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Nonprofiteer
← PETIT JEAN ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2022

Filed by PETIT JEAN ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$46,747,332
Total expenses
$45,997,423
Contributions and grants received
$0
Grants paid
$6,803
Program service revenue
$42,689,747
Investment income
$402,735
Other revenue
$3,654,850
Total assets, end of year
$166,442,334
Total liabilities, end of year
$118,982,668
Net assets or fund balances, end of year
$47,459,666
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 $41,996,754 · related or exempt $41,996,754

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $486,746 · related or exempt $486,746

  • 2c · Program service revenue: SERVICE FEES

    total $179,825 · related or exempt $179,825

  • 2d · Program service revenue: OTHER PROGRAM REVENUE

    total $26,422 · related or exempt $26,422

  • 3 · Investment income

    total $402,735 · excluded $402,735

  • 5 · Royalties

    total $15,948 · excluded $15,948

  • 10a · Gross sales of inventory

    $4,591

  • 10b · Cost of goods sold

    $2,713

  • 10c · Net income from sales of inventory

    total $1,878 · related or exempt $1,878

  • 11a · Other revenue: BROADBAND INTERNET SALES

    total $3,422,101 · unrelated business $3,422,101

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $305,975 · excluded $305,975

  • 11c · Other revenue: BROADBAND P'SHIP LOSS

    total -$91,052 · unrelated business -$91,052

  • 11e · Other revenue, total

    $3,637,024

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $6,803

  • 4 · Benefits paid to or for members

    total $3,601,291

  • 5 · Compensation of officers, directors and key employees

    total $1,117,590

  • 7 · Other salaries and wages

    total $3,099,554

  • 8 · Pension plan contributions

    total $885,893

  • 9 · Other employee benefits

    total $854,166

  • 10 · Payroll taxes

    total $260,034

  • 20 · Interest

    total $2,741,197

  • 22 · Depreciation, depletion and amortization

    total $4,655,917

  • 24a · Other expenses: PURCHASED POWER

    total $23,533,335

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $2,625,728

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $1,130,683

  • 24d · Other expenses: OPERATING TAXES

    total $753,295

  • 24e · All other expenses

    total $731,937

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,131,763 · end of year $1,789,722

  • 2 · Savings and temporary cash investments

    beginning of year $4,702,708 · end of year $109,400

  • 4 · Accounts receivable

    beginning of year $3,384,368 · end of year $4,110,721

  • 8 · Inventories for sale or use

    beginning of year $2,961,079 · end of year $4,618,915

  • 9 · Prepaid expenses and deferred charges

    beginning of year $540,236 · end of year $192,572

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

    $180,723,522

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

    $39,036,126

  • 10c · Land, buildings and equipment, net

    beginning of year $93,571,026 · end of year $141,687,396

  • 13 · Investments: program-related

    beginning of year $12,188,201 · end of year $12,036,525

  • 14 · Intangible assets

    beginning of year $220,686 · end of year $222,399

  • 15 · Other assets

    beginning of year $749,049 · end of year $1,674,684

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,928,724 · end of year $12,558,136

  • 23 · Secured mortgages and notes payable

    beginning of year $62,649,678 · end of year $100,623,942

  • 25 · Other liabilities

    beginning of year $6,526,554 · end of year $5,800,590

  • 29 · Capital stock, trust principal or current funds

    beginning of year $322,050 · end of year $325,180

  • 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 $44,022,110 · end of year $47,134,486

Mission and programs · 2022

Mission

TO PROVIDE RELIABLE AND QUALITY ELECTRIC SERVICE AT FAIR AND COMPETITIVE PRICES. WE PROVIDE LEADERSHIP WITHIN LOCAL COMMUNITIES TO FACILITATE POSITIVE GROWTH WITHIN OUR SERVICE AREA.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 20,778 ACTIVE SERVICES AT YEAR END.

As filed on the 2022 return.

Listed in Part VII

  • Richard Collins Jr

    DIRECTOR

    Total calculated
    $38,305
    From this org
    $38,305
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Frederick Herman

    SECRETARY/TREASURER

    Total calculated
    $34,233
    From this org
    $34,233
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Darrell Allen

    DIRECTOR

    Total calculated
    $30,514
    From this org
    $30,514
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.5

  • Terry Kirkendoll

    DIRECTOR

    Total calculated
    $28,851
    From this org
    $28,851
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.2

  • William Derickson

    DIRECTOR

    Total calculated
    $28,618
    From this org
    $28,618
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.9

  • Donnie Collins

    PRESIDENT

    Total calculated
    $28,283
    From this org
    $28,283
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.3

  • Addison Wood

    DIRECTOR

    Total calculated
    $27,964
    From this org
    $27,964
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Jerel Brown

    DIRECTOR

    Total calculated
    $25,355
    From this org
    $25,355
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Gilbert Lewis

    DIRECTOR (JUNE-DEC)

    Total calculated
    $16,995
    From this org
    $16,995
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.1

  • Michael Kirkland

    CEO/GENERAL MANAGER

    Total calculated
    $671,820
    From this org
    $356,581
    From related orgs
    $0
    Other
    $315,239
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $348,254
    Bonus
    $118
    Other
    $8,209
    Deferred
    $289,418
    Nontaxable benefits
    $25,821
    Filer's total
    $671,820

  • Marianne Pyeatt

    MANAGER OF FINANCE AND ACC

    Total calculated
    $186,652
    From this org
    $124,788
    From related orgs
    $0
    Other
    $61,864
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $123,192
    Bonus
    $119
    Other
    $1,477
    Deferred
    $36,043
    Nontaxable benefits
    $25,821
    Filer's total
    $186,652

  • Johnny Moore

    MANAGER OF OPERATIONS

    Total calculated
    $220,386
    From this org
    $122,580
    From related orgs
    $0
    Other
    $97,806
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $116,251
    Bonus
    $330
    Other
    $5,999
    Deferred
    $75,827
    Nontaxable benefits
    $21,979
    Filer's total
    $220,386

  • Michael Garbow

    MANAGER OF ENGINEERING

    Total calculated
    $216,145
    From this org
    $128,090
    From related orgs
    $0
    Other
    $88,055
    Hours/week
    46.7

    Schedule J breakdown matched by us

    Base
    $122,612
    Bonus
    $276
    Other
    $5,202
    Deferred
    $63,829
    Nontaxable benefits
    $24,226
    Filer's total
    $216,145

  • William Green

    BROADBAND MANAGER

    Total calculated
    $207,083
    From this org
    $134,315
    From related orgs
    $0
    Other
    $72,768
    Hours/week
    72

    Schedule J breakdown matched by us

    Base
    $132,697
    Bonus
    $157
    Other
    $1,461
    Deferred
    $45,815
    Nontaxable benefits
    $26,953
    Filer's total
    $207,083

  • William Tester

    BRANCH MANAGER

    Total calculated
    $206,308
    From this org
    $124,169
    From related orgs
    $0
    Other
    $82,139
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $114,178
    Bonus
    $347
    Other
    $9,644
    Deferred
    $56,596
    Nontaxable benefits
    $25,543
    Filer's total
    $206,308

  • Shawn Biggs

    SYSTEM ENGINEER

    Total calculated
    $152,587
    From this org
    $111,445
    From related orgs
    $0
    Other
    $41,142
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $109,027
    Bonus
    $114
    Other
    $2,304
    Deferred
    $11,103
    Nontaxable benefits
    $30,039
    Filer's total
    $152,587

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 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

The filer's explanations (Part III)

PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. MICHAEL KIRKLAND: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 271,956 EMPLOYER CONTRIBUTION TO 401(K) PLAN 17,462 TOTAL REPORTED IN COLUMN C $ 289,418 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (271,956) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 97,552 EXPENSE TO THE COOPERATIVE $ 115,014 JOHNNY MOORE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 69,757 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,070 TOTAL REPORTED IN COLUMN C $ 75,827 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (69,757) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,763 EXPENSE TO THE COOPERATIVE $ 48,833 MICHAEL GARBOW: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 57,329 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,500 TOTAL REPORTED IN COLUMN C $ 63,829 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (57,329) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 47,381 EXPENSE TO THE COOPERATIVE $ 53,881 WILLIAM GREEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 38,975 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,840 TOTAL REPORTED IN COLUMN C $ 45,815 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (38,975) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 40,582 EXPENSE TO THE COOPERATIVE $ 47,422 WILLIAM TESTER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 50,753 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,843 TOTAL REPORTED IN COLUMN C $ 56,596 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (50,753) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 42,763 EXPENSE TO THE COOPERATIVE $ 48,606 MARIANNE PYEATT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 29,735 EMPLOYER CONTRIBUTION TO 401(K) PLAN 6,308 TOTAL REPORTED IN COLUMN C $ 36,043 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (29,735) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 34,537 EXPENSE TO THE COOPERATIVE $ 40,845 SHAWN BIGGS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 6,175 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,928 TOTAL REPORTED IN COLUMN C $ 11,103 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (6,175) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 11,712 EXPENSE TO THE COOPERATIVE $ 16,640

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.

  • PETIT JEAN FIBER LLC

    BROADBAND INTERNET SERVICE · AR · income $3,422,101 · assets $2,942,548

    Directly controlled by PETIT JEAN ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202323209349301902

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