2018-11-09T14:57:05-05:00 2017-12-31 680666858 K EVE MCCOY CPA LLC 1518 LADY ST COLUMBIA SC 29201 990 2017-01-01 570221355 PALMETTO ELECTRIC COOPERATIVE INC PALM 8437265551 4063 GRAYS HWY RIDGELAND SC 29936 A BERL DAVIS JR PRES. & CEO 8437265551 2018-11-07 true K EVE MCCOY P01301422 8032569100 2018-11-09 X 98.25.49.86 2018-11-09 13:57:05 CS P 4A2263A092EB24081D95C34AC92A363E47AE7E4E 4A2263A092EB24081D95C34AC92A363E47AE7E4E 2017 2018-06-14 16:35:46Z A BERL DAVIS JR 171076080 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 12 150 0 0 165811420 169944239 176558 162082 971940 969759 166959918 171076080 0 10675857 6408449 2142549 2292144 0 0 154141512 162375487 166959918 171076080 0 244339788 242749529 168338775 165298282 76001013 77451247 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 153376516 TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT THE LOWEST PRICE CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE. 153376516 false false false false false false false false false true true false 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 61 0 150 true false false false false false 169944239 1131841 false X 12 12 false false false false true true true true true false false true true true true true true true true false X TANYA TRULL VP-FINANCE & ACCTG 8437265551 4063 GRAYS HWY RIDGELAND SC SC 299360820 DR EARL BOSTICK SR DIRECTOR 6.00 X 45145 0 0 C ALEX ULMER V. CHAIRMAN 7.00 X 43466 0 0 EUNICE FSPILLARDS SEC. TREAS. 6.00 X 43466 0 0 JAMES L ROWE DIRECTOR 4.00 X 42054 0 0 JAMES O FREEMAN DIRECTOR 6.00 X 35204 0 0 JIMMIE D MCMILLAN DIRECTOR 3.00 X 33866 0 0 WILLIAM J NIMMER DIRECTOR 3.00 X 33614 0 0 DAVID A SOLARO DIRECTOR 5.00 X 26780 0 0 JEREMIAH E VAIGNEUR CHAIRMAN 6.00 X 25930 0 0 CAROLYN GRANT DIRECTOR 3.00 X 23778 0 0 TERRELL SMITH DIRECTOR 4.00 X 20928 0 0 HENRY DRIESSEN JR DIRECTOR 3.00 X 19580 0 0 A BERL DAVIS JR PRES. & CEO 50.00 X 375164 0 481840 WILSON D SALEEBY VP OP/ENGIN 45.00 X 213866 0 74648 GARY E JEGER SR. VP INFOR 50.00 X 213404 0 89319 TANYA K TRULL VP FINANCE 50.00 X 183111 0 81055 GEORGIA VIDO VP HR 40.00 X 175239 0 69714 LEWIE DAVIS VP CUST SVC 40.00 X 161487 0 76651 RICHARD E HUNTER III VP MKTG/P. R 49.00 X 158392 0 69310 ROBERT CASAVANT ENGIN MGR 46.00 X 139913 0 73483 OMER K DUBOSE OPER MGR 45.00 X 138943 0 64974 BRUCE DRAPER OPER MGR 44.00 X 138814 0 67331 2292144 1148325 10 false true false INFRATECH CORP 2036 BAKER CT 2036 BAKER CT KENNESAW GA 30144 UTILITY CONSTR 1311087 ASPLUNDH TREE EXPERT PO BOX 532729 PO BOX 532729 ATLANTA GA 30353 TREE SERVICE 993722 ERTEL CONSTRUCTION INC PO BOX 19069 PO BOX 19069 CHARLOTTE NC 28219 UTILITY CONSTR 573848 OTC SERVICES INC PO BOX 188 PO BOX 188 LOUISVILLE OH 44641 UTILITY CONSTR 300288 USIC LOCATING SERVICES LLC PO BOX 713359 PO BOX 713359 CINCINNATI OH 452713359 UG CABLE LOCATE 242523 10 ELECTRIC SALES 221000 169944239 169944239 169944239 162082 162082 CAPITAL CREDITS - ASSOC ORGAN 221000 969759 969759 969759 171076080 170913998 162082 6408449 6408449 1554595 1554595 737549 737549 3783008 3783008 8971517 8971517 PURCHASED POWER 119640552 119640552 ADMINISTRATIVE AND GENERA 15407420 15407420 OPERATIONS 8804510 8804510 TAXES 5768480 5768480 171076080 153376516 17699564 0 19889959 16613698 13955417 16346079 1537667 1493031 260790 443100 266438234 83744064 182097913 182694170 15258889 15856158 11339153 9303293 244339788 242749529 53551707 57472488 94208841 88620732 20578227 19205062 168338775 165298282 X 76001013 77451247 76001013 77451247 244339788 242749529 X 0 1450234 X false true X false false 266438234 83744064 182694170 182694170 INVESTMNTS IN ASSOC ORGANIZATIONS 15856158 C 15856158 ACCRUED POSTRETIREMENT BENEFIT COST 17768600 ACCRUED PENSION BENEFIT COST 1257402 UNAMORTIZED GAIN ON REACQUIRED DEBT 179060 19205062 170679009 170679009 397071 397071 171076080 164667631 164667631 6408449 6408449 171076080 SCHEDULE D, PAGE 4, PART XI, LINE 4B THE COOPERATIVE HAS A MARGIN STABILIZATION PLAN IN WHICH 0 ACTUAL MARGINS ABOVE OR BELOW THE ESTABLISHED T.I.E.R. 0 (TIMES INTEREST EARNED RATIO) ARE DEFERRED AND RECORDED 0 AS A DEFERRED DEBIT OR CREDIT FOR FINANCIAL REPORTING. 0 FOR TAX RETURN REPORTING OF REVENUES, AS WELL AS FOR 0 PATRONAGE CAPITAL CREDITS ALLOCATIONS, THE PLAN IS 0 DISREGARDED. THE TIER ADJUSTMENT IS 2,074,464. 2,074,464 THE COOPERATIVE RECOGNIZES UNBILLED REVENUE FOR FINANCIAL 0 REPORTING. FOR TAX RETURN REPORTING OF PATRONAGE CAPITAL 0 CREDIT ALLOCATIONS, AS WELL AS FOR REPORTING OF REVENUES, 0 UNBILLED REVENUE IS DISREGARDED. 0 THE ADJUSTMENT FOR THE CHANGE 0 IN UNBILLED REVENUE IS (1,677,393) -1,677,393 SCHEDULE D, PAGE 4, PART XII, LINE 4B AMOUNT REPORTED ON FORM 990, PART IX, LINE 4 AS BENEFITS 0 PAID TO OR FOR MEMBERS IS NOT REPORTED AS AN EXPENSE IN 0 THE FINANCIAL STATEMENTS. GENERALLY ACCEPTED ACCOUNTING 0 PRINCIPLES ( GAAP) DOES NOT RECOGNIZE PATRONAGE DIVIDENDS 0 PAID AS AN EXPENSE 6,408,449 X X X false true false A BERL DAVIS JR PRES. & CEO 361816 13348 462100 19740 857004 WILSON D SALEEBY VP OP/ENGIN 210600 3266 54908 19740 288514 GARY E JEGER SR. VP INFOR SYS 207696 5708 69579 19740 302723 TANYA K TRULL VP FINANCE 178713 4398 56611 24444 264166 GEORGIA VIDO VP HR 167147 8092 45270 24444 244953 LEWIE DAVIS VP CUST SVC 157248 4239 56911 19740 238138 RICHARD E HUNTER III VP MKTG/P. RELATIONS 155350 3042 49570 19740 227702 ROBERT CASAVANT ENGIN MGR 135052 4861 53743 19740 213396 OMER K DUBOSE OPER MGR 135741 3202 45234 19740 203917 BRUCE DRAPER OPER MGR 133991 4823 42887 24444 206145 SCHEDULE J, PAGE 1, PART I, LINE 4 A. BERL DAVIS, JR. 0 368,176 0 FORM 990 IN ACCORDANCE WITH ITS BYLAWS, THE COOPERATIVE IS OBLIGATED TO PAY BY CREDITS TO A CAPITAL ACCOUNT FOR EACH PATRON ALL SUCH AMOUNTS IN EXCESS OF OPERATING COSTS AND EXPENSES. ALL SUCH AMOUNTS CREDITED TO THE CAPITAL ACCOUNT OF ANY PATRON SHALL HAVE THE SAME STATUS AS THOUGH THEY HAD BEEN PAID TO THE PATRON. PURSUANT TO THE BYLAWS, THE COOPERATIVE HAS INTERPRETED PATRONAGE DIVIDENDS PAID TO ITS MEMBERS REPORTED ON FORM 990, PART IX, LINE 4 TO BE CAPITAL CREDITS ALLOCATED FOR 2017. FORM 990, PAGE 6, PART VI, LINE 6 THE ORGANIZATION IS ORGANIZED AND OPERATED AS A COOPERATIVE. IT IS COMPRISED OF MEMBERS WHO OWN AND MANAGE THE CORPORATION. THE MEMBER IS DEFINED AS A "PERSON" ( AN INDIVIDUAL, CORPORATION, OR COOPERATIVE) ENTITLED TO PARTICIPATE IN THE COOPERATIVE'S MANAGEMENT. A PERSON MAY BECOME A MEMBER OF THE COOPERATIVE BY: A. APPLYING FOR MEMBERSHIP THEREIN UPON SUCH TERMS AS MAY BE ESTABLISHED BY THE BOARD OF DIRECTORS; B. AGREEING TO PURCHASE ELECTRIC ENERGY FROM THE COOPERATIVE; C. AGREEING TO COMPLY WITH AND BE BOUND BY THE ARTICLES OF INCORPORATION AND BYLAWS OF THE COOPERATIVE AND ANY RULES AND REGULATIONS ADOPTED BY THE BOARD OF DIRECTORS; D. PAYING THE MEMBERSHIP FEE. FORM 990, PAGE 6, PART VI, LINE 7A EACH MEMBER HAS ONE VOTE. DIRECTORS ARE ELECTED BY THE MEMBERS. FORM 990, PAGE 6, PART VI, LINE 7B EACH MEMBER OF THE COOPERATIVE SHALL BE ENTITLED TO ONE (1) VOTE AND NO MORE UPON EACH MATTER SUBMITTED TO A VOTE AT ALL MEETINGS OF THE MEMBERS OF THE COOPERATIVE. A MEMBER HAS THE RIGHT TO HELP ELECT THE BOARD OF DIRECTORS AND PARTICIPATE IN THE COOPERATIVE'S BUSINESS. DIRECTORS SHALL SERVE TERMS OF THREE (3) YEARS EACH AND SHALL BE ELECTED AT EACH ANNUAL MEETING OF THE MEMBERS AND EACH SHALL SERVE UNTIL A SUCCESSOR HAS BEEN ELECTED. REMOVAL - ANY MEMBER MAY BRING CHARGES AGAINST A DIRECTOR BY FILING SUCH CHARGES IN WRITING WITH THE SECRETARY, TOGETHER WITH A PETITION SIGNED BY AT LEAST TEN PER CENTUM OF THE MEMBERS AND REQUEST THE REMOVAL OF SUCH DIRECTOR BY REASON THEREOF. DISSOLUTION AND/OR SALE OF ASSETS - SALE OF THE COOPERATIVE'S PROPERTY AND ASSETS SHALL BE AUTHORIZED IN THE FOLLOWING MANNER: 1) THE BOARD OF DIRECTORS SHALL ADOPT A RESOLUTION RECOMMENDING SUCH SALE, AND DIRECTING THE RESOLUTION TO A VOTE AT A MEETING OF THE MEMBERS. 2) WRITTEN OR PRINTED NOTICE WILL BE PROVIDED TO THE MEMBERS; 3) THE VOTING MEMBERS MAY AUTHORIZE THE SALE AND SUCH AUTHORIZATION SHALL REQUIRE THE AFFIRMATIVE VOTE OF AT LEAST 2/3 OF ALL THE MEMBERS OF THE COOPERATIVE. FORM 990, PAGE 6, PART VI, LINE 11B A DRAFT COPY OF THE FORM 990 IS MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AT THE REGULAR BOARD MEETING PRIOR TO THE DUE DATE OF THE RETURN BEING FILED. FORM 990, PAGE 6, PART VI, LINE 12C EACH YEAR THE BOARD OF TRUSTEES SHALL REVIEW WHETHER ANY CURRENT OR FORMER OFFICER, TRUSTEE OR KEY EMPLOYEE: 1. HAS A DIRECT BUSINESS RELATIONSHIP WITH THE COOPERATIVE OR AN INDIRECT BUSINESS RELATIONSHIP WITH THE COOPERATIVE REQUIRING DISCLOSURE ON SCH L OF THE FORM 990. 2. HAS A FAMILY MEMBER WHO HAD A DIRECT OR INDIRECT BUSINESS RELATIONSHIP WITH THE COOPERATIVE REQUIRING DISCLOSURE ON SCH L OF THE FORM 990; OR 3. SERVES AS AN OFFICER, TRUSTEE, DIRECTOR, KEY EMPLOYEE, PARTNER OR MEMBER OF AN ENTITY (OR SHAREHOLDER OF A PROFESSIONAL CORPORATION) DOING BUSINESS WITH THE COOPERATIVE, SUCH THAT DISCLOSURE IS REQUIRED ON SCH L OF THE FORM 990. 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 KEY 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 COMPENSATION FOR KEY EMPLOYEES. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO MEMBERS UPON REQUEST AT EACH OFFICE AND THE COOPERATIVE'S WEBSITE WWW.PALMETTO.COOP. CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST AT EACH OFFICE. ANNUAL REPORTS ARE MAILED TO THE MEMBERS EACH YEAR AND ADDITIONAL COPIES ARE AVAILABLE AT EACH OFFICE AND ON THE COOPERATIVE'S WEBSITE. FORM 990, PART XI, LINE 9 INCREASE IN MEMBERSHIPS 4,685 NET MARGINS PER GAAP FINANCIAL STMTS 6,011,379 PATRONAGE CAPITAL RETIRED -4,518,899 DECREASE IN OTHER EQUITIES -46,931 TOTAL 1,450,234 OTHER CHANGES IN NET ASSETS - SUMMARY INCREASE IN MEMBERSHIPS 4,685 DECREASE IN OTHER EQUITIES (46,931) PATRONAGE CAPITAL RETIRED (4,518,899) SUBTOTAL (4,561,145) ADJUST FOR 2017 PATRONAGE CAPITAL REPORTED AS EXPENSE ON FORM 990, BUT REPORTED AS INCREASE IN EQUITY PER AUDITED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH GAAP (SEE SCHEDULE D) 6,408,449 ADJUST FOR CHANGE IN UNBILLED REVENUE DISREGARDED FOR TAX REPORTING (SEE SCHEDULE D) 1,677,394 ADJUST FOR MARGIN STABILIZATION PLAN DISREGARDED FOR TAX REPORTING (SEE SCHEDULE D) (2,074,464) SUBTOTAL 6,011,379 FORM 990, PART XI, LINE 9 1,450,234