Dixie Electric Cooperative FY2022 filing

Not tax-deductible

Montgomery, ALMutual-benefit / member-servingEIN 63-0059155Revenue $75.4M in FY2022

On file with the IRSdixie.coopPo Box 242189, 36124-2189 · Montgomery, ALTax-exempt since Oct 1943

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Dixie Electric Cooperative is committed to safely providing its member- owners with economical and reliable Electric power and related services.

100¢ of each $1 spent went to programs.
$1.7M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $2.6M a year · 4% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.7M
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.5 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$89.5M
57% of total assets
Fine: liabilities are 57% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$75.4M
+14% vs prior year
Spent
$73.9M
To programs
100%
Net assets
$68.2M
By yearFY2020–FY2024
Revenue
$75.4M
FY2022▲ +14%
Tap a bar for its year
Revenue by fiscal year
FY2020$62.7M
FY2021$66.3M
FY2022$75.4M
FY2023$80.8M
FY2024$88.3M
Expenses
$73.9M
FY2022▲ +15%
Tap a bar for its year
Expenses by fiscal year
FY2020$61.6M
FY2021$64.6M
FY2022$73.9M
FY2023$77.0M
FY2024$83.1M
Net assets
$68.2M
FY2022▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2020$65.8M
FY2021$66.3M
FY2022$68.2M
FY2023$72.1M
FY2024$79.5M

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 1943.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $73.9M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

16 people listed on the 990; $1.7M paid to officers and key staff.

Part VII, Section A · reportable compensation
CEO/General
$389,861Pt VII · Sec A
Vp-Marketing
$209,137Pt VII · Sec A
Vp-Engineeri
$208,668Pt VII · Sec A
$178,795Pt VII · Sec A
Vp-External
$170,493Pt VII · Sec A
District for
$159,321Pt VII · Sec A
Vp-Admin & H
$145,902Pt VII · Sec A
$39,150Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Gary Harrison$417,723$383,095$389,861$324,737$311,883
Brandon Johnson$239,499$212,744$208,668$196,324$192,470
Ernie Faulkner$210,345$203,542$209,137$191,713$179,550
Mike Barlow$198,556$189,601$178,795$165,872$151,104
Brent Moffett$195,616$184,129$170,493$161,793$152,237
Houston Fuqua$161,741$154,990$159,321$144,049$137,451
Stephen Brown$158,426$151,291———
Michelle Ward——$145,902$135,894$127,868

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Supplies safe, affordable, and dependable electricity and related services to its members.

Questions for Dixie Electric Cooperative

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Provided by the organization

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1 program · $72.2M · in their own filed words · FY2022
01

Provided electric service to an average of 26,041 member-owners within its eight county service territory located in central alabama, including bullock, macon and montgomery counties.

$72.2Mprogram expense

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$75.4M
Ln 12
Fees for servicesLn 2g$73.8M
Investment incomeLn 3$1.3M
Other incomeLn 4–11$372K
Money outPt IX
$73.9M
Ln 25
Programscol B$73.9M
Owns and owesPt X
$68.2M
net assets · Ln 32
Cash and savingsLn 1–2$2.8M
Total assetsLn 16$157.7M
LiabilitiesLn 26$89.5M
PeoplePt VI, VII
16
listed · VII A
PaidVII A16
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$73.8M
Investment incomeLn 3$1.3M
Other incomeLn 4–11$372K
Total revenueLn 12$75.4M
Assets in detailPt X, end of year
CashLn 1$1.9M
SavingsLn 2$936K
Cash and savings togetherLn 1–2$2.8M
InvestmentsLn 11–13$28.5M
Land, buildings, equipmentLn 10c$117.3M
Other assetsLn 15$9K
Total assetsLn 16$157.7M
LiabilitiesLn 26$89.5M
Net assetsLn 32$68.2M
OperationsPt I, VI
EmployeesI 595
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$7.3M$2.8M
InvestmentsLn 11–13$27.6M$28.5M
Land, buildings, equipmentLn 10c$114.7M$117.3M
Total assetsLn 16$156.4M$157.7M
LiabilitiesLn 26$90.2M$89.5M
Net assetsLn 32$66.3M$68.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$950K$950K
Pay of current officers, directors and key staffLn 5$844K$844K
Other salaries and wagesLn 7$894K$894K
InterestLn 20$2.2M$2.2M
Depreciation, depletion and amortizationLn 22$4.6M$4.6M
Other expenses (24a–d)Ln 24$57.5M$57.5M
All other expensesLn 24e$7.0M$7.0M
Total functional expensesLn 25$73.9M$73.9M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $88.3M$83.1M$5.2M$79.5M 990 PDF
FY2023 $80.8M$77.0M$3.8M$72.1M 990 PDF
FY2022 Viewing $75.4M$73.9M$1.5M$68.2M 990 PDF
FY2021 $66.3M$64.6M$1.7M$66.3M 990 PDF
FY2020 $62.7M$61.6M$1.1M$65.8M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $75,421,397 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $64,396,114$73,783,069
I-10 Investment incomePrior year $1,189,316$1,266,781
I-11 Other revenuePrior year $706,293$371,547
I-12 Total revenuePrior year $66,291,723$75,421,397
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to membersPrior year $950,493$950,493
I-15 Salaries and benefitsPrior year $1,569,283$1,737,077
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $62,041,647$71,256,254
I-18 Total expensesPrior year $64,561,423$73,943,824
I-19 Revenue less expensesPrior year $1,730,300$1,477,573
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $75,421,397 across 5 lines filed
Lines not itemized here account for $251,033 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $73,532,036$73,532,036
VIII-3 Investment incomeRelated to mission $97,923 · Excluded from tax $1,168,858$1,266,781
VIII-6 Net rental income or lossExcluded from tax $270,302$270,302
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $101,245$101,245
VIII-12 Total revenueRelated to mission $73,880,992 · Excluded from tax $1,540,405$75,421,397
Part IX · Statement of functional expenses $73,943,824 across 7 lines filed
IX-4 Benefits paid to or for membersPrograms $950,493$950,493
IX-5 Pay of current officers, directors and key staffPrograms $843,556$843,556
IX-7 Other salaries and wagesPrograms $893,521$893,521
IX-20 InterestPrograms $2,223,088$2,223,088
IX-22 Depreciation, depletion and amortizationPrograms $4,576,223$4,576,223
IX-24 Other expenses (24a–d)Programs $57,493,740$57,493,740
IX-24e All other expensesPrograms $6,963,203$6,963,203
IX-25 Total functional expensesPrograms $73,943,824 · Management $0 · Fundraising $0$73,943,824
Part X · Balance sheet $157,673,539 assets, 15 lines filed
Asset lines not itemized here account for $2,628; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $7,304,447$1,855,447
X-2 Savings and temporary cash investments$936,113
X-4 Accounts receivableStart of year $5,299,614$6,730,283
X-8 Inventories for sale or useStart of year $1,214,768$2,064,867
X-9 Prepaid expenses and deferred chargesStart of year $287,774$274,310
X-10c Land, buildings and equipment, netStart of year $114,735,209$117,280,912
X-12 Other securitiesStart of year $1,725,617$1,576,861
X-13 Program-related investmentsStart of year $25,855,882$26,943,563
X-15 Other assetsStart of year $8,156$8,555
X-16 Total assetsStart of year $156,438,458$157,673,539
X-17 Accounts payable and accrued expensesStart of year $8,899,263$10,540,541
X-25 Other liabilitiesStart of year $12,186,674$12,792,942
X-26 Total liabilitiesStart of year $90,171,311$89,476,251
X-32 Total net assets or fund balancesStart of year $66,267,147$68,197,288
X-33 Total liabilities and net assetsStart of year $156,438,458$157,673,539
Part XI · Reconciliation of net assets $68,197,288 net assets at year end
XI-1 Total revenue$75,421,397
XI-2 Total expenses$73,943,824
XI-3 Revenue less expenses$1,477,573
XI-4 Net assets at start of year$66,267,147
XI-9 Other changes in net assets$452,568
XI-10 Net assets at end of year$68,197,288

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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