Civic Intelligence

Plateau Electric Cooperative

990 • Fiscal year 2019 • EIN 62-0326835

Jul 01, 2018 to Jun 30, 2019 • Filed on Oct 23, 2019

16200 Scott Highway PO Box 4669Oneida, TN 37841

(423) 569-8591

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

20th percentile

0.34x

Higher debt load relative to assets than 20% of similar nonprofits.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

10th percentile

0.54x

Higher debt load relative to revenue than 10% of similar nonprofits.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2019

Net Margin

64th percentile

1.8%

Higher net margin than 64% of similar nonprofits.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

29th percentile

$211,998

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2019

Asset Growth

6th percentile

-1.2%

Faster asset growth than 6% of similar nonprofits.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

44th percentile

0.2%

Faster revenue growth than 44% of similar nonprofits.

2019 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Assets

Down

$60,441,491

Down $752,086 (-1.2%) from 2018

Net Assets

Up

$39,773,804

Up $669,112 (+1.7%) from 2018

Liabilities

Down

$20,667,687

Down $1,421,198 (-6.4%) from 2018

Revenue

Up

$38,049,534

Up $80,770 (+0.2%) from 2018

Expenses

Up

$37,380,754

Up $1,340,331 (+3.7%) from 2018

Net Income

Down

$668,780

Down $1,259,561 (-65%) from 2018

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$80M$60M$40M$20M$0Assets 2012: $53,480,801Liabilities 2012: $24,426,721Net Assets 2012: $29,054,0802012Assets 2013: $55,885,506Liabilities 2013: $25,316,502Net Assets 2013: $30,569,0042013Assets 2014: $57,622,585Liabilities 2014: $24,766,950Net Assets 2014: $32,855,6352014Assets 2015: $58,154,176Liabilities 2015: $24,152,739Net Assets 2015: $34,001,4372015Assets 2016: $58,286,849Liabilities 2016: $22,888,541Net Assets 2016: $35,398,3082016Assets 2017: $58,904,819Liabilities 2017: $21,728,468Net Assets 2017: $37,176,3512017Assets 2018: $61,193,577Liabilities 2018: $22,088,885Net Assets 2018: $39,104,6922018Assets 2019: $60,441,491Liabilities 2019: $20,667,687Net Assets 2019: $39,773,8042019Assets 2020: $61,431,734Liabilities 2020: $19,985,865Net Assets 2020: $41,445,8692020Assets 2021: $62,433,557Liabilities 2021: $18,573,388Net Assets 2021: $43,860,1692021Assets 2022: $68,557,070Liabilities 2022: $21,563,625Net Assets 2022: $46,993,4452022Assets 2023: $69,254,966Liabilities 2023: $21,626,755Net Assets 2023: $47,628,2112023Assets 2024: $69,708,915Liabilities 2024: $21,248,698Net Assets 2024: $48,460,2172024Assets 2025: $72,210,814Liabilities 2025: $21,536,795Net Assets 2025: $50,674,0192025

Highlighted filing

2019

Assets$60,441,491
Liabilities$20,667,687
Net Assets$39,773,804

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0Revenue 2012: $10,893,870Expenses 2012: $9,288,607Net Income 2012: $1,605,2632012Expenses 2013: $9,654,8702013Revenue 2014: $36,982,715Expenses 2014: $34,768,118Net Income 2014: $2,214,5972014Revenue 2015: $36,115,143Expenses 2015: $34,969,683Net Income 2015: $1,145,4602015Revenue 2016: $35,441,780Expenses 2016: $34,044,868Net Income 2016: $1,396,9122016Revenue 2017: $37,076,766Expenses 2017: $35,298,894Net Income 2017: $1,777,8722017Revenue 2018: $37,968,764Expenses 2018: $36,040,423Net Income 2018: $1,928,3412018Revenue 2019: $38,049,534Expenses 2019: $37,380,754Net Income 2019: $668,7802019Revenue 2020: $37,015,786Expenses 2020: $35,344,039Net Income 2020: $1,671,7472020Revenue 2021: $36,584,755Expenses 2021: $34,171,091Net Income 2021: $2,413,6642021Revenue 2022: $43,303,901Expenses 2022: $40,171,311Net Income 2022: $3,132,5902022Revenue 2023: $47,912,881Expenses 2023: $47,278,703Net Income 2023: $634,1782023Revenue 2024: $46,778,890Expenses 2024: $45,947,762Net Income 2024: $831,1282024Revenue 2025: $51,335,434Expenses 2025: $49,122,500Net Income 2025: $2,212,9342025

Highlighted filing

2019

Revenue$38,049,534
Expenses$37,380,754
Net Income$668,780
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Oct 23, 2019
Return Version
2018v3.1
Gross Receipts
$38,049,534
Mission and Program Overview

Mission

Plateau electric cooperative exists today to distribute quality electricity at the lowest possible cost, promote and facilitate economic development, and enhance the quality of life for its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$47,665,083$48,874,048▲ $1,208,965
Rtn Earn Endowment Incm Other Fnds$39,104,692$39,773,804▲ $669,112
Savings and Temporary Cash Investments$5,802,967$4,710,661▼ $1,092,306
Accounts Receivable$4,595,581$4,009,867▼ $585,714
Inventories for Sale or Use$772,317$831,647▲ $59,330
Other Notes and Loans Receivable, Net$642,714$665,912▲ $23,198
Prepaid Expenses and Deferred Charges$446,745$401,523▼ $45,222
Cash and Non-Interest-Bearing Accounts$636,327$340,017▼ $296,310
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Total Assets$61,193,577$60,441,491▼ $752,086
Other Assets Total$631,843$607,816▼ $24,027
Liabilities
Mortgage Notes Payable Secured by Investment Property$11,533,144$10,283,719▼ $1,249,425
Accounts Payable and Accrued Expenses$6,224,164$5,920,056▼ $304,108
Other Liabilities$4,331,577$4,463,912▲ $132,335
Total Liabilities$22,088,885$20,667,687▼ $1,421,198
Net Assets / Fund Balance
Total Net Assets Fund Balance$39,104,692$39,773,804▲ $669,112
Total Liabilities and Net Assets / Fund Balance$61,193,577$60,441,491▼ $752,086

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$46,548,301$30,765,276-
Land$644,302--
Equipment$1,681,445$2,994,960-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dave CrossCEOFT$145,680$66,318$211,998
Joel MccartDirector of EngineeringFT$120,708$51,847$172,555
Trever HurttLine ForemanFT$110,396$47,977$158,373
David NewmanLine ForemanFT$103,907$47,977$151,884
Michael J LoweJourneyman LinemanFT$106,559$44,100$150,659
Bryon FosterDirector of OperationsFT$94,571$51,917$146,488
Nicholas HurleyJourneyman LinemanFT$107,140$34,098$141,238
Gordon NanceJourneyman LinemanFT$104,660$26,249$130,909
Ryan KeetonCFOFT$91,153$36,724$127,877
Alfred BranimMorgan County ManagerFT$87,840$29,129$116,969
Jim LittonPresidentPT$25,200-$25,200
Vic DavisDirectorPT$24,500-$24,500
Harry GosnellDirectorPT$21,350-$21,350
Tim FreelsVice PresidentPT$21,350-$21,350
Bill HallSecretaryPT$21,350-$21,350
Lee ArmstrongDirectorPT$21,350-$21,350
Brian BoyattDirectorPT$18,550-$18,550
Steve LambertDirectorPT$16,800-$16,800
Mark KlineTreasurerPT$16,800-$16,800

Highest Paid Contractors

ContractorServicesLocationCompensation
Galloway Construction LLCConstruction WorkPO BOX 72, Sunbright, TN 37872$945,785
Stuart C Irby CoConstructionPO BOX 741001, Atlanta, GA 30384$415,879
Anixter INCConstruction2301 PATRIOT BLVD, Glenview, IL 60026$236,955
Vanguard AllianceBilling/mailingPO BOX 3480, Tupelo, MS 38803$223,432
Central Service AssociationSoftware93 S COLEY ROAD, Tupelo, MS 38801$171,954
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$37,728,674
Investment Income
$320,860
Other Revenue
$0
Change in Net Assets
$668,780

Audited Revenue Reconciliation

Revenue per Audited Statements
$38,049,534
Total Revenue per Audited Statements
$38,049,534
Total Revenue per Form 990
$38,049,534
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$34,173,421
Salaries, Compensation, and Employee Benefits$3,207,333
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$2,582,461
All Other Expenses---$1,677,233
Other Salaries and Wages---$1,001,667
Other Employee Benefits---$778,452
Current Officers, Directors, Trustees, and Key Employees---$727,202
Interest---$588,112
Pension Plan Contributions---$479,230
Other Expenses---$478,747
Conferences and Meetings---$303,543
Payroll Taxes---$220,782
Office Expenses---$129,754
Insurance---$121,178
Occupancy---$73,476
Fees for Services Accounting---$22,925
Fees for Services Other---$22,173
Advertising---$18,781
Fees for Services Legal---$16,306
Total Functional Expenses$0$0$0$37,380,754

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$37,380,754
Total Expenses per Audited Statements$37,380,754
Total Expenses per Form 990$37,380,754
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Customer Deposits$2,029,877
Accrued Postretirement Benefits$900,817
Deferred Credits$867,306
Tva Loan Program Advances$665,912
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

Pec is member owned by the customers it serves in scott and morgan counties in tennessee.

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

Each individual on the board of directors is elected by the members for a three-year term, with three directors up for re-election every year. The members elect the directors at an annual member meeting, where each member gets one vote.

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

Members annually elect directors to fill expiring terms of a portion of the cooperative's board of directors. The election results are ratified by the cooperative's membership at an annual meeting. Members must also vote to approve the dissolution, merger or consolidation, or sale of a significant portion of the assets of the cooperative.

Form 990, Part VI, Line 11B: Form 990 Review Process

A final copy of the form 990 is given to the cooperative for review before the form is filed.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

The monitoring and enforcement of conflicts are handled by the board and discussed during the board meetings if any conflicts of interest arise.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

The board reviews comparative organization's salary amounts and reviews salary surveys.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

The board reviews comparative organizations salary amounts and reviews salary surveys.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

The documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Plateau Electric Cooperative
EIN
62-0326835
Phone
4235698591
Address
16200 SCOTT HIGHWAY PO BOX 4669, ONEIDA, TN 37841

Signing Officer

Name
Dave Cross
Title
CEO
Signed
2019-10-23
Discuss with paid preparer
Yes

Organization Details

Formed
1939
Legal Domicile
Tn
Voting Board Members
9
Independent Board Members
9
Employees
56

Preparer

Firm
Parsons & Wright CPAs
Address
1000 Brentwood Way, Kingston, TN 37763
Preparer
Joe Savage
Phone
8653765865
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

Change in memberships = $332

Financial Statement Notes

Part X : FIN48 Footnote

The cooperative follows the accounting guidance for uncertainty in income taxes using the provisions of asc topic 740, income taxes. The cooperative has concluded that there are no significant uncertain tax positions requiring disclosure, and there are no material amounts of unrecognized tax benefits. The cooperative's evaluation was performed for tax years ended june 30, 2017 through june 30, 2019, the years that remain subjuect to examination by major tax jurisdictions as of june 30, 2019.

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IRS990/Form990PartVIISectionAGrp/TitleTxt12MORGAN COUNTY MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR OF OPERATIONS
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IRS990/MissionDesc0PLATEAU ELECTRIC COOPERATIVE EXISTS TODAY TO DISTRIBUTE QUALITY ELECTRICITY AT THE LOWEST POSSIBLE COST, PROMOTE AND FACILITATE ECONOMIC DEVELOPMENT, AND ENHANCE THE QUALITY OF LIFE FOR ITS MEMBERS.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$72.2$21.5$50.7$51.3$49.1$2.21
2024Detailed filing. Detailed filing data is available for this year.$69.7$21.2$48.5$46.8$45.9$0.83
2023Detailed filing. Detailed filing data is available for this year.$69.3$21.6$47.6$47.9$47.3$0.63
2022Detailed filing. Detailed filing data is available for this year.$68.6$21.6$47.0$43.3$40.2$3.13
2021Detailed filing. Detailed filing data is available for this year.$62.4$18.6$43.9$36.6$34.2$2.41
2020Detailed filing. Detailed filing data is available for this year.$61.4$20.0$41.4$37.0$35.3$1.67
2019Detailed filing. Detailed filing data is available for this year.$60.4$20.7$39.8$38.0$37.4$0.67
2018Detailed filing. Detailed filing data is available for this year.$61.2$22.1$39.1$38.0$36.0$1.93
2017Detailed filing. Detailed filing data is available for this year.$58.9$21.7$37.2$37.1$35.3$1.78
2016Detailed filing. Detailed filing data is available for this year.$58.3$22.9$35.4$35.4$34.0$1.40
2015Summary only. Only limited summary data is available for this year.$58.2$24.2$34.0$36.1$35.0$1.15
2014Summary only. Only limited summary data is available for this year.$57.6$24.8$32.9$37.0$34.8$2.21
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$55.9$25.3$30.6$9.65
2012Summary only. Only limited summary data is available for this year.$53.5$24.4$29.1$10.9$9.29$1.61