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Nonprofiteer
← ASHLEY-CHICOT ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by ASHLEY-CHICOT ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$11,985,900
Total expenses
$11,985,900
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$11,631,690
Investment income
$109,250
Other revenue
$244,960
Total assets, end of year
$46,229,416
Total liabilities, end of year
$25,481,928
Net assets or fund balances, end of year
$20,747,488
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 $11,317,778 · related or exempt $11,317,778

  • 2b · Program service revenue: GENERATION & TRANSMISSION CAPITAL

    total $129,526 · related or exempt $129,526

  • 2c · Program service revenue: PATRONAGE CAPITAL CREDIT

    total $104,112 · related or exempt $104,112

  • 2d · Program service revenue: MISC ELECTRIC REVENUE

    total $80,274 · related or exempt $80,274

  • 3 · Investment income

    total $109,250 · excluded $109,250

  • 11a · Other revenue: OTHER INCOME

    total $244,960 · related or exempt $244,960

  • 11e · Other revenue, total

    $244,960

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $925,838

  • 5 · Compensation of officers, directors and key employees

    total $167,186

  • 8 · Pension plan contributions

    total $207,166

  • 9 · Other employee benefits

    total $117,779

  • 11b · Fees: legal

    total $22,047

  • 11c · Fees: accounting

    total $26,275

  • 11g · Fees: other

    total $21,555

  • 13 · Office expenses

    total $21,029

  • 19 · Conferences, conventions and meetings

    total $7,912

  • 20 · Interest

    total $901,123

  • 22 · Depreciation, depletion and amortization

    total $1,498,242

  • 24a · Other expenses: COST OF POWER PURCHASED

    total $4,857,319

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $1,335,202

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $852,147

  • 24d · Other expenses: CONSUMER SERVICES

    total $699,282

  • 24e · All other expenses

    total $325,798

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $351,366 · end of year $403,155

  • 2 · Savings and temporary cash investments

    beginning of year $3,466,582 · end of year $1,066,728

  • 4 · Accounts receivable

    beginning of year $1,042,993 · end of year $1,240,361

  • 8 · Inventories for sale or use

    beginning of year $529,879 · end of year $526,057

  • 9 · Prepaid expenses and deferred charges

    beginning of year $35,835 · end of year $41,540

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

    $58,086,142

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

    $19,853,525

  • 10c · Land, buildings and equipment, net

    beginning of year $32,796,953 · end of year $38,232,617

  • 13 · Investments: program-related

    beginning of year $4,332,958 · end of year $4,358,130

  • 15 · Other assets

    beginning of year $529,695 · end of year $360,828

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,124,364 · end of year $954,293

  • 19 · Deferred revenue

    beginning of year $361,592 · end of year $356,857

  • 23 · Secured mortgages and notes payable

    beginning of year $21,812,438 · end of year $24,136,342

  • 25 · Other liabilities

    beginning of year $40,057 · end of year $34,436

  • 29 · Capital stock, trust principal or current funds

    beginning of year $40,520 · end of year $40,485

  • 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 $19,707,290 · end of year $20,707,003

Mission and programs · 2023

Mission

SALE OF ELECTRICITY TO RURAL MEMBERS

  • PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 5,103 RURAL MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • David Lynn

    DIRECTOR

    Total calculated
    $10,276
    From this org
    $6,934
    From related orgs
    $0
    Other
    $3,342
    Hours/week
    2

  • Richard Stock

    DIRECTOR

    Total calculated
    $1,089
    From this org
    $1,089
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Justin Green

    DIRECTOR

    Total calculated
    $7,166
    From this org
    $4,964
    From related orgs
    $0
    Other
    $2,202
    Hours/week
    3

  • Andrew Hartshorn

    DIRECTOR

    Total calculated
    $18,683
    From this org
    $10,513
    From related orgs
    $0
    Other
    $8,170
    Hours/week
    3

  • Mike Huggins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Emory Austin

    PRESIDENT

    Total calculated
    $2,036
    From this org
    $2,036
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Martha Pennington

    SECRETARY

    Total calculated
    $20,201
    From this org
    $11,135
    From related orgs
    $0
    Other
    $9,066
    Hours/week
    5

  • Mark Pieroni

    VICE PRESIDENT

    Total calculated
    $5,612
    From this org
    $3,884
    From related orgs
    $0
    Other
    $1,728
    Hours/week
    2

  • Rodney Chapman

    GENERAL MANAGER

    Total calculated
    $219,993
    From this org
    $126,632
    From related orgs
    $0
    Other
    $93,361
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,632
    Bonus
    $0
    Other
    $0
    Deferred
    $69,598
    Nontaxable benefits
    $23,763
    Filer's total
    $219,993

  • Thomas Wells

    OPERATIONS MANAGER

    Total calculated
    $204,830
    From this org
    $125,680
    From related orgs
    $0
    Other
    $79,150
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,680
    Bonus
    $0
    Other
    $0
    Deferred
    $55,862
    Nontaxable benefits
    $23,288
    Filer's total
    $204,830

  • Frank Dodson

    CONSTRUCTION FORMAN

    Total calculated
    $160,980
    From this org
    $102,222
    From related orgs
    $0
    Other
    $58,758
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $102,222
    Bonus
    $0
    Other
    $0
    Deferred
    $35,648
    Nontaxable benefits
    $23,110
    Filer's total
    $160,980

  • Marcus Collins

    LEAD SERVICE MAN

    Total calculated
    $181,172
    From this org
    $112,004
    From related orgs
    $0
    Other
    $69,168
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,004
    Bonus
    $0
    Other
    $0
    Deferred
    $46,058
    Nontaxable benefits
    $23,110
    Filer's total
    $181,172

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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

The filer's explanations (Part III)

PART I, LINE 1A
DIRECTORS AND DIRECTOR SPOUSES ATTEND SUMMER AND WINTER CONFERENCES. DIRECTORS ARE REIMBURSED PER DIEM, MEALS AND MILEAGE.

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
6 September 2024
IRS schema version
2023v5.1
Source object
202442539349300999

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