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Nonprofiteer
← ALCORN COUNTY ELECTRIC POWER ASSOCIATION

Form 990 for tax year 2023

Filed by ALCORN COUNTY ELECTRIC POWER ASSOCIATION.

Totals

Total revenue
$23,122,794
Total expenses
$18,662,463
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$465,538
Investment income
$576,273
Other revenue
$22,080,983
Total assets, end of year
$117,317,968
Total liabilities, end of year
$40,501,822
Net assets or fund balances, end of year
$76,816,146
Program services expenses (Part IX)
$18,662,463
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% 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: FORFEITED DISCOUNTS

    total $273,914 · related or exempt $273,914

  • 2b · Program service revenue: SERVICE REVENUE

    total $191,624 · related or exempt $191,624

  • 3 · Investment income

    total $576,273 · related or exempt $486,458 · unrelated business $89,815

  • 6a · Gross rents

    real property $51,624 · personal property $3,577,008

  • 6c · Rental income or loss

    real property $51,624 · personal property $3,577,008

  • 6d · Net rental income or loss

    total $3,628,632 · related or exempt $2,305,633 · unrelated business $1,322,999

  • 10a · Gross sales of inventory

    $62,516,375

  • 10b · Cost of goods sold

    $46,073,371

  • 10c · Net income from sales of inventory

    total $16,443,004 · related or exempt $16,443,004

  • 11a · Other revenue: EQUITY EARNINGS OF FIBER

    total $1,075,072 · related or exempt $1,075,072

  • 11b · Other revenue: GAIN ON OPEB LIAB VALUATION

    total $719,710 · related or exempt $719,710

  • 11c · Other revenue: OTHER INCOME DEDUCTIONS

    total $202,898 · related or exempt $202,898

  • 11d · All other revenue

    total $11,667 · related or exempt $11,667

  • 11e · Other revenue, total

    $2,009,347

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $3,417,239 · program services $3,417,239

  • 9 · Other employee benefits

    total $707,078 · program services $707,078

  • 11b · Fees: legal

    total $20,046 · program services $20,046

  • 11c · Fees: accounting

    total $40,398 · program services $40,398

  • 11g · Fees: other

    total $40,527 · program services $40,527

  • 13 · Office expenses

    total $1,475,645 · program services $1,475,645

  • 20 · Interest

    total $651,988 · program services $651,988

  • 22 · Depreciation, depletion and amortization

    total $5,842,989 · program services $5,842,989

  • 23 · Insurance

    total $594,578 · program services $594,578

  • 24a · Other expenses: DISTRIBUTION EXPENSE

    total $4,161,238 · program services $4,161,238

  • 24b · Other expenses: CUSTOMER ACCOUNT EXPENSE

    total $743,439 · program services $743,439

  • 24c · Other expenses: TAXES

    total $541,035 · program services $541,035

  • 24d · Other expenses: GENERAL MAINTENANCE

    total $426,263 · program services $426,263

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,408,883 · end of year $1,572,526

  • 2 · Savings and temporary cash investments

    beginning of year $2,920,170 · end of year $3,074,841

  • 4 · Accounts receivable

    beginning of year $6,310,888 · end of year $6,442,139

  • 7 · Other notes and loans receivable

    beginning of year $3,834,603 · end of year $4,875,584

  • 8 · Inventories for sale or use

    beginning of year $2,537,518 · end of year $2,379,067

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,998,542 · end of year $12,194,559

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

    $142,175,661

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

    $56,843,598

  • 10c · Land, buildings and equipment, net

    beginning of year $84,708,052 · end of year $85,332,063

  • 12 · Investments: other securities

    beginning of year $89,021 · end of year $108,539

  • 15 · Other assets

    beginning of year $1,099,813 · end of year $1,338,650

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,987,684 · end of year $11,030,761

  • 23 · Secured mortgages and notes payable

    beginning of year $22,511,169 · end of year $21,015,235

  • 25 · Other liabilities

    beginning of year $9,054,807 · end of year $8,455,826

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $601,542 · end of year $603,527

  • 31 · Retained earnings, endowment or other funds

    beginning of year $71,752,288 · end of year $76,212,619

Mission and programs · 2023

Mission

Withheld by Nonprofiteer: this text may name a private individual.

Activities or mission (Part I)

Withheld by Nonprofiteer: this text may name a private individual.

  • PROVIDED ELECTRICITY TO APPROXIMATELY 19,000 CUSTOMERS/MEMBERS

As filed on the 2023 return. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • Bobby Roberts

    PRESIDENT

    Total calculated
    $4,954
    From this org
    $550
    From related orgs
    $0
    Other
    $4,404
    Hours/week
    2

  • Mark Gardner

    SECRETARY

    Total calculated
    $550
    From this org
    $550
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • J B Darnell

    VICE PRESIDE

    Total calculated
    $550
    From this org
    $550
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ben Ferrell

    BOARD MEMBER

    Total calculated
    $550
    From this org
    $550
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Eric Powell

    BOARD MEMBER

    Total calculated
    $550
    From this org
    $550
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Sean McGrath

    CEO

    Total calculated
    $311,610
    From this org
    $227,392
    From related orgs
    $0
    Other
    $84,218
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,804
    Bonus
    $26,588
    Other
    not reported
    Deferred
    $64,873
    Nontaxable benefits
    $19,345
    Filer's total
    $311,610

  • Jason Grisham

    COO

    Total calculated
    $279,465
    From this org
    $214,970
    From related orgs
    $0
    Other
    $64,495
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,293
    Bonus
    $25,677
    Other
    not reported
    Deferred
    $46,247
    Nontaxable benefits
    $18,248
    Filer's total
    $279,465

  • Wally Eaton

    OPER SUPERIN

    Total calculated
    $219,848
    From this org
    $169,655
    From related orgs
    $0
    Other
    $50,193
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,141
    Bonus
    $20,514
    Other
    not reported
    Deferred
    $36,684
    Nontaxable benefits
    $13,509
    Filer's total
    $219,848

  • Trint Baggett

    SYSTEM ENGIN

    Total calculated
    $224,567
    From this org
    $169,745
    From related orgs
    $0
    Other
    $54,822
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,204
    Bonus
    $20,541
    Other
    not reported
    Deferred
    $37,162
    Nontaxable benefits
    $17,660
    Filer's total
    $224,567

  • Scotty Mills

    RIGHT OF WAY

    Total calculated
    $194,048
    From this org
    $150,141
    From related orgs
    $0
    Other
    $43,907
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,939
    Bonus
    $18,202
    Other
    not reported
    Deferred
    $32,865
    Nontaxable benefits
    $11,042
    Filer's total
    $194,048

  • Don Arnold

    LINE FOREMAN

    Total calculated
    $195,273
    From this org
    $152,739
    From related orgs
    $0
    Other
    $42,534
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,044
    Bonus
    $17,695
    Other
    not reported
    Deferred
    $31,931
    Nontaxable benefits
    $10,603
    Filer's total
    $195,273

  • James Carson

    DIRECTOR OF

    Total calculated
    $179,240
    From this org
    $134,340
    From related orgs
    $0
    Other
    $44,900
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $118,024
    Bonus
    $16,316
    Other
    not reported
    Deferred
    $27,628
    Nontaxable benefits
    $17,272
    Filer's total
    $179,240

  • James Andrew Galloway

    CFO

    Total calculated
    $192,449
    From this org
    $157,936
    From related orgs
    $0
    Other
    $34,513
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,808
    Bonus
    $13,128
    Other
    not reported
    Deferred
    $17,611
    Nontaxable benefits
    $16,902
    Filer's total
    $192,449

  • Eddie Howard

    FORMER CEO

    Total calculated
    $250,987
    From this org
    $227,961
    From related orgs
    $0
    Other
    $23,026

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    $227,961
    Deferred
    $15,766
    Nontaxable benefits
    $7,260
    Filer's total
    $250,987

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

None.

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)

SCHEDULE J, PART III
SEAN MCGRATH, CEO, AND JASON GRISHAM, COO, HAVE A SALARY CONTINUATION NONQUALIFIED PLAN AGREEMENT BACKED BY LIFE INSURANCE POLICIES. IT IS PAYABLE UPON RETIREMENT IN MONTHLY INSTALLMENTS.

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.

  • FIRST LIGHT FIBER LLC

    BROADBAND · MS

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2025
IRS schema version
2023v6.0
Source object
202501359349315885

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