PETIT JEAN ELECTRIC COOPERATIVE CO… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1940

Legal Domicile

Principal Officer

MICHAEL KIRKLAND

Phone

5017452493

Tax Period

2023-01-01 to 2023-12-31

PETIT JEAN ELECTRIC COOPERATIVE CORPORATION, founded in 1940, is a mid-sized nonprofit that reported $44.6M in total revenue in fiscal year 2023.

Mission

TO PROVIDE RELIABLE AND QUALITY ELECTRIC SERVICE AT FAIR AND COMPETITIVE PRICES. WE PROVIDE LEADERSHIP WITHIN LOCAL COMMUNITIES TO FACILITATE POSITIVE GROWTH WITHIN OUR SERVICE AREA.

Program Service Accomplishments

Program 1

PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 20,875 ACTIVE SERVICES AT YEAR END.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $37,439,644

Investment Income $387,597

Other Revenue $6,784,751

TOTAL REVENUE $44,611,992

Expense Breakdown

Grants Paid $8,305

Salaries & Benefits $7,160,522

Fundraising Expenses $0

Other Expenses $38,492,006

TOTAL EXPENSES $45,708,518

Year-over-Year Comparison

	2023	2022	Change
Revenue	$44,611,992	$46,747,332	0.0%
Expenses	$45,708,518	$45,997,423	0.0%
Net Income	$-1,096,526	$749,909	-2.5%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$963,562

Total Directors

$279,850

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD COLLINS JR	VICE PRESIDENT	10.96	Director	$38,734	$0	$38,734
FREDERICK HERMAN	SECRETARY/TREASURER	4.15	Officer Director	$35,512	$0	$35,512
TERRY KIRKENDOLL	DIRECTOR	5.46	Director	$31,312	$0	$31,312
GILBERT LEWIS	DIRECTOR	7.20	Director	$30,545	$0	$30,545
JEREL BROWN	DIRECTOR	3.45	Director	$29,562	$0	$29,562
DARRELL ALLEN	DIRECTOR	5.50	Director	$29,340	$0	$29,340
DONNIE COLLINS	PRESIDENT	3.35	Officer Director	$29,212	$0	$29,212
ADDISON WOOD	DIRECTOR	4.44	Director	$27,840	$0	$27,840
WILLIAM DERICKSON	DIRECTOR	2.12	Director	$27,793	$0	$27,793
MICHAEL KIRKLAND	CEO/GENERAL MANAGER	55.00	Officer	$412,393	$292,417	$704,810
MARIANNE PYEATT	MANAGER OF FINANCE AND ACC	50.00	Officer	$136,114	$57,914	$194,028
JOHNNY MOORE	MANAGER OF OPERATIONS	50.00	Highest	$150,549	$73,721	$224,270
WILLIAM GREEN	BROADBAND MANAGER	60.00	Highest	$147,178	$71,277	$218,455
MICHAEL GARBOW	MANAGER OF ENGINEERING	40.00	Highest	$180,718	$30,978	$211,696
WILLIAM TESTER	BRANCH MANAGER	55.00	Highest	$131,138	$73,832	$204,970
JAMIE L REEVES	FOREMAN	50.00	Highest	$118,682	$78,155	$196,837

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2023	$44,611,992	$45,708,518	$221,770,362	$-1,096,526
2022	$46,747,332	$45,997,423	$166,442,334	$749,909
2021	$40,732,999	$40,397,370	$119,449,116	$335,629
2020	$33,446,976	$33,708,929	$106,545,292	$-261,953
2019	$34,943,263	$35,046,243	$106,276,985	$-102,980
2018	$34,984,587	$35,048,487	$100,142,677	$-63,900

PETIT JEAN ELECTRIC COOPERATIVE CORPORATION