Southwest Mississippi Electric
- Assets
- $137.2m
- Revenue
- $63.1m
- Investments
- $0.0
- Employees
- 96
- Location
- Lorman, MS
- Founding
- 02/1943
- Data as of
- 12/2023
- EIN
- 64-0244325
Organization Overview
Southwest Mississippi Electric is located in Lorman, 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 12/2023, Southwest Mississippi Electric employed 96 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southwest Mississippi 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 12/2023, Southwest Mississippi Electric generated $63.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $63.1m during the year ending 12/2023. While expenses have increased by 0.7% per year over the past 9 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
MEMBER OWNED ELECTRIC COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRIC POWER TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Bonds General Mana | Officer | 40 | $294,695 |
William Newell Crew Leader | 40 | $165,294 | |
Darryl Hassell Mgr Of Engin | 40 | $143,070 | |
Ernie Orcutt Serviceman | 40 | $155,430 | |
Kevin Cotten Mgr. Of Oper | 40 | $130,775 | |
Kevin Britt Serviceman | 40 | $114,714 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Killen Contractors Inc Construction | 12/30/23 | $1,753,622 |
Good Hope Recovery Storm Recovery | 12/30/23 | $1,479,094 |
Delta Tree Service Right Of Way | 12/30/23 | $1,140,548 |
Southern Pine Electric Storm Asst. | 12/30/23 | $236,181 |
Progressive Solutions Llc Right Of Way | 12/30/23 | $178,401 |
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 | $61,565,624 |
| Investment income | $208,013 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $63,057,088 |
| 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 | $3,071,595 |
| Compensation of current officers, directors, key employees. | $593,481 |
| 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 | $114,920 |
| Fees for services: Accounting | $29,437 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,997 |
| Advertising and promotion | $196,192 |
| Office expenses | $0 |
| Information technology | $17,194 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $78,507 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,291,925 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,800,985 |
| Insurance | $0 |
| All other expenses | $1,514,708 |
| Total functional expenses | $63,057,088 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,707,860 |
| Savings and temporary cash investments | $4,600,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,670,866 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,028,683 |
| Prepaid expenses and deferred charges | $353,917 |
| Net Land, buildings, and equipment | $95,050,189 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $29,782,166 |
| Total assets | $137,193,681 |
| Accounts payable and accrued expenses | $8,924,585 |
| Grants payable | $0 |
| Deferred revenue | $1,000,000 |
| 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 | $56,410,154 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,294,672 |
| Total liabilities | $67,629,411 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $100,645 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $69,463,625 |
| Total liabilities and net assets/fund balances | $137,193,681 |