2024-11-04T15:29:33+00:00 2023-12-31 440160260 Forvis Mazars LLP PO Box 3667 Little Rock AR 722033667 990 2023-01-01 630238274 PowerSouth Energy Cooperative POWE 3344273000 PO BOX 550 ANDALUSIA AL 36420 ELIZABETH C WOODARD CFO/EVP 3344273000 2024-11-04 true Amber Sherrill P00748683 5013721040 2024-11-04 2023 2024-10-15 13:58:12Z ELIZABETH C WOODARD PO BOX 550 ANDALUSIA AL 36420 718137838 false X WWW.POWERSOUTH.COM X 1941 AL COOPERATIVE UTILITY SYSTEM - PRODUCING & DISTRIBUTING WHOLESALE ELECTRIC POWER TO AND FOR COOPERATIVE MEMBERS UNDER THE PROVISIONS OF THE RURAL ELECTRIFICATION ACT OF 1936. 40 40 599 0 97778 91740 0 0 846511214 709740490 4203914 7590224 1837340 746121 852552468 718076835 0 0 0 0 82621904 8699252 0 0 0 757420340 696159522 840042244 704858774 12510224 13218061 2529005112 2734549230 2110147596 2320658496 418857516 413890734 POWERSOUTH ENERGY COOPERATIVE IS AN ALABAMA COOPERATIVE CORPORATION PRODUCING AND TRANSMITTING WHOLESALE ELECTRIC POWER TO AND FOR ITS COOPERATIVE AND MUNICIPAL MEMBERS UNDER THE PROVISIONS OF THE RURAL ELECTRIFICATION ACT OF 1936. false false POWERSOUTH ENERGY COOPERATIVE SERVES THE WHOLESALE ENERGY NEEDS OF 20 UTILITY DISTRIBUTION MEMBERS IN ALABAMA AND NORTHWEST FLORIDA. 0 false false false false false false false false true false false true true false false true false false false false false false false false false false false true true false false false false false false false false false false false false false true true false false true 249 0 true 599 true true true false false false false 686378758 32025409 false true false X 40 40 false false false false true true true true true false false true false true false true true false X ELIZABETH C WOODARD 3344273000 2027 EAST THREE NOTCH STREET ANDALUSIA AL 36421 Becky Bracke Board Member 7.0 0.0 X 18553 0 0 Bobby Ballard Board Member 7.0 0.0 X 4650 0 0 Braxton Green Board Member 7.0 0.0 X 8851 0 0 Chase Riddle Board Member 7.0 0.0 X 14852 0 0 David Bailey Board Member 7.0 0.0 X 21953 0 0 David Cook Board Member 7.0 0.0 X 15553 0 0 Debra Baxley Board Member 7.0 0.0 X 19503 0 0 Delaney Kervin Board Member 7.0 0.0 X 11702 0 0 Derek Chadwell Board Member 7.0 0.0 X 14402 0 0 Earl Johnson Board Member 7.0 0.0 X 20202 0 0 Ed Short Board Member 7.0 0.0 X 1900 0 0 Edward Miller Board Member 7.0 0.0 X 11952 0 0 Gary Harrison Board Member 7.0 0.0 X 22903 0 0 Gerald Edmondson Board Member 7.0 0.0 X 22803 0 0 Isabell Boyd Board Member 7.0 0.0 X 22602 0 0 James Hall Board Member 7.0 0.0 X 14951 0 0 Jane Brunson Board Member 7.0 0.0 X 19353 0 0 Jeffrey Hodges Board Member 7.0 0.0 X 21103 0 0 Joe Rone Board Member 7.0 0.0 X 21503 0 0 John Bartley Board Member 7.0 0.0 X 21453 0 0 Johnny Adcock Board Member 7.0 0.0 X 21103 0 0 Jon Cullimore Board Member 7.0 0.0 X 21503 0 0 Joseph Coleman Board Member 7.0 0.0 X 20653 0 0 Karen Moore Board Member 7.0 0.0 X 19803 0 0 Kim Jackson Board Member 7.0 0.0 X 20203 0 0 Kip Justice Board Member 7.0 0.0 X 2650 0 0 LES MORELAND BOARD MEMBER 7.0 0.0 X 0 0 0 LOUIE WARD BOARD MEMBER 7.0 0.0 X 0 0 0 Marilyn Davis Board Member 7.0 0.0 X 20253 0 0 Mark Parker Board Member 7.0 0.0 X 17203 0 0 Richard Jones Board Member 7.0 0.0 X 15703 0 0 Robert Byrd Board Member 7.0 0.0 X 21053 0 0 Rodney Harrison Board Member 7.0 0.0 X 24497 0 0 Ryan Campbell Board Member 7.0 0.0 X 21103 0 0 Seth Hammett Board Member 7.0 0.0 X 1901 0 0 Shawn Walling Board Meeting 7.0 0.0 X 7751 0 0 Stacey Parker Board Member 7.0 0.0 X 23903 0 0 Stephen Rhodes Board Member 7.0 0.0 X 21103 0 0 Steven Sheffield Board Member 7.0 0.0 X 20600 0 0 Terry Mitchell Board Member 7.0 0.0 X 6851 0 0 Terry Moseley Board Member 7.0 0.0 X 21053 0 0 Tom Duncan Board Member 7.0 0.0 X 25803 0 0 Tom Maddox Board Member 7.0 0.0 X 21053 0 0 Tom Stackhouse Board Member 7.0 0.0 X 22953 0 0 Vince Johnson Board Member 7.0 0.0 X 20200 0 0 Willie Smith Board Member 7.0 0.0 X 22452 0 0 Willie Wright Board Meeting 7.0 0.0 X 21053 0 0 Art Brunson VP of Legal and Corporate Affairs 50.0 0.0 X 418257 0 120584 Damon Morgan EVP/COO 50.0 0.0 X 1243072 0 252455 Elizabeth Woodard EVP/CFO 50.0 0.0 X 700301 0 183121 Gary Smith President/CFO 50.0 0.0 X 1797559 0 346794 Horace Horn Senior VP of External Affairs 50.0 0.0 X 518027 0 134104 Joe Armstrong VP of Engineering & Operations 50.0 0.0 X 329714 0 104533 John Matheson VP of Power Production 50.0 0.0 X 312757 0 104533 Matthew Diamond VP of Member Services and Communications 50.0 0.0 X 364892 0 111786 Ron Graham VP of Power Supply 50.0 0.0 X 353893 0 108929 Taylor Williams VP of External Affairs 50.0 0.0 X 298619 0 102175 David Pearce Bulk Power, Fuels & Energy Resources Manager 50.0 0.0 X 208960 0 64770 James Grimes Power Production Engineering Manager 50.0 0.0 X 206343 0 74875 James Hattaway Energy Services Manager 50.0 0.0 X 231016 0 78228 Jonathan Ellison Director of Technical Services 50.0 0.0 X 252108 0 72193 Julian Farrington Manager of Planning, Compliance & Regulatory 50.0 0.0 X 232521 0 77358 8261186 0 1936438 227 false true false Saiia Construction Company LLC 4400 Lewisburg Road Birmingham AL 35207 Construction 2544514 Asplundh Tree Expert LLC 708 Blair Mill Road Willow Grove PA 19090 Vegetation Management 2228764 Modular Connections LLC 1090 Industrial Blvd Bessemer AL 35022 Construction 1221042 Worrell Construction LLC 1906 Worrell Road Evergreen AL 36401 Construction 850312 GPC LLC 24037 Page Road Andalusia AL 36421 CONSTRUCTION 723461 31 0 SALE OF ELECTRIC ENERGY 221000 709048958 709048958 CAPITAL CREDITS 221000 691532 691532 0 0 0 0 709740490 7314195 7314195 694086 11385 682701 0 682701 97778 584923 260354 65293 49618 210736 65293 276029 276029 NON-OPERATING INCOME 900999 63420 63420 0 0 0 0 63420 718076835 709740490 97778 8238567 8699252 0 54145649 77837694 POWER PRODUCTION 295903805 PURCHASE OF POWER 144932049 DISTRIBUTION 83439358 ADMIN & GENERAL 28460575 11440392 704858774 207689795 24588911 2049718 326014010 0 0 100343617 101404906 0 0 0 0 0 0 68533444 72312812 139574407 149369220 2542352144 845832644 1600075693 1696519500 0 0 20375030 2884286 19976452 21571183 370386956 339884402 2529005112 2734549230 146603726 100903629 0 0 143121983 140681303 76667704 70464973 0 0 0 0 1454914659 1480251736 104500000 309750008 184339524 218606847 2110147596 2320658496 0 0 0 0 X 110 110 0 0 418857406 413890624 418857516 413890734 2529005112 2734549230 X 13218061 -18184843 X false true X true false 0 37069811 37069811 0 126531590 68335618 58195972 0 767022 0 767022 0 2177179720 752099386 1425080334 0 200804001 25397640 175406361 1696519500 OTHER REGULATORY ASSETS 425522 INTEREST RATE SWAP 31400195 ACCRUED PRBC 15998426 GAS HEDGES 95985407 LOWMAN ACCELERATED DEPRECIATION 196074852 339884402 Def Recovery of Fuel Purch 8752378 Interest Rate Swap Liability 3857209 Gas Hedge Liablity 98672497 LEASE LIABLITY 767022 POSTRETIREMENT BENEFIT COST 56411479 ASSET RETIREMENT OBLIGATION 41022192 PENSION BENEFIT COST 534070 PROV FOR PROPERTY INSURANCE 8590000 0 218606847 717406917 11385 11385 717395532 681303 681303 718076835 704858774 0 0 704858774 0 0 704858774 Schedule D, Part X, Line 2 MANGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 RENTAL EXPENSES - 11385 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements DEFERRED IRU LEASE REVENUE - 681303 X X X false true false Gary Smith President/CFO 1478805 0 0 0 318754 0 323803 0 22991 0 2144353 0 0 0 Damon Morgan EVP/COO 1041276 0 0 0 201796 0 229464 0 22991 0 1495527 0 0 0 Elizabeth Woodard EVP/CFO 686827 0 0 0 13474 0 160130 0 22991 0 883422 0 0 0 Horace Horn Senior VP of External Affairs 459501 0 0 0 58526 0 114300 0 19804 0 652131 0 0 0 Art Brunson VP of Legal and Corporate Affairs 380806 0 0 0 37451 0 98782 0 21802 0 538841 0 0 0 Matthew Diamond VP of Member Services and Communications 340538 0 0 0 24354 0 90292 0 21494 0 476678 0 0 0 Ron Graham VP of Power Supply 322478 0 0 0 31415 0 87518 0 21411 0 462822 0 0 0 Joe Armstrong VP of Engineering & Operations 308463 0 0 0 21251 0 83247 0 21286 0 434247 0 0 0 John Matheson VP of Power Production 308464 0 0 0 4293 0 83247 0 21286 0 417290 0 0 0 Taylor Williams VP of External Affairs 298619 0 0 0 0 0 80964 0 21211 0 400794 0 0 0 Jonathan Ellison Director of Technical Services 223353 0 0 0 28755 0 60472 0 11721 0 324301 0 0 0 Julian Farrington Manager of Planning, Compliance & Regulatory 211823 0 0 0 20698 0 57510 0 19848 0 309879 0 0 0 James Hattaway Energy Services Manager 214566 0 0 0 16450 0 58325 0 19903 0 309244 0 0 0 James Grimes Power Production Engineering Manager 204495 0 0 0 1848 0 55188 0 19687 0 281218 0 0 0 David Pearce Bulk Power, Fuels & Energy Resources Manager 201469 0 0 0 7491 0 53927 0 10843 0 273730 0 0 0 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan THE FOLLOWING PERSONS PARTICIPATE IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. GARY SMITH - PRESIDENT/CFO HORACE HORN - SENIOR VP OF EXTERNAL AFFAIRS DAMON MORGAN - EVP/COO ELIZABETH WOODARD - EVP/CFO RON GRAHAM - VP OF POWER SUPPLY ART BRUNSON - VP OF LEGAL AND CORPORATE AFFAIRS DURING 2023, THE FOLLOWING PAYMENTS WERE MADE TO EMPLOYEES FROM A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN GARY SMITH $272,796 HORACE HORN $17,853 DAMON MORGAN $115,381 A SEE PART VI 636003963 162296AA5 2007-04-06 50000000 GO ZONE BONDS - PROJECTS false false false B SEE PART VI 636003963 16229PAP0 2020-08-01 63625984 GO ZONE BONDS - PROJECTS; REFUNDED GO ZONE BONDS, SERIES 2010A ISSUED SEPTEMBER 29, 2010 false false false A 0 0 0 0 0 0 0 0 0 0 0 0 2009 false false true true B 5395000 0 63625984 0 0 0 400000 378461 0 0 62847523 0 2014 true false true true A 0.0 B 0.0 A false false true true true false false false true B false true true true false false false false true A false B false Schedule K, Part III OTHER QUALIFIED PRIVATE ACTIVITY BOND INFORMATION. PART I, ROW A IDB OF TOWN OF CHATOM SERIES 2007A - GO ZONE BONDS Schedule K, Part III OTHER QUALIFIED PRIVATE ACTIVITY BOND INFORMATION. PART I, ROW A IDB OF TOWN OF CHATOM SERIES 2020 - GO ZONE REFUNDING BONDS Schedule K, Part I, Column (a) Schedule K, Part I, Column(a), Line A INDUSTRIAL DEVELOPMENT BOARD OF CHATOM SERIES 2007A; GULF OPPORTUNITY ZONE BONDS Schedule K, Part I, Column (a) Schedule K, Part I, Column(a), Line B INDUSTRIAL DEVELOPMENT BOARD OF CHATOM SERIES 2020; GULF OPPORTUNITY ZONE REFUNDING BONDS Schedule K, Part IV, Line 2c COLUMN A Issuer name: SEE PART VI The calculation for computing no rebate due was performed on 04/01/2022 Schedule K, Part IV, Line 2c COLUMN B Issuer name: SEE PART VI The calculation for computing no rebate due was performed on 08/01/2020 Form 990, Part VI, Line 6 Classes of members or stockholders THE ORGANIZATION HAS 20 MEMBERS. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body EACH MEMBER HAS THE POWER TO NOMINATE TWO TRUSTEES TO THE BOARD. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders UNDER POWERSOUTH'S BYLAWS, CERTAIN ACTIONS ARE VOTED ON BY THE MEMBERS, INCLUDING THE SALE OF SUBSTANTIALLY ALL OF ITS PROPERTY, EXPULSION OF A MEMBER AS WELL AS MATTERS DEALING WITH MERGERS AND OTHER ISSUES. Form 990, Part VI, Line 11b Review of form 990 by governing body THE PRESIDENT/CEO REVIEWS THE FORM 990 WITH THE EXECUTIVE COMMITTEE WHO THEN REPORTS TO THE BOARD OF TRUSTEES. THE BOARD MEMBERS RECEIVE A COPY OF THE FORM 990 FOR REVIEW. ONCE THE FORM 990 HAS BEEN REVIEWED BY THE GOVERNING BODY, THE RETURN IS FILED WITH THE INTERNAL REVENUE SERVICE. Form 990, Part VI, Line 15a Process to establish compensation of top management official POWERSOUTH'S SYSTEMIC SALARY COMPENSATION PLAN FOR MANAGEMENT, SUPERVISORY, TECHNICAL AND CLERICAL EMPLOYEES WAS DEVELOPED BY KORN FERRY AND HAS BEEN USED SINCE THE 1980S. KORN FERRY EVALUATES JOBS ON THREE MAJOR FACTORS: (1) REQUIRED JOB KNOWLEDGE AND SKILLS (2) THE DEGREE OF THINKING AND PROBLEM SOLVING REQUIRED FOR DECISION MAKING, AND (3) THE DEGREE OF ACCOUNTABILITY FOR ACTIONS AND THE CONSEQUENCES OF THOSE ACTIONS. AFTER EVALUATION, EACH JOB IS ASSIGNED A POINT VALUE AND A SALARY RANGE. EACH YEAR, KORN FERRY REVIEWS THE SALARY RANGES OF OUR JOBS AND COMPARES THEM TO THE MARKET TO DETERMINE WHERE WE RELATE TO OTHERS IN OUR INDUSTRY. FROM THE INFORMATION OBTAINED THROUGH EXTENSIVE SURVEYS CONDUCTED BY KORN FERRY (KORN FERRY ENERGY INDUSTRY AND LOCAL AREA SURVEY DATABASES), IT WILL DETERMINE IF OUR MIDPOINTS ARE BELOW, ABOVE OR EQUAL TO THE MARKET AVERAGE. THIS ENSURES INTERNAL EQUITY AND EXTERNAL COMPETITIVENESS. IF NEEDED, KORN FERRY MAKES A RECOMMENDATION TO ADJUST OUR PAY STRUCTURE (SALARY RANGES) BASED ON THE MARKET AND ITS MOVEMENT. POWERSOUTH'S BOARD OF TRUSTEES IS INFORMED OF THIS INFORMATION AND HAS THE FINAL DECISION AS TO WHAT ACTION IS TAKEN. WE PROCEED AS THE BOARD OF TRUSTEES ADVISES. Form 990, Part VI, Line 15b Process to establish compensation of other employees SEE COMMENT FOR FORM 990, PART VI, LINE 15a. Form 990, Part VI, Line 19 Required documents available to the public FORM 990 AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. CERTAIN GOVERNANCE DOCUMENTS ARE AVAILABLE VIA ALABAMA SECRETARY OF STATE WEBSITE AS WELL AS POSTED TO EMMA OPERATED BY THE MUNICIPAL SECURITIES RULE-MAKING BOARD. Form 990, Part XI, Line 9 Other changes in net assets or fund balances ADJUSTMENT TO PATRONAGE CAPITAL AND WHOLLY OWNED SUB - -17514925; DEBT FINANCED UBI - -681303; RENTAL EXPENSES - 11385; Form 990, Part XII, Line 2c PART XII, LINE 2C THERE WAS NO CHANGE IN THE AUDIT OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE YEAR. FORM 990 PART VI, LINE 14 THE ORGANIZATION DOES NOT HAVE A FORMAL POLICY; HOWEVER, INTERNAL PROCEDURES PROVIDE THE ORGANIZATION WITH GUIDANCE ON DOCUMENT RETENTION AND DESTRUCTION PER THE USDA GUIDELINES FOR RURAL UTILITY SERVICES. ANDALUSIA & CONECUH RAILROAD COMPANY INC PO BOX 550 ANDALUSIA AL 364201299 630844945 RAILROAD AL POWERSOUTH ENERGY COOPERATIVE C Corporation 2165 275131 1 true POWERSOUTH DEVELOPMENT CORPORATION PO BOX 550 ANDALUSIA AL 364201299 721361165 ECONOMIC DEVELOPMENT AL POWERSOUTH ENERGY COOPERATIVE C Corporation 0 208702 1 true COOPERATIVE SERVICES INC PO BOX 550 ANDALUSIA AL 364201299 631236941 HOLDING COMPANY AL POWERSOUTH ENERGY COOPERATIVE C Corporation -6635 60654 1 true COOPERATIVE SERVICES ENTERPRISES INC PO BOX 550 ANDALUSIA AL 364201299 630656225 HOLDING COMPANY AL COOPERATIVE SERVICES INC C Corporation 0 33606 1 true false false false false false false false false false false false false false false false false false false false