2024-11-12T11:36:42-05:00 2023-12-31 581094351 MCNAIR MCLEMORE MIDDLEBROOKS & CO LLC POST OFFICE BOX ONE MACON GA 312020001 990 2023-01-01 570221355 PALMETTO ELECTRIC COOPERATIVE INC PALM 8437265551 4063 GRAYS HWY RIDGELAND SC 29936 A BERL DAVIS JR PRES. & CEO 8437265551 2024-11-11 true false H TERRELL MCMICHAEL JR P01259982 4787466277 2024-11-12 2023 2024-10-15 13:58:12Z A BERL DAVIS JR 4063 GRAYS HWY RIDGELAND SC 29936 182854455 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 12 163 0 0 176615055 182799433 67417 55022 0 176682472 182854455 0 1240944 8219553 1105661 1273093 0 0 174335867 173361809 176682472 182854455 0 275456875 297800025 176434283 195846174 99022592 101953851 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 N/A false false true false false false false false false true false true 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 65 0 false 163 true false false false false false 179804398 207251 false false false X 12 12 false false false false true true true true true false false true true true true true true true true false SC X TANYA K TRULL 8437265551 4063 GRAYS HWY RIDGELAND SC 29936 JEREMIAH E VAIGNEUR CHAIRMAN 7.00 X X 33295 0 0 D TERRELL SMITH VICE CHAIRMA 5.00 X X 26990 0 0 CAROLYN GRANT SECRETARY-TR 3.50 X X 24057 0 0 DREARL BOSTICK SR DIRECTOR 4.00 X 29945 0 0 GREG COOK DIRECTOR 4.00 X 20100 0 0 ALICIA HOLLAND DIRECTOR 5.00 X 30792 0 0 NICHOLAS T GOHAGAN DIRECTOR 4.00 X 11550 0 0 WILLIAM J NIMMER DIRECTOR 1.00 X 39192 0 0 JAMES L ROWE DIRECTOR 7.50 X 48779 0 0 DAVID L WHITE DIRECTOR 3.50 X 16776 0 0 THOMAS STANLEY JR DIRECTOR 2.00 X 16161 0 0 DAVID HOWARD DIRECTOR 3.50 X 19311 0 0 C ALEX ULMER DIRECTOR (PA X 16069 0 0 EUNICE F SPILLIARDS DIRECTOR (PA X 41494 0 0 A BERL DAVIS JR PRES. & CEO 50.00 X 535348 0 394026 WILSON D SALEEBY V.P ENGIN/OP 45.00 X 293798 0 110464 TANYA K TRULL V.P FINANCE 50.00 X 256957 0 169525 GEORGIA VIDO V.P HUMAN RE 45.00 X 248122 0 135942 RICHARD E HUNTER III V.P MARKETIN 50.00 X 236291 0 122093 MICHAEL TAYLOR V.P INFORMAT 45.00 X 221733 0 139989 2166760 1072039 65 false true false FIBER OPTIC SOLUTIONS LLC PO BOX 2570 WEAVERVILLE NC 28787 FIBER CONSTRUC. 5063083 INFRATECH CORPORATION 2036 BAKER CT KENNESAW GA 30144 CONSTRUCTION 2806972 MCCALL-THOMAS ENGINEERING CO 845 STONEWALL JACKSON BLVD ORANGEBURG SC 29115 ENGINEERING 1727576 SOUTHEASTERN LIMB AND TREE LLC PO BOX 1872 RIDGELAND SC 29936 RIGHT OF WAY 1365861 SOUTHEAST UTILITIES OF GEORGIA 2839 US HIGHWAY 80 W STE A SAVANNAH GA 31408 FIBER CONSTRUC. 1062211 15 ELECTRIC SALES 221000 179804398 179804398 OTHER CAPITAL CREDIS 221000 2290496 2290496 GENERAL AND TRANSMISSION CAPI 221000 956335 956335 OTHER REVENUE 221000 -251796 -251796 182799433 55022 55022 182854455 182799433 55022 8219553 1273093 5376748 10543162 PURCHASED POWER 119190017 ADMINISTRATIVE AND GENERA 9087933 DISTRIBUTION OPERATIONS 9032103 TAXES AND OTHER 6559060 13572786 182854455 0 0 0 5776192 4419931 18078291 19622161 17821300 15385050 255494 261904 350978955 119752122 207582982 231226833 20366568 23009451 5576048 3874695 275456875 297800025 32018656 27215973 92566459 122470780 10000000 2000000 41849168 44159421 176434283 195846174 X 318195 323385 98704397 101630466 99022592 101953851 275456875 297800025 X 0 2931259 X false true X true false false 1354705 1354705 349624250 349624250 350978955 INVESTMENT IN ASSOC. ORG - CENTRAL 8274764 INVESTMENT IN ASSOC. ORG - CEEUS 6658720 INVESTMENT IN ASSOC. ORG - CFC 4693357 INVESTMENT IN CFC CTC'S 2638023 INVESTMENT IN ASSOC. ORG - SEDC 480124 INVESTMENT IN ASSOC. ORG - FEDERATED 222179 INVESTMENT IN ASSOC. ORG - OTHER 29729 INVESTMENT IN ASSOC. ORG - CRC 12555 23009451 MARGIN STABILIZATION PLAN 26752037 POSTRETIRMENT HEALTHCARE BENEFITS 16020741 FORMER MEMBER RECOVERIES 1211129 DEFERRED COMPENSATION PLAN 175514 44159421 180011649 180011649 2842806 2842806 182854455 174634902 174634902 8219553 8219553 182854455 SCHEDULE D, PAGE 4, PART XI, LINE 4B CHANGE IN UNBILLED REVENUE 698,380 MARGIN STABILIZATION TIER ADJ. 2,144,426 SCHEDULE D, PAGE 4, PART XII, LINE 4B PATRONAGE CAPITAL ALLOCATION 8,219,553 X X X X false true false A BERL DAVIS JR PRES. & CEO 419671 57505 58172 353743 40283 929374 WILSON D SALEEBY V.P ENGIN/OP 260925 26351 6522 74036 36428 404262 TANYA K TRULL V.P FINANCE & ACCT 210972 26171 19814 134688 34837 426482 GEORGIA VIDO V.P HUMAN RESOURCES 202997 23263 21862 101009 34933 384064 RICHARD E HUNTER III V.P MARKETING & PR 201684 24725 9882 87991 34102 358384 MICHAEL TAYLOR V.P INFORMATION SYS. 186224 23263 12246 103927 36062 361722 SCHEDULE J, PAGE 1, PART I, LINE 4 EUNICE F. SPILLIARDS 0 41,494 0 SCHEDULE J, PART III THE COOPERATIVE HAS ESTABLISHED A DEFERRED COMPENSATION PLAN ON BEHALF OF QUALIFIED INDIVIDUALS WHO HAVE ELECTED TO DEFER CERTAIN AMOUNTS OF COMPENSATION. THE ANNUAL DEFERRAL OF THE COMPENSATION PLAN IS CALCULATED IN ACCORDANCE WITH INTERNAL REVENUE CODE 2023 .DEFERRED COMPENSATION FOR EUNICE SPILLIARDS WILL BE REPORTED IN IRS FORM 990 FILINGS IN THE YEAR NONQUALIFIED PAYMENTS OCCUR AND ARE TAXABLE COMPENSATION IN ACCORDANCE WITH APPLICABLE DISCLOSURE REQUIREMENTS. FORM 990, PAGE 6, PART VI, LINE 6 THE COOPERATIVE HAS MEMBERS AS PROVIDED FOR IN ITS BYLAWS WHICH ARE INCLUDED AS A PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 7A THE COOPERATIVE HAS MEMBERS WHO ELECT MEMBERS OF THE GOVERNING BODY AS PROVIDED FOR IN ITS BLYAWS WHICH ARE INCLUDED AS A PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 7B CERTAIN DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY MEMBERS AS PROVIDED FOR IN ITS BYLAWS WHICH ARE INCLUDED AS A PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 11B FORM 990 IS MADE AVAILABLE AND REVIEWED BY THE BOARD OF DIRECTORS AT A REGULAR BOARD MEETING PRIOR TO THE DUE DATE AND FILING OF THE RETURN. FORM 990, PAGE 6, PART VI, LINE 12C THE COOPERATIVE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THEIR CONFLICT OF INTEREST POLICY AS PROVIDED FOR IN ITS POLICY WHICH IS INCLUDED AS A PART OF THIS RETURN. 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 VICE PRESIDENTS (VP) AND HIGHLY COMPENSATED 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 VP AND OTHER HIGHLY COMPENSATED EMPLOYEE COMPENSATION ANNUALLY. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO MEMBERS AND THE PUBLIC UPON REQUEST AND THE COOPERATIVE'S WEBSITE WWW.PALMETTO.COOP. IN ADDITION, THE COOPERATIVE MAKES ITS BYLAWS, CERTAIN POLICIES AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC AS PART OF ITS FORM 990. FORM 990, PART XI, LINE 9 MEMBERSHIPS 5,190 PATRONAGE CAPITAL CREDITS 7,493,049 OTHER 139,025 CHANGE IN UNBILLED 698,380 PATRONAGE CAPITAL CREDIT RETIREMENTS -3,259,959 MARGIN STABALIZATION PLAN TIER ADJUSTMENT -2,144,426 TOTAL 2,931,259