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Nonprofiteer
← MAGNOLIA ELECTRIC POWER ASSOCIATION

Form 990 for tax year 2022

Filed by MAGNOLIA ELECTRIC POWER ASSOCIATION.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2022 , filed 7 December 2023. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Both are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$83,370,782
Total expenses
$83,370,782
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$81,503,275
Investment income
$274,467
Other revenue
$1,593,040
Total assets, end of year
$198,742,383
Total liabilities, end of year
$89,981,351
Net assets or fund balances, end of year
$108,761,032
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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: MEMBERSHIP REVENUES

    total $80,521,454 · related or exempt $80,521,454

  • 2b · Program service revenue: POLE RENTAL

    total $981,821 · excluded $981,821

  • 3 · Investment income

    total $215,514 · excluded $215,514

  • 7a · Gross sales of assets other than inventory

    securities $94,890 · other assets $62,009

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

    securities $97,946

  • 7c · Gain or loss

    securities -$3,056 · other assets $62,009

  • 7d · Net gain or loss

    total $58,953 · related or exempt -$3,056 · excluded $62,009

  • 11a · Other revenue: PATRONAGE CAPITAL CREDITS

    total $1,593,040 · related or exempt $1,593,040

  • 11e · Other revenue, total

    $1,593,040

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $612,287

  • 5 · Compensation of officers, directors and key employees

    total $717,200

  • 11b · Fees: legal

    total $5,630

  • 11c · Fees: accounting

    total $32,923

  • 11f · Fees: investment management

    total $60,669

  • 11g · Fees: other

    total $28,650

  • 13 · Office expenses

    total $66,683

  • 20 · Interest

    total $2,028,940

  • 22 · Depreciation, depletion and amortization

    total $7,147,664

  • 24a · Other expenses: COST OF POWER

    total $56,112,028

  • 24b · Other expenses: DISTRIBUTION - MAINTENANC

    total $10,323,980

  • 24c · Other expenses: DISTRIBUTION - OPERATIONS

    total $2,496,643

  • 24d · Other expenses: ADMINISTRATIVE & GENERAL

    total $2,284,034

  • 24e · All other expenses

    total $1,453,451

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,615,709 · end of year $1,306,595

  • 4 · Accounts receivable

    beginning of year $679,474 · end of year $1,662,951

  • 8 · Inventories for sale or use

    beginning of year $1,288,236 · end of year $2,090,184

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,208,259 · end of year $3,652,421

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

    $221,689,822

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

    $82,119,052

  • 10c · Land, buildings and equipment, net

    beginning of year $140,685,374 · end of year $139,570,770

  • 11 · Investments: publicly traded securities

    beginning of year $7,084,968 · end of year $6,429,796

  • 15 · Other assets

    beginning of year $41,286,753 · end of year $44,029,666

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,245,153 · end of year $10,846,185

  • 23 · Secured mortgages and notes payable

    beginning of year $74,322,431 · end of year $74,042,116

  • 25 · Other liabilities

    beginning of year $7,450,524 · end of year $5,093,050

  • 31 · Retained earnings, endowment or other funds

    beginning of year $108,830,665 · end of year $108,761,032

Mission and programs · 2022

Mission

MEMBER OWNED ELECTRIC COOPERATIVE.

  • PROVISION OF ELECTRIC POWER TO MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Darrell Smith

    GENERAL MANA

    Total calculated
    $431,554
    From this org
    $361,901
    From related orgs
    $0
    Other
    $69,653
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $361,901
    Bonus
    not reported
    Other
    not reported
    Deferred
    $53,611
    Nontaxable benefits
    $16,042
    Filer's total
    $431,554

  • Aaron Achord

    MANAGER-ENG

    Total calculated
    $239,747
    From this org
    $195,819
    From related orgs
    $0
    Other
    $43,928
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,819
    Bonus
    not reported
    Other
    not reported
    Deferred
    $29,701
    Nontaxable benefits
    $14,227
    Filer's total
    $239,747

  • Daniel Evans

    ENGINEER

    Total calculated
    $150,422
    From this org
    $116,127
    From related orgs
    $0
    Other
    $34,295
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,127
    Bonus
    not reported
    Other
    not reported
    Deferred
    $18,732
    Nontaxable benefits
    $15,563
    Filer's total
    $150,422

  • Tony Nettles

    MANAGER-ADMI

    Total calculated
    $147,102
    From this org
    $121,180
    From related orgs
    $0
    Other
    $25,922
    Hours/week
    40

  • Terry Jackson

    SERVICEMAN

    Total calculated
    $146,868
    From this org
    $120,027
    From related orgs
    $0
    Other
    $26,841
    Hours/week
    40

  • Dorneail Magee

    SERVICEMAN

    Total calculated
    $142,433
    From this org
    $115,592
    From related orgs
    $0
    Other
    $26,841
    Hours/week
    40

  • Jason Mallete

    SENIOR LINEM

    Total calculated
    $140,313
    From this org
    $112,892
    From related orgs
    $0
    Other
    $27,421
    Hours/week
    40

  • Carl Fuller

    DIRECTOR

    Total calculated
    $21,938
    From this org
    $16,150
    From related orgs
    $0
    Other
    $5,788
    Hours/week
    13

  • Bruce McCaffery

    DIRECTOR

    Total calculated
    $19,688
    From this org
    $13,900
    From related orgs
    $0
    Other
    $5,788
    Hours/week
    12

  • Jerry L Sisco

    DIRECTOR

    Total calculated
    $18,785
    From this org
    $13,000
    From related orgs
    $0
    Other
    $5,785
    Hours/week
    12

  • Odell McKenzie

    DIRECTOR

    Total calculated
    $16,503
    From this org
    $16,500
    From related orgs
    $0
    Other
    $3
    Hours/week
    13

  • Dennis Wilson

    VICE PRESIDE

    Total calculated
    $16,145
    From this org
    $13,600
    From related orgs
    $0
    Other
    $2,545
    Hours/week
    12

  • John L McCabe

    SEC.-TREA.

    Total calculated
    $15,685
    From this org
    $9,900
    From related orgs
    $0
    Other
    $5,785
    Hours/week
    11

  • Scott Smith

    DIRECTOR

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Hollis Alford

    PRESIDENT

    Total calculated
    $9,900
    From this org
    $9,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Pat Ard

    DIRECTOR

    Total calculated
    $9,900
    From this org
    $9,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

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 · 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.

Provenance

Return type
form_990
Tax year
2022
Filed
10 November 2023
IRS schema version
2022v5.0
Source object
202303169349300120

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