Alcorn County Electric Power Association
- Assets
- $110.9m
- Revenue
- $21.3m
- Investments
- $89.0k
- Employees
- 93
- Location
- Corinth, MS
- Founding
- 02/1937
- Data as of
- 06/2023
- EIN
- 64-0111850
Organization Overview
Alcorn County Electric Power Association is located in Corinth, MS. The organization was established in 1937. 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 06/2023, Alcorn County Electric Power Association employed 93 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alcorn County Electric Power Association 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 06/2023, Alcorn County Electric Power Association generated $21.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $18.4m during the year ending 06/2023. While expenses have increased by 4.0% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE ELECTRICITY TO MEMBERS IN THE ALCORN COUNTY, MS AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRICITY TO APPROXIMATELY 19,000 CUSTOMERS/MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bobby Roberts President | OfficerTrustee | 2 | $0 |
Mark Gardner Secretary | OfficerTrustee | 2 | $0 |
J B Darnell Vice Preside | Trustee | 2 | $0 |
Ben Ferrell Board Member | Trustee | 2 | $0 |
Eric Powell Board Member | OfficerTrustee | 2 | $0 |
Sean Mcgrath CEO | Officer | 40 | $196,984 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sdt Solutions Llc Sdt Solutions Llc Infrastructure | 6/29/23 | $1,183,846 |
Asplundh Tree Experts Asplundh Tree Experts Tree Trimming | 6/29/23 | $557,757 |
Fiberrise Communications Llc Fiberrise Communications Llc Eng. Consulting | 6/29/23 | $301,597 |
Central Service Association Central Service Association Software & Main | 6/29/23 | $171,210 |
Tree Professional Inc Tree Professional Inc Tree Removal | 6/29/23 | $169,869 |
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 | $468,244 |
| Investment income | $297,585 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,621,585 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $15,174,662 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,306,636 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,172,547 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,777,871 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,735 |
| Fees for services: Accounting | $20,325 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $90,029 |
| Advertising and promotion | $0 |
| Office expenses | $1,448,217 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $696,267 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,416,097 |
| Insurance | $507,916 |
| All other expenses | $133,582 |
| Total functional expenses | $18,435,950 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,408,883 |
| Savings and temporary cash investments | $2,920,170 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,310,888 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,834,603 |
| Inventories for sale or use | $2,537,518 |
| Prepaid expenses and deferred charges | $4,998,542 |
| Net Land, buildings, and equipment | $84,708,052 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $89,021 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,099,813 |
| Total assets | $110,907,490 |
| Accounts payable and accrued expenses | $6,987,684 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $22,511,169 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,054,807 |
| Total liabilities | $38,553,660 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $601,542 |
| Retained earnings, endowment, accumulated income, or other funds | $71,752,288 |
| Total liabilities and net assets/fund balances | $110,907,490 |