Pontotoc Electric Power Assn
- Assets
- $90.1m
- Revenue
- $12.6m
- Investments
- $0.0
- Employees
- 100
- Location
- Pontotoc, MS
- Founding
- 05/1937
- Data as of
- 06/2022
- 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 06/2022, Pontotoc Electric Power Assn employed 100 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 06/2022, Pontotoc Electric Power Assn generated $12.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $8.4m during the year ending 06/2022. While expenses have increased by 2.2% per year over the past 7 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
PROVISION OF ELECTRIC POWER TO RURAL CUSTOMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF ELECTRICAL POWER TO 20,200 USERS AS OF JUNE 30, 2022
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frankie Moorman General Mana | Officer | 50 | $153,886 |
Jeanna Sorto Secretary/ac | Officer | 50 | $105,877 |
Robert Tedford Director | Trustee | 1 | $13,756 |
Larry D Parker President | OfficerTrustee | 1 | $13,677 |
Terry Oaks Director | Trustee | 1 | $13,505 |
Jackie Courson Director | Trustee | 1 | $13,269 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Advanced Metering Services Change Meters | 6/29/22 | $194,338 |
B B Electrical Utility Pole Changes | 6/29/22 | $519,783 |
Helena Agri- Enterprises Llc Row Chemical Sp | 6/29/22 | $179,196 |
Randy Holcomb Meter Reading | 6/29/22 | $284,992 |
Landis Gyr Technology Inc Ami Project | 6/29/22 | $329,641 |
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 | $85,691 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,371 |
| 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 | $11,373,556 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,564,060 |
| 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. | $438,039 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,603,444 |
| Pension plan accruals and contributions | $1,249,826 |
| Other employee benefits | $0 |
| Payroll taxes | $309,177 |
| 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 | $18,406 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,936,274 |
| Insurance | $242,922 |
| All other expenses | $347,717 |
| Total functional expenses | $8,406,959 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $255,519 |
| Savings and temporary cash investments | $4,773,097 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,147,444 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $40,594 |
| Inventories for sale or use | $2,355,473 |
| Prepaid expenses and deferred charges | $5,765,712 |
| Net Land, buildings, and equipment | $70,749,752 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $90,087,591 |
| Accounts payable and accrued expenses | $8,318,029 |
| Grants payable | $0 |
| Deferred revenue | $177,632 |
| 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 | $1,495,000 |
| Other liabilities | $4,449,911 |
| Total liabilities | $14,440,572 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $940,437 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $74,706,582 |
| Total liabilities and net assets/fund balances | $90,087,591 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Coahoma Electric Power Assn Lyon, MS | $50,480,063 | $20,605,799 |
City Corporation Russellville, AR | $192,508,552 | $18,660,828 |
Tombigbee Electric Cooperative Inc Hamilton, AL | $70,534,555 | $17,768,087 |
Marshall-Dekalb Electric Cooperative Boaz, AL | $96,065,726 | $18,545,582 |
Alcorn County Electric Power Association Corinth, MS | $107,123,733 | $19,179,595 |
Ashley-Chicot Electric Cooperative Inc Hamburg, AR | $39,523,502 | $11,933,884 |
Farmers Electric Cooperative Corporation Newport, AR | $38,614,201 | $11,561,082 |
Tippah Electric Power Association Ripley, MS | $65,329,925 | $18,280,183 |
Arkansas Utility Protections Service Inc Conway, AR | $5,398,347 | $11,673,030 |
Bear Creek Water Association Inc Madison, MS | $98,155,585 | $12,566,846 |
Chickasaw Electric Cooperative Inc Somerville, TN | $53,475,417 | $11,540,498 |
Franklin Electric Cooperative Russellville, AL | $55,032,541 | $9,493,610 |