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Nonprofiteer
← SOUTH PLAINS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by SOUTH PLAINS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$208,235,314
Total expenses
$209,462,049
Contributions and grants received
$0
Grants paid
$209,819
Program service revenue
$209,185,784
Investment income
-$1,517,952
Other revenue
$567,482
Total assets, end of year
$486,202,083
Total liabilities, end of year
$277,664,945
Net assets or fund balances, end of year
$208,537,138
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: SALES OF ELECTRICITY

    total $204,304,036 · related or exempt $204,304,036

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $4,881,748 · related or exempt $4,881,748

  • 3 · Investment income

    total $503,591 · excluded $503,591

  • 6a · Gross rents

    real property $153,934 · personal property $170,493

  • 6b · Less rental expenses

    real property $101,605 · personal property $143,824

  • 6c · Rental income or loss

    real property $52,329 · personal property $26,669

  • 6d · Net rental income or loss

    total $78,998 · related or exempt $4,893 · unrelated business $62,371 · excluded $11,734

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

    other assets $2,021,543

  • 7c · Gain or loss

    other assets -$2,021,543

  • 7d · Net gain or loss

    total -$2,021,543 · related or exempt -$2,021,543

  • 10a · Gross sales of inventory

    $473,605

  • 10b · Cost of goods sold

    $115,441

  • 10c · Net income from sales of inventory

    total $358,164 · related or exempt $349,192 · unrelated business $8,972

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $130,320 · excluded $130,320

  • 11e · Other revenue, total

    $130,320

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $209,819

  • 4 · Benefits paid to or for members

    total $6,618,295

  • 5 · Compensation of officers, directors and key employees

    total $1,645,163

  • 7 · Other salaries and wages

    total $9,063,951

  • 8 · Pension plan contributions

    total $1,430,418

  • 9 · Other employee benefits

    total $1,786,397

  • 10 · Payroll taxes

    total $697,224

  • 20 · Interest

    total $8,574,578

  • 22 · Depreciation, depletion and amortization

    total $10,467,251

  • 24a · Other expenses: PURCHASED POWER

    total $157,475,033

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $6,108,462

  • 24c · Other expenses: CUSTOMER ACCOUNTS

    total $2,668,897

  • 24d · Other expenses: UNRELATED BUS. INC. TAX

    total $16,500

  • 24e · All other expenses

    total $2,700,061

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $13,366,409 · end of year $12,308,286

  • 4 · Accounts receivable

    beginning of year $19,508,899 · end of year $21,498,463

  • 7 · Other notes and loans receivable

    beginning of year $4,378,995 · end of year $4,289,236

  • 8 · Inventories for sale or use

    beginning of year $22,145 · end of year $12,449

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,916,779 · end of year $2,684,345

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

    $407,096,596

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

    $106,832,058

  • 10c · Land, buildings and equipment, net

    beginning of year $284,319,837 · end of year $300,264,538

  • 13 · Investments: program-related

    beginning of year $126,168,439 · end of year $133,156,096

  • 15 · Other assets

    beginning of year $19,261,702 · end of year $11,988,670

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,493,038 · end of year $18,677,038

  • 21 · Escrow or custodial account liability

    beginning of year $229,860 · end of year $255,533

  • 23 · Secured mortgages and notes payable

    beginning of year $240,867,142 · end of year $241,591,727

  • 25 · Other liabilities

    beginning of year $14,581,767 · end of year $17,140,647

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $200,771,398 · end of year $208,537,138

Mission and programs · 2022

Mission

NONE

Activities or mission (Part I)

TO PROVIDE ELECTRIC ENERGY TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • SALES OF ELECTRIC ENERGY TO OUR MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 69,941 ACTIVE SERVICES AT YEAR END.

As filed on the 2022 return.

Listed in Part VII

  • Lloyd Arthur

    DIRECTOR

    Total calculated
    $34,605
    From this org
    $34,605
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.5

  • David Gossett

    DIRECTOR

    Total calculated
    $29,902
    From this org
    $29,902
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Rd McCallister

    DIRECTOR

    Total calculated
    $30,260
    From this org
    $30,260
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.6

  • Joe McFerrin

    DIRECTOR

    Total calculated
    $26,418
    From this org
    $26,418
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Benny Nixon

    DIRECTOR

    Total calculated
    $27,758
    From this org
    $27,758
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.4

  • Bobby Richey

    PRESIDENT

    Total calculated
    $30,194
    From this org
    $30,194
    From related orgs
    $0
    Other
    $0
    Hours/week
    16.9

  • Danny Stanton

    VICE PRESIDENT

    Total calculated
    $32,666
    From this org
    $32,666
    From related orgs
    $0
    Other
    $0
    Hours/week
    14.4

  • Rynn Truett

    ASSISTANT SECRETARY/TREASURER

    Total calculated
    $28,122
    From this org
    $28,122
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.4

  • Glen Jones

    DIRECTOR

    Total calculated
    $37,168
    From this org
    $37,168
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.8

  • Scott Martin

    SECRETARY/TREASURER

    Total calculated
    $28,405
    From this org
    $28,405
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Larry Browning

    DIRECTOR

    Total calculated
    $29,470
    From this org
    $29,470
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.2

  • Brent Whitaker

    DIRECTOR

    Total calculated
    $33,358
    From this org
    $33,358
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.1

  • Larry Dale Ancell

    EXECUTIVE VP/GENERAL MANAGER

    Total calculated
    $434,954
    From this org
    $341,446
    From related orgs
    $0
    Other
    $93,508
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $288,975
    Bonus
    $4,900
    Other
    $47,571
    Deferred
    $79,212
    Nontaxable benefits
    $14,296
    Filer's total
    $434,954

  • John Randal Bailey

    ASSISTANT GENERAL MANAGER

    Total calculated
    $557,504
    From this org
    $296,237
    From related orgs
    $0
    Other
    $261,267
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $257,801
    Bonus
    $3,100
    Other
    $35,336
    Deferred
    $236,487
    Nontaxable benefits
    $24,780
    Filer's total
    $557,504

  • Shane Adams

    CHIEF FINANCIAL OFFICER

    Total calculated
    $284,379
    From this org
    $201,111
    From related orgs
    $0
    Other
    $83,268
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $172,878
    Bonus
    $4,029
    Other
    $24,204
    Deferred
    $50,642
    Nontaxable benefits
    $32,626
    Filer's total
    $284,379

  • Steven Latham

    MANAGER OF INFORMATION TECHNOLOGY

    Total calculated
    $249,143
    From this org
    $180,769
    From related orgs
    $0
    Other
    $68,374
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $154,007
    Bonus
    $4,029
    Other
    $22,733
    Deferred
    $36,140
    Nontaxable benefits
    $32,234
    Filer's total
    $249,143

  • Randy McGee

    MANAGER OF MEMBER SERVICES

    Total calculated
    $235,454
    From this org
    $183,581
    From related orgs
    $0
    Other
    $51,873
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $143,056
    Bonus
    $1,800
    Other
    $38,725
    Deferred
    $37,074
    Nontaxable benefits
    $14,799
    Filer's total
    $235,454

  • Lynn Simmons

    DIRECTOR OF COMMUNICATIONS

    Total calculated
    $256,819
    From this org
    $194,687
    From related orgs
    $0
    Other
    $62,132
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,121
    Bonus
    $4,056
    Other
    $18,510
    Deferred
    $48,214
    Nontaxable benefits
    $13,918
    Filer's total
    $256,819

  • Tahnee Truitt

    DIRECTOR OF HUMAN RESOURCES

    Total calculated
    $260,712
    From this org
    $202,157
    From related orgs
    $0
    Other
    $58,555
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,819
    Bonus
    $4,200
    Other
    $17,138
    Deferred
    $45,379
    Nontaxable benefits
    $13,176
    Filer's total
    $260,712

  • Jon Henson

    LUBBOCK DIVISION MANAGER

    Total calculated
    $247,463
    From this org
    $182,142
    From related orgs
    $0
    Other
    $65,321
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,045
    Bonus
    $2,400
    Other
    $24,697
    Deferred
    $39,906
    Nontaxable benefits
    $25,415
    Filer's total
    $247,463

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

  • 1a · Travel for companions
  • 1a · Health or social club dues or initiation fees
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
DURING 2022, THE COOPERATIVE PAID $7,469 FOR COUNTRY CLUB DUES FOR GENERAL MANAGER, LARRY DALE ANCELL.
PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. JOHN RANDAL BAILEY: TOTAL REPORTED IN COLUMN C $ 236,487 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (236,487) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 107,326 EXPENSE TO THE COOPERATIVE $ 107,326 LARRY DALE ANCELL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 70,428 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,784 TOTAL REPORTED IN COLUMN C $ 79,212 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (70,428) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,679 EXPENSE TO THE COOPERATIVE $ 54,463 SHANE ADAMS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 45,153 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,489 TOTAL REPORTED IN COLUMN C $ 50,642 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (45,153) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,412 EXPENSE TO THE COOPERATIVE $ 35,901 TAHNEE TRUITT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 39,858 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,521 TOTAL REPORTED IN COLUMN C $ 45,379 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,858) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 30,639 EXPENSE TO THE COOPERATIVE $ 36,160 LYNN SIMMONS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,934 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,280 TOTAL REPORTED IN COLUMN C $ 48,214 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (42,934) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 28,819 EXPENSE TO THE COOPERATIVE $ 34,099 STEVEN LATHAM: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 31,243 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,897 TOTAL REPORTED IN COLUMN C $ 36,140 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (31,243) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 26,238 EXPENSE TO THE COOPERATIVE $ 31,135 JON HENSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 34,997 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,909 TOTAL REPORTED IN COLUMN C $ 39,906 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (34,997) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,233 EXPENSE TO THE COOPERATIVE $ 30,142 RANDY MCGEE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,656 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,418 TOTAL REPORTED IN COLUMN C $ 37,074 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,656) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,200 EXPENSE TO THE COOPERATIVE $ 28,618

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

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.

  • SOUTH PLAINS ELECTRIC TRUST

    501(C)(3) · SCHOLARSHIPS, GRANTS, AND DONATIONS · TX · controlled entity

    Directly controlled by SOUTH PLAINS ELECTRIC COOPERATIVE INC

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.

  • SOUTH PLAINS DEVELOPMENT CORPORATION

    C · REAL ESTATE RENTAL AND DEVELOPMENT · TX · 100% owned · share of income $981,191 · share of assets $7,074,468 · controlled entity

    Directly controlled by SOUTH PLAINS ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202333199349320783

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