2012-09-17T16:26:32-05:00 2011-12-31 631035228 JACKSON THORNTON & CO PC P O BOX 96 MONTGOMERY AL 361010096 990 2011-01-01 630193841 SOUTH ALABAMA ELECTRIC COOPERATIVE SOUT 3345662060 PO BOX 449 TROY AL 36081 MAX I DAVIS 3345662060 2012-09-17 1 PATRICK COOPER P00856177 3348347660 2012-09-13 2011 2016-02-24 21:20:13Z MAX I DAVIS PO BOX 449 TROY AL 36081 41682284 0 X WWW.SOUTHAEC.COM X 1937 AL TO PROVIDE ELECTRIC UTILITY SERVICE TO COOPERATIVE MEMBERS. 8 8 55 0 0 0 0 0 40811417 40466168 492153 -19937 561830 673958 41865400 41120189 0 0 0 4638807 362762 362718 0 0 0 36722486 36118664 37085248 41120189 4780152 0 92779081 98971555 54272067 57106172 38507014 41865383 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 2,641 MILES OF DISTRIBUTION LINES, SOUTH ALABAMA ELECTRIC COOPERATIVE PROVIDED 315,178,253 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 0 1 16 0 1 55 1 0 0 0 0 0 39373957 1962784 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 MAX I DAVIS 3345662060 13192 HWY 231 SOUTH TROY AL 36081 X LHW 8.00 X 25424 0 0 JRS 9.00 X 22440 0 0 NDG 8.00 X 26170 0 0 JHM 9.00 X 13428 0 0 WOH 9.00 X 26170 0 0 CBN 8.00 X 23859 0 0 CGR 8.00 X 11936 0 0 DK 7.00 X 24678 0 0 MID 50.00 X 168922 0 19691 OHN 51.00 X 100221 0 18291 WWW 50.00 X 114068 0 15985 557316 0 53967 3 0 1 0 JACKSON LINE CLEARING PO BOX 769 BOWDON GA 30108 RIGHT OF WAY CLEARING 956620 TRU-CHECK METER READERS PO BOX 1515 SOMERSET KY 42502 READ METERS 222855 MUSGROVE CONTRUCTION INC 8708 US HIGHWAY 90 LIVE OAK FL 32060 DISTRIBUTION LINE CONSTRUCTION 116253 3 SALES OF ELECTRICITY 221000 39373957 39373957 PATRONAGE CAPITAL 221000 1092211 1092211 40466168 541828 541828 345543 0 345543 345543 345543 330 562095 -561765 -561765 -561765 CONTRACT INCOME - GROS 221000 305700 305700 NON-OPERATING INCOME 221000 22715 22715 328415 41120189 40794583 0 325606 X 4638807 362718 2102465 2216260 COST OF POWER 24941474 DIST EXP - MAINTENANCE 1936381 CONSUMER ACCOUNTS EXP 1512130 DIST EXP - OPERATION 1390173 2019781 41120189 967223 1316327 1524354 1716656 5467492 4543885 231900 363841 2101447 5657397 72232401 11288856 58773296 60943545 7856266 8276524 13217096 13586619 2640007 2566761 92779081 98971555 4379766 3708872 821697 664371 47688838 50332838 1381766 2400091 54272067 57106172 X 74947 76137 0 0 38432067 41789246 38507014 41865383 92779081 98971555 X 0 3358369 X X 0 0 0 106014 106014 1293937 456247 837690 70832450 10832609 59999841 60943545 PATRONAGE CAPITAL - POWERSOUTH ENERGY COOPERATIVE 9846936 C PATRONAGE CAPITAL - UNITED UTILITY 3472 C PATRONAGE CAPITAL - NRUCFC 177182 C PATRONAGE CAPITAL - GRESCO UTILITY SUPPLY 71487 C PATRONAGE CAPITAL - COBANK 240537 C CAPITAL TERM CERTIFICATES - CFC 680223 C OTHER INVESTMENTS IN ASSOCIATED ORGANIZATION - PATRONAGE CAPITAL 17327 C INVESTMENTS IN ECONOMIC DEVELOPMENT PROJECTS 1308518 C FORT RUCKER ECM 979445 C ERC LOAN 261492 C 13586619 OTHER ACCUMULATED OPERATING PROVISIONS 100161 CONSUMER DEPOSITS 684869 ACCUMULATED PROVISION FOR PENSIONS 1615061 2400091 X X X 0 0 0 MID 157601 0 0 0 11321 0 3160 0 16531 0 188613 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 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 11 THE FORM 990 WAS REVIEWED BY MANAGEMENT BEFORE IT WAS PRESENTED TO THE BOARD. A MEMBER OF MANAGEMENT ATTENDED A BOARD MEETING PRIOR TO FILING THE FORM WITH THE INTERNAL REVENUE SERVICE AND CONDUCTED A FORMAL REVIEW OF THE FORM 990 WITH THE TRUSTEES. 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 REPORT THE TRUSTEES' AND EMPLOYEES' INITIALS, RATHER THAN THEIR FULL NAMES. THE FULL NAMES WILL BE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 4 THE INSTRUCTIONS TO THE 2011 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 EACH YEAR. THEREFORE, THE AMOUNT LISTED IN PART IX, LINE 4 REPRESENTS THE NET MARGINS ASSIGNED TO THE MEMBERS FOR THE CALENDAR YEAR ENDED DECEMBER 31, 2011. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: INCREASE IN MEMBERSHIPS 1,190. RETIREMENT OF CAPITAL CREDITS -300,122. CHANGE IN OTHER COMPREHENSIVE INCOME -163,746. RECLASSIFICATION OF DONATED CAPITAL TO LIABILITIES PER BOOKS -930,000. UTILITY TAX REFUND ASSIGNED TO DIRECTLY MEMBERS 105,163. RETIRED CAPITAL CREDITS - HOLDING 7,077. NET MARGINS ASSIGNED TO MEMBERS - REPORTED IN PART IX, LINE 4 4,638,807. TOTAL TO FORM 990, PART XI, LINE 5: 3,358,369. 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.