2025-11-12T14:06:15+00:00 2024-12-31 440160260 Forvis Mazars LLP PO Box 3667 Little Rock AR 722033667 990 2024-01-01 630238274 PowerSouth Energy Cooperative POWE 3344273000 PO BOX 550 ANDALUSIA AL 36420 ELIZABETH C WOODARD CFO/EVP 3344273000 2025-11-12 true true Amber Sherrill P00748683 5013721040 2025-11-12 2024 2025-03-06 01:10:19Z ELIZABETH C WOODARD PO BOX 550 ANDALUSIA AL 36420 859835818 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 40 610 0 283496 254862 0 0 709740490 850255480 7590224 7252877 746121 2189074 718076835 859697431 0 0 0 0 8699252 9440371 0 0 0 696159522 835662555 704858774 845102926 13218061 14594505 2734549230 2695050060 2320658496 2268139924 413890734 426910136 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 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 false false true true false false false true 234 0 true 610 true true true false false false false 817895844 42299718 false true false X 40 40 false false false false true true true true true false false false true false false false true false true true false false X ELIZABETH C WOODARD 3344273000 2027 EAST THREE NOTCH STREET ANDALUSIA AL 36421 ANN PARKMAN BOARD MEMBER 7.0 0.0 X 21300 0 0 BECKY BRACKE BOARD MEMBER 7.0 0.0 X 18403 0 0 BOBBY BALLARD BOARD MEMBER 7.0 0.0 X 21303 0 0 BRAD KIMBRO BOARD MEMBER 7.0 0.0 X 22650 0 0 BRAXTON GREEN BOARD MEMBER 7.0 0.0 X 21753 0 0 CARL GOODSON BOARD MEMBER 7.0 0.0 X 14202 0 0 DAVID BAILEY BOARD MEMBER 7.0 0.0 X 23103 0 0 DELANEY KERVIN BOARD MEMBER 7.0 0.0 X 11903 0 0 EARL JOHNSON BOARD MEMBER 7.0 0.0 X 15302 0 0 GARY HARRISON BOARD MEMBER 7.0 0.0 X 22653 0 0 GERALD EDMONDSON BOARD MEMBER 7.0 0.0 X 23103 0 0 HUNTER ROBINSON BOARD MEMBER 7.0 0.0 X 6400 0 0 ISABELL BOYD BOARD MEMBER 7.0 0.0 X 19952 0 0 JAMES HALL BOARD MEMBER 7.0 0.0 X 13201 0 0 JAMES MAY BOARD MEMBER 7.0 0.0 X 1100 0 0 JANE BRUNSON BOARD MEMBER 7.0 0.0 X 21303 0 0 JEFFREY HODGES BOARD MEMBER 7.0 0.0 X 22653 0 0 JIMMY ELLIS BOARD MEMBER 7.0 0.0 X 6200 0 0 JOE RONE BOARD MEMBER 7.0 0.0 X 7551 0 0 JOHN BARTLEY BOARD MEMBER 7.0 0.0 X 23103 0 0 JON CULLIMORE BOARD MEMBER 7.0 0.0 X 21753 0 0 JOSEPH COLEMAN BOARD MEMBER 7.0 0.0 X 22653 0 0 KAREN MOORE BOARD MEMBER 7.0 0.0 X 12403 0 0 KIM JACKSON BOARD MEMBER 7.0 0.0 X 15552 0 0 KIP JUSTICE BOARD MEMBER 7.0 0.0 X 22653 0 0 MARILYN DAVIS BOARD MEMBER 7.0 0.0 X 22203 0 0 MARK PARKER BOARD MEMBER 7.0 0.0 X 22653 0 0 RANDY BUSH BOARD MEMBER 7.0 0.0 X 14200 0 0 RICKY JONES BOARD MEMBER 7.0 0.0 X 20403 0 0 ROBERT BYRD BOARD MEMBER 7.0 0.0 X 7551 0 0 RODNEY HARRISON BOARD MEMBER 7.0 0.0 X 28173 0 0 RYAN CAMPBELL BOARD MEMBER 7.0 0.0 X 21753 0 0 SHAWN WALLING BOARD MEMBER 7.0 0.0 X 15753 0 0 STACEY PARKER BOARD MEMBER 7.0 0.0 X 22653 0 0 STEPHEN RHODES BOARD MEMBER 7.0 0.0 X 21753 0 0 STEVEN SHEFFIELD BOARD MEMBER 7.0 0.0 X 22650 0 0 TERRY MITCHELL BOARD MEMBER 7.0 0.0 X 20853 0 0 TERRY MOSELEY BOARD MEMBER 7.0 0.0 X 23553 0 0 TOM MADDOX BOARD MEMBER 7.0 0.0 X 22203 0 0 TOM STACKHOUSE BOARD MEMBER 7.0 0.0 X 23103 0 0 TOM DUNCAN BOARD MEMBER 7.0 0.0 X 24903 0 0 VINCE JOHNSON BOARD MEMBER 7.0 0.0 X 20400 0 0 WAYNE WILLIAMS BOARD MEMBER 7.0 0.0 X 4650 0 0 WILLIE WRIGHT BOARD MEMBER 7.0 0.0 X 21303 0 0 WILLIE SMITH BOARD MEMBER 7.0 0.0 X 24002 0 0 ARTHUR BRUNSON VP of Legal and Corporate Affairs 50.0 0.0 X 452010 0 128026 ELIZABETH WOODARD EVP/CFO 50.0 0.0 X 765366 0 196489 GARY SMITH President/CEO 50.0 0.0 X 2007939 0 368109 HORACE HORN Senior VP of External Affairs 50.0 0.0 X 559621 0 143571 JOE ARMSTRONG VP of Engineering & Operations 50.0 0.0 X 344598 0 110047 JOHN MATHESON VP of STAFF SERVICES 50.0 0.0 X 332269 0 110047 MARK MORGAN EVP/COO 50.0 0.0 X 1369012 0 275370 MATTHEW DIAMOND VP of POWER PRODUCTION 50.0 0.0 X 398651 0 118941 TAYLOR WILLIAMS VP of External Affairs 50.0 0.0 X 326376 0 109207 WILLIAM GRAHAM VP of Power Supply 50.0 0.0 X 374043 0 113805 DAVID PEARCE Bulk Power, Fuels & Energy Resources Manager 50.0 0.0 X 214934 0 68791 JAMES GRIMES Power Production Engineering Manager 50.0 0.0 X 220841 0 79091 JAMES HATTAWAY Energy Services Manager 50.0 0.0 X 234611 0 81810 JONATHAN ELLISON Director of Technical Services 50.0 0.0 X 260680 0 75771 JULIAN FARRINGTON Manager of Planning, Compliance & REGULATION 50.0 0.0 X 242955 0 81007 8940773 0 2060082 245 false true false H & M Construction 2660 HWY 43 SOUTH DEMOPOLIS AL 36732 Construction 3547217 EcoSouth Services of Mobile 12945 HWY 43 NORTH AXIS AL 36505 Waste Management 2706941 Modular Connections LLC 1090 Industrial Blvd Bessemer AL 35022 Construction 2621793 Asplundh Tree Expert LLC 708 Blair Mill Road Willow Grove PA 19090 Vegetation Management 1763237 Worrell Construction LLC 1906 Worrell Road Evergreen AL 36401 Construction 1252275 34 0 0 0 0 0 0 0 0 SALE OF ELECTRIC ENERGY 221000 849687703 849687703 0 0 CAPITAL CREDITS 221000 567777 567777 0 0 0 0 0 0 850255480 7038507 0 0 7038507 0 0 0 0 0 0 0 0 2077391 0 12609 0 2064782 0 2064782 0 283496 1781286 0 340148 0 125778 0 214370 214370 0 0 214370 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NON-OPERATING INCOME 900099 124292 0 0 124292 0 0 0 0 124292 859697431 850255480 283496 9158455 0 0 0 0 9440371 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 67597862 0 87453637 0 POWER PRODUCTION 325371895 PURCHASE OF POWER 217603748 TRANSMISSION 85173300 ADMIN & GENERAL 37102406 15359707 845102926 24588911 11864896 326014010 286079060 0 0 101404906 91766215 0 0 0 0 0 0 72312812 86041499 149369220 145735409 2662505908 925715903 1696519500 1736790005 0 0 2884286 2388510 21571183 23410766 0 0 339884402 310973700 2734549230 2695050060 100903629 106354353 0 0 140681303 126169015 70464973 64262241 0 0 0 0 1480251736 1502433631 309750008 284292373 218606847 184628311 2320658496 2268139924 0 0 0 0 X 110 110 0 0 413890624 426910026 413890734 426910136 2734549230 2695050060 X 14594505 0 0 0 0 -1575103 X false true true false 0 38119615 38119615 0 126678571 71338369 55340202 0 2462045 0 2462045 0 2280218774 827926091 1452292683 0 215026903 26451443 188575460 1736790005 OTHER REGULATORY ASSETS 26916553 INTEREST RATE SWAP 20555015 ACCRUED PRBC 8861055 GAS HEDGES 71637885 LOWMAN ACCELERATED DEPRECIATION 183003192 310973700 Federal Income Taxes Def Recovery of Fuel Purch 9641655 FMV OF INTEREST RATE SWAPS 4209759 FMV OF GAS HEDGES 68360130 LEASE LIABLITY 2462045 POSTRETIREMENT BENEFIT COST 52316211 ASSET RETIREMENT OBLIGATION 38173396 PENSION BENEFIT COST 875115 PROV FOR PROPERTY INSURANCE 8590000 184628311 857621925 0 0 0 12609 12609 857609316 0 2088115 2088115 859697431 845002523 0 0 0 0 0 845002523 0 100403 100403 845102926 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 - 12609 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements DEFERRED IRU LEASE REVENUE - 1987712 EXPENSES IN REVENUE PER AUDIT - 100403 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements EXPENSES IN REVENUE PER AUDIT - 100403 X X X false true false GARY SMITH President/CEO 1580715 0 0 0 427224 0 345493 0 22616 0 2376048 0 0 0 MARK MORGAN EVP/COO 1121924 0 0 0 247088 0 251534 0 23836 0 1644382 0 0 0 ELIZABETH WOODARD EVP/CFO 731773 0 0 0 33593 0 172653 0 23836 0 961855 0 0 0 HORACE HORN Senior VP of External Affairs 469328 0 0 0 90293 0 122852 0 20719 0 703192 0 0 0 ARTHUR BRUNSON VP of Legal and Corporate Affairs 401134 0 0 0 50876 0 105133 0 22893 0 580036 0 0 0 MATTHEW DIAMOND VP of POWER PRODUCTION 359387 0 0 0 39264 0 96358 0 22583 0 517592 0 0 0 WILLIAM GRAHAM VP of Power Supply 327153 0 0 0 46890 0 91376 0 22429 0 487848 0 0 0 JOE ARMSTRONG VP of Engineering & Operations 315479 0 0 0 29119 0 87732 0 22315 0 454645 0 0 0 JOHN MATHESON VP of STAFF SERVICES 313640 0 0 0 18629 0 87732 0 22315 0 442316 0 0 0 TAYLOR WILLIAMS VP of External Affairs 316581 0 0 0 9795 0 86925 0 22282 0 435583 0 0 0 JULIAN FARRINGTON Manager of Planning, Compliance & REGULATION 212333 0 0 0 30622 0 60043 0 20964 0 323962 0 0 0 JONATHAN ELLISON Director of Technical Services 213605 0 0 0 47075 0 63497 0 12274 0 336451 0 0 0 JAMES GRIMES Power Production Engineering Manager 208510 0 0 0 12331 0 58253 0 20838 0 299932 0 0 0 JAMES HATTAWAY Energy Services Manager 214683 0 0 0 19928 0 60795 0 21015 0 316421 0 0 0 DAVID PEARCE Bulk Power, Fuels & Energy Resources Manager 210318 0 0 0 4616 0 57295 0 11496 0 283725 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/CEO HORACE HORN - SENIOR VP OF EXTERNAL AFFAIRS DAMON MORGAN - EVP/COO ELIZABETH WOODARD - EVP/CFO RON GRAHAM - VP OF POWER SUPPLY ARTHUR BRUNSON - VP OF LEGAL AND CORPORATE AFFAIRS DURING 2024, THE FOLLOWING PAYMENTS WERE MADE TO EMPLOYEES FROM A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN GARY SMITH $290,144 HORACE HORN $19,696 MARK MORGAN $146,029 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 false false false false false false 0.0 0.0 0.0 false false 0 false false B false false false false false false 0.0 0.0 0.0 false false 0 false false A false false true true true false 0 false false false 0 false false true B false false true true false false 0 false false false 0 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 08/01/2025 Form 990, Part VI, Line 14 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. Form 990, Part VI, Line 15 A&B 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 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 AND 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 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 CONTRIBUTED RLF GRANT PROCEEDS - 400000; DEFERRED IRU LEASE REVENUE - -1987712; DEBT FINANCED UBI RENTAL EXPENSES - 12609; Total - -1575103; 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. ANDALUSIA & CONECUH RAILROAD COMPANY INC PO BOX 550 ANDALUSIA AL 364201299 630844945 RAILROAD AL POWERSOUTH ENERGY COOPERATIVE C Corporation 4131 282977 1 true POWERSOUTH DEVELOPMENT CORPORATION PO BOX 550 ANDALUSIA AL 364201299 721361165 ECONOMIC DEVELOPMENT AL POWERSOUTH ENERGY COOPERATIVE C Corporation 0 82937 1 true COOPERATIVE SERVICES INC PO BOX 550 ANDALUSIA AL 364201299 631236941 HOLDING COMPANY AL POWERSOUTH ENERGY COOPERATIVE C Corporation -6644 54010 1 true COOPERATIVE SERVICES ENTERPRISES INC PO BOX 550 ANDALUSIA AL 364201299 630656225 HOLDING COMPANY AL COOPERATIVE SERVICES INC C Corporation 0 31400 1 true false false false false false false false false false false false false false false false false false false false