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Nonprofiteer
← SALEM ELECTRIC

Form 990 for tax year 2023

Filed by SALEM ELECTRIC.

Totals

Total revenue
$34,024,045
Total expenses
$34,024,045
Contributions and grants received
$0
Grants paid
$217,554
Program service revenue
$33,460,039
Investment income
$564,006
Other revenue
$0
Total assets, end of year
$78,984,400
Total liabilities, end of year
$18,300,479
Net assets or fund balances, end of year
$60,683,921
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Electric Revenue

    total $33,101,518 · related or exempt $33,101,518 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Rent from electric property

    total $106,121 · related or exempt $0 · unrelated business $0 · excluded $106,121

  • 2c · Program service revenue: Sales of clean fuels credits

    total $252,400 · related or exempt $252,400 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $481,871 · related or exempt $0 · unrelated business $0 · excluded $481,871

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $146,745

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $64,610

  • 7c · Gain or loss

    securities $0 · other assets $82,135

  • 7d · Net gain or loss

    total $82,135 · related or exempt $0 · unrelated business $0 · excluded $82,135

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $15,000

  • 2 · Grants to domestic individuals

    total $202,554

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $6,511,980

  • 5 · Compensation of officers, directors and key employees

    total $946,188

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $725,287

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $518,470

  • 11b · Fees: legal

    total $45,024

  • 11c · Fees: accounting

    total $36,175

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $53,799

  • 13 · Office expenses

    total $676,993

  • 14 · Information technology

    total $173,992

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $197,386

  • 17 · Travel

    total $196,996

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $140,558

  • 20 · Interest

    total $215,588

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $2,158,585

  • 23 · Insurance

    total $63,524

  • 24a · Other expenses: Power Cost

    total $12,200,770

  • 24b · Other expenses: Operations & Maintenance

    total $3,900,053

  • 24c · Other expenses: Customer Services

    total $2,142,315

  • 24d · Other expenses: Taxes

    total $1,879,630

  • 24e · All other expenses

    total $1,023,178

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $714,622 · end of year $646,702

  • 2 · Savings and temporary cash investments

    beginning of year $13,841,609 · end of year $14,790,701

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $3,996,526 · end of year $3,814,182

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $1,394,115 · end of year $1,578,183

  • 9 · Prepaid expenses and deferred charges

    beginning of year $816,160 · end of year $857,533

  • 10a · Land, buildings and equipment: cost or other basis

    $94,318,225

  • 10b · Land, buildings and equipment: accumulated depreciation

    $38,164,343

  • 10c · Land, buildings and equipment, net

    beginning of year $53,013,525 · end of year $56,153,882

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $979,291 · end of year $1,143,217

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,019,888 · end of year $11,633,324

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $5,884,189 · end of year $5,548,446

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $928,636 · end of year $1,118,709

  • 29 · Capital stock, trust principal or current funds

    beginning of year $190 · end of year $181

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $54,922,945 · end of year $60,683,740

Mission and programs · 2023

Mission

Provide electric service to members. Provide energy conservation incentives, information and equipment to members.

Activities or mission (Part I)

Provide electric service to members.

  • Electric sales - 20,745

  • Heat pump program - 138 projects completed. This program helps residential customers install energy efficient heat pump systems in their homes.

  • Weatherization program - 54 projects completed. This program helps residential members weatherize their homes.

As filed on the 2023 return.

Listed in Part VII

  • Anthony Schacher

    General Manager

    Total calculated
    $388,806
    From this org
    $318,557
    From related orgs
    $0
    Other
    $70,249
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $318,257
    Bonus
    $0
    Other
    $300
    Deferred
    $43,330
    Nontaxable benefits
    $37,882
    Filer's total
    $399,769

  • Jonathan Phillips

    Engineering and Operations Manager

    Total calculated
    $284,332
    From this org
    $225,857
    From related orgs
    $0
    Other
    $58,475
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,857
    Bonus
    $0
    Other
    $0
    Deferred
    $31,555
    Nontaxable benefits
    $34,922
    Filer's total
    $292,334

  • Michael Richman

    Information Technology Manager

    Total calculated
    $270,456
    From this org
    $213,140
    From related orgs
    $0
    Other
    $57,316
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,940
    Bonus
    $0
    Other
    $200
    Deferred
    $30,396
    Nontaxable benefits
    $39,354
    Filer's total
    $282,890

  • Christopher Krieck

    Administrative Services Manager

    Total calculated
    $268,855
    From this org
    $212,091
    From related orgs
    $0
    Other
    $56,764
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,091
    Bonus
    $0
    Other
    $0
    Deferred
    $29,844
    Nontaxable benefits
    $37,124
    Filer's total
    $279,059

  • Adam Deshon

    Engineer

    Total calculated
    $238,722
    From this org
    $185,643
    From related orgs
    $0
    Other
    $53,079
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,643
    Bonus
    $0
    Other
    $0
    Deferred
    $26,159
    Nontaxable benefits
    $36,456
    Filer's total
    $248,258

  • Darin Jacobsen

    Meter Apparatus Tech Lead II

    Total calculated
    $231,998
    From this org
    $193,679
    From related orgs
    $0
    Other
    $38,319
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,679
    Bonus
    $0
    Other
    $0
    Deferred
    $27,152
    Nontaxable benefits
    $16,557
    Filer's total
    $237,388

  • Brian Aicher

    Line Superintendent

    Total calculated
    $229,956
    From this org
    $186,256
    From related orgs
    $0
    Other
    $43,700
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,256
    Bonus
    $0
    Other
    $0
    Deferred
    $25,963
    Nontaxable benefits
    $24,945
    Filer's total
    $237,164

  • Jacob Knudsen

    Member Services Manager

    Total calculated
    $224,011
    From this org
    $179,426
    From related orgs
    $0
    Other
    $44,585
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,426
    Bonus
    $0
    Other
    $0
    Deferred
    $25,284
    Nontaxable benefits
    $29,465
    Filer's total
    $234,175

  • Jeff Anderson

    President

    Total calculated
    $11,650
    From this org
    $11,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Tim Klarr

    Director

    Total calculated
    $8,773
    From this org
    $8,773
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Jan Bargen

    Director

    Total calculated
    $8,315
    From this org
    $8,315
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Dave Bauer

    Secretary/Treasurer

    Total calculated
    $7,503
    From this org
    $7,503
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Joe Van Meter

    Director

    Total calculated
    $7,333
    From this org
    $7,333
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • John Taylor

    Director

    Total calculated
    $5,425
    From this org
    $5,425
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Angie Villery

    Vice President

    Total calculated
    $4,135
    From this org
    $4,135
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Cindy Gruber-Condon

    Director

    Total calculated
    $1,795
    From this org
    $1,795
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • Higher Education Coordinating Commission

    $15,000

    Scholarships.

Provenance

Return type
form_990
Tax year
2023
Filed
30 April 2024
IRS schema version
2023v5.0
Source object
202421209349301952

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