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Nonprofiteer
← JACKSON ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2022

Filed by JACKSON ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$690,430,146
Total expenses
$690,430,146
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$685,776,968
Investment income
$1,777,060
Other revenue
$2,876,118
Total assets, end of year
$1,306,228,327
Total liabilities, end of year
$720,377,713
Net assets or fund balances, end of year
$585,850,614
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: ELECTRIC ENERGY REVENUE

    total $664,063,475 · related or exempt $664,063,475

  • 2b · Program service revenue: G & T CAPITAL CREDITS

    total $16,323,855 · related or exempt $16,323,855

  • 2c · Program service revenue: POLE RENTAL

    total $3,993,825 · excluded $3,993,825

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $1,395,813 · related or exempt $1,395,813

  • 3 · Investment income

    total $1,777,060 · excluded $1,777,060

  • 11a · Other revenue: EQUITY IN EARNINGS OF SUBSIDI

    total $2,404,551 · unrelated business $2,404,551

  • 11b · Other revenue: NON-OPERATING MARGINS-OTHER

    total $440,303 · related or exempt $440,303

  • 11c · Other revenue: DISPOSITION OF PROPERTY

    total $30,136 · related or exempt $30,136

  • 11d · All other revenue

    total $1,128 · related or exempt $1,128

  • 11e · Other revenue, total

    $2,876,118

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $44,488,472

  • 5 · Compensation of officers, directors and key employees

    total $1,207,054

  • 13 · Office expenses

    total $875,074

  • 20 · Interest

    total $16,170,695

  • 22 · Depreciation, depletion and amortization

    total $40,768,376

  • 24a · Other expenses: PURCHASED POWER

    total $494,031,723

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $24,618,464

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

    total $19,426,023

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $18,032,039

  • 24e · All other expenses

    total $30,812,226

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $25,165,106 · end of year $28,465,657

  • 2 · Savings and temporary cash investments

    beginning of year $80,499,347 · end of year $62,000,000

  • 4 · Accounts receivable

    beginning of year $58,479,266 · end of year $87,671,696

  • 8 · Inventories for sale or use

    beginning of year $16,794,687 · end of year $27,665,745

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,352,974 · end of year $1,396,465

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

    $1,272,588,311

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

    $416,329,237

  • 10c · Land, buildings and equipment, net

    beginning of year $817,724,369 · end of year $856,259,074

  • 13 · Investments: program-related

    beginning of year $223,393,878 · end of year $242,054,279

  • 15 · Other assets

    beginning of year $893,576 · end of year $715,411

  • 17 · Accounts payable and accrued expenses

    beginning of year $56,102,566 · end of year $74,120,202

  • 23 · Secured mortgages and notes payable

    beginning of year $512,613,046 · end of year $544,413,243

  • 25 · Other liabilities

    beginning of year $93,429,280 · end of year $101,844,268

  • 29 · Capital stock, trust principal or current funds

    beginning of year $3,916,960 · end of year $4,028,135

  • 31 · Retained earnings, endowment or other funds

    beginning of year $558,241,351 · end of year $581,822,479

Mission and programs · 2022

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.

  • N/A

As filed on the 2022 return.

Listed in Part VII

  • OTIS JONES

    CHAIRMAN

    Total calculated
    $46,774
    From this org
    $46,774
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • RODNEY CHANDLER

    VICE CHAIRMA

    Total calculated
    $48,209
    From this org
    $48,209
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • LYNN PRICE

    SECRETARY/TR

    Total calculated
    $44,709
    From this org
    $44,709
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • CHARLES B STEELE

    DIRECTOR

    Total calculated
    $26,825
    From this org
    $26,825
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • BILL E CARPENTER

    DIRECTOR

    Total calculated
    $17,649
    From this org
    $17,649
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • STEVE BLAIR

    DIRECTOR

    Total calculated
    $27,500
    From this org
    $27,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • JOHN MITCHELL

    DIRECTOR

    Total calculated
    $24,125
    From this org
    $24,125
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • SHADE STOREY

    DIRECTOR

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

  • ALTON THORNTON

    DIRECTOR

    Total calculated
    $15,500
    From this org
    $15,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • SARAH MCKINNEY

    DIRECTOR

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • ERNEST A CHIP JAKINS III

    PRESIDENT &

    Total calculated
    $931,263
    From this org
    $719,518
    From related orgs
    $0
    Other
    $211,745
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $703,280
    Bonus
    $480
    Other
    $15,758
    Deferred
    $175,576
    Nontaxable benefits
    $36,169
    Filer's total
    $931,263

  • GREG S KEITH

    CFO

    Total calculated
    $937,204
    From this org
    $788,599
    From related orgs
    $0
    Other
    $148,605
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $454,829
    Bonus
    $11,560
    Other
    $322,210
    Deferred
    $123,079
    Nontaxable benefits
    $25,526
    Filer's total
    $937,204

  • ROY A STOWE

    COO

    Total calculated
    $631,218
    From this org
    $497,796
    From related orgs
    $0
    Other
    $133,422
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $450,349
    Bonus
    $28,580
    Other
    $18,867
    Deferred
    $122,685
    Nontaxable benefits
    $10,737
    Filer's total
    $631,218

  • JOSEPH L DOROUGH

    VP-ENGINEERI

    Total calculated
    $473,128
    From this org
    $342,360
    From related orgs
    $0
    Other
    $130,768
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $318,364
    Bonus
    $8,480
    Other
    $15,516
    Deferred
    $94,599
    Nontaxable benefits
    $36,169
    Filer's total
    $473,128

  • PRESTON L CHAPMAN

    EXEC VP/EXT

    Total calculated
    $495,244
    From this org
    $368,083
    From related orgs
    $0
    Other
    $127,161
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $335,533
    Bonus
    $18,500
    Other
    $14,050
    Deferred
    $101,635
    Nontaxable benefits
    $25,526
    Filer's total
    $495,244

  • AMY W ROUSE

    EXEC VP/CORP

    Total calculated
    $479,927
    From this org
    $363,298
    From related orgs
    $0
    Other
    $116,629
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $333,701
    Bonus
    $18,022
    Other
    $11,575
    Deferred
    $80,460
    Nontaxable benefits
    $36,169
    Filer's total
    $479,927

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 · Independent compensation consultant
  • 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

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4
GREG S. KEITH 0 296,780 0
SCHEDULE J, PART III
THE CORPORATION HAS ESTABLISHED AN EXECUTIVE BENEFIT RESTORATION PLAN (EBR PLAN) UNDER IRC 457(F) FOR KEY MANAGEMENT AND HIGHLY COMPENSATED EMPLOYEES WHOSE BENEFITS UNDER THE RS PENSION PLAN ARE RESTRICTED BECAUSE OF MAXIMUM LIMITS ON BENEFITS OR COMPENSATION THAT MAY BE PROVIDED BY THE RS PENSION PLAN. THE ACTUARIALLY DETERMINED "SERVICE COST" COMPONENT OF CURRENT YEAR NET PERIODIC BENEFIT EXPENSE HAS BEEN ADDED TO COLUMN (C) FOR PARTICIPANTS OF THIS PLAN. THE COOPERATIVE HAS REPORTED PAYMENTS MADE FOR THE EBR PLAN IN THE CURRENT YEAR AS A COMPONENT OF COMPENSATION IN COLUMN(B)(II). COMPENSATION PREVIOUSLY REPORTED IN COLUMN(F)OF THE 2022 FORM 990 IN ACCORDANCE WITH APPLICABLE DISCLOSURE REQUIREMENTS. IN ADDITION, THE CORPORATION HAS ESTABLISHED A PENSION RESTORATION PLAN (PRP) FOR ITS CHIEF EXECUTIVE OFFICER (CEO) WHOSE BENEFITS UNDER THE RS PLAN ARE RESTRICTED. THE CORPORATION WILL BE REQUIRED TO PAY THIS BENEFIT FROM THE GENERAL ASSETS OF THE CORPORATION. AFTER PAYING THE BENEFIT, THE CORPORATION WILL RECEIVE CREDIT ON ITS PAYMENTS EQUAL TO THE TOTAL AMOUNT FROM THE RS PLAN.

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
19 October 2023
IRS schema version
2022v5.0
Source object
202342969349301069

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