2021-10-27T07:14:18-05:00 2020-12-31 581094351 MCNAIR MCLEMORE MIDDLEBROOKS & CO LLC POST OFFICE BOX ONE MACON GA 312020001 990 2020-01-01 570221355 PALMETTO ELECTRIC COOPERATIVE INC PALM 8437265551 4063 GRAYS HWY RIDGELAND SC 29936 A BERL DAVIS JR PRES. & CEO 8437265551 2021-10-26 true ARCHIE DAVIS XXX-XX-XXXX H TERRELL MCMICHAEL JR P01259982 4787466277 2021-10-27 2020 2022-09-23 18:48:47Z A BERL DAVIS JR 4063 GRAYS HWY RIDGELAND SC 29936 174377633 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 12 156 0 0 175998920 174250442 83271 127191 0 176082191 174377633 0 10407621 8298617 1808190 2549939 0 0 163866380 163529077 176082191 174377633 0 252827124 259269201 163414908 163774672 89412216 95494529 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 false 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 71 0 false 156 true false false false false false 173313480 580373 false true 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 23404 0 0 C ALEX ULMER VICE CHAIRMA 1.00 X X 38012 0 0 EUNICE F SPILLIARDS SECRETARY/TR 5.50 X X 39712 0 0 JAMES L ROWE DIRECTOR 7.50 X 35887 0 0 NICHOLAS T GOHAGAN DIRECTOR 4.00 X 8300 0 0 HENRY DRIESSEN JR DIRECTOR 3.00 X 17504 0 0 CAROLYN GRANT DIRECTOR 3.00 X 19877 0 0 DAVID SOLARO DIRECTOR 5.00 X 34416 0 0 DREARL BOSTICK SR DIRECTOR 3.00 X 20904 0 0 D TERRELL SMITH DIRECTOR 4.00 X 20302 0 0 WILLIAM J NIMMER DIRECTOR 2.00 X 33010 0 0 GREG COOK DIRECTOR 2.00 X 11800 0 0 A BERL DAVIS JR PRES. & CEO 50.00 X 1259808 0 987003 WILSON D SALEEBY V.P ENGIN/OP 45.00 X 248900 0 88900 TANYA K TRULL V.P FINANCE 50.00 X 215854 0 151039 GEORGIA VIDO V.P HUMAN RE 45.00 X 207190 0 123583 RICHARD E HUNTER III V.P MARKETIN 50.00 X 200959 0 98209 LEWIS F DAVIS V.P CUSTOMER 40.00 X 189042 0 103586 2624881 1552320 46 false true false INFRATECH CORPORATION 2036 BAKER CT KENNESAW GA 30144 CONSTRUCTION 1956942 SOUTHEASTERN LIMB AND TREE LLC 465 FORDVILLE RD RIDGELAND SC 29936 RIGHT OF WAY 1137417 LEE ELECTRICAL CONSTRUCTION INC PO BOX 55 ABERDEEN NC 28315 CONSTRUCTION 756374 THE MANCHESTER GROUP LLC 6100 EMERALD PARKWAY DUBIN OH 43016 CHAMP 687357 SILVEY ENTERPRISES CONSTRUCTION 274929 9 ELECTRIC SALES 221000 173313480 173313480 OTHER CAPITAL CREDIS 221000 706792 706792 GENERAL AND TRANSMISSION CAPI 221000 230170 230170 174250442 127191 127191 174377633 174250442 127191 8298617 2549939 3744964 9605456 PURCHASED POWER 117889568 ADMINISTRATIVE AND GENERA 7189420 DISTRIBUTION OPERATIONS 6971288 TAXES AND OTHER 6064577 12063804 174377633 0 0 0 19448781 15316579 13033646 13600539 1878842 2546034 435774 189916 290612765 99810620 187127256 190802145 7000000 18636995 17485667 12265830 12328321 252827124 259269201 27442102 26393032 88347074 88747544 3385000 47625732 45249096 163414908 163774672 X 309680 89412216 95184849 89412216 95494529 252827124 259269201 X 0 6082313 X false true X true false 1354705 1354705 289258060 99810620 189447440 190802145 INVESTMENT IN ASSOC. ORG - CENTRAL 5978538 INVESTMENT IN ASSOC. ORG - CFC 4307926 INVESTMENT IN ASSOC. ORG - CEEUS 3861627 INVESTMENT IN CFC CTC'S 2799212 INVESTMENT IN ASSOC. ORG - SEDC 395823 INVESTMENT IN ASSOC. ORG - FEDERATED 99899 INVESTMENT IN ASSOC. ORG - OTHER 29695 INVESTMENT IN ASSOC. ORG - CRC 12947 17485667 MARGIN STABILIZATION PLAN 24683015 POSTRETIRMENT HEALTHCARE BENEFITS 20461162 DEFERRED COMPENSATION PLAN 104919 45249096 175341922 -367993 -367993 175709915 -1332282 -1332282 174377633 165711023 165711023 8666610 8666610 174377633 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 X X X X false true false A BERL DAVIS JR PRES. & CEO 344693 873390 41725 952860 34143 2246811 685000 WILSON D SALEEBY V.P ENGIN/OP 219995 25644 3261 56948 31952 337800 TANYA K TRULL V.P FINANCE & ACCT 175957 24364 15533 120950 30089 366893 GEORGIA VIDO V.P HUMAN RESOURCES 168617 24364 14209 93324 30259 330773 RICHARD E HUNTER III V.P MARKETING & PR 169002 25505 6452 69714 28495 299168 LEWIS F DAVIS V.P CUSTOMER SERVICE 152802 23292 12948 72063 31523 292628 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. 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