2023-11-15T10:26:45-06:00 2022-12-31 461498870 BMSS LLC 400 MERIDIAN STREET N 201 HUNTSVILLE AL 35801 990 2022-01-01 630238274 POWERSOUTH ENERGY COOPERATIVE POWE 3344273000 PO BOX 550 ANDALUSIA AL 36420 ELIZABETH C WOODARD CFO / EVP 3344273000 2023-09-18 1 ELIZABETH WOODARD 999009999 0 AMY STAPLER CPA P01264068 2059825500 2023-09-18 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ELIZABETH C WOODARD PO BOX 550 ANDALUSIA AL 36420 852590413 0 X WWW.POWERSOUTH.COM X 1941 AL COOPERATIVE UTILITY SYSTEM - PRODUCING & DISTRIBUTING WHOLESALE ELECTRIC POWER TO & FOR COOPERATIVE MEMBERS UNDER THE PROVISIONS OF THE RURAL ELECTRIFICATION ACT OF 1936. 40 40 658 0 0 0 0 0 639809830 846511214 1792143 4203914 1774027 1837340 643376000 852552468 0 0 0 0 82932307 82621904 0 0 0 547968656 757420340 630900963 840042244 12475037 12510224 2439100863 2529005112 2032753571 2110147596 406347292 418857516 POWERSOUTH ENERGY COOPERATIVE IS AN ALABAMA COOPERATIVE CORPORATION PRODUCING AND TRANSMITTING WHOLESALE ELECTRIC POWER TO AND FOR ITS COOPERATIVE AND MUNICIPAL MEMBERS UNDER THE PROVISIONS OF THE RURAL ELECTRIFICATION ACT OF 1936. 0 0 POWERSOUTH ENERGY COOPERATIVE SERVES THE WHOLESALE ENERGY NEEDS OF 20 UTILITY DISTRIBUTION MEMBERS IN ALABAMA AND NORTHWEST FLORIDA. 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 208 0 1 658 1 0 0 0 0 0 836376290 11972264 0 1 0 X 40 40 0 0 0 0 1 1 1 1 1 0 0 1 0 1 0 1 1 0 X ELIZABETH C WOODARD 3344273000 2027 EAST THREE NOTCH STREET ANDALUSIA AL 36421 JIMMY SHAVER BOARD MEMBER 7.00 X 28161 0 0 WILLIE WRIGHT BOARD MEMBER 7.00 X 22804 0 0 THOMAS DUNCAN BOARD MEMBER 7.00 X 22404 0 0 GERALD EDMONDSON BOARD MEMBER 7.00 X 22403 0 0 STACEY PARKER BOARD MEMBER 7.00 X 22403 0 0 STEVEN SHEFFIELD BOARD MEMBER 7.00 X 22400 0 0 DAVID BAILEY BOARD MEMBER 7.00 X 22003 0 0 TERRY MOSELEY BOARD MEMBER 7.00 X 21604 0 0 ISABELL BOYD BOARD MEMBER 7.00 X 21602 0 0 RODNEY HARRISON BOARD MEMBER 7.00 X 21408 0 0 WIREGRASS ELECTRIC COOPERATIVE BOARD MEMBER 7.00 X 21204 0 0 JOHN BARTLEY BOARD MEMBER 7.00 X 21203 0 0 CHASE RIDDLE BOARD MEMBER 7.00 X 21203 0 0 ED SHORT BOARD MEMBER 7.00 X 21201 0 0 TALLAPOOSA RIVER ELECTRIC BOARD MEMBER 7.00 X 20804 0 0 DEBRA BAXLEY BOARD MEMBER 7.00 X 20803 0 0 SETH HAMMETT BOARD MEMBER 7.00 X 20803 0 0 JOSEPH COLEMAN BOARD MEMBER 7.00 X 20803 0 0 WILLIE SMITH BOARD MEMBER 7.00 X 20803 0 0 JEFFREY HODGES BOARD MEMBER 7.00 X 20803 0 0 JON CULLIMORE BOARD MEMBER 7.00 X 20403 0 0 RYAN CAMPBELL BOARD MEMBER 7.00 X 20403 0 0 EARL JOHNSON BOARD MEMBER 7.00 X 20402 0 0 KIM JACKSON BOARD MEMBER 7.00 X 20003 0 0 ROBERT BYRD BOARD MEMBER 7.00 X 20003 0 0 KAREN MOORE BOARD MEMBER 7.00 X 20003 0 0 EDWARD MILLER BOARD MEMBER 7.00 X 20003 0 0 DAVID COOK BOARD MEMBER 7.00 X 19603 0 0 TOM STACKHOUSE BOARD MEMBER 7.00 X 19204 0 0 GARY HARRISON BOARD MEMBER 7.00 X 19203 0 0 VINCE JOHNSON BOARD MEMBER 7.00 X 19200 0 0 STEPHEN RHODES BOARD MEMBER 7.00 X 18803 0 0 TOM MADDOX BOARD MEMBER 7.00 X 18404 0 0 JOHNNY ADCOCK BOARD MEMBER 7.00 X 18003 0 0 BECKY BRACKE BOARD MEMBER 7.00 X 17203 0 0 JANE BRUNSON BOARD MEMBER 7.00 X 16903 0 0 TY PEEL BOARD MEMBER 7.00 X 16703 0 0 JAMES HALL BOARD MEMBER 7.00 X 14003 0 0 JOE RONE BOARD MEMBER 7.00 X 13602 0 0 JOHN DAVIS BOARD MEMBER 7.00 X 13203 0 0 GEORGE OWENS BOARD MEMBER 7.00 X 7201 0 0 DEREK CHADWELL BOARD MEMBER 7.00 X 6001 0 0 MARILYN DAVIS BOARD MEMBER 7.00 X 3400 0 0 HOWARD DAUGHERTY BOARD MEMBER 7.00 X 1100 0 0 DAMON MORGAN COO/VP 50.00 X 6736847 0 237146 GARY SMITH CEO/PRESIDENT 50.00 X 1830250 0 328548 ELIZABETH WOODARD CFO/VP 50.00 X 652807 0 171991 HORACE HORN VP OF EXTERNAL AFFAIRS 50.00 X 491672 0 127382 ART BRUNSON VP OF LEGAL AND COMPLIANCE 50.00 X 391861 0 112185 MATTHEW DIAMOND VP OF MEMBER SERVICES AND COMMUNICATIONS 50.00 X 338730 0 78028 RON GRAHAM VP OF POWER SUPPLY 50.00 X 331606 0 104202 JOE ARMSTRONG VP OF ENGINEERING AND OPERATIONS 50.00 X 309235 0 99977 JOHN MATHESON VP OF POWER PRODUCTIONS 50.00 X 306127 0 99978 TAYLOR WILLIAMS DIRECTOR OF EXTERNAL AFFAIRS 50.00 X 278140 0 97027 TERRY WILSON DIRECTOR OF T&D OPERATIONS 50.00 X 253029 0 81989 DEBRA BRACEWELL MANAGER OF HUMAN RESOURCES 50.00 X 246723 0 69522 JONATHAN ELLISON DIRECTOR OF TECHNICAL SERV 50.00 X 236878 0 68986 DAVID WYATT CENTRAL GENERATION PLANT M 50.00 X 224223 0 64455 13447909 0 1741416 209 0 1 0 BLACK & VEATCH CORPORATION 11401 LAMAR AVENUE OVERLAND PARK KS 66211 ENGINEERING SERVICES 21726824 BURNS & MCDONNELL ENGINEERING CO INC 9400 WARD PARKWAY KANSAS CITY MO 64114 ENGINEERING SERVICES 2632956 ASPLUNDH TREE EXPERT CO 2011 HWY 87 ALABASTER AL 35007 TREE CUTTING SERVICES 1543525 CDG ENGINEERS PO BOX 278 ANDALUSIA AL 36420 ENGINEERING SERVICES 663637 AERIAL SOLUTIONS INC 7144 RAMSEY FORD RD TABOR CITY NC 28463 TREE CUTTING SERVICES 402492 36 SALES OF ELECTRICITY 221000 846511214 846511214 846511214 4207840 4207840 34019 37945 -3926 -3926 -3926 OTHER INCOME 221000 988455 988455 CAPITAL CREDITS 221000 712001 712001 AFUDC 221000 136884 136884 1837340 852552468 848348554 0 4203914 13943521 46933745 15046900 2466779 4230959 1914269 223890 7768965 2312264 3875182 1145925 47463096 73763154 PURCHASED POWER 319125063 POWER PRODUCTION - FUEL 200743374 TRANSMISSIONS - OPERATI 51572970 POWER PRODUCTION - MAIN 18407357 29104831 840042244 229083612 207689795 2252365 2049718 76655710 100343617 64910793 68533444 101228013 139574407 3047512996 1447437303 1493117730 1600075693 20169249 20375030 19969297 19976452 431714094 370386956 2439100863 2529005112 109564042 146603726 137000000 143121983 82870437 76667704 1366266714 1454914659 91249992 104500000 245802386 184339524 2032753571 2110147596 X 110 110 0 0 406347182 418857406 406347292 418857516 2439100863 2529005112 12510224 0 X X 0 1 X 1 0 301187012 301187012 126624486 62212726 64411760 1455056 1455056 2429562499 1360858318 1068704181 188683943 24366259 164317684 1600075693 OTHER ASSETS 26250 REGULATORY ASSET - GAS HEDGES, NET 80232527 REGULATORY ASSET - INTEREST RATE SWAP 2677395 OTHER REGULATORY ASSETS 247865946 DEFERRED UNDER RECOVERY OF FUEL AND PURCHASED POWER COST 39584838 370386956 FMV OF INTEREST RATE SWAPS 2677395 ACCUM PROV FOR PROPERTY INSURANCE 8590000 ASSET RETIREMENT OBLIGATIONS 42006055 ACCRUED POST RETIREMENT BENEFIT COST 43626244 LEASE LIABILITY 1455057 ACCRUED LOWMAN SEVERANCE COSTS 639645 NATURAL GAS FUTURES HEDGING 84802667 ACCRUED PENSION BENEFIT COST 542461 184339524 851567939 0 851567939 984529 984529 852552468 839066447 8732 8732 839057715 984529 984529 840042244 PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL STATEMENT NETTING OF EXPENSES IN INCOME 984,529. PART XII, LINE 2D - OTHER ADJUSTMENTS: CONSOLIDATED FINANCIAL STATEMENT LOSSES ON WHOLLY OWNED SUBSIDIARIES 8,732. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL STATEMENT NETTING OF INCOME IN EXPENSES 984,529. X X X 0 1 0 DAMON MORGAN COO/VP 911460 0 0 0 5825387 0 215376 0 21770 0 6973993 0 0 0 GARY SMITH CEO/PRESIDENT 1317981 0 0 0 512269 0 306778 0 21770 0 2158798 0 0 0 ELIZABETH WOODARD CFO/VP 614718 0 0 0 38089 0 150221 0 21770 0 824798 0 0 0 HORACE HORN VP OF EXTERNAL AFFAIRS 420349 0 0 0 71323 0 108922 0 18460 0 619054 0 0 0 ART BRUNSON VP OF LEGAL AND COMPLIANCE 351432 0 0 0 40429 0 91849 0 20336 0 504046 0 0 0 RON GRAHAM VP OF POWER SUPPLY 307385 0 0 0 24221 0 84160 0 20042 0 435808 0 0 0 MATTHEW DIAMOND VP OF MEMBER SERVICES AND COMMUNICAT 317568 0 0 0 21162 0 59698 0 18330 0 416758 0 0 0 JOE ARMSTRONG VP OF ENGINEERING AND OPERATIONS 292016 0 0 0 17219 0 80065 0 19912 0 409212 0 0 0 JOHN MATHESON VP OF POWER PRODUCTIONS 292016 0 0 0 14111 0 80065 0 19913 0 406105 0 0 0 TAYLOR WILLIAMS DIRECTOR OF EXTERNAL AFFAIRS 278140 0 0 0 0 0 77201 0 19826 0 375167 0 0 0 TERRY WILSON DIRECTOR OF T&D OPERATIONS 229268 0 0 0 23761 0 63066 0 18923 0 335018 0 0 0 DEBRA BRACEWELL MANAGER OF HUMAN RESOURCES 183240 0 17932 0 45551 0 51492 0 18030 0 316245 0 0 0 JONATHAN ELLISON DIRECTOR OF TECHNICAL SERV 212063 0 0 0 24815 0 57976 0 11010 0 305864 0 0 0 DAVID WYATT CENTRAL GENERATION PLANT M 196827 0 0 0 27396 0 54132 0 10323 0 288678 0 0 0 PART I, LINE 4B THE FOLLOWING PERSONS PARTICIPATE IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. GARY SMITH CEO/PRESIDENT SETH HAMMETT VP OF BUSINESS DEVELOPMENT HORACE HORN VP OF EXTERNAL AFFAIRS DAMON MORGAN COO ELIZABETH WOODARD CFO LEIGH GRANTHAM VP OF MEMBER SERVICES AND COMMUNICATIONS RON GRAHAM VP OF POWER SUPPLY ART BRUNSON VP OF LEGAL AND COMPLIANCE DURING 2022, THE FOLLOWING PAYMENTS WERE MADE TO EMPLOYEES FROM A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN: GARY SMITH $327,598 DAMON MORGAN $5,705,081 SETH HAMMETT $27,205 HORACE HORN $21,186 LEIGH GRANTHAM $109,709 A INDUSTRIAL DEV BD TOWN OF CHATOM SERIES 2007A 636003963 162296AA5 2007-04-06 50000000 GO ZONE BONDS - PROJECTS 0 0 0 B INDUSTRIAL DEV BD TOWN OF CHATOM SERIES 2020 636003963 16229PAP0 2020-08-01 63625984 GO ZONE BONDS - PROJECTS 0 0 0 A 2009 0 0 1 1 B 5395000 63625984 400000 378461 62847523 2014 1 0 1 1 A 0 0 1 1 1 0 0 0 1 B 0 0 1 1 0 0 0 0 1 A 0 B 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: INDUSTRIAL DEV. BD. TOWN OF CHATOM SERIES 2007A DATE THE REBATE COMPUTATION WAS PERFORMED: 04/01/2022 ISSUER NAME: INDUSTRIAL DEV. BD. TOWN OF CHATOM SERIES 2020 DATE THE REBATE COMPUTATION WAS PERFORMED: 08/01/2020 SCHEDULE K PART III - OTHER QUALIFIED PRIVATE ACTIVITY BOND INFORMATION PART I, ROW A IDB OF TOWN OF CHATOM SERIES 2007A - GO ZONE BONDS SCHEDULE K PART III - OTHER QUALIFIED PRIVATE ACTIVITY BOND INFORMATION PART I, ROW A IDB OF TOWN OF CHATOM SERIES 2020 - GO ZONE REFUNDING BONDS FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS 20 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS THE POWER TO NOMINATE TWO TRUSTEES TO THE BOARD. FORM 990, PART VI, SECTION A, LINE 7B UNDER POWERSOUTH'S BYLAWS, CERTAIN ACTIONS ARE VOTED ON BY THE MEMBERS INCLUDING THE SALE OF SUBSTANTIALLY ALL OF ITS PROPERTY, EXPULSION OF A MEMBER AS WELL AS MATTERS DEALING WITH MERGERS AND OTHER ISSUES. FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT/CEO REVIEWS THE FORM 990 WITH THE EXECUTIVE COMMITTEE WHO THEN REPORTS TO THE BOARD OF TRUSTEES. THE BOARD MEMBERS RECEIVE A COPY OF THE FORM 990 FOR REVIEW. ONCE THE FORM 990 HAS BEEN REVIEWED BY THE GOVERNING BODY, THE RETURN IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, LINE 12A THE ORGANIZATION DOES NOT HAVE A FORMAL CONFLICT OF INTEREST POLICY HOWEVER INTERNAL PROCEDURES AND OTHER POLICIES PROVIDE THE ORGANIZATION WITH GUIDANCE ON CONFLICTS OF INTEREST. FORM 990, PART VI, LINE 14 THE ORGANIZATION DOES NOT HAVE A FORMAL POLICY HOWEVER INTERNAL PROCEDURES PROVIDE THE ORGANIZATION WITH GUIDANCE ON DOCUMENT RETENTION AND DESTRUCTION PER THE USDA GUIDELINES FOR RURAL UTILITY SERVICE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS: POWERSOUTH'S SYSTEMATIC SALARY COMPENSATION PLAN FOR MANAGEMENT, SUPERVISORY, TECHNICAL AND CLERICAL EMPLOYEES WAS DEVELOPED BY KORN FERRY AND HAS BEEN USED SINCE THE 1980'S. KORN FERRY EVALUATES JOBS ON THREE MAJOR FACTORS: (1) REQUIRED JOB KNOWLEDGE AND SKILLS (2) THE DEGREE OF THINKING AND PROBLEM SOLVING REQUIRED FOR DECISION MAKING AND (3) THE DEGREE OF ACCOUNTABILITY FOR ACTIONS AND THE CONSEQUENCES OF THOSE ACTIONS. AFTER EVALUATION, EACH JOB IS ASSIGNED A POINT VALUE AND A SALARY RANGE. EACH YEAR, KORN FERRY REVIEWS THE SALARY RANGES OF OUR JOBS AND COMPARES THEM TO THE MARKET TO DETERMINE WHERE WE RELATE TO OTHERS IN OUR INDUSTRY. FROM THE INFORMATION OBTAINED THROUGH EXTENSIVE SURVEYS CONDUCTED BY KORN FERRY (KORN FERRY ENERGY INDUSTRY AND LOCAL AREA SURVEY DATABASES), IT WILL DETERMINE IF OUR MIDPOINTS ARE BELOW, ABOVE OR EQUAL TO THE MARKET AVERAGE. THIS ENSURES INTERNAL EQUITY AND EXTERNAL COMPETITIVENESS. IF NEEDED, KORN FERRY MAKES A RECOMMENDATION TO ADJUST OUR PAY STRUCTURE (SALARY RANGES) BASED ON THE MARKET AND ITS MOVEMENT. POWERSOUTH'S BOARD OF TRUSTEES IS INFORMED OF THIS INFORMATION AND HAS THE FINAL DECISION AS TO WHAT ACTION IS TAKEN. WE PROCEED AS THE BOARD OF TRUSTEES ADVISE. FORM 990, PART VI, SECTION C, LINE 19 FORM 990 AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. CERTAIN GOVERNANCE DOCUMENTS ARE AVAILABLE VIA ALABAMA SECRETARY OF STATE WEBSITE AS WELL AS POSTED TO EMMA OPERATED BY THE MUNICIPAL SECURITIES RULEMAKING BOARD. FORM 990, PART XII, LINE 2C THERE WAS NO CHANGE IN THE AUDIT OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE YEAR. SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION POWERSOUTH ENERGY COOPERATIVE P.O. BOX 550 ANDALUSIA, AL 36420 EMPLOYER IDENTIFICATION NUMBER: 63-0238274 FOR THE YEAR ENDING DECEMBER 31, 2022 POWERSOUTH ENERGY COOPERATIVE IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER REG. SEC. 1.263(A)-1(F). SECTION 1.263(A)-3(N) ELECTION POWERSOUTH ENERGY COOPERATIVE P.O. BOX 550 ANDALUSIA, AL 36420 EMPLOYER IDENTIFICATION NUMBER: 63-0238274 FOR THE YEAR ENDING DECEMBER 31, 2022 POWERSOUTH ENERGY COOPERATIVE IS MAKING THE ELECTION TO CAPITALIZE REPAIR AND MAINTENANCE COSTS UNDER REG. SEC. 1.263(A)-3(N). ANDALUSIA AND CONECUH RAILROAD CO INC PO BOX 550 ANDALUSIA AL 36420 630844945 RAILROAD AL POWERSOUTH ENERGY COOPERATIVE C -1862 275061 1.00000 1 POWERSOUTH DEVELOPMENT CORP PO BOX 550 ANDALUSIA AL 36420 721361165 ECONOMIC DEVELOPMENT AL POWERSOUTH ENERGY COOPERATIVE C 498197 1.00000 1 COOPERATIVE SERVICES INC PO BOX 550 ANDALUSIA AL 36420 631236941 HOLDING COMPANY AL POWERSOUTH ENERGY COOPERATIVE C -6870 67289 1.00000 1 COOPERATIVE SERVICES ENTERPRISE INC PO BOX 550 ANDALUSIA AL 36420 630656225 HOLDING COMPANY AL COOPERATIVE SERVICES INC C 35805 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0