year $5,651,239 · end of year $6,079,227

  • 9 · Prepaid expenses and deferred charges

    beginning of year $314,777 · end of year $398,335

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

    $462,691,426

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

    $153,203,893

  • 10c · Land, buildings and equipment, net

    beginning of year $289,150,306 · end of year $309,487,533

  • 13 · Investments: program-related

    beginning of year $101,849,809 · end of year $118,610,753

  • 15 · Other assets

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

  • 17 · Accounts payable and accrued expenses

    beginning of year $26,589,782 · end of year $23,213,077

  • 24 · Unsecured notes and loans payable

    beginning of year $204,244,246 · end of year $225,422,260

  • 25 · Other liabilities

    beginning of year $13,683,956 · end of year $11,748,421

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,872,660 · end of year $1,898,885

  • 31 · Retained earnings, endowment or other funds

    beginning of year $188,037,060 · end of year $206,910,467

Mission and programs · 2023

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 2023 return.

Listed in Part VII

  • James W Fulton III

    CHAIRMAN

    Total calculated
    $37,124
    From this org
    $37,124
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.56

  • J Neal Shepard Jr

    VICE CHAIRMA

    Total calculated
    $31,458
    From this org
    $31,458
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Daniel Langford

    SECRETARY-TR

    Total calculated
    $34,845
    From this org
    $34,845
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.81

  • Therol R Brown

    DIRECTOR

    Total calculated
    $35,185
    From this org
    $35,185
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.75

  • Donald Harris

    DIRECTOR

    Total calculated
    $27,645
    From this org
    $27,645
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.82

  • Ross Henry

    DIRECTOR

    Total calculated
    $28,195
    From this org
    $28,195
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.77

  • Lee Hunter

    DIRECTOR

    Total calculated
    $31,795
    From this org
    $31,795
    From related orgs
    $0
    Other
    $0
    Hours/week
    15.4

  • Alice J Mallory

    DIRECTOR

    Total calculated
    $35,350
    From this org
    $35,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Mildred A Winkles

    DIRECTOR

    Total calculated
    $36,140
    From this org
    $36,140
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.06

  • Christopher L Stephens

    PRESIDENT &

    Total calculated
    $690,123
    From this org
    $517,015
    From related orgs
    $0
    Other
    $173,108
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $436,579
    Bonus
    $40,352
    Other
    $40,084
    Deferred
    $140,944
    Nontaxable benefits
    $32,164
    Filer's total
    $690,123

  • Dan Hart

    CEO-NATURAL

    Total calculated
    $931,250
    From this org
    $784,982
    From related orgs
    $0
    Other
    $146,268
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $546,631
    Bonus
    $132,910
    Other
    $105,441
    Deferred
    $115,269
    Nontaxable benefits
    $30,999
    Filer's total
    $931,250

  • Clarence Wright

    EVP-ENGINEER

    Total calculated
    $334,242
    From this org
    $246,445
    From related orgs
    $0
    Other
    $87,797
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $222,761
    Bonus
    $17,647
    Other
    $6,037
    Deferred
    $63,085
    Nontaxable benefits
    $24,712
    Filer's total
    $334,242

  • Stanley Sitzler

    COO

    Total calculated
    $394,392
    From this org
    $355,454
    From related orgs
    $0
    Other
    $38,938
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $298,182
    Bonus
    $30,543
    Other
    $26,729
    Deferred
    $13,200
    Nontaxable benefits
    $25,738
    Filer's total
    $394,392

  • Jackie Caldwell

    CFO

    Total calculated
    $390,952
    From this org
    $283,164
    From related orgs
    $0
    Other
    $107,788
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $229,024
    Bonus
    $20,620
    Other
    $33,520
    Deferred
    $91,271
    Nontaxable benefits
    $16,517
    Filer's total
    $390,952

  • Wendell Webb

    VP OF OPERAT

    Total calculated
    $324,632
    From this org
    $263,329
    From related orgs
    $0
    Other
    $61,303
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $212,514
    Bonus
    $23,914
    Other
    $26,901
    Deferred
    $40,191
    Nontaxable benefits
    $21,112
    Filer's total
    $324,632

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 · share of income $6,283,089 · share of assets $51,292,043

    Directly controlled by CFEMC

  • RELYCO RESOURCES INC

    C CORP · SECURITY S · GA · share of income $1,667,201 · share of assets $2,299,443

    Directly controlled by CFEMC

Provenance

Return type
form_990
Tax year
2023
Filed
26 September 2024
IRS schema version
2023v5.0
Source object
202402709349300215

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