Southwest Mississippi Electric
- Assets
- $131.1m
- Revenue
- $62.4m
- Investments
- $0.0
- Employees
- 100
- Location
- Lorman, MS
- Founding
- 02/1943
- Data as of
- 12/2022
- 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 12/2022, Southwest Mississippi Electric employed 100 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 12/2022, Southwest Mississippi Electric generated $62.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $62.4m during the year ending 12/2022. While expenses have increased by 0.6% 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
MEMBER OWNED ELECTRIC COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRIC POWER TO MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Bonds General Mana | Officer | 40 | $269,944 |
Ernie Orcutt Serviceman | 40 | $148,405 | |
William Newell Crew Leader | 40 | $145,418 | |
Darryl Hassell Mgr Of Engin | 40 | $132,237 | |
Virgil Scott CFO | Officer | 40 | $117,859 |
Kevin Cotten Mgr. Of Oper | 40 | $117,800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Southern Tree Service Right Of Way | 12/30/22 | $205,139 |
Osmose Utilities Services Inc | 12/30/22 | $193,320 |
Delta Tree Service Right Of Way | 12/30/22 | $1,655,968 |
Scott Johnson Speciality Services R.o.w. | 12/30/22 | $834,981 |
Killen Contractors Inc Construction | 12/30/22 | $1,024,444 |
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 | $60,964,033 |
| Investment income | $125,126 |
| 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 | $62,434,062 |
| 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 | $3,998,665 |
| Compensation of current officers, directors, key employees. | $550,819 |
| 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 | $24,000 |
| Fees for services: Accounting | $30,543 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,713 |
| Advertising and promotion | $179,134 |
| Office expenses | $0 |
| Information technology | $14,423 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $85,710 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,230,023 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,643,603 |
| Insurance | $0 |
| All other expenses | $1,429,935 |
| Total functional expenses | $62,434,062 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,340,297 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,290,814 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,204,289 |
| Prepaid expenses and deferred charges | $306,194 |
| Net Land, buildings, and equipment | $92,593,613 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $30,373,383 |
| Total assets | $131,108,590 |
| Accounts payable and accrued expenses | $8,909,755 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $53,375,013 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,431,508 |
| Total liabilities | $63,716,276 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $101,450 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $67,290,864 |
| Total liabilities and net assets/fund balances | $131,108,590 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Southwest Mississippi Electric has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Cooperative Energy A Mississippi Electric Cooperative Hattiesburg, MS PURPOSE: ECONOMIC DEVELOPMENT | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
4-County Electric Power Association Columbus, MS | $315,642,901 | $133,649,967 |
Beauregard Electric Cooperative Inc Deridder, LA | $317,710,520 | $130,661,746 |
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Northcentral Electric Cooperative Olive Branch, MS | $185,941,805 | $125,968,963 |
Tombigbee Electric Power Assn Tupelo, MS | $221,161,642 | $118,553,499 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
Dixie Electric Power Assn Laurel, MS | $277,061,319 | $96,509,999 |
Gibson Electric Membership Corp Trenton, TN | $199,281,246 | $104,510,085 |
Central Electric Power Association Carthage, MS | $142,416,370 | $101,127,410 |
Holston Electric Cooperative Inc Rogersville, TN | $140,432,181 | $97,958,544 |