2022-07-21T09:06:58-05:00 2021-12-31 631035228 Jackson Thornton & Co PC PO Box 96 Montgomery AL 361010096 990 2021-01-01 630193841 South Alabama Electric Cooperative SOUT 3345662060 PO Box 449 Troy AL 36081 David Bailey General Manager 3345662060 2022-07-19 1 David Bailey XXX-XX-XXXX Patrick Cooper P00856177 3348347660 2022-07-18 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z David Bailey PO Box 449 Troy AL 36081 49730295 0 X www.southaec.com X 1937 AL To provide electric utility service to cooperative members. 8 8 57 0 0 0 0 0 44560124 45877293 976162 3025114 624672 380206 46160958 49282613 0 0 5928970 4403842 454045 545658 0 0 0 39543422 44333113 45926437 49282613 234521 0 154415013 170308337 85885413 98697244 68529600 71611093 The aim of South Alabama Electric Cooperative is to provide reliable, quality, electric energy and related services to meet the needs of our diverse consumer base at the lowest possible cost consistent with sound economy and good management. 0 0 Utilizing approximately 2,821 miles of distribution lines, South Alabama Electric Cooperative provided 378,920,416 Kilowatt-Hours of electric energy to its members located in the southern region of Alabama. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 24 0 1 57 1 0 0 0 0 0 45159544 2005461 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X David Bailey 3345662060 13192 Hwy 231 South Troy AL 36081 X BF Trustee 10.00 X 32235 0 0 CRT Trustee 7.00 X 27785 0 0 DK Trustee 9.00 X X 29120 0 0 JG Trustee 10.00 X 30900 0 0 JHM Trustee 9.00 X 27785 0 0 JRS Trustee 10.00 X X 26895 0 0 NDG Trustee 7.00 X X 13965 0 0 TS Trustee 8.00 X 23175 0 0 LRI General Manager 40.00 X 252308 0 81490 FSC Employee 40.00 X 121762 0 57788 HMR Employee 40.00 X 123459 0 50855 ES Employee 40.00 X 115393 0 47192 OHN Employee 44.00 X 121502 0 38223 WWW Employee 40.00 X 169657 0 58907 1115941 0 334455 15 0 1 0 Bailey Harris Construction PO Box 490 Auburn AL 36831 Construction of headquarters 5314162 Jackson Line Clearing Inc PO Box 769 Bowdon GA 30108 Right of way clearing 1601762 Pro Sound Inc 1375 NE 123 Street Miami FL 33161 Audio, video, and data cabling 496835 Troy Cablevision Inc PO Box 1228 Troy AL 36081 Security for headquarters 253150 Kings Table Powerline Service Inc PO Box 425 Ariton AL 36311 Construction 239775 6 Sales of Electricity 221000 45159544 45159544 Patronage Capital 221000 717749 717749 45877293 3002732 3002732 328537 0 328537 328537 328537 470064 447682 22382 22382 22382 Non-operating Income 221000 29509 29509 Contract Revenue 221000 22160 22160 51669 49282613 45928962 0 3353651 X 4403842 545658 2481099 3729986 Cost of Power 27536161 Admin & Gen Expense 3403411 Dist Exp - Maintenance 2970466 Dist Exp - Operation 2488668 1723322 49282613 903197 1713908 947267 284129 5007992 4276070 659817 577364 195056 265067 132863523 17797352 108297422 115066171 14598308 23321927 22701664 22611860 1104290 2191841 154415013 170308337 6588006 6318118 75381713 88387612 3915694 3991514 85885413 98697244 X 87032 88417 0 0 68442568 71522676 68529600 71611093 154415013 170308337 X 0 3081493 X X 0 0 0 527158 527158 188025 151802 36223 132148340 17645550 114502790 115066171 Patronage Capital - PowerSouth Energy Cooperative 16025825 C Patronage Capital - United Utility 3585 C Patronage Capital - NRUCFC 323854 C Patronage Capital - Gresco Utility Supply 296880 C Investment in CoBank 246841 C Capital Term Certificates - CFC 632149 C Other Investments in Associated Organizations 543101 C Investments in Economic Development Projects 3702416 C ERC Loan 418703 C Fort Rucker ECM 418506 C 22611860 Consumer Deposits 891987 Accumulated Provision for Pensions 1025893 Rural Development Grants 2073634 3991514 X X X 0 0 0 LRI General Manager 239115 0 0 0 13193 0 47481 0 34009 0 333798 0 0 0 WWW Employee 166948 0 0 0 2709 0 30673 0 28234 0 228564 0 0 0 FSC Employee 121762 0 0 0 0 0 37277 0 20511 0 179550 0 0 0 HMR Employee 121875 0 0 0 1584 0 23837 0 27018 0 174314 0 0 0 ES Employee 115061 0 0 0 332 0 24617 0 22575 0 162585 0 0 0 OHN Employee 118555 0 0 0 2947 0 18226 0 19997 0 159725 0 0 0 Form 990, Part VI, Section A, line 6 South Alabama Electric Cooperative operates on the cooperative basis having members with equal voting rights and who are assigned margins in accordance with the cooperative's bylaws. Form 990, Part VI, Section A, line 7a The members of South Alabama Electric Cooperative may elect the members of its governing body at its annual meeting provided that a quorum is present. Form 990, Part VI, Section A, line 7b The membership must approve decisions that involve substantial transfers of cooperative assets, amendments to the cooperative's bylaws, as well as other decisions requiring approval of the membership by law, the articles of incorporation, and/or the cooperative's bylaws. Form 990, Part VI, Section B, line 11b The Form 990 was reviewed by management before it was presented to the board. The external accountant who assisted management in the preparation of the Form 990 conducted a formal review of the Form 990 with the Trustees at the monthly board meeting before the Form 990 was filed. Form 990, Part VI, Section B, line 12c Officers and Trustees are required to disclose annually any conflicts of interest on a questionnaire. Form 990, Part VI, Section B, line 15 The General Manager reviews the complete wage and salary for all employees, which the board approves. Then, the board reviews the General Manager's compensation package and approves or makes changes to the plan. Form 990, Part VI, Section C, line 19 The cooperative's governing documents, conflict of interest policy, and financial statements are available to the public upon request at its main office in Troy, Alabama. Form 990, Part VII South Alabama Electric Cooperative is concerned with the privacy issues of its employees and trustees. With this concern, the cooperative has chosen to use initials to protect the identity of its employees and trustees. The actual names will be made available to the public upon request. Form 990, Part IX, Line 4 The instructions to the Form 990 indicate that organizations exempt under Section 501(c)(12) should report patronage dividends paid to their members in Part IX, Line 4 of the Form 990. South Alabama Electric Cooperative has interpreted the words "patronage dividends paid" in the instructions to mean margins that are assigned or assignable to the members. South Alabama Electric Cooperative assigns the net margins to its members. Therefore, the amount listed in Part IX, Line 4 represents the current year net margins assigned to the members. Form 990, Part XI, line 9: Increase in memberships 1,385. Retirement of capital credits -1,300,024. Net margins assigned to members - reported in Part IX, Line 4 4,403,842. Gain on retirements 210,813. Investment adjustment -234,523. Form 990, Part XII, Line 2 South Alabama Electric Cooperative's financial statement year end differs from its tax year end. The cooperative receives audited financial statements on an annual basis for the year ended March 31st.