2021-11-15T12:25:52-06:00 2020-12-31 461498870 BMSS LLC 1121 RIVERCHASE OFFICE ROAD BIRMINGHAM AL 35244 990 2020-01-01 630238274 POWERSOUTH ENERGY COOPERATIVE POWE 3344273000 PO BOX 550 ANDALUSIA AL 36420 ELIZABETH C WOODARD CFO / EVP 3344273000 2021-11-12 1 ELIZABETH WOODARD 999009999 CHERION SIBLEY CPA P00090514 2059825500 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z ELIZABETH C WOODARD PO BOX 550 ANDALUSIA AL 36420 554644829 0 X WWW.POWERSOUTH.COM X 1941 AL COOPERATIVE UTILITY SYSTEM - PRODUCING & DISTRIBUTING WHOLESALE ELECTRIC POWER TO & FOR COOPERATIVE MEMBERS UNDER THE PROVISIONS OF THE RURAL ELECTRIFICATION ACT OF 1936. 40 40 631 0 0 0 0 0 602255198 547161468 7539589 3403381 2421149 4045058 612215936 554609907 0 0 0 0 73259979 76268080 0 0 0 525265865 465629224 598525844 541897304 13690092 12712603 1859336399 2174864173 1478176747 1780991918 381159652 393872255 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. 0 0 POWERSOUTH ENERGY COOPERATIVE SERVES THE WHOLESALE ENERGY NEEDS OF 20 UTILITY DISTRIBUTION MEMBERS IN ALABAMA AND NORTHWEST FLORIDA. 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 188 0 1 631 1 0 0 0 0 0 546188309 5018217 0 1 0 X 40 40 0 0 0 0 1 1 1 1 1 0 0 1 0 1 0 1 1 0 X ELIZABETH C WOODARD 3344273000 2027 EAST THREE NOTCH STREET ANDALUSIA AL 36421 ED SHORT BOARD MEMBER 7.00 X 23201 0 0 RANDY BRANNON BOARD MEMBER 7.00 X 23603 0 0 GARY HARRISON BOARD MEMBER 7.00 X 19603 0 0 TOM STACKHOUSE BOARD MEMBER 7.00 X 22403 0 0 JAMES HALL BOARD MEMBER 7.00 X 15201 0 0 EARL JOHNSON BOARD MEMBER 7.00 X 19202 0 0 BRITT THOMAS BOARD MEMBER 7.00 X 10202 0 0 STACEY PARKER BOARD MEMBER 7.00 X 23603 0 0 VINCE JOHNSON BOARD MEMBER 7.00 X 18000 0 0 TALLAPOOSA RIVER ELECTRIC BOARD MEMBER 7.00 X 20003 0 0 THOMAS DUNCAN BOARD MEMBER 7.00 X 23203 0 0 MICKEY MURDOCK BOARD MEMBER 7.00 X 14201 0 0 TERRY MOSELEY BOARD MEMBER 7.00 X 20803 0 0 WILLIE SMITH BOARD MEMBER 7.00 X 20802 0 0 STEPHEN RHODES BOARD MEMBER 7.00 X 20803 0 0 JOSEPH COLEMAN BOARD MEMBER 7.00 X 22403 0 0 WIREGRASS ELECTRIC COOPERATIVE BOARD MEMBER 7.00 X 21603 0 0 JIMMY SHAVER BOARD MEMBER 7.00 X 24203 0 0 KAREN MOORE BOARD MEMBER 7.00 X 18103 0 0 DAVID BAILEY BOARD MEMBER 7.00 X 20803 0 0 BECKY BRACKE BOARD MEMBER 7.00 X 14803 0 0 ISABELL BOYD BOARD MEMBER 7.00 X 16402 0 0 TIM JOHNSON BOARD MEMBER 7.00 X 23096 0 0 JOHN BARTLEY BOARD MEMBER 7.00 X 19603 0 0 GERALD EDMONDSON BOARD MEMBER 7.00 X 21203 0 0 HOWARD DAUGHERTY BOARD MEMBER 7.00 X 18803 0 0 LELAND FULLER BOARD MEMBER 7.00 X 21601 0 0 BRUCE BOSWELL BOARD MEMBER 7.00 X 21203 0 0 RANDY BUSH BOARD MEMBER 7.00 X 30105 0 0 TY PEEL BOARD MEMBER 7.00 X 20001 0 0 STEVEN SHEFFIELD BOARD MEMBER 7.00 X 21200 0 0 JAMES SIKES BOARD MEMBER 7.00 X 15703 0 0 EDWARD JONES BOARD MEMBER 7.00 X 16003 0 0 LOWELL BRISTOW BOARD MEMBER 7.00 X 20003 0 0 RYAN CAMPBELL BOARD MEMBER 7.00 X 20803 0 0 MARY LAND BOARD MEMBER 7.00 X 21203 0 0 DANNY MCNEIL BOARD MEMBER 7.00 X 21203 0 0 WILLIE WRIGHT BOARD MEMBER 7.00 X 9401 0 0 JANE BRUNSON BOARD MEMBER 7.00 X 3000 0 0 TOM MADDOX BOARD MEMBER 7.00 X 3000 0 0 REGINALD PUGH BOARD MEMBER 7.00 X 19603 0 0 CHASE RIDDLE BOARD MEMBER 7.00 X 21203 0 0 JAMES SMITH BOARD MEMBER 7.00 X 18803 0 0 GARY SMITH CEO/PRESIDENT 50.00 X 1470408 0 270057 SETH HAMMETT VP OF BUSINESS DEVELOPMENT 50.00 X 356599 0 89831 HORACE HORN VP OF EXTERNAL AFFAIRS 50.00 X 399955 0 111325 DAMON MORGAN COO 50.00 X 1012742 0 191152 ELIZABETH WOODARD CFO 50.00 X 526315 0 139429 LEIGH GRANTHAM VP OF MEMBER SERVICES AND 50.00 X 388188 0 114786 JOHN MATHESON VP OF POWER PRODUCTIONS 50.00 X 252288 0 82967 RON GRAHAM VP OF POWER SUPPLY 50.00 X 264543 0 85693 ART BRUNSON VP OF LEGAL AND COMPLIANCE 50.00 X 302667 0 92034 TERRY WILSON DIRECTOR OF T&D OPERATIONS 50.00 X 215360 0 74431 JJ FARRINGTON MANAGER OF PLANNING, COMPL 50.00 X 195570 0 67593 DAVID WYATT CENTRAL GENERATION PLANT M 50.00 X 196578 0 57894 MATTHEW DIAMOND BULK POWER, FUELS & ENERGY RESOURCES MANAGER 50.00 X 197556 0 63691 JOE ARMSTRONG DIRECTOR OF ENGINEERING 50.00 X 202507 0 70150 6801172 0 1511033 167 0 1 0 BLACK & VEATCH CORPORATION 11401 LAMAR AVENUE OVERLAND PARK KS 66211 ENGINEERING SERVICES 26532838 ASPLUNDH TREE EXPERT CO 2011 HWY 87 ALABASTER AL 35007 TREE CUTTING SERVICES 1219362 PARKER TOWING COMPANY PO BOX 20908 TUSCALOOSA AL 35402 BARGE SERVICES 1190917 BURNS & MCDONNELL ENGINEERING CO INC 9400 WARD PARKWAY KANSAS CITY MO 64114 ENGINEERING SERVICES 1103914 CDG ENGINEERS PO BOX 278 ANDALUSIA AL 36420 ENGINEERING SERVICES 819650 37 SALES OF ELECTRICITY 221000 547161468 547161468 547161468 3383542 3383542 54761 34922 19839 19839 19839 OTHER INCOME 221000 2267664 2267664 AFUDC 221000 942155 942155 CAPITAL CREDITS 221000 835239 835239 4045058 554609907 551206526 0 3403381 6970885 49606655 13772843 1713636 4204061 694213 172469 1147720 5928130 1054917 2680868 802609 49837427 70762513 POWER PRODUCTION - FUEL 128971960 PURCHASED POWER 112990691 TRANSMISSIONS - OPERATI 42657570 POWER PRODUCTION - MAIN 18747253 29180884 541897304 63694502 182083583 11368059 3693684 67339988 69746594 69424587 60970065 85250419 96717603 2702756792 1367078641 1264563902 1335678151 19202079 19722681 19958080 19763066 258534783 386488746 1859336399 2174864173 74867522 132898996 65000000 101000000 91582421 89545409 920713289 1160316834 154640662 91820326 171372853 205410353 1478176747 1780991918 X 110 110 0 0 381159542 393872145 381159652 393872255 1859336399 2174864173 12712603 0 X X 0 1 X 1 0 19332278 19332278 126736161 55661616 71074545 507155 507155 2516645856 1289092591 1227553265 39535342 22324434 17210908 1335678151 OTHER ASSETS 30596 REGULATORY ASSET - GAS HEDGES, NET 8235715 REGULATORY ASSET - INTEREST RATE SWAP 88558135 OTHER REGULATORY ASSETS 289664300 386488746 FMV OF INTEREST RATE SWAPS 88558135 ACCUM PROV FOR PROPERTY INSURANCE 5707299 ASSET RETIREMENT OBLIGATIONS 44852872 ACCRUED POST RETIREMENT BENEFIT COST 46216499 FMV OF GAS HEDGES 7726355 LEASE LIABILITY 507155 ACCRUED LOWMAN SEVERANCE COSTS 11842038 205410353 552324515 0 552324515 2285392 2285392 554609907 539620053 8141 8141 539611912 2285392 2285392 541897304 PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL STATEMENT NETTING OF EXPENSES IN INCOME 2,285,392. PART XII, LINE 2D - OTHER ADJUSTMENTS: CONSOLIDATED FINANCIAL STATEMENT LOSSES ON WHOLLY OWNED SUBSIDIARIES 8,141. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL STATEMENT NETTING OF INCOME IN EXPENSES 2,285,392. X X X 0 1 0 GARY SMITH CEO/PRESIDENT 1470408 0 0 0 0 0 252026 0 18031 0 1740465 0 0 0 DAMON MORGAN COO 1012742 0 0 0 0 0 173121 0 18031 0 1203894 0 0 0 ELIZABETH WOODARD CFO 526315 0 0 0 0 0 121398 0 18031 0 665744 0 0 0 HORACE HORN VP OF EXTERNAL AFFAIRS 399955 0 0 0 0 0 95494 0 15831 0 511280 0 0 0 LEIGH GRANTHAM VP OF MEMBER SERVICES AND 388188 0 0 0 0 0 96755 0 18031 0 502974 0 0 0 SETH HAMMETT VP OF BUSINESS DEVELOPMENT 356599 0 0 0 0 0 85156 0 4675 0 446430 0 0 0 ART BRUNSON VP OF LEGAL AND COMPLIANCE 302667 0 0 0 0 0 74496 0 17538 0 394701 0 0 0 RON GRAHAM VP OF POWER SUPPLY 264543 0 0 0 0 0 68500 0 17193 0 350236 0 0 0 JOHN MATHESON VP OF POWER PRODUCTIONS 252288 0 0 0 0 0 65943 0 17024 0 335255 0 0 0 TERRY WILSON DIRECTOR OF T&D OPERATIONS 215360 0 0 0 0 0 57942 0 16489 0 289791 0 0 0 JOE ARMSTRONG DIRECTOR OF ENGINEERING 202507 0 0 0 0 0 53934 0 16216 0 272657 0 0 0 JJ FARRINGTON MANAGER OF PLANNING, COMPL 195570 0 0 0 0 0 51525 0 16068 0 263163 0 0 0 MATTHEW DIAMOND BULK POWER, FUELS & ENERGY RESOURCES 197556 0 0 0 0 0 47889 0 15802 0 261247 0 0 0 DAVID WYATT CENTRAL GENERATION PLANT M 196578 0 0 0 0 0 48884 0 9010 0 254472 0 0 0 PART I, LINE 4B THE FOLLOWING PERSONS PARTICIPATE IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. GARY SMITH CEO/PRESIDENT SETH HAMMETT VP OF BUSINESS DEVELOPMENT HORACE HORN VP OF EXTERNAL AFFAIRS DAMON MORGAN COO ELIZABETH WOODARD CFO LEIGH GRANTHAM VP OF MEMBER SERVICES AND COMMUNICATIONS DURING 2020, THE FOLLOWING PAYMENTS WERE MADE TO EMPLOYEES FROM A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN: GARY SMITH $252,613 DAMON MORGAN $163,558 SETH HAMMETT $30,125 HORACE HORN $11,341 A INDUSTRIAL DEV BD TOWN OF CHATOM SERIES 2007A 636003963 162296AA5 2007-04-06 50000000 GO ZONE BONDS - PROJECTS 0 0 0 B INDUSTRIAL DEV BD TOWN OF CHATOM SERIES 2020 636003963 16229PAP0 2020-08-01 63625984 GO ZONE BONDS - PROJECTS 0 0 0 A 2009 0 0 1 1 B 63625984 400000 378461 62847523 2014 1 0 1 1 A 0 0 1 1 1 0 0 0 1 B 0 0 1 1 0 0 0 0 1 A 0 B 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: INDUSTRIAL DEV. BD. TOWN OF CHATOM SERIES 2007A DATE THE REBATE COMPUTATION WAS PERFORMED: 04/01/2017 ISSUER NAME: INDUSTRIAL DEV. BD. TOWN OF CHATOM SERIES 2020 DATE THE REBATE COMPUTATION WAS PERFORMED: 08/01/2020 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 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS 20 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS THE POWER TO NOMINATE TWO TRUSTEES TO THE BOARD. FORM 990, PART VI, SECTION A, LINE 7B 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, SECTION B, LINE 11B 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 12A THE ORGANIZATION DOES NOT HAVE A FORMAL CONFLICT OF INTEREST POLICY HOWEVER INTERNAL PROCEDURES AND OTHER POLICIES PROVIDE THE ORGANIZATION WITH GUIDANCE ON CONFLICTS OF INTEREST. 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 SERVICE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS: POWERSOUTH'S SYSTEMATIC SALARY COMPENSATION PLAN FOR MANAGEMENT, SUPERVISORY, TECHNICAL AND CLERICAL EMPLOYEES WAS DEVELOPED BY THE HAY GROUP AND HAS BEEN USED SINCE THE 1980'S. THE HAY METHODOLOGY 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, HAY 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 HAY (HAY GROUP 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, HAY 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 ADVISE. FORM 990, PART VI, SECTION C, LINE 19 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 RULEMAKING BOARD. FORM 990, PART XII, LINE 2C THERE WAS NO CHANGE IN THE AUDIT OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE YEAR. SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION POWERSOUTH ENERGY COOPERATIVE P.O. BOX 550 ANDALUSIA, AL 36420 EMPLOYER IDENTIFICATION NUMBER: 63-0238274 FOR THE YEAR ENDING DECEMBER 31, 2020 POWERSOUTH ENERGY COOPERATIVE IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER REG. SEC. 1.263(A)-1(F). SECTION 1.263(A)-3(N) ELECTION POWERSOUTH ENERGY COOPERATIVE P.O. BOX 550 ANDALUSIA, AL 36420 EMPLOYER IDENTIFICATION NUMBER: 63-0238274 FOR THE YEAR ENDING DECEMBER 31, 2020 POWERSOUTH ENERGY COOPERATIVE IS MAKING THE ELECTION TO CAPITALIZE REPAIR AND MAINTENANCE COSTS UNDER REG. SEC. 1.263(A)-3(N). ANDALUSIA AND CONECUH RAILROAD CO INC PO BOX 550 ANDALUSIA AL 36420 630844945 RAILROAD AL POWERSOUTH ENERGY COOPERATIVE C -1219 276593 1.00000 1 POWERSOUTH DEVELOPMENT CORP PO BOX 550 ANDALUSIA AL 36420 721361165 ECONOMIC DEVELOPMENT AL POWERSOUTH ENERGY COOPERATIVE C -66 1071556 1.00000 1 COOPERATIVE SERVICES INC PO BOX 550 ANDALUSIA AL 36420 631236941 HOLDING COMPANY AL POWERSOUTH ENERGY COOPERATIVE C -6856 81117 1.00000 1 COOPERATIVE SERVICES ENTERPRISE INC PO BOX 550 ANDALUSIA AL 36420 630656225 HOLDING COMPANY AL COOPERATIVE SERVICES INC C 40761 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0