Southern Pine Electric Cooperative
- Assets
- $497.4m
- Revenue
- $220.2m
- Investments
- $0.0
- Employees
- 260
- Location
- Taylorsville, MS
- Founding
- 02/1943
- Data as of
- 12/2022
- EIN
- 64-0243969
Organization Overview
Southern Pine Electric Cooperative, operating under the name Southern Pine Electric, is located in Taylorsville, MS. The organization was established in 1943. 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, Southern Pine Electric employed 260 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Pine Electric 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, Southern Pine Electric generated $220.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $220.2m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.2%) 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF SOUTHERN PINE ELECTRIC'S BOARD OF DIRECTORS AND EMPLOYEES IS TO ENHANCE THE QUALITY OF LIFE OF OUR MEMBERS AND COMMUNITY BY SAFELY PROVIDING RELIABLE ELECTRIC ENERGY AT AN AFFORDABLE PRICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SOUTHERN PINE ELECTRIC COOPERATIVE IS AN ELECTRIC DISTRIBUTION COOPERATIVE THAT PROVIDED SERVICE TO APPROXIMATELY 69,822 METERS IN SOUTH CENTRAL MISSISSIPPI. UTILIZING ITS 10,668 MILES OF ELECTRIC DISTRIBUTION LINES, SOUTHERN PINE ELECTRIC SOLD 1,955,922,274 KILOWATT HOURS OF ELECTRIC ENERGY TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Billy M Berry Chariman/director | OfficerTrustee | 28 | $70,119 |
Mims W Berry Director | Trustee | 19 | $42,987 |
Charles Lowe Director | Trustee | 18 | $61,331 |
Blaine H Eaton Director | Trustee | 20 | $37,725 |
Haskins Montgomery Secretary/director | OfficerTrustee | 20 | $45,520 |
Billy Parish Director | Trustee | 19 | $42,816 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bush Construction Right Of Way Maintenance | 12/30/22 | $2,582,088 |
Delta Tree Service Right Of Way Maintenance | 12/30/22 | $2,242,094 |
Wa Kendall And Company Inc Right Of Way Maintenance | 12/30/22 | $1,714,181 |
Asplundh Tree Expert Co Right Of Way Maintenance | 12/30/22 | $1,442,045 |
Service Electric Company Electric Contractor | 12/30/22 | $1,096,435 |
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 | $220,168,482 |
| Investment income | $362,756 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,583,701 |
| Net Gain/Loss on Asset Sales | -$1,904,201 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $220,241,849 |
| 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 | $7,270,194 |
| Compensation of current officers, directors, key employees. | $1,815,750 |
| 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 | $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 | $4,765,950 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,840,878 |
| Insurance | $0 |
| All other expenses | $5,642,797 |
| Total functional expenses | $220,241,849 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,923,786 |
| Savings and temporary cash investments | $6,009,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,761,010 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,673,010 |
| Inventories for sale or use | $8,829,440 |
| Prepaid expenses and deferred charges | $1,103,885 |
| Net Land, buildings, and equipment | $348,708,184 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $101,405,995 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $497,414,310 |
| Accounts payable and accrued expenses | $26,224,847 |
| Grants payable | $0 |
| Deferred revenue | $2,000,000 |
| 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 | $152,046,800 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,905,482 |
| Total liabilities | $187,177,129 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $356,217 |
| Paid-in or capital surplus, or land, building, or equipment fund | $736,158 |
| Retained earnings, endowment, accumulated income, or other funds | $309,144,806 |
| Total liabilities and net assets/fund balances | $497,414,310 |