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Nonprofiteer
← SWISHER ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by SWISHER ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$23,525,553
Total expenses
$23,492,918
Contributions and grants received
$0
Grants paid
$13,260
Program service revenue
$23,083,280
Investment income
$418,847
Other revenue
$23,426
Total assets, end of year
$74,981,720
Total liabilities, end of year
$30,552,500
Net assets or fund balances, end of year
$44,429,220
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: SALES OF ELECTRICITY

    total $21,843,597 · related or exempt $21,843,597

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $826,109 · related or exempt $826,109

  • 2c · Program service revenue: OTHER PROGRAM REVENUE

    total $314,067 · related or exempt $228,183 · unrelated business $85,884

  • 2d · Program service revenue: SERVICE FEES

    total $82,107 · related or exempt $82,107

  • 2e · Program service revenue: ELECTRIC WHEELING

    total $17,400 · related or exempt $17,400

  • 3 · Investment income

    total $394,369 · excluded $394,369

  • 6a · Gross rents

    personal property $9,180

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $9,180

  • 6d · Net rental income or loss

    total $9,180 · unrelated business $9,180

  • 7a · Gross sales of assets other than inventory

    other assets $24,478

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

    other assets $0

  • 7c · Gain or loss

    other assets $24,478

  • 7d · Net gain or loss

    total $24,478 · related or exempt $24,478

  • 10a · Gross sales of inventory

    $137,892

  • 10b · Cost of goods sold

    $138,795

  • 10c · Net income from sales of inventory

    total -$903 · related or exempt -$903

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $10,985 · excluded $10,985

  • 11b · Other revenue: SCRAP SALES

    total $4,164 · related or exempt $4,164

  • 11e · Other revenue, total

    $15,149

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $13,260

  • 4 · Benefits paid to or for members

    total $1,469,884

  • 5 · Compensation of officers, directors and key employees

    total $913,414

  • 7 · Other salaries and wages

    total $1,799,786

  • 8 · Pension plan contributions

    total $245,562

  • 9 · Other employee benefits

    total $457,772

  • 10 · Payroll taxes

    total $246,472

  • 20 · Interest

    total $914,720

  • 22 · Depreciation, depletion and amortization

    total $2,044,884

  • 24a · Other expenses: PURCHASED POWER

    total $12,481,053

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $1,450,550

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $879,509

  • 24d · Other expenses: OPERATING TAXES

    total $199,211

  • 24e · All other expenses

    total $376,841

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $754,723 · end of year $420,836

  • 2 · Savings and temporary cash investments

    beginning of year $2,688,497 · end of year $1,708,067

  • 4 · Accounts receivable

    beginning of year $1,117,039 · end of year $1,223,871

  • 8 · Inventories for sale or use

    beginning of year $718,799 · end of year $209,680

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,836,940 · end of year $2,620,716

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

    $76,558,872

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

    $35,124,530

  • 10c · Land, buildings and equipment, net

    beginning of year $38,891,678 · end of year $41,434,342

  • 13 · Investments: program-related

    beginning of year $27,054,076 · end of year $27,335,824

  • 15 · Other assets

    beginning of year $26,714 · end of year $28,384

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,512,363 · end of year $1,662,464

  • 21 · Escrow or custodial account liability

    beginning of year $73,986 · end of year $99,086

  • 23 · Secured mortgages and notes payable

    beginning of year $25,032,860 · end of year $25,363,979

  • 25 · Other liabilities

    beginning of year $3,132,828 · end of year $3,426,971

  • 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 $44,336,429 · end of year $44,429,220

Mission and programs · 2024

Mission

TO SUPPLY THE PRESENT AND FUTURE ELECTRICAL SERVICE NEEDS TO ITS MEMBERS IN AN EFFICIENT AND ECONOMICAL MANNER AND TO HAVE A SOUND FINANCIAL BASE IN ORDER TO PROVIDE THE HIGHEST RELIABILITY OF SERVICE WITH INTEGRITY, INNOVATION, ACCOUNTABILITY AND COMMITMENT TO COMMUNITY THEREBY ENHANCING THE QUALITY OF LIFE FOR ALL OUR MEMBERS.

Activities or mission (Part I)

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 7,903 ACTIVE SERVICES AT YEAR END.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jeff Harrell

    DIRECTOR

    Total calculated
    $30,099
    From this org
    $30,099
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Dwain Strange

    PRESIDENT

    Total calculated
    $29,584
    From this org
    $29,584
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.33

  • Ralph Frost

    DIRECTOR

    Total calculated
    $29,581
    From this org
    $29,581
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Billy Cogdell

    ASST. SECRETARY/TREASURE

    Total calculated
    $29,575
    From this org
    $29,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mace Middleton

    VICE PRESIDENT

    Total calculated
    $29,575
    From this org
    $29,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.25

  • Brad Sharp

    DIRECTOR

    Total calculated
    $15,569
    From this org
    $15,569
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.34

  • Jimmy Burson

    SECRETARY/TREASURER

    Total calculated
    $15,388
    From this org
    $15,388
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dwain Tipton

    GENERAL MANAGER

    Total calculated
    $362,943
    From this org
    $247,191
    From related orgs
    $0
    Other
    $115,752
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $165,932
    Bonus
    $16,070
    Other
    $65,189
    Deferred
    $76,156
    Nontaxable benefits
    $39,596
    Filer's total
    $362,943

  • Henry Cruz Jr

    DIRECTOR OF OPS & INTERIM GM

    Total calculated
    $193,814
    From this org
    $110,101
    From related orgs
    $0
    Other
    $83,713
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $104,748
    Bonus
    $3,410
    Other
    $1,943
    Deferred
    $49,764
    Nontaxable benefits
    $33,949
    Filer's total
    $193,814

  • Jasmine Watson

    DIRECTOR OF FINANCE

    Total calculated
    $177,286
    From this org
    $127,155
    From related orgs
    $0
    Other
    $50,131
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,179
    Bonus
    $598
    Other
    $378
    Deferred
    $17,813
    Nontaxable benefits
    $32,318
    Filer's total
    $177,286

  • Michael Martin

    MGR OF ENGINEERING SVCS

    Total calculated
    $155,100
    From this org
    $102,693
    From related orgs
    $0
    Other
    $52,407
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $95,449
    Bonus
    $5,372
    Other
    $1,872
    Deferred
    $24,211
    Nontaxable benefits
    $28,196
    Filer's total
    $155,100

  • Robert Sturgess

    FOREMAN

    Total calculated
    $145,872
    From this org
    $102,800
    From related orgs
    $0
    Other
    $43,072
    Hours/week
    60

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 · Independent compensation consultant
  • 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
PURSUANT TO APPLICABLE TRAVEL POLICIES, THE COOPERATIVE WILL REIMBURSE DIRECTORS FOR THE COST OF HIS/HER SPOUSE TO ACCOMPANY HIM/HER ON OFFICIAL BUSINESS OF THE COOPERATIVE. NO INDIVIDUALS REPORTED ON PART VII RECEIVED THIS BENEFIT DURING THE YEAR.
PART I, LINE 3
THE GENERAL MANAGER AND BOARD OF DIRECTORS USE AN INDPENDENT CONSULTANT IN DETERMING COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES.
PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS AND REPRESENT THE TRUE COST TO THE COOPERATIVE. DWAIN TIPTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 72,610 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,546 TOTAL REPORTED IN COLUMN C $ 76,156 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (72,610) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 41,082 EXPENSE TO THE COOPERATIVE $ 44,628 HENRY CRUZ JR.: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 47,538 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,226 TOTAL REPORTED IN COLUMN C $ 49,764 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (47,538) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 23,690 EXPENSE TO THE COOPERATIVE $ 25,916 JASMINE WATSON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 15,198 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,615 TOTAL REPORTED IN COLUMN C $ 17,813 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (15,198) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 29,172 EXPENSE TO THE COOPERATIVE $ 31,787 MICHAEL MARTIN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 22,214 EMPLOYER CONTRIBUTION TO 401(K) PLAN 1,997 TOTAL REPORTED IN COLUMN C $ 24,211 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (22,214) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,427 EXPENSE TO THE COOPERATIVE $ 24,424

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • RURAL ENERGY SOLUTIONS LLC

    ENERGY SERVICES · TX · income $204,067 · assets $269,334

    Directly controlled by SWISHER ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202523219349307642

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