Pontotoc Electric Power Assn
- Assets
- $96.9m
- Revenue
- $14.3m
- Investments
- $0.0
- Employees
- 97
- Location
- Pontotoc, MS
- Founding
- 05/1937
- Data as of
- 06/2024
- EIN
- 64-0224230
Organization Overview
Pontotoc Electric Power Assn is located in Pontotoc, 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 06/2024, Pontotoc Electric Power Assn employed 97 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pontotoc Electric Power Assn 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 06/2024, Pontotoc Electric Power Assn generated $14.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $9.4m during the year ending 06/2024. While expenses have increased by 3.3% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
PROVISION OF ELECTRIC POWER TO RURAL CUSTOMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF ELECTRICAL POWER TO 20,608 USERS AS OF JUNE 30, 2024
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frankie Moorman General Mgr | Officer | 50 | $180,606 |
Jeanna Sorto Secretary/ac | Officer | 50 | $157,009 |
James Elzie General Fore | 40 | $113,513 | |
Benjamin Hogan Bruce Distri | 40 | $107,101 | |
John Cody Laster Journeyman L | 40 | $101,485 | |
Robert Tedford Director | Trustee | 1 | $15,128 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mdr Construction Inc Pole Changes | 6/29/23 | $1,450,692 |
Seven States Power Corporation Consulting | 6/29/23 | $155,719 |
Randy Holcomb Meter Reading | 6/29/23 | $115,837 |
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 | $0 |
| Investment income | $148,310 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$1,603 |
| 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 | $12,278,829 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,299,984 |
| 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. | $510,418 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,572,894 |
| Pension plan accruals and contributions | $1,425,870 |
| Other employee benefits | $0 |
| Payroll taxes | $338,387 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $4,600 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,631,050 |
| Insurance | $325,314 |
| All other expenses | $277,363 |
| Total functional expenses | $9,358,669 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $437,359 |
| Savings and temporary cash investments | $5,156,407 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,316,759 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,349 |
| Inventories for sale or use | $2,232,395 |
| Prepaid expenses and deferred charges | $6,425,897 |
| Net Land, buildings, and equipment | $76,325,581 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $96,896,747 |
| Accounts payable and accrued expenses | $8,466,082 |
| Grants payable | $0 |
| Deferred revenue | $579,019 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,475,867 |
| Total liabilities | $13,520,968 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $951,120 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $82,424,659 |
| Total liabilities and net assets/fund balances | $96,896,747 |