﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2011v1.2">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2012-10-09T16:43:58-05:00</Timestamp>
    <TaxPeriodEndDate>2012-06-30</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>A T WILLIAMS CPA</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>322 BYRD AVE</AddressLine1>
        <City>PHILADELPHIA</City>
        <State>MS</State>
        <ZIPCode>393502518</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990</ReturnType>
    <TaxPeriodBeginDate>2011-07-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>640132702</EIN>
      <Name>
        <BusinessNameLine1>CENTRAL ELECTRIC POWER ASSOCIATION</BusinessNameLine1>
      </Name>
      <NameControl>CENT</NameControl>
      <Phone>6012675671</Phone>
      <USAddress>
        <AddressLine1>PO BOX 477</AddressLine1>
        <City>CARTHAGE</City>
        <State>MS</State>
        <ZIPCode>390510477</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>PAUL D LONG</Name>
      <Title>MANAGER</Title>
      <Phone>6012675671</Phone>
      <DateSigned>2012-09-26</DateSigned>
    </Officer>
    <Preparer>
      <Name>A T WILLIAMS</Name>
      <Phone>6016562742</Phone>
      <DatePrepared>2012-10-05</DatePrepared>
      <SelfEmployed>X</SelfEmployed>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="4">
    <IRS990 documentId="RetDoc2" referenceDocumentId="RetDoc4">
      <GrossReceipts>93351255</GrossReceipts>
      <GroupReturnForAffiliates>false</GroupReturnForAffiliates>
      <Organization501c typeOf501cOrganization="12">X</Organization501c>
      <WebSite>WWW.CENTRALEPA.COM</WebSite>
      <TypeOfOrganizationAssociation>X</TypeOfOrganizationAssociation>
      <YearFormation>1937</YearFormation>
      <StateLegalDomicile>MS</StateLegalDomicile>
      <ActivityOrMissionDescription>PROVIDE ELECTRICITY TO OVER 35,000 MEMBERS IN CENTRAL MISSISSIPPI.</ActivityOrMissionDescription>
      <NbrVotingMembersGoverningBody>10</NbrVotingMembersGoverningBody>
      <NbrIndependentVotingMembers>10</NbrIndependentVotingMembers>
      <TotalNbrEmployees>125</TotalNbrEmployees>
      <TotalGrossUBI>0</TotalGrossUBI>
      <ContributionsGrantsPriorYear>3805</ContributionsGrantsPriorYear>
      <ContributionsGrantsCurrentYear>1465</ContributionsGrantsCurrentYear>
      <ProgramServiceRevenueCY>0</ProgramServiceRevenueCY>
      <InvestmentIncomePriorYear>115394</InvestmentIncomePriorYear>
      <InvestmentIncomeCurrentYear>121839</InvestmentIncomeCurrentYear>
      <OtherRevenuePriorYear>22974207</OtherRevenuePriorYear>
      <OtherRevenueCurrentYear>23880069</OtherRevenueCurrentYear>
      <TotalRevenuePriorYear>23093406</TotalRevenuePriorYear>
      <TotalRevenueCurrentYear>24003373</TotalRevenueCurrentYear>
      <GrantsAndSimilarAmntsCY>0</GrantsAndSimilarAmntsCY>
      <BenefitsPaidToMembersCY>0</BenefitsPaidToMembersCY>
      <SalariesEtcCurrentYear>0</SalariesEtcCurrentYear>
      <TotalProfFundrsngExpCY>0</TotalProfFundrsngExpCY>
      <TotalFundrsngExpCurrentYear>0</TotalFundrsngExpCurrentYear>
      <OtherExpensePriorYear>18565248</OtherExpensePriorYear>
      <OtherExpensesCurrentYear>18829495</OtherExpensesCurrentYear>
      <TotalExpensesPriorYear>18565248</TotalExpensesPriorYear>
      <TotalExpensesCurrentYear>18829495</TotalExpensesCurrentYear>
      <RevenuesLessExpensesPriorYear>4528158</RevenuesLessExpensesPriorYear>
      <RevenuesLessExpensesCY>5173878</RevenuesLessExpensesCY>
      <TotalAssetsBOY>108118149</TotalAssetsBOY>
      <TotalAssetsEOY>114425253</TotalAssetsEOY>
      <TotalLiabilitiesBOY>44326928</TotalLiabilitiesBOY>
      <TotalLiabilitiesEOY>45648822</TotalLiabilitiesEOY>
      <NetAssetsOrFundBalancesBOY>63791221</NetAssetsOrFundBalancesBOY>
      <NetAssetsOrFundBalancesEOY>68776431</NetAssetsOrFundBalancesEOY>
      <MissionDescription>PROVIDE ELECTRICITY TO OVER 35,000 MEMBERS IN CENTRAL MISSISSIPPI.</MissionDescription>
      <SignificantNewProgramServices>false</SignificantNewProgramServices>
      <SignificantChange>false</SignificantChange>
      <Expense>18829495</Expense>
      <Description>PROVIDE ELECTRICITY IN RURAL CENTRAL MISSISSIPPI.</Description>
      <TotalProgramServiceExpense>18829495</TotalProgramServiceExpense>
      <DescribedIn501C3>false</DescribedIn501C3>
      <ScheduleBRequired>false</ScheduleBRequired>
      <PoliticalActivities>false</PoliticalActivities>
      <SubjectToProxyTax>false</SubjectToProxyTax>
      <DonorAdvisedFunds referenceDocumentId="RetDoc1">false</DonorAdvisedFunds>
      <ConservationEasements referenceDocumentId="RetDoc1">false</ConservationEasements>
      <CollectionsOfArt referenceDocumentId="RetDoc1">false</CollectionsOfArt>
      <CreditCounseling referenceDocumentId="RetDoc1">false</CreditCounseling>
      <TermOrPermanentEndowments referenceDocumentId="RetDoc1">false</TermOrPermanentEndowments>
      <ReportLandBldgEquip referenceDocumentId="RetDoc1">true</ReportLandBldgEquip>
      <ReportInvestOthSecurities referenceDocumentId="RetDoc1">false</ReportInvestOthSecurities>
      <ReportProgRelInvest referenceDocumentId="RetDoc1">false</ReportProgRelInvest>
      <ReportOtherAssets referenceDocumentId="RetDoc1">false</ReportOtherAssets>
      <ReportOtherLiabilities referenceDocumentId="RetDoc1">true</ReportOtherLiabilities>
      <ReportFin48Footnote referenceDocumentId="RetDoc1">false</ReportFin48Footnote>
      <IndependentAuditFinancialStmt referenceDocumentId="RetDoc1">true</IndependentAuditFinancialStmt>
      <ConsolidatedAuditFinancialStmt referenceDocumentId="RetDoc1">false</ConsolidatedAuditFinancialStmt>
      <School>false</School>
      <ForeignOffice>false</ForeignOffice>
      <ForeignActivities>false</ForeignActivities>
      <MoreThan5000KToOrganizations>false</MoreThan5000KToOrganizations>
      <MoreThan5000KToIndividuals>false</MoreThan5000KToIndividuals>
      <ProfessionalFundraising>false</ProfessionalFundraising>
      <FundraisingActivities>false</FundraisingActivities>
      <Gaming>false</Gaming>
      <Hospital>false</Hospital>
      <GrantsToOrganizations>false</GrantsToOrganizations>
      <GrantsToIndividuals>false</GrantsToIndividuals>
      <ScheduleJRequired referenceDocumentId="RetDoc3">true</ScheduleJRequired>
      <TaxExemptBonds>false</TaxExemptBonds>
      <LoanToOfficerOrDQP>false</LoanToOfficerOrDQP>
      <GrantToRelatedPerson>false</GrantToRelatedPerson>
      <BsnssRltnshpWithOrganization>false</BsnssRltnshpWithOrganization>
      <BsnssRltnshpThruFamilyMember>false</BsnssRltnshpThruFamilyMember>
      <OfficerEntityWithBsnssRltnshp>false</OfficerEntityWithBsnssRltnshp>
      <DeductibleNonCashContributions>false</DeductibleNonCashContributions>
      <DeductibleContributionsOfArt>false</DeductibleContributionsOfArt>
      <Terminated>false</Terminated>
      <PartialLiquidation>false</PartialLiquidation>
      <DisregardedEntity>false</DisregardedEntity>
      <RelatedEntity>false</RelatedEntity>
      <RelatedOrgControlledEntity>false</RelatedOrgControlledEntity>
      <TransactionRelatedEntity>false</TransactionRelatedEntity>
      <ActivitiesConductedPartnership>false</ActivitiesConductedPartnership>
      <ScheduleORequired>true</ScheduleORequired>
      <NumberFormsTransmittedWith1096>24</NumberFormsTransmittedWith1096>
      <NumberW2GIncluded>0</NumberW2GIncluded>
      <ComplianceWithBackupWitholding>true</ComplianceWithBackupWitholding>
      <NumberOfEmployees>125</NumberOfEmployees>
      <EmploymentTaxReturnsFiled>true</EmploymentTaxReturnsFiled>
      <UnrelatedBusinessIncome>false</UnrelatedBusinessIncome>
      <ForeignFinancialAccount>false</ForeignFinancialAccount>
      <ProhibitedTaxShelterTrans>false</ProhibitedTaxShelterTrans>
      <TaxablePartyNotification>false</TaxablePartyNotification>
      <NonDeductibleContributions>false</NonDeductibleContributions>
      <GrossIncomeFromMembers>92042319</GrossIncomeFromMembers>
      <GrossIncomeOtherSources>1185632</GrossIncomeOtherSources>
      <IndoorTanningServices>false</IndoorTanningServices>
      <InfoInScheduleOPartVI>X</InfoInScheduleOPartVI>
      <NbrVotingGoverningBodyMembers>10</NbrVotingGoverningBodyMembers>
      <NumberIndependentVotingMembers>10</NumberIndependentVotingMembers>
      <FamilyOrBusinessRelationship>false</FamilyOrBusinessRelationship>
      <DelegationOfManagementDuties>false</DelegationOfManagementDuties>
      <ChangesToOrganizingDocs>false</ChangesToOrganizingDocs>
      <MaterialDiversionOrMisuse>false</MaterialDiversionOrMisuse>
      <MembersOrStockholders>false</MembersOrStockholders>
      <ElectionOfBoardMembers>true</ElectionOfBoardMembers>
      <DecisionsSubjectToApproval>true</DecisionsSubjectToApproval>
      <MinutesOfGoverningBody>true</MinutesOfGoverningBody>
      <MinutesOfCommittees>true</MinutesOfCommittees>
      <OfficerMailingAddress>false</OfficerMailingAddress>
      <LocalChapters>false</LocalChapters>
      <Form990ProvidedToGoverningBody>true</Form990ProvidedToGoverningBody>
      <ConflictOfInterestPolicy>true</ConflictOfInterestPolicy>
      <AnnualDisclosureCoveredPersons>true</AnnualDisclosureCoveredPersons>
      <RegularMonitoringEnforcement>true</RegularMonitoringEnforcement>
      <WhistleblowerPolicy>true</WhistleblowerPolicy>
      <DocumentRetentionPolicy>true</DocumentRetentionPolicy>
      <CompensationProcessCEO>true</CompensationProcessCEO>
      <CompensationProcessOther>true</CompensationProcessOther>
      <InvestmentInJointVenture>false</InvestmentInJointVenture>
      <StatesWhereCopyOfReturnIsFiled>MS</StatesWhereCopyOfReturnIsFiled>
      <UponRequest>X</UponRequest>
      <TheBooksAreInCareOf>
        <NamePerson>FATIE HORN</NamePerson>
        <TelephoneNumber>6012675671</TelephoneNumber>
        <AddressUS>
          <AddressLine1>104 SOUTH VAN BUREN</AddressLine1>
          <City>CARTHAGE</City>
          <State>MS</State>
          <ZIPCode>39051</ZIPCode>
        </AddressUS>
      </TheBooksAreInCareOf>
      <Form990PartVIISectionA>
        <NamePerson>TIM COOK</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>6.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>5600</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MAX LOPER</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>6.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>5600</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>JOE SANDERS</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>6.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>5600</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>PETTEY LEACH</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>6.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>5600</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DANNY THORNTON</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>6.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>5600</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>FRANK MOORE</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>6.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>5600</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>RAY BRITT</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>6.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>5600</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DAVID BOYD</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>6.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>5600</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>PHILLIP CROSBY</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>6.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>5600</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DON HOWINGTON</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>6.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>5600</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>PAUL D LONG</NamePerson>
        <Title>MANAGER</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <KeyEmployee>X</KeyEmployee>
        <ReportableCompFromOrganization>220768</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>HERSHALL B GILMER</NamePerson>
        <Title>OPER. MGR.</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <HighestCompensatedEmployee>X</HighestCompensatedEmployee>
        <ReportableCompFromOrganization>131497</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>GEORGE M STEWART</NamePerson>
        <Title>MAINT. DIR.</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <HighestCompensatedEmployee>X</HighestCompensatedEmployee>
        <ReportableCompFromOrganization>116133</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>BRIAN LONG</NamePerson>
        <Title>DIRECTOR OF</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <HighestCompensatedEmployee>X</HighestCompensatedEmployee>
        <ReportableCompFromOrganization>110308</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>AMY SHEPARD</NamePerson>
        <Title>DIRECTOR OF</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <HighestCompensatedEmployee>X</HighestCompensatedEmployee>
        <ReportableCompFromOrganization>109556</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <TotalReportableCompFromOrg>744262</TotalReportableCompFromOrg>
      <NumberIndividualsGT100K>5</NumberIndividualsGT100K>
      <FormersListed>false</FormersListed>
      <TotalCompGT150K>true</TotalCompGT150K>
      <CompensationFromOtherSources>false</CompensationFromOtherSources>
      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>SILVEY ENTERPRISES INC</BusinessNameLine1>
          </NameBusiness>
        </NameOfContractor>
        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>371 HAMP JONES ROAD</AddressLine1>
            <City>CARROLLTON</City>
            <State>GA</State>
            <ZIPCode>30117</ZIPCode>
          </AddressUS>
        </AddressOfContractor>
        <DescriptionOfServices>CONSTRUCTION</DescriptionOfServices>
        <Compensation>2006658</Compensation>
      </ContractorCompensation>
      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>PROGRESSIVE SOLUTIONS LLC</BusinessNameLine1>
          </NameBusiness>
        </NameOfContractor>
        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>PO BOX 1130</AddressLine1>
            <City>MARSHALL</City>
            <State>AR</State>
            <ZIPCode>72650</ZIPCode>
          </AddressUS>
        </AddressOfContractor>
        <DescriptionOfServices>ROW SPRAYING</DescriptionOfServices>
        <Compensation>1665187</Compensation>
      </ContractorCompensation>
      <ContractorCompensation>
        <NameOfContractor>
          <NamePerson>LARRY CHANDLER</NamePerson>
        </NameOfContractor>
        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>1339 NORTHWOOD CIRCLE</AddressLine1>
            <City>CARTHAGE</City>
            <State>MS</State>
            <ZIPCode>39051</ZIPCode>
          </AddressUS>
        </AddressOfContractor>
        <DescriptionOfServices>METER READER</DescriptionOfServices>
        <Compensation>140593</Compensation>
      </ContractorCompensation>
      <NumberOfContractorsGT100K>3</NumberOfContractorsGT100K>
      <MembershipDues>1465</MembershipDues>
      <TotalContributions>1465</TotalContributions>
      <InvestmentIncome>
        <TotalRevenueColumn>121839</TotalRevenueColumn>
        <ExclusionAmount>121839</ExclusionAmount>
      </InvestmentIncome>
      <GrossSalesOfInventory>92042319</GrossSalesOfInventory>
      <CostOfGoodsSold>69347882</CostOfGoodsSold>
      <NetIncomeOrLoss>
        <TotalRevenueColumn>22694437</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>22694437</RelatedOrExemptFunctionIncome>
      </NetIncomeOrLoss>
      <OtherRevenueMisc>
        <Description>JOINT POLE RENTALS</Description>
        <TotalRevenueColumn>1185632</TotalRevenueColumn>
        <ExclusionAmount>1185632</ExclusionAmount>
      </OtherRevenueMisc>
      <TotalOtherRevenue>1185632</TotalOtherRevenue>
      <TotalRevenue>
        <TotalRevenueColumn>24003373</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>22694437</RelatedOrExemptFunctionIncome>
        <ExclusionAmount>1307471</ExclusionAmount>
      </TotalRevenue>
      <OfficeExpenses>
        <Total>1984779</Total>
        <ProgramServices>1984779</ProgramServices>
      </OfficeExpenses>
      <Interest>
        <Total>1106633</Total>
        <ProgramServices>1106633</ProgramServices>
      </Interest>
      <DepreciationDepletion>
        <Total>4778493</Total>
        <ProgramServices>4778493</ProgramServices>
      </DepreciationDepletion>
      <OtherExpenses>
        <Description>MAINTENANCE</Description>
        <Total>4448338</Total>
        <ProgramServices>4448338</ProgramServices>
      </OtherExpenses>
      <OtherExpenses>
        <Description>CUSTOMER ACCOUNTS</Description>
        <Total>3288812</Total>
        <ProgramServices>3288812</ProgramServices>
      </OtherExpenses>
      <OtherExpenses>
        <Description>DISTRIBUTION</Description>
        <Total>2669695</Total>
        <ProgramServices>2669695</ProgramServices>
      </OtherExpenses>
      <OtherExpenses>
        <Description>CUSTOMER SERVICES &amp; INFOR</Description>
        <Total>379733</Total>
        <ProgramServices>379733</ProgramServices>
      </OtherExpenses>
      <AllOtherExpenses>
        <Total>173012</Total>
        <ProgramServices>173012</ProgramServices>
      </AllOtherExpenses>
      <TotalFunctionalExpenses>
        <Total>18829495</Total>
        <ProgramServices>18829495</ProgramServices>
        <ManagementAndGeneral>0</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </TotalFunctionalExpenses>
      <CashNonInterestBearing>
        <BOY>15076110</BOY>
        <EOY>15228270</EOY>
      </CashNonInterestBearing>
      <AccountsReceivable>
        <BOY>6443249</BOY>
        <EOY>6075797</EOY>
      </AccountsReceivable>
      <InventoriesForSaleOrUse>
        <BOY>1672654</BOY>
        <EOY>1581686</EOY>
      </InventoriesForSaleOrUse>
      <PrepaidExpensesDeferredCharges>
        <BOY>1408879</BOY>
        <EOY>1438063</EOY>
      </PrepaidExpensesDeferredCharges>
      <LandBuildingsEquipmentBasis>148189076</LandBuildingsEquipmentBasis>
      <LandBldgEquipmentAccumDeprec>59614482</LandBldgEquipmentAccumDeprec>
      <LandBuildingsEquipmentBasisNet>
        <BOY>82595625</BOY>
        <EOY>88574594</EOY>
      </LandBuildingsEquipmentBasisNet>
      <InvestmentsOtherSecurities>
        <BOY>921632</BOY>
        <EOY>1526843</EOY>
      </InvestmentsOtherSecurities>
      <TotalAssets>
        <BOY>108118149</BOY>
        <EOY>114425253</EOY>
      </TotalAssets>
      <AccountsPayableAccruedExpenses>
        <BOY>16304314</BOY>
        <EOY>15779656</EOY>
      </AccountsPayableAccruedExpenses>
      <MortNotesPyblSecuredInvestProp>
        <BOY>22109732</BOY>
        <EOY>24682905</EOY>
      </MortNotesPyblSecuredInvestProp>
      <OtherLiabilities>
        <BOY>5912882</BOY>
        <EOY>5186261</EOY>
      </OtherLiabilities>
      <TotalLiabilities>
        <BOY>44326928</BOY>
        <EOY>45648822</EOY>
      </TotalLiabilities>
      <DoNotFollowSFAS117>X</DoNotFollowSFAS117>
      <CapStckTrstPrinCurrentFunds>
        <BOY>749235</BOY>
        <EOY>750700</EOY>
      </CapStckTrstPrinCurrentFunds>
      <PaidInCapSrplsLandBldgEqpFund>
        <BOY>3935102</BOY>
        <EOY>3935102</EOY>
      </PaidInCapSrplsLandBldgEqpFund>
      <RetainedEarningsEndowmentEtc>
        <BOY>59106884</BOY>
        <EOY>64090629</EOY>
      </RetainedEarningsEndowmentEtc>
      <TotalNetAssetsFundBalances>
        <BOY>63791221</BOY>
        <EOY>68776431</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>108118149</BOY>
        <EOY>114425253</EOY>
      </TotalLiabNetAssetsFundBalances>
      <ReconcilationRevenueExpenses>5173878</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>-188668</ReconcilationOtherChanges>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>false</FSAudited>
    </IRS990>
    <IRS990ScheduleD documentId="RetDoc1">
      <DisclosedOrgsLegalControl>false</DisclosedOrgsLegalControl>
      <DisclosedForCharitablePurposes>false</DisclosedForCharitablePurposes>
      <WrittenPolicyMonitoring>false</WrittenPolicyMonitoring>
      <Sect170hRequirementsSatisfied>false</Sect170hRequirementsSatisfied>
      <SolicitedAssetsForSale>false</SolicitedAssetsForSale>
      <AgentTrusteeEtc>false</AgentTrusteeEtc>
      <IncludedOnFS>false</IncludedOnFS>
      <EndowmentsHeldByUnrelatedOrgs>false</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
      <AreRelatedOrgsListedScheduleR>false</AreRelatedOrgsListedScheduleR>
      <Land>
        <OtherCostOrOtherBasis>819807</OtherCostOrOtherBasis>
        <BookValue>819807</BookValue>
      </Land>
      <Equipment>
        <OtherCostOrOtherBasis>140730893</OtherCostOrOtherBasis>
        <Depreciation>57350980</Depreciation>
        <BookValue>83379913</BookValue>
      </Equipment>
      <OtherLandBuildings>
        <OtherCostOrOtherBasis>6638376</OtherCostOrOtherBasis>
        <Depreciation>2263502</Depreciation>
        <BookValue>4374874</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>88574594</TotalOfBookValueLandBuildings>
      <OtherLiabilities>
        <Description>EMPLOYEE RETIREMENT BENEFIT PAYABLE</Description>
        <Amount>4484470</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>ADVANCES FROM TVA</Description>
        <Amount>682163</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>DEFERRED CREDITS</Description>
        <Amount>15250</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>POSTRETIREMENT BENEFITS</Description>
        <Amount>4378</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>5186261</TotalOfAmounts>
      <TotalRevenue>24003373</TotalRevenue>
      <TotalExpenses>18829495</TotalExpenses>
      <ExcessOrDeficitForYear>5173878</ExcessOrDeficitForYear>
      <ExcessOrDeficitPerFS>5173878</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>24003373</TotRevenueEtcAuditedFinclStmt>
      <RevenueSubtotal>24003373</RevenueSubtotal>
      <TotalRevenuePerForm990>24003373</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>18829495</TotExpensesEtcAuditedFinclStmt>
      <ExpensesSubtotal>18829495</ExpensesSubtotal>
      <TotalExpensesPerForm990>18829495</TotalExpensesPerForm990>
    </IRS990ScheduleD>
    <IRS990ScheduleJ documentId="RetDoc3">
      <SeverancePayment>false</SeverancePayment>
      <SupplementalNonqualRetirePlan>false</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>false</EquityBasedCompArrangement>
      <Form990ScheduleJPartII>
        <NamePerson>PAUL D LONG</NamePerson>
        <BaseCompensationFilingOrg>220768</BaseCompensationFilingOrg>
        <TotalCompensationFilingOrg>220768</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc4">
      <GeneralExplanation>
        <Identifier>ELECTION OF MEMBERS AND THEIR RIGHTS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 7A</ReturnReference>
        <Explanation>YES</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>DECISIONS SUBJECT TO APPROVAL OF MEMBERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 7B</ReturnReference>
        <Explanation>YES</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S PROCESS USED TO REVIEW FORM 990</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11B</ReturnReference>
        <Explanation>FORM 990 WILL BE REVIEWED BY MEMBERS OF THE GOVERNING BODY AT A BOARD MEETING PRIOR TO THE FILING OF THE RETURN.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ENFORCEMENT OF CONFLICTS POLICY</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 12C</ReturnReference>
        <Explanation>YES</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR TOP OFFICIAL</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15A</ReturnReference>
        <Explanation>YES</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR OFFICERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15B</ReturnReference>
        <Explanation>YES</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>DOCUMENTS ARE AVAILABLE AT THE OFFICE IN CARTHAGE, MISSISSIPPI.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>