2023-11-09T13:06:26-05:00 2022-12-31 581094351 MCNAIR MCLEMORE MIDDLEBROOKS & CO LLC POST OFFICE BOX ONE MACON GA 312020001 990 2022-01-01 570221355 PALMETTO ELECTRIC COOPERATIVE INC PALM 8437265551 4063 GRAYS HWY RIDGELAND SC 29936 A BERL DAVIS JR PRES. & CEO 8437265551 2023-11-07 true ARCHIE DAVIS XXX-XX-XXXX false H TERRELL MCMICHAEL JR P01259982 4787466277 2023-11-09 2022 2023-04-26 12:10:37Z A BERL DAVIS JR 4063 GRAYS HWY RIDGELAND SC 29936 176682472 false X WWW.PALMETTO.COOP X 1940 SC TO DELIVER COMPETITIVELY PRICED, RELIABLE ENERGY AND INNOVATIVE RELATED SERVICES TO ITS MEMBERS AND TO PROVIDE LEADERSHIP AND SUPPORT TO THE COMMUNITIES WE SERVE 12 12 154 0 0 171811358 176615055 113729 67417 0 171925087 176682472 0 8222878 1240944 1946587 1105661 0 0 161755622 174335867 171925087 176682472 0 253570889 275456875 154547908 176434283 99022981 99022592 TO DELIVER COMPETITIVELY PRICED, RELIABLE ENERGY AND INNOVATIVE RELATED SERVICES TO ITS MEMBERS AND TO PROVIDE LEADERSHIP AND SUPPORT TO THE COMMUNITIES WE SERVE false false N/A false false true false false false false false false true false true false true false true false false false false false false false false false false false false true false false false false false false false false false false false false false false true 76 0 false 154 true false false false false false 177667919 340722 false false false X 12 12 false false false false true true true true true false false true true true true true true true true false SC X TANYA K TRULL 8437265551 4063 GRAYS HWY RIDGELAND SC 29936 JEREMIAH E VAIGNEUR CHAIRMAN 7.00 X X 27511 0 0 C ALEX ULMER VICE CHAIRMA 1.00 X X 40365 0 0 EUNICE F SPILLIARDS SECRETARY/TR 6.50 X X 36965 0 0 DREARL BOSTICK SR DIRECTOR 4.00 X 25911 0 0 GREG COOK DIRECTOR 4.00 X 15525 0 0 ALICIA HOLLAND DIRECTOR 5.00 X 16342 0 0 NICHOLAS T GOHAGAN DIRECTOR 4.00 X 11325 0 0 CAROLYN GRANT DIRECTOR 3.50 X 21163 0 0 WILLIAM J NIMMER DIRECTOR 1.00 X 33717 0 0 JAMES L ROWE DIRECTOR 7.50 X 44990 0 0 D TERRELL SMITH DIRECTOR 5.00 X 24077 0 0 DAVID L WHITE DIRECTOR 3.50 X 16301 0 0 A BERL DAVIS JR PRES. & CEO 50.00 X 507583 0 283886 WILSON D SALEEBY V.P ENGIN/OP 45.00 X 283694 0 100097 TANYA K TRULL V.P FINANCE 50.00 X 238176 0 149849 GEORGIA VIDO V.P HUMAN RE 45.00 X 234412 0 124640 RICHARD E HUNTER III V.P MARKETIN 50.00 X 223737 0 111033 MICHAEL TAYLOR V.P INFORMAT 50.00 X 212512 0 126464 2014306 895969 63 false true false FIBER OPTIC SOLUTIONS LLC PO BOX 2570 WEAVERVILLE NC 28787 FIBER CONSTRUC. 2844511 INFRATECH CORPORATION 2036 BAKER CT KENNESAW GA 30144 CONSTRUCTION 1669851 MCCALL-THOMAS ENGINEERING CO 845 STONEWALL JACKSON BLVD ORANGEBURG SC 29115 ENGINEERING 1277553 SOUTHEASTERN LIMB AND TREE LLC PO BOX 1872 RIDGELAND SC 29936 RIGHT OF WAY 1158767 LEE ELECTRICAL CONSTRUCTION INC PO BOX 55 ABERDEEN NC 28315 CONSTRUCTION 636320 8 ELECTRIC SALES 221000 174917407 174917407 OTHER CAPITAL CREDIS 221000 1573990 1573990 GENERAL AND TRANSMISSION CAPI 221000 980198 980198 OTHER REVENUE 221000 -856540 -856540 176615055 67417 67417 176682472 176615055 67417 1240944 1105661 3700457 10155499 PURCHASED POWER 124342436 ADMINISTRATIVE AND GENERA 8826530 DISTRIBUTION OPERATIONS 8011245 TAXES AND OTHER 6561055 12738645 176682472 0 0 0 8663749 5776192 11786815 18078291 5172882 17821300 263754 255494 319953931 112370949 195126146 207582982 3000000 18283601 20366568 11273942 5576048 253570889 275456875 25160875 32018656 84409158 92566459 10000000 44977875 41849168 154547908 176434283 X 314905 318195 98708076 98704397 99022981 99022592 253570889 275456875 X 0 -389 X false true X true false 9750 true 1354705 1354705 318599226 318599226 319953931 INVESTMENT IN ASSOC. ORG - CENTRAL 7318429 INVESTMENT IN ASSOC. ORG - CEEUS 5129224 INVESTMENT IN ASSOC. ORG - CFC 4534345 INVESTMENT IN CFC CTC'S 2685368 INVESTMENT IN ASSOC. ORG - SEDC 449017 INVESTMENT IN ASSOC. ORG - FEDERATED 206382 INVESTMENT IN ASSOC. ORG - OTHER 29713 INVESTMENT IN ASSOC. ORG - CRC 14090 20366568 MARGIN STABILIZATION PLAN 24607611 POSTRETIRMENT HEALTHCARE BENEFITS 17153502 DEFERRED COMPENSATION PLAN 88055 41849168 179432984 179432984 -2750512 -2750512 176682472 175441528 175441528 1240944 1240944 176682472 SCHEDULE D, PAGE 4, PART XI, LINE 4B CHANGE IN UNBILLED REVENUE -3,754,787 MARGIN STABILIZATION TIER ADJ. 1,004,275 SCHEDULE D, PAGE 4, PART XII, LINE 4B PATRONAGE CAPITAL ALLOCATION 1,240,944 X X X X false true false A BERL DAVIS JR PRES. & CEO 389347 62784 55452 246530 37356 791469 10149 WILSON D SALEEBY V.P ENGIN/OP 244158 28288 11248 66205 33892 383791 TANYA K TRULL V.P FINANCE & ACCT 195141 25728 17307 117987 31862 388025 GEORGIA VIDO V.P HUMAN RESOURCES 189836 22465 22111 92414 32226 359052 RICHARD E HUNTER III V.P MARKETING & PR 188580 23916 11241 79342 31691 334770 MICHAEL TAYLOR V.P INFORMATION SYS. 172799 25728 13985 93318 33146 338976 SCHEDULE J, PAGE 1, PART I, LINE 4 A. BERL DAVIS, JR. 0 10,149 0 SCHEDULE J, PART III THE COOPERATIVE HAS ESTABLISHED AN EXECUTIVE BENEFIT RESTORATION PLAN (EBR PLAN) UNDER IRC 457(F) FOR KEY MANAGEMENT AND HIGHLY COMPENSATED EMPLOYEES WHOSE BENEFITS UNDER THE RS PENSION PLAN ARE RESTRICTED BECAUSE OF IRS MAXIMUM LIMITATIONS ON BENEFITS OR COMPENSATION THAT MAY BE PROVIDED BY THE RS PENSION PLAN. THE ACTUARIALLY DETERMINED CURRENT YEAR PERIODIC BENEFIT EXPENSE HAS BEEN ADDED TO COLUMN (C) FOR PARTICPANTS OF THIS PLAN. THE COOPERATIVE HAS REPORTED PAYMENTS MADE FOR THE EBR PLAN IN THE CURRENT YEAR AS A COMPONENT OF COMPENSATION IN COLUMN (B)(II). COMPENSATION PREVIOUSLY REPORTED IN COLUMN (C) ON PRIOR YEAR IRS FORM 990 FILINGS HAS BEEN REPORTED IN COLUMN (F) OF THE 2022 FORM 990 IN ACCORDANCE WITH APPLICABLE DISCLOSURE REQUIREMENTS. FORM 990, PAGE 6, PART VI, LINE 6 THE COOPERATIVE HAS MEMBERS AS PROVIDED FOR IN ITS BYLAWS WHICH ARE INCLUDED AS A PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 7A THE COOPERATIVE HAS MEMBERS WHO ELECT MEMBERS OF THE GOVERNING BODY AS PROVIDED FOR IN ITS BLYAWS WHICH ARE INCLUDED AS A PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 7B CERTAIN DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY MEMBERS AS PROVIDED FOR IN ITS BYLAWS WHICH ARE INCLUDED AS A PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 11B FORM 990 IS MADE AVAILABLE AND REVIEWED BY THE BOARD OF DIRECTORS AT A REGULAR BOARD MEETING PRIOR TO THE DUE DATE AND FILING OF THE RETURN. FORM 990, PAGE 6, PART VI, LINE 12C THE COOPERATIVE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THEIR CONFLICT OF INTEREST POLICY AS PROVIDED FOR IN ITS POLICY WHICH IS INCLUDED AS A PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 15A THE CEO'S COMPENSATION IS REVIEWED ANNUALLY BY AN INDEPENDENT COMPENSATION CONSULTANT. THE CONSULTANT PERFORMS A REVIEW OF COMPETITIVE MARKET SALARY DATA FOR CEO'S WORKING FOR ELECTRIC COOPERATIVES AND UTILITIES COMPARABLE TO THE COOPERATIVE UTILIZING METHODOLOGY CONSISTENT WITH IRS GUIDELINES FOR SETTING SALARY RANGES FOR CEO'S FOR NOT-FOR-PROFIT ORGANIZATIONS. THE CONSULTANT PRESENTS UP-TO-DATE SALARY INFORMATION IN COMPARABLY-SIZED COOPERATIVES AND SIMILAR ORGANIZATIONS BASED ON: TOTAL CUSTOMERS SERVED, OPERATING REVENUE, TOTAL UTILITY PLANT, AND WORKFORCE SIZE. BASED UPON RECOMMENDATION BY THE INDEPENDENT CONSULTANT AND A BOARD SURVEY OF THE CEO'S PERFORMANCE, THE PRESIDENTIAL APPRAISAL COMMITTEE APPROVES THE CEO'S COMPENSATION. FORM 990, PAGE 6, PART VI, LINE 15B AN INDEPENDENT CONSULTANT PERFORMS A REVIEW OF COMPETITIVE MARKET SALARY DATA FOR VICE PRESIDENTS (VP) AND HIGHLY COMPENSATED EMPLOYEES WORKING FOR SIMILAR SIZE ELECTRIC COOPERATIVES AND UTILITIES WITH COMPARABLE JOB DESCRIPTIONS. BASED ON THE CONSULTANTS RECOMMENDED SALARY RANGES AND THE EMPLOYEE'S PERFORMANCE, THE CEO APPROVES VP AND OTHER HIGHLY COMPENSATED EMPLOYEE COMPENSATION ANNUALLY. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO MEMBERS AND THE PUBLIC UPON REQUEST AND THE COOPERATIVE'S WEBSITE WWW.PALMETTO.COOP. IN ADDITION, THE COOPERATIVE MAKES ITS BYLAWS, CERTAIN POLICIES AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC AS PART OF ITS FORM 990. FORM 990, PART XI, LINE 9 MEMBERSHIPS 3,290 PATRONAGE CAPITAL CREDITS 8,750,516 OTHER 31,786 PATRONAGE CAPITAL CREDIT RETIREMENTS -4,026,919 CHANGE IN UNBILLED REVENUE (ASC 606) -3,754,787 MARGIN STABALIZATION PLAN TIER ADJUSTMENT -1,004,275 TOTAL -389