Powersouth Energy Cooperative
- Assets
- $2.4b
- Revenue
- $643.4m
- Investments
- $20.2m
- Employees
- 647
- Location
- Andalusia, AL
- Founding
- 09/1957
- Data as of
- 12/2021
- EIN
- 63-0238274
Organization Overview
Powersouth Energy Cooperative is located in Andalusia, AL. The organization was established in 1957. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Powersouth Energy Cooperative employed 647 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Powersouth Energy Cooperative is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2021, Powersouth Energy Cooperative generated $643.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $630.9m during the year ending 12/2021. While expenses have increased by 0.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
COOPERATIVE UTILITY SYSTEM - PRODUCING & DISTRIBUTING WHOLESALE ELECTRIC POWER TO & FOR COOPERATIVE MEMBERS UNDER THE PROVISIONS OF THE RURAL ELECTRIFICATION ACT OF 1936.
Describe the Organization's Program Activity:
Part 3 - Line 4a
POWERSOUTH ENERGY COOPERATIVE SERVES THE WHOLESALE ENERGY NEEDS OF 20 UTILITY DISTRIBUTION MEMBERS IN ALABAMA AND NORTHWEST FLORIDA.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Smith Ceo/president | Officer | 50 | $1,677,015 |
Damon Morgan COO | Officer | 50 | $1,483,648 |
Leigh Grantham VP Of Member Services And | Officer | 50 | $1,177,238 |
Elizabeth Woodard CFO | Officer | 50 | $626,068 |
Horace Horn VP Of External Affairs | Officer | 50 | $487,403 |
Seth Hammett VP Of Business Development | Officer | 50 | $423,611 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Black & Veatch Corporation Engineering Services | 12/30/21 | $23,253,149 |
Burns & Mcdonnell Engineering Co Inc Engineering Services | 12/30/21 | $767,532 |
Asplundh Tree Expert Co Tree Cutting Services | 12/30/21 | $1,108,880 |
Cdg Engineers Engineering Services | 12/30/21 | $571,337 |
Aerial Solutions Inc Tree Cutting Services | 12/30/21 | $446,512 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $639,809,830 |
| Investment income | $1,361,270 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $430,873 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $643,376,000 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $9,276,597 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $48,700,781 |
| Pension plan accruals and contributions | $13,289,458 |
| Other employee benefits | $7,430,259 |
| Payroll taxes | $4,235,212 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $715,356 |
| Fees for services: Accounting | $165,360 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,246,431 |
| Advertising and promotion | $7,497,084 |
| Office expenses | $1,122,030 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,818,215 |
| Travel | $1,524,722 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $46,357,187 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $72,367,025 |
| Insurance | $0 |
| All other expenses | $28,096,397 |
| Total functional expenses | $630,900,963 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $229,083,612 |
| Savings and temporary cash investments | $2,252,365 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $76,655,710 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $64,910,793 |
| Prepaid expenses and deferred charges | $101,228,013 |
| Net Land, buildings, and equipment | $1,493,117,730 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $20,169,249 |
| Investments—program-related | $19,969,297 |
| Intangible assets | $0 |
| Other assets | $431,714,094 |
| Total assets | $2,439,100,863 |
| Accounts payable and accrued expenses | $109,564,042 |
| Grants payable | $0 |
| Deferred revenue | $137,000,000 |
| Tax-exempt bond liabilities | $82,870,437 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,366,266,714 |
| Unsecured mortgages and notes payable | $91,249,992 |
| Other liabilities | $245,802,386 |
| Total liabilities | $2,032,753,571 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $110 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $406,347,182 |
| Total liabilities and net assets/fund balances | $2,439,100,863 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Middle Tennessee Electric Membership Corporation Murfreesboro, TN | $972,885,002 | $816,151,968 |
Cooperative Energy A Mississippi Electric Cooperative Hattiesburg, MS | $2,085,034,483 | $800,776,225 |
Powersouth Energy Cooperative Andalusia, AL | $2,439,100,863 | $643,376,000 |
Jackson Electric Membership Corp Jefferson, GA | $1,224,303,203 | $616,720,445 |
Lee County Electric Cooperative Inc North Fort Myers, FL | $850,449,864 | $497,387,726 |
Withlacoochee River Electric Cooperative Inc Dade City, FL | $1,217,179,383 | $476,736,829 |
Cobb Electric Membership Corporation Marietta, GA | $1,101,529,853 | $448,648,839 |
Sumter Electric Cooperative Inc Sumterville, FL | $962,585,573 | $440,111,118 |
Sawnee Electric Membership Corp Cumming, GA | $881,772,713 | $421,763,531 |
Georgia Transmission Corporation Tucker, GA | $2,954,026,800 | $380,617,270 |
Clay Electric Cooperative Inc Keystone Heights, FL | $801,967,548 | $374,561,378 |
Walton Emc Monroe, GA | $527,402,332 | $323,280,272 |