Magnolia Electric Power Association
- Assets
- $198.7m
- Revenue
- $83.4m
- Investments
- $0.0
- Employees
- 111
- Location
- Mccomb, MS
- Founding
- 10/1942
- Data as of
- 12/2022
- EIN
- 64-0195613
Organization Overview
Magnolia Electric Power Association is located in Mccomb, MS. The organization was established in 1942. 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 12/2022, Magnolia Electric Power Association employed 111 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnolia 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 12/2022, Magnolia Electric Power Association generated $83.4m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $83.4m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.3%) per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
MEMBER OWNED ELECTRIC COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF ELECTRIC POWER TO MEMBERS.
PROVISION OF ELECTRIC POWER TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darrell Smith General Mana | Officer | 60 | $361,901 |
Aaron Achord Manager-Eng | 40 | $195,819 | |
Daniel Evans Engineer | 40 | $116,127 | |
Tony Nettles Manager-Admi | Officer | 40 | $121,180 |
Terry Jackson Serviceman | 40 | $120,027 | |
Dorneail Magee Serviceman | 40 | $115,592 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kinco Llc Line Construct. | 12/30/22 | $3,330,317 |
Magnolia Utility Services Llc Right-of-way | 12/30/22 | $2,208,545 |
Barnes Row Services Inc Right-of Way | 12/30/22 | $1,625,215 |
Pike Electric Corporation Line Construc | 12/30/22 | $1,583,148 |
Stuart Irby | 12/30/22 | $870,799 |
Kinco Llc Line Construct. | 12/30/22 | $3,330,317 |
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 | $81,503,275 |
| Investment income | $215,514 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $58,953 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $83,370,782 |
| 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 | $612,287 |
| Compensation of current officers, directors, key employees. | $717,200 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,630 |
| Fees for services: Accounting | $32,923 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $60,669 |
| Fees for services: Other | $28,650 |
| Advertising and promotion | $0 |
| Office expenses | $66,683 |
| 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 | $2,028,940 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,147,664 |
| Insurance | $0 |
| All other expenses | $1,453,451 |
| Total functional expenses | $83,370,782 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,306,595 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,662,951 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,090,184 |
| Prepaid expenses and deferred charges | $3,652,421 |
| Net Land, buildings, and equipment | $139,570,770 |
| Investments—publicly traded securities | $6,429,796 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $44,029,666 |
| Total assets | $198,742,383 |
| Accounts payable and accrued expenses | $10,846,185 |
| 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 | $74,042,116 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,093,050 |
| Total liabilities | $89,981,351 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $108,761,032 |
| Total liabilities and net assets/fund balances | $198,742,383 |