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Nonprofiteer
← SOUTH KENTUCKY RURAL ELECTRIC COOPERATIVE CORP

Form 990 for tax year 2024

Filed by SOUTH KENTUCKY RURAL ELECTRIC COOPERATIVE CORP.

Totals

Total revenue
$156,547,918
Total expenses
$156,547,918
Contributions and grants received
$0
Grants paid
$8,000
Program service revenue
$151,804,573
Investment income
$1,220,566
Other revenue
$3,522,779
Total assets, end of year
$355,064,058
Total liabilities, end of year
$187,863,131
Net assets or fund balances, end of year
$167,200,927
Program services expenses (Part IX)
$156,547,918
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$156,547,918

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: SALE OF ELECTRICITY

    total $151,801,711 · related or exempt $151,801,711

  • 2b · Program service revenue: SALE OF ELECTRIC ITEMS

    total $2,862 · related or exempt $2,862

  • 3 · Investment income

    total $1,220,566 · excluded $1,220,566

  • 6a · Gross rents

    real property $10,500

  • 6b · Less rental expenses

    real property $426

  • 6c · Rental income or loss

    real property $10,074

  • 6d · Net rental income or loss

    total $10,074 · excluded $10,074

  • 11a · Other revenue: JOINT POLE ATTACHMENTS

    total $2,123,060 · excluded $2,123,060

  • 11b · Other revenue: PATRONAGE ASSOC ORGANS

    total $741,514 · related or exempt $741,514

  • 11c · Other revenue: G&T CAPITAL CREDITS

    total $514,164 · related or exempt $514,164

  • 11d · All other revenue

    total $133,967 · related or exempt $133,967

  • 11e · Other revenue, total

    $3,512,705

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $8,000 · program services $8,000

  • 4 · Benefits paid to or for members

    total -$2,009,008 · program services -$2,009,008

  • 5 · Compensation of officers, directors and key employees

    total $896,363 · program services $896,363

  • 7 · Other salaries and wages

    total $11,726,335 · program services $11,726,335

  • 8 · Pension plan contributions

    total $2,641,727 · program services $2,641,727

  • 9 · Other employee benefits

    total $1,800,118 · program services $1,800,118

  • 10 · Payroll taxes

    total $3,949,215 · program services $3,949,215

  • 11b · Fees: legal

    total $426,466 · program services $426,466

  • 11c · Fees: accounting

    total $54,981 · program services $54,981

  • 13 · Office expenses

    total $714,132 · program services $714,132

  • 20 · Interest

    total $5,533,060 · program services $5,533,060

  • 22 · Depreciation, depletion and amortization

    total $10,837,044 · program services $10,837,044

  • 23 · Insurance

    total $700,116 · program services $700,116

  • 24a · Other expenses: PURCHASE POWER

    total $111,139,692 · program services $111,139,692

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $16,145,762 · program services $16,145,762

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $5,077,904 · program services $5,077,904

  • 24d · Other expenses: DISTRIBUTION - OPERATIO

    total $4,574,769 · program services $4,574,769

  • 24e · All other expenses

    total -$17,668,758 · program services -$17,668,758

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,769,492 · end of year $5,654,556

  • 2 · Savings and temporary cash investments

    beginning of year $13,227,940 · end of year $6,529,096

  • 4 · Accounts receivable

    beginning of year $7,749,575 · end of year $6,764,659

  • 8 · Inventories for sale or use

    beginning of year $2,580,440 · end of year $2,555,383

  • 9 · Prepaid expenses and deferred charges

    beginning of year $460,088 · end of year $684,396

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

    $338,910,033

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

    $111,901,181

  • 10c · Land, buildings and equipment, net

    beginning of year $218,714,103 · end of year $227,008,852

  • 13 · Investments: program-related

    beginning of year $91,609,675 · end of year $92,707,218

  • 15 · Other assets

    beginning of year $13,313,373 · end of year $13,159,898

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,204,685 · end of year $14,101,824

  • 23 · Secured mortgages and notes payable

    beginning of year $155,973,674 · end of year $159,734,954

  • 25 · Other liabilities

    beginning of year $13,175,429 · end of year $14,026,353

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,222,525 · end of year $1,239,229

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

    beginning of year -$1,926,864 · end of year -$1,677,399

  • 31 · Retained earnings, endowment or other funds

    beginning of year $169,775,237 · end of year $167,639,097

Mission and programs · 2024

Mission

PROVIDE ELECTRICITY TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 71,212 CONSUMERS MONTHLY.

  • PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 71,212 CONSUMERS MONTHLY.

    Expenses $156,547,918 · Grants $8,000 · Revenue $153,194,218

As filed on the 2024 return.

Listed in Part VII

  • Cathy Epperson

    CHAIRPERSON

    Total calculated
    $30,370
    From this org
    $20,850
    From related orgs
    $0
    Other
    $9,520
    Hours/week
    6.14

  • Boris Haynes

    SEC/TREASURER

    Total calculated
    $28,031
    From this org
    $20,050
    From related orgs
    $0
    Other
    $7,981
    Hours/week
    6.57

  • William Allen Jr

    DIRECTOR

    Total calculated
    $20,129
    From this org
    $9,850
    From related orgs
    $0
    Other
    $10,279
    Hours/week
    4.82

  • James Brent Tackett

    VICE CHAIRPERSON

    Total calculated
    $26,473
    From this org
    $19,200
    From related orgs
    $0
    Other
    $7,273
    Hours/week
    3.95

  • Gregory Redmon

    DIRECTOR

    Total calculated
    $17,978
    From this org
    $16,900
    From related orgs
    $0
    Other
    $1,078
    Hours/week
    8.65

  • Thomas M Nelson Jr

    DIRECTOR

    Total calculated
    $18,403
    From this org
    $17,250
    From related orgs
    $0
    Other
    $1,153
    Hours/week
    5.26

  • Charles Hansford

    DIRECTOR

    Total calculated
    $25,662
    From this org
    $19,700
    From related orgs
    $0
    Other
    $5,962
    Hours/week
    2.64

  • John Newton

    PRESIDENT & CEO

    Total calculated
    $388,206
    From this org
    $303,903
    From related orgs
    $0
    Other
    $84,303
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $303,903
    Bonus
    $0
    Other
    $0
    Deferred
    $70,209
    Nontaxable benefits
    $14,094
    Filer's total
    $388,206

  • Mark Goss

    CHIEF LEGAL OFFICER

    Total calculated
    $198,234
    From this org
    $191,072
    From related orgs
    $0
    Other
    $7,162
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,072
    Bonus
    $0
    Other
    $0
    Deferred
    $3,015
    Nontaxable benefits
    $4,147
    Filer's total
    $198,234

  • Carrie Bessinger

    CFO

    Total calculated
    $142,326
    From this org
    $103,288
    From related orgs
    $0
    Other
    $39,038
    Hours/week
    40

  • Douglas Hutton

    CHIEF MEMBERSHIP OFFICER

    Total calculated
    $203,775
    From this org
    $141,530
    From related orgs
    $0
    Other
    $62,245
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,530
    Bonus
    $0
    Other
    $0
    Deferred
    $45,015
    Nontaxable benefits
    $17,230
    Filer's total
    $203,775

  • David Upchurch Jr

    DIRECTOR OF OPERATIONS

    Total calculated
    $173,223
    From this org
    $151,054
    From related orgs
    $0
    Other
    $22,169
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,054
    Bonus
    $0
    Other
    $0
    Deferred
    $2,995
    Nontaxable benefits
    $19,174
    Filer's total
    $173,223

  • Jack Willis

    CONSTRUCTION CREW FOREMAN

    Total calculated
    $214,188
    From this org
    $180,097
    From related orgs
    $0
    Other
    $34,091
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,097
    Bonus
    $0
    Other
    $0
    Deferred
    $27,611
    Nontaxable benefits
    $6,480
    Filer's total
    $214,188

  • Ricky Fletcher

    REGIONAL CONSTRUCTION MANAGER

    Total calculated
    $194,113
    From this org
    $146,396
    From related orgs
    $0
    Other
    $47,717
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,396
    Bonus
    $0
    Other
    $0
    Deferred
    $35,331
    Nontaxable benefits
    $12,386
    Filer's total
    $194,113

  • Dakota Brown

    DIRECTOR OF ENGINEERING

    Total calculated
    $216,616
    From this org
    $153,449
    From related orgs
    $0
    Other
    $63,167
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,449
    Bonus
    $0
    Other
    $0
    Deferred
    $46,459
    Nontaxable benefits
    $16,708
    Filer's total
    $216,616

  • Mark Wilson

    CONSTRUCTION MANAGER

    Total calculated
    $192,050
    From this org
    $146,379
    From related orgs
    $0
    Other
    $45,671
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,379
    Bonus
    $0
    Other
    $0
    Deferred
    $38,258
    Nontaxable benefits
    $7,413
    Filer's total
    $192,050

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 · Independent compensation consultant
  • 3 · Written employment contract
  • 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.

Provenance

Return type
form_990
Tax year
2024
Filed
14 May 2025
IRS schema version
2024v5.1
Source object
202541349349303794

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