Powersouth Energy Cooperative
- Assets
- $2.5b
- Revenue
- $852.6m
- Investments
- $20.4m
- Employees
- 658
- Location
- Andalusia, AL
- Founding
- 09/1957
- Data as of
- 12/2022
- EIN
- 63-0238274
Organization Overview
Powersouth Energy Cooperative is located in Andalusia, AL. The organization was established in 1957. 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, Powersouth Energy Cooperative employed 658 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Powersouth Energy Cooperative 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, Powersouth Energy Cooperative generated $852.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $840.0m during the year ending 12/2022. While expenses have increased by 4.0% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
COOPERATIVE UTILITY SYSTEM - PRODUCING & DISTRIBUTING WHOLESALE ELECTRIC POWER TO & FOR COOPERATIVE MEMBERS UNDER THE PROVISIONS OF THE RURAL ELECTRIFICATION ACT OF 1936.
Describe the Organization's Program Activity:
Part 3 - Line 4a
POWERSOUTH ENERGY COOPERATIVE SERVES THE WHOLESALE ENERGY NEEDS OF 20 UTILITY DISTRIBUTION MEMBERS IN ALABAMA AND NORTHWEST FLORIDA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jimmy Shaver Board Member | Trustee | 7 | $28,161 |
Willie Wright Board Member | Trustee | 7 | $22,804 |
Thomas Duncan Board Member | Trustee | 7 | $22,404 |
Gerald Edmondson Board Member | Trustee | 7 | $22,403 |
Stacey Parker Board Member | Trustee | 7 | $22,403 |
Steven Sheffield Board Member | Trustee | 7 | $22,400 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Burns & Mcdonnell Engineering Co Inc Engineering Services | 12/30/22 | $2,632,956 |
Asplundh Tree Expert Co Tree Cutting Services | 12/30/22 | $1,543,525 |
Cdg Engineers Engineering Services | 12/30/22 | $663,637 |
Aerial Solutions Inc Tree Cutting Services | 12/30/22 | $402,492 |
Black & Veatch Corporation Engineering Services | 12/30/22 | $21,726,824 |
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 | $846,511,214 |
| Investment income | $4,207,840 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,926 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $852,552,468 |
| 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. | $13,943,521 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $46,933,745 |
| Pension plan accruals and contributions | $15,046,900 |
| Other employee benefits | $2,466,779 |
| Payroll taxes | $4,230,959 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,914,269 |
| Fees for services: Accounting | $223,890 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,768,965 |
| Office expenses | $2,312,264 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,875,182 |
| Travel | $1,145,925 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $47,463,096 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $73,763,154 |
| Insurance | $0 |
| All other expenses | $29,104,831 |
| Total functional expenses | $840,042,244 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $207,689,795 |
| Savings and temporary cash investments | $2,049,718 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $100,343,617 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $68,533,444 |
| Prepaid expenses and deferred charges | $139,574,407 |
| Net Land, buildings, and equipment | $1,600,075,693 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $20,375,030 |
| Investments—program-related | $19,976,452 |
| Intangible assets | $0 |
| Other assets | $370,386,956 |
| Total assets | $2,529,005,112 |
| Accounts payable and accrued expenses | $146,603,726 |
| Grants payable | $0 |
| Deferred revenue | $143,121,983 |
| Tax-exempt bond liabilities | $76,667,704 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,454,914,659 |
| Unsecured mortgages and notes payable | $104,500,000 |
| Other liabilities | $184,339,524 |
| Total liabilities | $2,110,147,596 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $110 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $418,857,406 |
| Total liabilities and net assets/fund balances | $2,529,005,112 |