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Nonprofiteer
← SUMTER ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2023

Filed by SUMTER ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$53,360,558
Total expenses
$53,360,558
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$52,977,905
Investment income
$382,653
Other revenue
$0
Total assets, end of year
$159,996,605
Total liabilities, end of year
$83,002,182
Net assets or fund balances, end of year
$76,994,423
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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 $51,305,561 · related or exempt $51,305,561

  • 2b · Program service revenue: G & T CAPITAL CREDITS

    total $982,161 · related or exempt $982,161

  • 2c · Program service revenue: POLE RENTAL

    total $388,974 · related or exempt $388,974

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $388,185 · related or exempt $388,185

  • 2e · Program service revenue: OTHER REVENUES

    total -$86,976 · related or exempt -$86,976

  • 3 · Investment income

    total $382,653 · excluded $382,653

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,416,662

  • 5 · Compensation of officers, directors and key employees

    total $764,311

  • 20 · Interest

    total $2,316,756

  • 22 · Depreciation, depletion and amortization

    total $4,584,911

  • 24a · Other expenses: PURCHASED POWER

    total $26,990,256

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $4,951,305

  • 24c · Other expenses: ADMIN. & GENERAL EXP.

    total $4,678,614

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $2,897,959

  • 24e · All other expenses

    total $2,759,784

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,098,036 · end of year $6,292,537

  • 4 · Accounts receivable

    beginning of year $2,084,604 · end of year $2,329,224

  • 8 · Inventories for sale or use

    beginning of year $2,297,136 · end of year $2,148,731

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,754,290 · end of year $1,252,040

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

    $161,429,608

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

    $39,810,755

  • 10c · Land, buildings and equipment, net

    beginning of year $112,667,491 · end of year $121,618,853

  • 13 · Investments: program-related

    beginning of year $21,011,297 · end of year $22,241,689

  • 15 · Other assets

    beginning of year $4,412,501 · end of year $4,113,531

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,846,048 · end of year $7,090,757

  • 23 · Secured mortgages and notes payable

    beginning of year $65,316,648 · end of year $69,114,683

  • 25 · Other liabilities

    beginning of year $7,567,881 · end of year $6,796,742

  • 29 · Capital stock, trust principal or current funds

    beginning of year $75,855 · end of year $76,275

  • 31 · Retained earnings, endowment or other funds

    beginning of year $73,518,923 · end of year $76,918,148

Mission and programs · 2023

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

As filed on the 2023 return.

Listed in Part VII

  • Cecil O Myers Jr

    CHAIRMAN

    Total calculated
    $33,435
    From this org
    $33,435
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michael Webb

    VICE CHAIRMA

    Total calculated
    $33,497
    From this org
    $33,497
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • William Harris

    SEC-TREASURE

    Total calculated
    $31,384
    From this org
    $31,384
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Christi Dockery

    ASST SECRETA

    Total calculated
    $29,567
    From this org
    $29,567
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Albert Barrett

    DIRECTOR

    Total calculated
    $33,157
    From this org
    $33,157
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Eddie Watson

    DIRECTOR

    Total calculated
    $31,287
    From this org
    $31,287
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Glenn E Davis

    DIRECTOR

    Total calculated
    $31,967
    From this org
    $31,967
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Andrew Payne

    DIRECTOR

    Total calculated
    $28,724
    From this org
    $28,724
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lisa A Davis

    DIRECTOR

    Total calculated
    $25,154
    From this org
    $25,154
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Leon Williams

    DIRECTOR

    Total calculated
    $23,061
    From this org
    $23,061
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lehanne Singleton

    DIRECTOR

    Total calculated
    $29,057
    From this org
    $29,057
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Rene Smith

    PRESIDENT &

    Total calculated
    $434,021
    From this org
    $313,859
    From related orgs
    $0
    Other
    $120,162
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $303,512
    Bonus
    not reported
    Other
    $10,347
    Deferred
    $77,195
    Nontaxable benefits
    $42,967
    Filer's total
    $434,021

  • David Brokamp

    SR. VP. OPER

    Total calculated
    $348,065
    From this org
    $249,291
    From related orgs
    $0
    Other
    $98,774
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $230,933
    Bonus
    not reported
    Other
    $18,358
    Deferred
    $58,851
    Nontaxable benefits
    $39,923
    Filer's total
    $348,065

  • William Hammack

    VP FINANCE &

    Total calculated
    $282,124
    From this org
    $193,639
    From related orgs
    $0
    Other
    $88,485
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $183,637
    Bonus
    not reported
    Other
    $10,002
    Deferred
    $47,830
    Nontaxable benefits
    $40,655
    Filer's total
    $282,124

  • Andrea Walker

    VP ADMIN & M

    Total calculated
    $262,056
    From this org
    $181,145
    From related orgs
    $0
    Other
    $80,911
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $179,796
    Bonus
    not reported
    Other
    $1,349
    Deferred
    $45,455
    Nontaxable benefits
    $35,456
    Filer's total
    $262,056

  • Brad Ward

    VP ENGINEERI

    Total calculated
    $259,818
    From this org
    $181,373
    From related orgs
    $0
    Other
    $78,445
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $174,073
    Bonus
    not reported
    Other
    $7,300
    Deferred
    $43,741
    Nontaxable benefits
    $34,704
    Filer's total
    $259,818

  • Julie Higgins

    FMR-VP FIN &

    Total calculated
    $178,698
    From this org
    $166,624
    From related orgs
    $0
    Other
    $12,074
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $36,027
    Bonus
    not reported
    Other
    $130,597
    Deferred
    $8,492
    Nontaxable benefits
    $3,582
    Filer's total
    $178,698

  • J Ted McMillan

    PRESIDENT EM

    Total calculated
    $141,419
    From this org
    $141,419
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    $141,419
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $141,419

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4
JULIE HIGGINS 0 81,966 0 J. TED MCMILLAN 0 141,419 0
SCHEDULE J, PART III
J. TED MCMILLAN'S AND JULIE HIGGINS COMPENSATION IS DUE TO DISTRIBUTIONS HIS IRC 457(B) ACCOUNTS. THESE DISTRIBUTIONS WILL CONTINUE BASED ON THEIR PAYOUT SCHEDULE PROVIDED BY THE PARTICIPANTS. THE DISTRIBUTIONS WERE FUNDED SOLEY FROM EMPLOYEE DEFERRALS OF COMPENSATION UNDER IRC 457(B). THE AMOUNTS DEFERRED WERE REPORTED AS COMPENSATION IN PREVIOUS 990'S AS THE COMPENSATION WAS DEFERRED AND TAXED TO THE PARTICIPANT AS FICA WAGES.

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
2023
Filed
29 February 2024
IRS schema version
2023v4.0
Source object
202420599349300622

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