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Nonprofiteer
← PRINCE GEORGE ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by PRINCE GEORGE ELECTRIC COOPERATIVE.

Totals

Total revenue
$53,087,438
Total expenses
$47,023,890
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$52,281,562
Investment income
$186,039
Other revenue
$619,837
Total assets, end of year
$101,478,151
Total liabilities, end of year
$63,776,829
Net assets or fund balances, end of year
$37,701,322
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: ELECTRICITY TO MEMBERS

    total $42,075,149 · related or exempt $42,075,149

  • 2b · Program service revenue: INTERNET TO MEMBERS

    total $4,409,325 · related or exempt $4,409,325

  • 2c · Program service revenue: CONTRIBUTION IN AID OF CONSTRUCTI

    total $3,676,000 · related or exempt $3,676,000

  • 2d · Program service revenue: BROADBAND SUBSIDIES

    total $1,540,270 · related or exempt $1,540,270

  • 2e · Program service revenue: PATRONAGE ALLOCATIONS

    total $455,894 · related or exempt $455,894

  • 2f · All other program service revenue

    total $124,924 · excluded $124,924

  • 3 · Investment income

    total $56,402 · excluded $56,402

  • 7a · Gross sales of assets other than inventory

    other assets $129,637

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

    other assets $0

  • 7c · Gain or loss

    other assets $129,637

  • 7d · Net gain or loss

    total $129,637 · related or exempt $129,637

  • 11a · Other revenue: OTHER NON-OPERATING INCOME

    total $619,837 · related or exempt $619,837

  • 11e · Other revenue, total

    $619,837

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $442,119

  • 5 · Compensation of officers, directors and key employees

    total $1,289,891

  • 7 · Other salaries and wages

    total $430,105

  • 11b · Fees: legal

    total $101,759

  • 11c · Fees: accounting

    total $20,004

  • 11g · Fees: other

    total $19,317

  • 13 · Office expenses

    total $196,049

  • 14 · Information technology

    total $1,010,817

  • 16 · Occupancy

    total $88,267

  • 17 · Travel

    total $27,114

  • 19 · Conferences, conventions and meetings

    total $45,403

  • 20 · Interest

    total $2,171,460

  • 22 · Depreciation, depletion and amortization

    total $4,134,408

  • 23 · Insurance

    total $32,779

  • 24a · Other expenses: COST OF POWER

    total $28,678,641

  • 24b · Other expenses: DISTRIBUTION MAINTENANC

    total $3,000,947

  • 24c · Other expenses: CONSUMER ACCOUNTS

    total $2,429,720

  • 24d · Other expenses: DISTRIBUTION OPERATION

    total $2,115,400

  • 24e · All other expenses

    total $789,690

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,708,083 · end of year $1,857,765

  • 4 · Accounts receivable

    beginning of year $6,802,506 · end of year $7,230,845

  • 8 · Inventories for sale or use

    beginning of year $2,505,075 · end of year $3,801,618

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,325,846 · end of year $1,249,835

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

    $114,439,007

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

    $44,483,553

  • 10c · Land, buildings and equipment, net

    beginning of year $64,660,913 · end of year $69,955,454

  • 13 · Investments: program-related

    beginning of year $16,996,088 · end of year $17,359,825

  • 15 · Other assets

    beginning of year $22,809 · end of year $22,809

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,963,478 · end of year $4,808,517

  • 23 · Secured mortgages and notes payable

    beginning of year $50,669,173 · end of year $52,614,017

  • 25 · Other liabilities

    beginning of year $5,257,766 · end of year $6,354,295

  • 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 $35,130,903 · end of year $37,701,322

Mission and programs · 2022

Mission

SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS.

Activities or mission (Part I)

SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS

  • SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Paul H Brown

    CHAIRMAN

    Total calculated
    $20,713
    From this org
    $20,713
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Christopher T Parker

    VICE CHAIRMAN

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Herbert R Patrick

    SECRETARY - TREASURER

    Total calculated
    $17,497
    From this org
    $17,497
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Richard B Scott

    ASST. SECRETARY-TREASURER

    Total calculated
    $16,006
    From this org
    $16,006
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John M Brock Jr

    DIRECTOR

    Total calculated
    $16,392
    From this org
    $16,392
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Matthew P Carden

    DIRECTOR

    Total calculated
    $16,041
    From this org
    $16,041
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Keith M Dunn

    DIRECTOR

    Total calculated
    $16,981
    From this org
    $16,981
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Denya C Hankerson

    DIRECTOR

    Total calculated
    $16,701
    From this org
    $16,701
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian E Coey

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Cary Jerome Logan Jr

    PRESIDENT AND CEO

    Total calculated
    $413,324
    From this org
    $383,824
    From related orgs
    $0
    Other
    $29,500
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $355,587
    Bonus
    $0
    Other
    $28,237
    Deferred
    $6,100
    Nontaxable benefits
    $23,400
    Filer's total
    $413,324

  • Robert Howard Hall

    VICE PRESIDENT AND CHIEF F

    Total calculated
    $218,180
    From this org
    $201,430
    From related orgs
    $0
    Other
    $16,750
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,984
    Bonus
    $0
    Other
    $13,446
    Deferred
    $3,760
    Nontaxable benefits
    $12,990
    Filer's total
    $218,180

  • Sarat Yellepeddi

    VICE PRESIDENT OF INFORMAT

    Total calculated
    $246,195
    From this org
    $221,789
    From related orgs
    $0
    Other
    $24,406
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,396
    Bonus
    $0
    Other
    $22,393
    Deferred
    $3,988
    Nontaxable benefits
    $20,418
    Filer's total
    $246,195

  • Walter Lee Chappell

    VICE PRESIDENT OF OPERATIO

    Total calculated
    $204,111
    From this org
    $180,900
    From related orgs
    $0
    Other
    $23,211
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,150
    Bonus
    $0
    Other
    $14,750
    Deferred
    $3,323
    Nontaxable benefits
    $19,888
    Filer's total
    $204,111

  • Crystal R Johnson-Smith

    VICE PRESIDENT OF HUMAN RE

    Total calculated
    $155,394
    From this org
    $149,709
    From related orgs
    $0
    Other
    $5,685
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,425
    Bonus
    $0
    Other
    $10,284
    Deferred
    $2,788
    Nontaxable benefits
    $2,897
    Filer's total
    $155,394

  • Harold Chambers

    STAFF

    Total calculated
    $176,698
    From this org
    $173,605
    From related orgs
    $0
    Other
    $3,093
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,605
    Bonus
    $0
    Other
    $0
    Deferred
    $3,093
    Nontaxable benefits
    $0
    Filer's total
    $176,698

  • Jason Jessup

    CONSTRUCTION FOREMAN

    Total calculated
    $131,321
    From this org
    $129,467
    From related orgs
    $0
    Other
    $1,854
    Hours/week
    40

  • George Pruitt

    JOURNEYMAN LINEMAN

    Total calculated
    $120,375
    From this org
    $118,695
    From related orgs
    $0
    Other
    $1,680
    Hours/week
    40

  • Joshua Krenicky

    MANAGER OF OPERATIONS

    Total calculated
    $122,175
    From this org
    $120,105
    From related orgs
    $0
    Other
    $2,070
    Hours/week
    40

  • Douglas Dunn

    JOURNEYMAN LINEMAN

    Total calculated
    $122,273
    From this org
    $120,594
    From related orgs
    $0
    Other
    $1,679
    Hours/week
    40

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 · 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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • PGEC ENTERPRISES LLC

    INTERNET ACCESS · VA · income $5,930,595 · assets $17,998,926

    Directly controlled by PRINCE GEORGE ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2022
Filed
31 July 2023
IRS schema version
2022v5.0
Source object
202332639349300903

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