MID-SOUTH ELECTRIC COOPERATIVE ASS… - 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

KERRY KELTON

Phone

9368255100

Tax Period

2023-01-01 to 2023-12-31

MID-SOUTH ELECTRIC COOPERATIVE ASSOCIATION, founded in 1940, is a major nonprofit that reported $151.2M in total revenue in fiscal year 2023.

Mission

THE COOPERATIVE'S AND ITS SUBSIDIARIES' MISSION IS TO PROVIDE QUALITY SERVICE (ELECTRICITY, WATER, WASTEWATER, INTERNET, & SOLAR) AT A REASONABLE PRICE, BRINGING VITAL SERVICES TO INCREASE BOTH THE QUALITY OF LIFE AND ECONOMIC HEALTH IN THE MID-SOUTH SYNERGY 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 40,525 ACTIVE SERVICES AT YEAR END.

Program 2

COMMUNICATIONS DIVISION:PROVIDING BROADBAND INTERNET SERVICES THROUGH THE CONSTRUCTION OF A FIBER OPTIC NETWORK. WHEN CUMULATIVE NET MARGINS DERIVED FROM MEMBER SALES OF BROADBAND INTERNET SERVICES EXCEED CUMULATIVE NET LOSSES FROM SUCH SALES, THE COOPERATIVE WILL ALLOCATE PATRONAGE CAPITAL TO THE MEMBERS. THERE WERE 12,476 SUBSCRIBERS 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 $145,361,894

Investment Income $-275,566

Other Revenue $6,065,016

TOTAL REVENUE $151,151,344

Expense Breakdown

Grants Paid $0

Salaries & Benefits $11,843,043

Fundraising Expenses $0

Other Expenses $129,026,153

TOTAL EXPENSES $148,656,414

Year-over-Year Comparison

	2023	2022	Change
Revenue	$151,151,344	$151,349,587	0.0%
Expenses	$148,656,414	$148,222,587	+0.0%
Net Income	$2,494,930	$3,127,000	-0.2%

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

224

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

$2,176,218

Total Directors

$174,085

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DENNIS MCWHORTER	DIRECTOR	5.90	Director	$24,063	$0	$24,063
JAMES MORRISON	VICE PRESIDENT	4.50	Officer Director	$19,618	$0	$19,618
KENNETH MCDOUGALD	DIRECTOR	2.40	Director	$11,149	$0	$11,149
MARSHALL SHIRLEY	PRESIDENT	12.10	Officer Director	$40,568	$0	$40,568
PAUL MALEK	DIRECTOR	3.80	Director	$14,322	$0	$14,322
ROBERT PIERCE	DIRECTOR	1.00	Director	$10,670	$0	$10,670
RUSSELL WATSON	DIRECTOR	6.30	Director	$27,927	$0	$27,927
STEVE DRIVER	DIRECTOR	6.70	Director	$25,768	$0	$25,768
KERRY KELTON	GENERAL MANAGER/CEO	55.00	Officer	$565,620	$130,125	$695,745
TROY MORRIS	SR. VICE PRESIDENT	55.00	Officer	$299,326	$103,692	$403,018
MICHAEL MCDOUGALD	SR. VICE PRESIDENT	50.00	Officer	$310,216	$93,415	$403,631
ANDREW DALLMEYER	SR. VICE PRESIDENT	50.00	Officer	$253,812	$79,285	$333,097
RUSSELL SMITH	SR. VICE PRESIDENT	50.00	Officer	$251,278	$29,263	$280,541
DAVID WILLIAMS	VP - OPERATIONS	45.00	Highest	$244,863	$80,119	$324,982
BRANDON NORTHCUT	VP - TECHNOLOGY	50.00	Highest	$204,380	$57,870	$262,250
JUSTIN STAPELTON	VP - GOVERNMENT RELATIONS	40.00	Highest	$199,365	$57,118	$256,483
CATHY BARKER	VP - HR & SAFETY	55.00	Highest	$180,943	$53,872	$234,815
MELANIE CABALLERO	VP - COMPLIANCE	60.00	Highest	$165,740	$85,506	$251,246

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
2024	No data	No data	No data	No data
2023	$151,151,344	$148,656,414	$562,970,321	$2,494,930
2022	$151,349,587	$148,222,587	$514,894,894	$3,127,000
2021	$112,304,236	$113,184,909	$452,923,341	$-880,673
2020	$91,529,673	$90,484,210	$371,819,528	$1,045,463
2019	$90,010,923	$88,738,046	$314,645,801	$1,272,877
2018	$87,426,103	$86,023,622	$294,662,972	$1,402,481

MID-SOUTH ELECTRIC COOPERATIVE ASSOCIATION