Magnolia Electric Power Association
- Assets
- $199.8m
- Revenue
- $77.0m
- Investments
- $0.0
- Employees
- 110
- Location
- Mccomb, MS
- Founding
- 10/1942
- Data as of
- 12/2021
- 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 12/2021, Magnolia Electric Power Association employed 110 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 12/2021, Magnolia Electric Power Association generated $77.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $77.0m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.6%) per year over the past 7 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
2021
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darrell Smith General Mana | Officer | 60 | $349,223 |
Aaron Achord Engineer | 40 | $198,533 | |
Daniel Evans Engineer | 40 | $122,037 | |
Tony Nettles Manager-Admi | Officer | 40 | $121,207 |
Terry Jackson Lineman | 40 | $112,941 | |
Taylor Magee Lineman | 40 | $110,427 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Deviney Construction Co Right-of-way | 12/30/21 | $2,866,883 |
Kinco Llc Line Construct. | 12/30/21 | $2,572,465 |
Pike Electric Corporation Line Construc | 12/30/21 | $2,463,656 |
Barnes Row Services Inc Right-of Way | 12/30/21 | $1,487,807 |
Mid Western Electrical Contractors Storm Contracto | 12/30/21 | $772,420 |
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 | $74,827,628 |
| Investment income | $340,403 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $337,052 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $77,004,678 |
| 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 | $3,447,220 |
| Compensation of current officers, directors, key employees. | $672,703 |
| 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 | $34,958 |
| Fees for services: Accounting | $62,241 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $33,922 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $68,190 |
| 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 | $1,928,251 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,983,214 |
| Insurance | $0 |
| All other expenses | $1,608,715 |
| Total functional expenses | $77,004,678 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,615,709 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $679,474 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,288,236 |
| Prepaid expenses and deferred charges | $5,208,259 |
| Net Land, buildings, and equipment | $140,685,374 |
| Investments—publicly traded securities | $7,084,968 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $41,286,753 |
| Total assets | $199,848,773 |
| Accounts payable and accrued expenses | $9,245,153 |
| 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 | $74,322,431 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,450,524 |
| Total liabilities | $91,018,108 |
| 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 | $108,830,665 |
| Total liabilities and net assets/fund balances | $199,848,773 |
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 |
Cumberland Electric Membership Corp Clarksville, TN | $559,882,187 | $327,722,843 |
Volunteer Energy Cooperative Decatur, TN | $369,462,846 | $270,037,507 |
Dixie Electric Membership Corporation Baton Rouge, LA | $725,178,434 | $239,155,259 |
Southwest Louisiana Electric Lafayette, LA | $508,237,761 | $245,337,577 |
Carroll Electric Cooperative Corporation Berryville, AR | $756,571,061 | $239,227,342 |
First Electric Cooperative Corporation Jacksonville, AR | $572,577,962 | $234,356,715 |
Duck River Electric Membership Corporation Shelbyville, TN | $294,861,810 | $219,371,768 |
Mississippi County Electric Cooperative Inc Blytheville, AR | $148,581,171 | $213,607,546 |
Southern Pine Electric Cooperative Taylorsville, MS | $504,001,420 | $209,731,652 |