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← SIOUX VALLEY-SOUTHWESTERN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by SIOUX VALLEY-SOUTHWESTERN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$99,757,961
Total expenses
$99,757,961
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$92,637,236
Investment income
$147,097
Other revenue
$6,973,628
Total assets, end of year
$326,903,398
Total liabilities, end of year
$218,864,536
Net assets or fund balances, end of year
$108,038,862
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 $92,637,236 · related or exempt $92,637,236

  • 3 · Investment income

    total $197,491 · excluded $197,491

  • 6a · Gross rents

    real property $16,604

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $16,604

  • 6d · Net rental income or loss

    total $16,604 · excluded $16,604

  • 7a · Gross sales of assets other than inventory

    other assets $5,060

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

    other assets $55,454

  • 7c · Gain or loss

    other assets -$50,394

  • 7d · Net gain or loss

    total -$50,394 · excluded -$50,394

  • 10a · Gross sales of inventory

    $701,007

  • 10b · Cost of goods sold

    $1,374,247

  • 10c · Net income from sales of inventory

    total -$673,240 · related or exempt -$673,240

  • 11a · Other revenue: CAPITAL CREDITS

    total $7,630,264 · related or exempt $7,630,264

  • 11e · Other revenue, total

    $7,630,264

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $8,907,167

  • 5 · Compensation of officers, directors and key employees

    total $870,608

  • 20 · Interest

    total $5,953,105

  • 22 · Depreciation, depletion and amortization

    total $7,719,748

  • 24a · Other expenses: COST OF POWER

    total $56,807,142

  • 24b · Other expenses: DIST EXP - OPERATIONS

    total $6,404,715

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $5,109,833

  • 24d · Other expenses: DIST EXP - MAINTENANCE

    total $3,267,017

  • 24e · All other expenses

    total $4,718,626

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,863,379 · end of year $2,619,107

  • 2 · Savings and temporary cash investments

    beginning of year $5,148,974 · end of year $5,000,000

  • 4 · Accounts receivable

    beginning of year $10,063,726 · end of year $11,244,429

  • 8 · Inventories for sale or use

    beginning of year $7,076,490 · end of year $9,361,971

  • 9 · Prepaid expenses and deferred charges

    beginning of year $792,278 · end of year $840,006

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

    $298,385,639

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

    $60,658,324

  • 10c · Land, buildings and equipment, net

    beginning of year $218,060,012 · end of year $237,727,315

  • 13 · Investments: program-related

    beginning of year $55,194,098 · end of year $59,622,779

  • 14 · Intangible assets

    beginning of year $1,236 · end of year $1,236

  • 15 · Other assets

    beginning of year $419,316 · end of year $486,555

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,136,132 · end of year $13,212,448

  • 19 · Deferred revenue

    beginning of year $3,071,432 · end of year $5,732,806

  • 23 · Secured mortgages and notes payable

    beginning of year $182,290,212 · end of year $198,960,636

  • 25 · Other liabilities

    beginning of year $723,806 · end of year $958,646

  • 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 $101,397,927 · end of year $108,038,862

Mission and programs · 2022

Mission

SIOUX VALLEY ENERGY'S MISSION IS "SERVING OUR MEMBERS, ALWAYS".

Activities or mission (Part I)

TO PROVIDE ELECTRICITY UTILITY TO MEMBERS OF THE COOPERATIVE.

  • RURAL ELECTRIC DISTRIBUTION COOPERATIVE PROVIDING 897,000 MEGAWATT HOURS OF ELECTRICITY TO 23,322 MEMBER OWNERS.

As filed on the 2022 return.

Listed in Part VII

  • Gary Fish

    PRESIDENT

    Total calculated
    $17,628
    From this org
    $17,628
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.6

  • Dan Leuthold

    VICE PRESIDENT

    Total calculated
    $14,819
    From this org
    $11,769
    From related orgs
    $0
    Other
    $3,050
    Hours/week
    8.9

  • Don Degreef

    SECRETARY

    Total calculated
    $21,398
    From this org
    $21,398
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.8

  • Dave Daniel

    TREASURER

    Total calculated
    $17,378
    From this org
    $17,378
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Rodney Dement

    DIRECTOR

    Total calculated
    $14,731
    From this org
    $11,131
    From related orgs
    $0
    Other
    $3,600
    Hours/week
    12.1

  • Dr Leslie Heinemann

    DIRECTOR

    Total calculated
    $13,942
    From this org
    $13,942
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9

  • Gregg Johnson

    DIRECTOR

    Total calculated
    $21,430
    From this org
    $21,430
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.8

  • Mark Rogen

    DIRECTOR

    Total calculated
    $20,099
    From this org
    $20,099
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.4

  • Lucas Roskamp

    DIRECTOR

    Total calculated
    $18,238
    From this org
    $18,238
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Ann Vostad

    DIRECTOR

    Total calculated
    $13,302
    From this org
    $13,302
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.5

  • Allan Weinacht

    DIRECTOR

    Total calculated
    $19,319
    From this org
    $19,319
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.3

  • Tim McCarthy

    GENERAL MANAGER/CEO

    Total calculated
    $468,896
    From this org
    $316,334
    From related orgs
    $0
    Other
    $152,562
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $316,334
    Bonus
    $0
    Other
    $0
    Deferred
    $130,273
    Nontaxable benefits
    $22,289
    Filer's total
    $468,896

  • Jason Maxwell

    CFO

    Total calculated
    $209,428
    From this org
    $161,665
    From related orgs
    $0
    Other
    $47,763
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $161,665
    Bonus
    $0
    Other
    $0
    Deferred
    $31,979
    Nontaxable benefits
    $15,784
    Filer's total
    $209,428

  • Carrie Vugteveen

    DIRECTOR OF COM./GOVT. REL

    Total calculated
    $231,003
    From this org
    $173,462
    From related orgs
    $0
    Other
    $57,541
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $173,462
    Bonus
    $0
    Other
    $0
    Deferred
    $47,969
    Nontaxable benefits
    $9,572
    Filer's total
    $231,003

  • Debra Biever

    DIRECTOR OF CUSTOMER & EMP

    Total calculated
    $300,369
    From this org
    $182,916
    From related orgs
    $0
    Other
    $117,453
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $182,916
    Bonus
    $0
    Other
    $0
    Deferred
    $95,304
    Nontaxable benefits
    $22,149
    Filer's total
    $300,369

  • Theodore Smith

    DIRECTOR OF ENG & OPS

    Total calculated
    $277,256
    From this org
    $188,032
    From related orgs
    $0
    Other
    $89,224
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $188,032
    Bonus
    $0
    Other
    $0
    Deferred
    $72,688
    Nontaxable benefits
    $16,536
    Filer's total
    $277,256

  • Tim Fey

    MANAGER OF CONTRACTOR RELATIONS

    Total calculated
    $247,306
    From this org
    $138,616
    From related orgs
    $0
    Other
    $108,690
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $138,616
    Bonus
    $0
    Other
    $0
    Deferred
    $92,478
    Nontaxable benefits
    $16,212
    Filer's total
    $247,306

  • Michele Nielson

    MANAGER ENGINEERING

    Total calculated
    $224,077
    From this org
    $139,329
    From related orgs
    $0
    Other
    $84,748
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $139,329
    Bonus
    $0
    Other
    $0
    Deferred
    $62,922
    Nontaxable benefits
    $21,826
    Filer's total
    $224,077

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

  • 2 · Substantiation required before reimbursing expenses
  • 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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
4 August 2023
IRS schema version
2022v5.0
Source object
202322199349301572

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