Skip to content
Nonprofiteer
← SUSSEX RURAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2025

Filed by SUSSEX RURAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$29,547,553
Total expenses
$27,904,062
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$27,580,362
Investment income
$40,085
Other revenue
$1,927,106
Total assets, end of year
$61,117,810
Total liabilities, end of year
$32,462,253
Net assets or fund balances, end of year
$28,655,557
Program services expenses (Part IX)
$27,904,062
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$27,904,062

Program services were 100.0% 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: SALE OF ELECTRICITY

    total $26,531,654 · related or exempt $26,531,654

  • 2b · Program service revenue: OTHER OPERATING REVENUE

    total $1,048,708 · related or exempt $1,048,708

  • 3 · Investment income

    total $34,839 · excluded $34,839

  • 6a · Gross rents

    real property $7,800 · personal property $782,088

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $7,800 · personal property $782,088

  • 6d · Net rental income or loss

    total $789,888 · unrelated business $7,800 · excluded $782,088

  • 7a · Gross sales of assets other than inventory

    other assets $5,246

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

    other assets $0

  • 7c · Gain or loss

    other assets $5,246

  • 7d · Net gain or loss

    total $5,246 · related or exempt $5,246

  • 11a · Other revenue: G&T AND PATRONAGE CAPITAL CREDITS

    total $562,567 · related or exempt $562,567

  • 11b · Other revenue: SUBSIDIARY GAIN

    total $411,099 · related or exempt $411,099

  • 11c · Other revenue: OTHER

    total $163,552 · related or exempt $163,552

  • 11e · Other revenue, total

    $1,137,218

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $377,466 · program services $377,466

  • 5 · Compensation of officers, directors and key employees

    total $738,513 · program services $738,513

  • 20 · Interest

    total $1,009,132 · program services $1,009,132

  • 22 · Depreciation, depletion and amortization

    total $2,193,666 · program services $2,193,666

  • 24a · Other expenses: COST OF POWER

    total $13,761,343 · program services $13,761,343

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $3,763,629 · program services $3,763,629

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $2,699,272 · program services $2,699,272

  • 24d · Other expenses: GENERAL AND ADMINISTRAT

    total $2,112,248 · program services $2,112,248

  • 24e · All other expenses

    total $1,248,793 · program services $1,248,793

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,090,934 · end of year $2,094,691

  • 4 · Accounts receivable

    beginning of year $2,921,988 · end of year $2,637,295

  • 8 · Inventories for sale or use

    beginning of year $1,163,500 · end of year $1,067,308

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,807,734 · end of year $5,073,575

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

    $85,757,580

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

    $46,349,076

  • 10c · Land, buildings and equipment, net

    beginning of year $39,018,526 · end of year $39,408,504

  • 13 · Investments: program-related

    beginning of year $10,077,903 · end of year $10,130,959

  • 15 · Other assets

    beginning of year -$201,696 · end of year $705,478

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,625,692 · end of year $3,761,182

  • 19 · Deferred revenue

    beginning of year $2,794,054 · end of year $5,102,246

  • 23 · Secured mortgages and notes payable

    beginning of year $24,488,996 · end of year $23,142,835

  • 25 · Other liabilities

    beginning of year $453,911 · end of year $455,990

  • 29 · Capital stock, trust principal or current funds

    beginning of year $56,030 · end of year $56,175

  • 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 $26,460,206 · end of year $28,599,382

Mission and programs · 2025

Mission

TO PROVIDE ELECTRIC POWER TO MEMBERS.

  • TO PROVIDE ELECTRIC POWER TO MEMBERS.

    Expenses $27,904,062

As filed on the 2025 return.

Listed in Part VII

  • Jack Haggerty Jr

    CHAIRMAN

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6 + 0.5 related

  • William Kovach

    VICE-CHAIRMAN

    Total calculated
    $12,100
    From this org
    $12,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.8 + 0.5 related

  • Ronald J Dupont Jr

    SECRETARY/TREASURER

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Thomas E Madsen

    DIRECTOR

    Total calculated
    $9,350
    From this org
    $9,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Barbara Berge Miller

    DIRECTOR

    Total calculated
    $8,800
    From this org
    $8,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Brad Sparta

    DIRECTOR

    Total calculated
    $11,200
    From this org
    $11,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4 + 1 related

  • Karen McDougal

    DIRECTOR

    Total calculated
    $7,850
    From this org
    $7,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Joseph Barca

    DIRECTOR

    Total calculated
    $13,550
    From this org
    $13,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    5 + 1 related

  • Michael Abate

    DIRECTOR

    Total calculated
    $8,900
    From this org
    $8,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Christopher Reese

    PRESIDENT/CEO

    Total calculated
    $404,150
    From this org
    $298,094
    From related orgs
    $0
    Other
    $106,056
    Hours/week
    41.54 + 1 related

    Schedule J breakdown matched by us

    Base
    $286,902
    Bonus
    $0
    Other
    $11,192
    Deferred
    $80,443
    Nontaxable benefits
    $25,613
    Filer's total
    $404,150

  • Alison Stormes

    DIRECTOR OF FINANCE

    Total calculated
    $241,202
    From this org
    $176,263
    From related orgs
    $0
    Other
    $64,939
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $170,263
    Bonus
    $6,000
    Other
    $0
    Deferred
    $49,139
    Nontaxable benefits
    $15,800
    Filer's total
    $241,202

  • Michael Osborne

    DIRECTOR OF ENGINEERING AN

    Total calculated
    $258,090
    From this org
    $205,069
    From related orgs
    $0
    Other
    $53,021
    Hours/week
    40.84

    Schedule J breakdown matched by us

    Base
    $199,069
    Bonus
    $6,000
    Other
    $0
    Deferred
    $53,021
    Nontaxable benefits
    $0
    Filer's total
    $258,090

  • Jeffrey Rowen

    MANAGER OF OPERATIONS

    Total calculated
    $254,102
    From this org
    $188,625
    From related orgs
    $0
    Other
    $65,477
    Hours/week
    48.34

    Schedule J breakdown matched by us

    Base
    $184,812
    Bonus
    $1,000
    Other
    $2,813
    Deferred
    $39,864
    Nontaxable benefits
    $25,613
    Filer's total
    $254,102

  • Anthony Salokas

    CHIEF LINEMAN

    Total calculated
    $224,162
    From this org
    $180,674
    From related orgs
    $0
    Other
    $43,488
    Hours/week
    48.02

    Schedule J breakdown matched by us

    Base
    $180,674
    Bonus
    $0
    Other
    $0
    Deferred
    $34,368
    Nontaxable benefits
    $9,120
    Filer's total
    $224,162

  • Kyle Drew

    CHIEF LINEMAN

    Total calculated
    $251,423
    From this org
    $191,358
    From related orgs
    $0
    Other
    $60,065
    Hours/week
    50.52

    Schedule J breakdown matched by us

    Base
    $191,358
    Bonus
    $0
    Other
    $0
    Deferred
    $34,452
    Nontaxable benefits
    $25,613
    Filer's total
    $251,423

  • Thomas Stone

    MANAGER OF OPERATIONS

    Total calculated
    $278,136
    From this org
    $210,857
    From related orgs
    $0
    Other
    $67,279
    Hours/week
    47.67

    Schedule J breakdown matched by us

    Base
    $177,519
    Bonus
    $3,000
    Other
    $30,338
    Deferred
    $51,479
    Nontaxable benefits
    $15,800
    Filer's total
    $278,136

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 · 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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • SREC RESOURCES INC

    C · SALES · NJ · 100% owned · share of income $1,999,689 · share of assets $814,544

Provenance

Return type
form_990
Tax year
2025
Filed
13 July 2026
IRS schema version
2025v4.2
Source object
202611949349300741

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.