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Nonprofiteer
← DIVERSE POWER INCORPORATED

Form 990 for tax year 2023

Filed by DIVERSE POWER INCORPORATED.

Totals

Total revenue
$117,227,225
Total expenses
$117,227,225
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$117,078,680
Investment income
$148,545
Other revenue
$0
Total assets, end of year
$255,497,385
Total liabilities, end of year
$169,972,512
Net assets or fund balances, end of year
$85,524,873
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$117,227,225

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: ELECTRIC REVENUE

    total $112,746,357 · related or exempt $112,746,357

  • 2b · Program service revenue: OTHER CAPITAL CREDITS

    total $2,661,925 · related or exempt $2,661,925

  • 2c · Program service revenue: POLE RENTAL

    total $1,670,398 · related or exempt $1,670,398

  • 3 · Investment income

    total $148,545 · excluded $148,545

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $6,828,082

  • 5 · Compensation of officers, directors and key employees

    total $792,621

  • 6 · Compensation of disqualified persons

    total $12,000

  • 20 · Interest

    total $6,323,263

  • 22 · Depreciation, depletion and amortization

    total $10,131,575

  • 24a · Other expenses: PURCHASED POWER

    total $72,634,324

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $9,315,991

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

    total $3,207,445

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $2,616,939

  • 24e · All other expenses

    total $5,364,985

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,156,518 · end of year $3,648,490

  • 4 · Accounts receivable

    beginning of year $15,083,915 · end of year $14,683,945

  • 8 · Inventories for sale or use

    beginning of year $5,924,394 · end of year $5,714,188

  • 9 · Prepaid expenses and deferred charges

    beginning of year $669,747 · end of year $2,137,374

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

    $316,244,979

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

    $111,273,492

  • 10c · Land, buildings and equipment, net

    beginning of year $193,681,722 · end of year $204,971,487

  • 12 · Investments: other securities

    beginning of year $100,000 · end of year $1,100,000

  • 13 · Investments: program-related

    beginning of year $18,974,893 · end of year $21,739,018

  • 15 · Other assets

    beginning of year $1,291,033 · end of year $1,502,883

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,860,224 · end of year $12,784,785

  • 23 · Secured mortgages and notes payable

    beginning of year $139,006,991 · end of year $145,636,521

  • 25 · Other liabilities

    beginning of year $11,297,314 · end of year $11,551,206

  • 29 · Capital stock, trust principal or current funds

    beginning of year $143,997 · end of year $146,457

  • 31 · Retained earnings, endowment or other funds

    beginning of year $78,573,696 · end of year $85,378,416

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.

  • 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.

    Expenses $117,227,225

As filed on the 2023 return.

Listed in Part VII

  • Charles Knight

    CHAIRMAN

    Total calculated
    $28,600
    From this org
    $28,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • William Couch

    VICE CHAIRMA

    Total calculated
    $28,500
    From this org
    $28,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Kim Curry

    SECRETARY

    Total calculated
    $27,600
    From this org
    $27,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Jimmy G Bailey

    DIRECTOR

    Total calculated
    $27,500
    From this org
    $27,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Harrell Landreth

    DIRECTOR

    Total calculated
    $26,100
    From this org
    $26,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • David Murphy

    DIRECTOR

    Total calculated
    $22,800
    From this org
    $22,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Brad Morgan

    DIRECTOR

    Total calculated
    $0

  • Richard Williams

    DIRECTOR

    Total calculated
    $26,300
    From this org
    $26,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Larry Keith

    DIRECTOR

    Total calculated
    $17,500
    From this org
    $17,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Roy Tollerson Jr

    DIRECTOR

    Total calculated
    $22,200
    From this org
    $22,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Larry Williamson

    DIRECTOR

    Total calculated
    $24,800
    From this org
    $24,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Cheryl Meadows

    DIRECTOR EME

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

    Schedule J breakdown matched by us

    Base
    $12,000
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $12,000

  • R Wayne Livingston

    PRESIDENT/CE

    Total calculated
    $540,721
    From this org
    $477,941
    From related orgs
    $0
    Other
    $62,780
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $430,572
    Bonus
    $4,448
    Other
    $42,921
    Deferred
    $39,600
    Nontaxable benefits
    $23,180
    Filer's total
    $540,721

  • Randy Shepard

    SVP-CBO

    Total calculated
    $388,182
    From this org
    $317,740
    From related orgs
    $0
    Other
    $70,442
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $302,091
    Bonus
    $3,283
    Other
    $12,366
    Deferred
    $38,727
    Nontaxable benefits
    $31,715
    Filer's total
    $388,182

  • Andrew Kilgore

    SVP-CFO

    Total calculated
    $293,232
    From this org
    $224,295
    From related orgs
    $0
    Other
    $68,937
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $213,779
    Bonus
    $2,500
    Other
    $8,016
    Deferred
    $38,540
    Nontaxable benefits
    $30,397
    Filer's total
    $293,232

  • Jamin Blair

    SVP-CENGO

    Total calculated
    $312,948
    From this org
    $221,862
    From related orgs
    $0
    Other
    $91,086
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $210,702
    Bonus
    $2,560
    Other
    $8,600
    Deferred
    $60,139
    Nontaxable benefits
    $30,947
    Filer's total
    $312,948

  • Charles Redmond

    VP-STAKING &

    Total calculated
    $237,675
    From this org
    $184,674
    From related orgs
    $0
    Other
    $53,001
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $174,330
    Bonus
    $2,190
    Other
    $8,154
    Deferred
    $22,673
    Nontaxable benefits
    $30,328
    Filer's total
    $237,675

  • Steve Tittle

    VP-IT

    Total calculated
    $238,277
    From this org
    $176,244
    From related orgs
    $0
    Other
    $62,033
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $168,207
    Bonus
    $2,229
    Other
    $5,808
    Deferred
    $31,086
    Nontaxable benefits
    $30,947
    Filer's total
    $238,277

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 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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.

  • KUDZU NETWORKS INC

    C CORP · COMMUNICAT · GA · 100% owned · share of income -$935,718 · share of assets $3,400,344 · controlled entity

    Directly controlled by DIV POWER

Provenance

Return type
form_990
Tax year
2023
Filed
28 March 2024
IRS schema version
2023v5.0
Source object
202410929349301011

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