PALMETTO ELECTRIC COOPERATIVE INC: Form 990, tax year 2020
View the entire original 990 at ProPublica ↗
- Organization
- PALMETTO ELECTRIC COOPERATIVE INC (EIN 57-0221355)
- Tax period
- 2020-01-01 to 2020-12-31
- Filed
- 2021-10-27
- IRS object ID
- 202103009349300700
- Schema version
- 2020v4.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2021-10-27T07:14:18-05:00 | ReturnTs |
| Tax Period End | 2020-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 581094351 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MCNAIR MCLEMORE MIDDLEBROOKS & CO LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | POST OFFICE BOX ONE | AddressLine1Txt |
| City | MACON | CityNm |
| State Abbreviation | GA | StateAbbreviationCd |
| ZIP | 312020001 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2020-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 570221355 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PALMETTO ELECTRIC COOPERATIVE INC | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | PALM | BusinessNameControlTxt |
| Phone | 8437265551 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4063 GRAYS HWY | AddressLine1Txt |
| City | RIDGELAND | CityNm |
| State Abbreviation | SC | StateAbbreviationCd |
| ZIP | 29936 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | A BERL DAVIS JR | PersonNm |
| Person Title | PRES. & CEO | PersonTitleTxt |
| Phone | 8437265551 | PhoneNum |
| Signature | 2021-10-26 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | ARCHIE | PersonFirstNm |
| Person Last | DAVIS | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | XXX-XX-XXXX | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | H TERRELL MCMICHAEL JR | PreparerPersonNm |
| PTIN | P01259982 | PTIN |
| Phone | 4787466277 | PhoneNum |
| Preparation | 2021-10-27 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2020 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | A BERL DAVIS JR | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4063 GRAYS HWY | AddressLine1Txt |
| City | RIDGELAND | CityNm |
| State Abbreviation | SC | StateAbbreviationCd |
| ZIP | 29936 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $174,377,633 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.PALMETTO.COOP | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1940 | FormationYr |
| Legal Domicile State | SC | LegalDomicileStateCd |
| Activity Or Mission | TO DELIVER COMPETITIVELY PRICED, RELIABLE ENERGY AND INNOVATIVE RELATED SERVICES TO ITS MEMBERS AND TO PROVIDE LEADERSHIP AND SUPPORT TO THE COMMUNITIES WE SERVE | ActivityOrMissionDesc |
| Voting Members Governing Body | 12 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 12 | VotingMembersIndependentCnt |
| Total Employee | 156 | TotalEmployeeCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $175,998,920 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $174,250,442 | CYProgramServiceRevenueAmt |
| PY Investment Income | $83,271 | PYInvestmentIncomeAmt |
| CY Investment Income | $127,191 | CYInvestmentIncomeAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $176,082,191 | PYTotalRevenueAmt |
| CY Total Revenue | $174,377,633 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $10,407,621 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $8,298,617 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $1,808,190 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $2,549,939 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $163,866,380 | PYOtherExpensesAmt |
| CY Other Expenses | $163,529,077 | CYOtherExpensesAmt |
| PY Total Expenses | $176,082,191 | PYTotalExpensesAmt |
| CY Total Expenses | $174,377,633 | CYTotalExpensesAmt |
| CY Revenues Less Expenses | $0 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $252,827,124 | TotalAssetsBOYAmt |
| Total Assets EOY | $259,269,201 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $163,414,908 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $163,774,672 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $89,412,216 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $95,494,529 | NetAssetsOrFundBalancesEOYAmt |
| Mission | TO DELIVER COMPETITIVELY PRICED, RELIABLE ENERGY AND INNOVATIVE RELATED SERVICES TO ITS MEMBERS AND TO PROVIDE LEADERSHIP AND SUPPORT TO THE COMMUNITIES WE SERVE | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Desc | N/A | Desc |
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | false | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | Yes (true) | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | false | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (true) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | false | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | false | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | false | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 71 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | false | BackupWthldComplianceInd |
| Employee | 156 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Members And Shr Gross Income | $173,313,480 | MembersAndShrGrossIncomeAmt |
| Other Sources Gross Income | $580,373 | OtherSourcesGrossIncomeAmt |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | Yes (true) | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 12 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 12 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (true) | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | SC | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | TANYA K TRULL | PersonNm |
| Phone | 8437265551 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4063 GRAYS HWY | AddressLine1Txt |
| City | RIDGELAND | CityNm |
| State Abbreviation | SC | StateAbbreviationCd |
| ZIP | 29936 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| JEREMIAH E VAIGNEUR | |||||||
| CHAIRMAN | 7.00 | Yes (X) | Yes (X) | $23,404 | $0 | $0 | |
| C ALEX ULMER | |||||||
| VICE CHAIRMA | 1.00 | Yes (X) | Yes (X) | $38,012 | $0 | $0 | |
| EUNICE F SPILLIARDS | |||||||
| SECRETARY/TR | 5.50 | Yes (X) | Yes (X) | $39,712 | $0 | $0 | |
| JAMES L ROWE | |||||||
| DIRECTOR | 7.50 | Yes (X) | $35,887 | $0 | $0 | ||
| NICHOLAS T GOHAGAN | |||||||
| DIRECTOR | 4.00 | Yes (X) | $8,300 | $0 | $0 | ||
| HENRY DRIESSEN JR | |||||||
| DIRECTOR | 3.00 | Yes (X) | $17,504 | $0 | $0 | ||
| CAROLYN GRANT | |||||||
| DIRECTOR | 3.00 | Yes (X) | $19,877 | $0 | $0 | ||
| DAVID SOLARO | |||||||
| DIRECTOR | 5.00 | Yes (X) | $34,416 | $0 | $0 | ||
| DREARL BOSTICK SR | |||||||
| DIRECTOR | 3.00 | Yes (X) | $20,904 | $0 | $0 | ||
| D TERRELL SMITH | |||||||
| DIRECTOR | 4.00 | Yes (X) | $20,302 | $0 | $0 | ||
| WILLIAM J NIMMER | |||||||
| DIRECTOR | 2.00 | Yes (X) | $33,010 | $0 | $0 | ||
| GREG COOK | |||||||
| DIRECTOR | 2.00 | Yes (X) | $11,800 | $0 | $0 | ||
| A BERL DAVIS JR | |||||||
| PRES. & CEO | 50.00 | Yes (X) | $1,259,808 | $0 | $987,003 | ||
| WILSON D SALEEBY | |||||||
| V.P ENGIN/OP | 45.00 | $248,900 | $0 | $88,900 | Yes (X) | ||
| TANYA K TRULL | |||||||
| V.P FINANCE | 50.00 | $215,854 | $0 | $151,039 | Yes (X) | ||
| GEORGIA VIDO | |||||||
| V.P HUMAN RE | 45.00 | $207,190 | $0 | $123,583 | Yes (X) | ||
| RICHARD E HUNTER III | |||||||
| V.P MARKETIN | 50.00 | $200,959 | $0 | $98,209 | Yes (X) | ||
| LEWIS F DAVIS | |||||||
| V.P CUSTOMER | 40.00 | $189,042 | $0 | $103,586 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,624,881 | TotalReportableCompFromOrgAmt |
| Total Other Compensation | $1,552,320 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 46 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| INFRATECH CORPORATION | |||||
| 2036 BAKER CT | KENNESAW | GA | 30144 | CONSTRUCTION | $1,956,942 |
| SOUTHEASTERN LIMB AND TREE LLC | |||||
| 465 FORDVILLE RD | RIDGELAND | SC | 29936 | RIGHT OF WAY | $1,137,417 |
| LEE ELECTRICAL CONSTRUCTION INC | |||||
| PO BOX 55 | ABERDEEN | NC | 28315 | CONSTRUCTION | $756,374 |
| THE MANCHESTER GROUP LLC | |||||
| 6100 EMERALD PARKWAY | DUBIN | OH | 43016 | CHAMP | $687,357 |
| SILVEY ENTERPRISES | |||||
| CONSTRUCTION | $274,929 | ||||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 9 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| ELECTRIC SALES | 221000 | $173,313,480 | $173,313,480 |
| OTHER CAPITAL CREDIS | 221000 | $706,792 | $706,792 |
| GENERAL AND TRANSMISSION CAPI | 221000 | $230,170 | $230,170 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $174,250,442 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $127,191 | TotalRevenueColumnAmt |
| Exclusion | $127,191 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $174,377,633 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $174,250,442 | RelatedOrExemptFuncIncomeAmt |
| Exclusion | $127,191 | ExclusionAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,298,617 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,549,939 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,744,964 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $9,605,456 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PURCHASED POWER | $117,889,568 |
| ADMINISTRATIVE AND GENERA | $7,189,420 |
| DISTRIBUTION OPERATIONS | $6,971,288 |
| TAXES AND OTHER | $6,064,577 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,063,804 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $174,377,633 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $19,448,781 | BOYAmt |
| EOY | $15,316,579 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,033,646 | BOYAmt |
| EOY | $13,600,539 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,878,842 | BOYAmt |
| EOY | $2,546,034 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $435,774 | BOYAmt |
| EOY | $189,916 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $290,612,765 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $99,810,620 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $187,127,256 | BOYAmt |
| EOY | $190,802,145 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $7,000,000 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $18,636,995 | BOYAmt |
| EOY | $17,485,667 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,265,830 | BOYAmt |
| EOY | $12,328,321 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $252,827,124 | BOYAmt |
| EOY | $259,269,201 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $27,442,102 | BOYAmt |
| EOY | $26,393,032 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $88,347,074 | BOYAmt |
| EOY | $88,747,544 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $3,385,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $47,625,732 | BOYAmt |
| EOY | $45,249,096 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $163,414,908 | BOYAmt |
| EOY | $163,774,672 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $309,680 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $89,412,216 | BOYAmt |
| EOY | $95,184,849 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $89,412,216 | BOYAmt |
| EOY | $95,494,529 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $252,827,124 | BOYAmt |
| EOY | $259,269,201 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $0 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | $6,082,313 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,354,705 | OtherCostOrOtherBasisAmt |
| Book Value | $1,354,705 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $289,258,060 | OtherCostOrOtherBasisAmt |
| Depreciation | $99,810,620 | DepreciationAmt |
| Book Value | $189,447,440 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $190,802,145 | TotalBookValueLandBuildingsAmt |
Invst Program Related Org InvstProgramRelatedOrgGrp (8 entries)
| DescDesc | Book ValueBookValueAmt |
|---|---|
| INVESTMENT IN ASSOC. ORG - CENTRAL | $5,978,538 |
| INVESTMENT IN ASSOC. ORG - CFC | $4,307,926 |
| INVESTMENT IN ASSOC. ORG - CEEUS | $3,861,627 |
| INVESTMENT IN CFC CTC'S | $2,799,212 |
| INVESTMENT IN ASSOC. ORG - SEDC | $395,823 |
| INVESTMENT IN ASSOC. ORG - FEDERATED | $99,899 |
| INVESTMENT IN ASSOC. ORG - OTHER | $29,695 |
| INVESTMENT IN ASSOC. ORG - CRC | $12,947 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Program Rltd | $17,485,667 | TotalBookValueProgramRltdAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (3 entries)
| DescDesc | AmtAmt |
|---|---|
| MARGIN STABILIZATION PLAN | $24,683,015 |
| POSTRETIRMENT HEALTHCARE BENEFITS | $20,461,162 |
| DEFERRED COMPENSATION PLAN | $104,919 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $45,249,096 | TotalLiabilityAmt |
| Total Rev Etc Audited Fincl Stmt | $175,341,922 | TotalRevEtcAuditedFinclStmtAmt |
| Other Revenue | -$367,993 | OtherRevenueAmt |
| Revenue Not Reported | -$367,993 | RevenueNotReportedAmt |
| Revenue Subtotal | $175,709,915 | RevenueSubtotalAmt |
| Other Revenues Not Included | -$1,332,282 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | -$1,332,282 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $174,377,633 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $165,711,023 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Subtotal | $165,711,023 | ExpensesSubtotalAmt |
| Other Expenses Not Included | $8,666,610 | OtherExpensesNotIncludedAmt |
| Expenses Not Rpt Fincl Stmt | $8,666,610 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $174,377,633 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| SCHEDULE D, PAGE 4, PART XI, LINE 2D | OTHER REVENUES -367,993 |
| SCHEDULE D, PAGE 4, PART XI, LINE 4B | CHANGE IN UNBILLED REVENUE 1,776,003 MARGIN STABILIZATION TIER ADJ. -3,108,285 |
| SCHEDULE D, PAGE 4, PART XII, LINE 4B | PATRONAGE CAPITAL ALLOCATION 8,298,617 OTHER REVENUES 367,993 |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (true) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (6 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt |
|---|---|---|---|---|---|---|---|
| A BERL DAVIS JR | |||||||
| PRES. & CEO | $344,693 | $873,390 | $41,725 | $952,860 | $34,143 | $2,246,811 | $685,000 |
| WILSON D SALEEBY | |||||||
| V.P ENGIN/OP | $219,995 | $25,644 | $3,261 | $56,948 | $31,952 | $337,800 | |
| TANYA K TRULL | |||||||
| V.P FINANCE & ACCT | $175,957 | $24,364 | $15,533 | $120,950 | $30,089 | $366,893 | |
| GEORGIA VIDO | |||||||
| V.P HUMAN RESOURCES | $168,617 | $24,364 | $14,209 | $93,324 | $30,259 | $330,773 | |
| RICHARD E HUNTER III | |||||||
| V.P MARKETING & PR | $169,002 | $25,505 | $6,452 | $69,714 | $28,495 | $299,168 | |
| LEWIS F DAVIS | |||||||
| V.P CUSTOMER SERVICE | $152,802 | $23,292 | $12,948 | $72,063 | $31,523 | $292,628 | |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| SCHEDULE J, PAGE 1, PART I, LINE 4 | A. BERL DAVIS, JR. 0 685,000 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 2020 FORM 990 IN ACCORDANCE WITH APPLICABLE DISCLOSURE REQUIREMENTS. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 7,950 PATRONAGE CAPITAL CREDITS 8,298,617 OTHER 300,553 MARGIN STABALIZATION PLAN TIER ADJUSTMENTS 3,108,285 PATRONAGE CAPITAL CREDIT RETIREMENTS -3,857,089 CHANGE IN UNBILLED REVENUE (ASC 606) -1,776,003 TOTAL 6,082,313 |