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Nonprofiteer
← SOUTH CENTRAL ELECTRIC ASSOCIATION

Form 990 for tax year 2024

Filed by SOUTH CENTRAL ELECTRIC ASSOCIATION.

Totals

Total revenue
$26,712,175
Total expenses
$25,919,612
Contributions and grants received
$0
Grants paid
$7,244
Program service revenue
$26,402,200
Investment income
$294,085
Other revenue
$15,890
Total assets, end of year
$92,813,075
Total liabilities, end of year
$62,642,306
Net assets or fund balances, end of year
$30,170,769
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: SALE OF POWER

    total $25,054,562 · related or exempt $25,054,562

  • 2b · Program service revenue: CAPITAL CREDITS

    total $865,048 · related or exempt $865,048

  • 2c · Program service revenue: EQUITY EARNINGS

    total $482,590 · related or exempt $482,590

  • 3 · Investment income

    total $294,085 · excluded $294,085

  • 10a · Gross sales of inventory

    $246,161

  • 10b · Cost of goods sold

    $230,271

  • 10c · Net income from sales of inventory

    total $15,890 · related or exempt $15,890

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $7,244

  • 4 · Benefits paid to or for members

    total $1,121,549

  • 5 · Compensation of officers, directors and key employees

    total $541,748

  • 7 · Other salaries and wages

    total $2,077,098

  • 8 · Pension plan contributions

    total $579,454

  • 10 · Payroll taxes

    total $180,080

  • 20 · Interest

    total $1,755,679

  • 22 · Depreciation, depletion and amortization

    total $3,030,731

  • 24a · Other expenses: COST OF POWER

    total $14,883,134

  • 24b · Other expenses: DISTRIBUTION - OPERATIO

    total $1,813,732

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $993,384

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $348,060

  • 24e · All other expenses

    total -$1,412,281

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $9,131,708 · end of year $3,354,136

  • 4 · Accounts receivable

    beginning of year $4,113,894 · end of year $3,973,764

  • 7 · Other notes and loans receivable

    beginning of year $913,209 · end of year $919,680

  • 8 · Inventories for sale or use

    beginning of year $1,880,367 · end of year $2,559,552

  • 9 · Prepaid expenses and deferred charges

    beginning of year $148,425 · end of year $191,007

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

    $97,963,665

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

    $30,962,749

  • 10c · Land, buildings and equipment, net

    beginning of year $63,344,297 · end of year $67,000,916

  • 12 · Investments: other securities

    beginning of year $28,801 · end of year $28,375

  • 13 · Investments: program-related

    beginning of year $13,883,976 · end of year $14,780,495

  • 15 · Other assets

    beginning of year $5,164 · end of year $5,150

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,005,506 · end of year $2,971,988

  • 21 · Escrow or custodial account liability

    beginning of year $3,683 · end of year $3,520

  • 23 · Secured mortgages and notes payable

    beginning of year $59,364,415 · end of year $57,469,772

  • 25 · Other liabilities

    beginning of year $2,029,164 · end of year $2,197,026

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 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 $29,047,073 · end of year $30,170,769

Mission and programs · 2024

Mission

TO PROVIDE RELIABLE, EFFICIENT DELIVERY OF ELECTRICITY AND OTHER SERVICES TO OUR MEMBER OWNERS WITH THE HIGHEST LEVEL OF CUSTOMER SERVICE.

Activities or mission (Part I)

PROVIDING ELECTRICITY TO MEMBERS OF THE COOPERATIVE.

  • PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 4,619 MEMBERS ALONG 884 MILES OF OVERHEAD LINE AND 1,255 MILES OF UNDERGROUND LINE.

As filed on the 2024 return.

Listed in Part VII

  • Ron Jorgenson

    PRESIDENT

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Mike Miest

    VICE PRESIDENT

    Total calculated
    $22,600
    From this org
    $22,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Brad Asendorf

    SECRETARY

    Total calculated
    $21,600
    From this org
    $21,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Matt Peters

    TREASURER

    Total calculated
    $22,000
    From this org
    $22,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Mark Sandberg

    DIRECTOR

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Brent Imker

    DIRECTOR

    Total calculated
    $22,400
    From this org
    $22,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Bill Kunz

    DIRECTOR

    Total calculated
    $22,400
    From this org
    $22,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Ronald Horman

    GENERAL MANAGER

    Total calculated
    $188,906
    From this org
    $124,447
    From related orgs
    $0
    Other
    $64,459
    Hours/week
    26

    Schedule J breakdown matched by us

    Base
    $118,209
    Bonus
    $300
    Other
    $5,938
    Deferred
    $45,788
    Nontaxable benefits
    $21,130
    Filer's total
    $191,365

  • Tyler Flohrs

    CFO

    Total calculated
    $189,584
    From this org
    $148,885
    From related orgs
    $0
    Other
    $40,699
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $147,608
    Bonus
    $0
    Other
    $1,277
    Deferred
    $38,858
    Nontaxable benefits
    $1,840
    Filer's total
    $189,583

  • Jeffrey Benson

    OPERATIONS MANAGER

    Total calculated
    $251,219
    From this org
    $146,303
    From related orgs
    $0
    Other
    $104,916
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $143,743
    Bonus
    $0
    Other
    $2,560
    Deferred
    $99,210
    Nontaxable benefits
    $5,705
    Filer's total
    $251,218

  • James Haler

    MEMBER SERVICES MANAGER

    Total calculated
    $162,598
    From this org
    $121,769
    From related orgs
    $0
    Other
    $40,829
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $118,824
    Bonus
    $0
    Other
    $2,945
    Deferred
    $36,749
    Nontaxable benefits
    $4,080
    Filer's total
    $162,598

  • Lucas Malmgren

    LINE SUPERINTENDENT

    Total calculated
    $154,168
    From this org
    $118,414
    From related orgs
    $0
    Other
    $35,754
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $118,066
    Bonus
    $0
    Other
    $348
    Deferred
    $30,916
    Nontaxable benefits
    $4,838
    Filer's total
    $154,168

  • Adam Johnson

    METER FOREMAN JOURNEYMAN LINEMAN

    Total calculated
    $136,685
    From this org
    $115,378
    From related orgs
    $0
    Other
    $21,307
    Hours/week
    40

  • Greg Giese

    CREW CHIEF JOURNEYMAN LINEMAN

    Total calculated
    $155,146
    From this org
    $114,898
    From related orgs
    $0
    Other
    $40,248
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,486
    Bonus
    $0
    Other
    $1,412
    Deferred
    $37,668
    Nontaxable benefits
    $2,580
    Filer's total
    $155,146

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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

The filer's explanations (Part III)

PART I, LINE 1A
THE CO-OP PAYS FOR THE MANAGER'S SPOUSE'S AIR FARE TO ALL MEETINGS. IF TYLER FLOHRS, LUCAS MALMGREN, JEFF BENSON, OR JIM HALER GO TO THE NRECA ANNUAL MEETING, THEIR SPOUSE'S AIR FARE IS PAID FOR BY THE CO-OP. THE SPOUSE'S AIR FARE IS ADDED TO THE EMPLOYEE'S TAXABLE INCOME. THE DIRECTORS' SPOUSE'S AIR FARE IS NOT COVERED BY THE CO-OP.
SCHEDULE J, PART II, COLUMN C:
COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR EACH PARTICIPANT RATHER THAN THE ACTUAL CONTRIBUTION PAID TO THE PLAN. CHANGE IN ACTUARIAL VALUE: - JEFFREY BENSON $94,976 - RONALD HORMAN $39,792 - TYLER FLOHRS $34,624 - JAMES HALER $33,267 - GREG GIESE $34,721 - LUCAS MALMGREN $27,434 CONTRIBUTION TO THE PLAN BY COOPERATIVE: - JEFFREY BENSON $38,902 - RONALD HORMAN $37,313 - TYLER FLOHRS $38,902 - JAMES HALER $29,122 - GREG GIESE $27,393 - LUCAS MALMGREN $31,992 RONALD HORMAN IS A SHARED EMPLOYEE WITH ANOTHER ELECTRIC COOPERATIVE. SOUTH CENTRAL ELECTRIC ASSOCIATION'S SHARE OF RONALD'S COMPENSATION IS REPORTED IN SCHEDULE J AND FORM 990, PART VII.

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

  • MINNESOTA WEST COMMUNITY COLLEGE

    $0

    TO PROVIDE MATERIALS TO USE FOR LINESCHOOL INSTRUCTION COURSES AND TRAINING

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
30 June 2025
IRS schema version
2024v5.2
Source object
202501899349300125

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