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Nonprofiteer
← PRINCE GEORGE ELECTRIC COOPERATIVE

Form 990 for tax year 2024

Filed by PRINCE GEORGE ELECTRIC COOPERATIVE.

Totals

Total revenue
$52,977,448
Total expenses
$47,802,251
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$52,422,011
Investment income
$70,791
Other revenue
$484,646
Total assets, end of year
$111,930,942
Total liabilities, end of year
$68,368,177
Net assets or fund balances, end of year
$43,562,765
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 $42,797,104 · related or exempt $42,797,104

  • 2b · Program service revenue: INTERNET TO MEMBERS

    total $5,741,141 · related or exempt $5,741,141

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

    total $1,760,073 · related or exempt $1,760,073

  • 2d · Program service revenue: BROADBAND SUBSIDIES

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

  • 2e · Program service revenue: PATRONAGE ALLOCATIONS

    total $448,637 · related or exempt $448,637

  • 2f · All other program service revenue

    total $134,786 · excluded $134,786

  • 3 · Investment income

    total $31,747 · excluded $31,747

  • 7a · Gross sales of assets other than inventory

    other assets $39,044

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

    other assets $0

  • 7c · Gain or loss

    other assets $39,044

  • 7d · Net gain or loss

    total $39,044 · related or exempt $39,044

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

    total $484,646 · related or exempt $484,646

  • 11e · Other revenue, total

    $484,646

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $707,090

  • 5 · Compensation of officers, directors and key employees

    total $1,157,831

  • 7 · Other salaries and wages

    total $529,806

  • 11b · Fees: legal

    total $53,405

  • 11c · Fees: accounting

    total $55,080

  • 11g · Fees: other

    total $3,149

  • 13 · Office expenses

    total $167,482

  • 14 · Information technology

    total $1,417,066

  • 16 · Occupancy

    total $79,765

  • 17 · Travel

    total $28,577

  • 20 · Interest

    total $1,723,344

  • 22 · Depreciation, depletion and amortization

    total $5,341,875

  • 23 · Insurance

    total $37,531

  • 24a · Other expenses: COST OF POWER

    total $28,244,243

  • 24b · Other expenses: DISTRIBUTION MAINTENANC

    total $3,137,555

  • 24c · Other expenses: CONSUMER ACCOUNTS

    total $2,146,332

  • 24d · Other expenses: DISTRIBUTION OPERATION

    total $1,952,674

  • 24e · All other expenses

    total $1,019,446

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,212,738 · end of year $3,552,169

  • 4 · Accounts receivable

    beginning of year $6,111,890 · end of year $7,030,610

  • 8 · Inventories for sale or use

    beginning of year $5,009,925 · end of year $3,912,374

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,305,953 · end of year $2,665,792

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

    $129,516,434

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

    $53,089,566

  • 10c · Land, buildings and equipment, net

    beginning of year $72,914,643 · end of year $76,426,868

  • 13 · Investments: program-related

    beginning of year $17,776,606 · end of year $18,166,178

  • 15 · Other assets

    beginning of year $22,809 · end of year $176,951

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,340,692 · end of year $7,478,974

  • 23 · Secured mortgages and notes payable

    beginning of year $52,491,120 · end of year $52,835,504

  • 25 · Other liabilities

    beginning of year $7,659,963 · end of year $8,053,699

  • 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 $39,862,789 · end of year $43,562,765

Mission and programs · 2024

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 2024 return.

Listed in Part VII

  • Paul H Brown

    CHAIRMAN

    Total calculated
    $25,300
    From this org
    $25,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • James Corl

    DIRECTOR

    Total calculated
    $23,300
    From this org
    $23,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Herbert R Patrick

    SECRETARY - TREASURER

    Total calculated
    $21,900
    From this org
    $21,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Richard B Scott

    ASST. SECRETARY-TREASURER

    Total calculated
    $19,500
    From this org
    $19,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John M Brock Jr

    DIRECTOR

    Total calculated
    $19,100
    From this org
    $19,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Matthew P Carden

    DIRECTOR

    Total calculated
    $18,300
    From this org
    $18,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Keith M Dunn

    VICE-CHAIRMAN

    Total calculated
    $21,900
    From this org
    $21,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Denya C Hankerson

    DIRECTOR

    Total calculated
    $21,900
    From this org
    $21,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian E Coey

    DIRECTOR

    Total calculated
    $19,500
    From this org
    $19,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Robert Howard Hall

    VICE PRESIDENT AND CHIEF F

    Total calculated
    $234,775
    From this org
    $216,273
    From related orgs
    $0
    Other
    $18,502
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,199
    Bonus
    $0
    Other
    $3,074
    Deferred
    $4,264
    Nontaxable benefits
    $14,238
    Filer's total
    $234,775

  • Sarat Yellepeddi

    PRESIDENT AND CEO

    Total calculated
    $441,131
    From this org
    $409,170
    From related orgs
    $0
    Other
    $31,961
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $396,155
    Bonus
    $0
    Other
    $13,015
    Deferred
    $6,900
    Nontaxable benefits
    $25,061
    Filer's total
    $441,131

  • Walter Lee Chappell

    DIRECTOR OF SAFETY

    Total calculated
    $222,169
    From this org
    $196,083
    From related orgs
    $0
    Other
    $26,086
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,009
    Bonus
    $0
    Other
    $12,074
    Deferred
    $3,680
    Nontaxable benefits
    $22,406
    Filer's total
    $222,169

  • Joshua Krenicky

    VICE PRESIDENT OF OPERATIO

    Total calculated
    $169,642
    From this org
    $145,605
    From related orgs
    $0
    Other
    $24,037
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,531
    Bonus
    $0
    Other
    $14,074
    Deferred
    $2,631
    Nontaxable benefits
    $21,406
    Filer's total
    $169,642

  • Jason Jessup

    CONSTRUCTION FOREMAN

    Total calculated
    $138,607
    From this org
    $136,677
    From related orgs
    $0
    Other
    $1,930
    Hours/week
    40

  • Justin Harville

    GENERAL MANAGER

    Total calculated
    $190,695
    From this org
    $165,681
    From related orgs
    $0
    Other
    $25,014
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,607
    Bonus
    $0
    Other
    $12,074
    Deferred
    $3,072
    Nontaxable benefits
    $21,942
    Filer's total
    $190,695

  • Justin Ellis

    APPARATUS TECHNICIAN

    Total calculated
    $126,394
    From this org
    $124,433
    From related orgs
    $0
    Other
    $1,961
    Hours/week
    40

  • Douglas Dunn

    JOURNEYMAN LINEMAN

    Total calculated
    $127,999
    From this org
    $126,242
    From related orgs
    $0
    Other
    $1,757
    Hours/week
    40

  • Jeff Hite

    MANAGER OF OPERATIONS

    Total calculated
    $123,638
    From this org
    $121,666
    From related orgs
    $0
    Other
    $1,972
    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 $7,281,411 · assets $22,849,970

    Directly controlled by PRINCE GEORGE ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2024
Filed
11 November 2025
IRS schema version
2024v5.2
Source object
202533159349303953

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