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Nonprofiteer
← SUMTER ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by SUMTER ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$523,542,477
Total expenses
$503,363,052
Contributions and grants received
$0
Grants paid
$36,000
Program service revenue
$522,892,624
Investment income
$619,381
Other revenue
$30,472
Total assets, end of year
$1,413,030,769
Total liabilities, end of year
$1,009,422,747
Net assets or fund balances, end of year
$403,608,022
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 ELECTRICITY

    total $509,509,436 · related or exempt $509,509,436

  • 2b · Program service revenue: POLE RENTAL

    total $4,691,921 · excluded $4,691,921

  • 2c · Program service revenue: SERVICE CHARGE INCOME

    total $4,467,940 · related or exempt $4,467,940

  • 2d · Program service revenue: CAPITAL CREDITS - OTHER

    total $4,223,327 · excluded $4,223,327

  • 3 · Investment income

    total $420,802 · excluded $420,802

  • 6a · Gross rents

    personal property $54,114

  • 6b · Less rental expenses

    personal property $23,642

  • 6c · Rental income or loss

    personal property $30,472

  • 6d · Net rental income or loss

    total $30,472 · unrelated business $30,472

  • 7a · Gross sales of assets other than inventory

    other assets $213,932

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

    other assets $15,353

  • 7c · Gain or loss

    other assets $198,579

  • 7d · Net gain or loss

    total $198,579 · related or exempt $198,579

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $36,000

  • 4 · Benefits paid to or for members

    total $3,921,290

  • 5 · Compensation of officers, directors and key employees

    total $6,542,523

  • 6 · Compensation of disqualified persons

    total $139,385

  • 7 · Other salaries and wages

    total $1,705,453

  • 20 · Interest

    total $25,382,521

  • 22 · Depreciation, depletion and amortization

    total $36,081,739

  • 24a · Other expenses: PURCHASED POWER

    total $310,529,639

  • 24b · Other expenses: DISTRIBUTION EXPENSE -

    total $54,415,625

  • 24c · Other expenses: ADMINISTRATIVE GENERAL

    total $23,015,353

  • 24d · Other expenses: DISTRIBUTION EXPENSE -

    total $21,067,508

  • 24e · All other expenses

    total $20,526,016

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,062,037 · end of year $2,170,952

  • 4 · Accounts receivable

    beginning of year $36,865,764 · end of year $86,282,963

  • 8 · Inventories for sale or use

    beginning of year $74,949,474 · end of year $68,163,570

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,332,618 · end of year $5,080,883

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

    $1,355,656,636

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

    $255,504,125

  • 10c · Land, buildings and equipment, net

    beginning of year $971,974,142 · end of year $1,100,152,511

  • 13 · Investments: program-related

    beginning of year $133,097,604 · end of year $151,179,890

  • 17 · Accounts payable and accrued expenses

    beginning of year $94,334,207 · end of year $131,570,279

  • 23 · Secured mortgages and notes payable

    beginning of year $608,377,118 · end of year $809,491,083

  • 24 · Unsecured notes and loans payable

    beginning of year $97,583,945

  • 25 · Other liabilities

    beginning of year $56,048,784 · end of year $68,361,385

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,068,175 · end of year $1,113,485

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $8,287,225 · end of year $9,247,766

  • 31 · Retained earnings, endowment or other funds

    beginning of year $357,582,185 · end of year $393,246,771

Mission and programs · 2024

Mission

AS A NOT-FOR-PROFIT COOPERATIVE, SECO ENERGY PROVIDES RELIABLE AND INNOVATIVE ENERGY SERVICES TO OUR MEMBERS AND COMMUNITIES.

  • SALE AND DISTRIBUTION OF ELECTRICITY TO 252,543 ACCOUNTS IN THE COOPERATIVE'S SERVICE AREA.

As filed on the 2024 return.

Listed in Part VII

  • Shannon Wright

    TRUSTEE

    Total calculated
    $45,929
    From this org
    $45,929
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Scott Boyatt

    TRUSTEE - VICE PRES

    Total calculated
    $31,129
    From this org
    $31,129
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Richard Dennison

    TRUSTEE - THRU 1/24

    Total calculated
    $751
    From this org
    $751
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • William James Jr

    TRUSTEE - THRU 2/24

    Total calculated
    $4,506
    From this org
    $4,506
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Joseph Kusiak

    TRUSTEE

    Total calculated
    $39,029
    From this org
    $39,029
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Gerald Anderson

    TRUSTEE - PRESIDENT

    Total calculated
    $43,229
    From this org
    $43,229
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Joyce Anderson

    TRUSTEE

    Total calculated
    $35,279
    From this org
    $35,279
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Morgan Hatfield

    TRUSTEE - SEC/TREAS

    Total calculated
    $38,129
    From this org
    $38,129
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Michael Muffett

    TRUSTEE

    Total calculated
    $36,779
    From this org
    $36,779
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • James Lamotte

    TRUSTEE - BEG 4/24

    Total calculated
    $24,777
    From this org
    $24,777
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Martin Proctor

    TRUSTEE - BEG 3/24

    Total calculated
    $28,524
    From this org
    $28,524
    From related orgs
    $0
    Other
    $0
    Hours/week
    16

  • Curtis Wynn

    CEO

    Total calculated
    $1,233,900
    From this org
    $1,077,366
    From related orgs
    $0
    Other
    $156,534
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $847,918
    Bonus
    $130,203
    Other
    $99,245
    Deferred
    $136,867
    Nontaxable benefits
    $19,702
    Filer's total
    $1,233,935

  • Lonnie W Pennington

    VP RELIABILITY & OPERATIONS

    Total calculated
    $487,773
    From this org
    $364,312
    From related orgs
    $0
    Other
    $123,461
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $264,000
    Bonus
    $44,518
    Other
    $55,794
    Deferred
    $89,536
    Nontaxable benefits
    $33,960
    Filer's total
    $487,808

  • John Laselva

    COO

    Total calculated
    $952,846
    From this org
    $862,480
    From related orgs
    $0
    Other
    $90,366
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $549,000
    Bonus
    $80,727
    Other
    $232,753
    Deferred
    $62,208
    Nontaxable benefits
    $28,193
    Filer's total
    $952,881

  • Greggory H Morrell

    CCSO

    Total calculated
    $801,464
    From this org
    $705,913
    From related orgs
    $0
    Other
    $95,551
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $410,896
    Bonus
    $71,218
    Other
    $223,799
    Deferred
    $75,097
    Nontaxable benefits
    $20,489
    Filer's total
    $801,499

  • Kathryn E Gloria

    VP COR COMM & ENG SV

    Total calculated
    $272,040
    From this org
    $255,418
    From related orgs
    $0
    Other
    $16,622
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $161,818
    Bonus
    $34,610
    Other
    $58,990
    Deferred
    $11,010
    Nontaxable benefits
    $5,612
    Filer's total
    $272,040

  • Anh Reynolds

    VP - FIN & ADMIN SVC

    Total calculated
    $501,132
    From this org
    $409,388
    From related orgs
    $0
    Other
    $91,744
    Hours/week
    65

    Schedule J breakdown matched by us

    Base
    $304,521
    Bonus
    $45,900
    Other
    $58,967
    Deferred
    $51,458
    Nontaxable benefits
    $40,321
    Filer's total
    $501,167

  • Benjamin Dawson

    COO - INTERIM

    Total calculated
    $595,821
    From this org
    $457,299
    From related orgs
    $0
    Other
    $138,522
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $360,737
    Bonus
    $49,343
    Other
    $47,219
    Deferred
    $109,598
    Nontaxable benefits
    $28,959
    Filer's total
    $595,856

  • Tracy De Lemos

    VP CORP GEN COUNSEL

    Total calculated
    $470,326
    From this org
    $397,716
    From related orgs
    $0
    Other
    $72,610
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $322,884
    Bonus
    $49,113
    Other
    $25,719
    Deferred
    $28,364
    Nontaxable benefits
    $44,281
    Filer's total
    $470,361

  • April Brown

    VP OF HUMAN RESOURCES & CORP SVCS

    Total calculated
    $334,770
    From this org
    $279,473
    From related orgs
    $0
    Other
    $55,297
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $230,010
    Bonus
    $28,259
    Other
    $21,204
    Deferred
    $26,016
    Nontaxable benefits
    $29,316
    Filer's total
    $334,805

  • Ralph Lee Grant

    VP OF ENGINEERING

    Total calculated
    $290,039
    From this org
    $226,584
    From related orgs
    $0
    Other
    $63,455
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $188,108
    Bonus
    $0
    Other
    $38,476
    Deferred
    $55,217
    Nontaxable benefits
    $8,273
    Filer's total
    $290,074

  • Kathy D Judkins

    VP OF COMMUNICATIONS, COMMUNITY & MEMBER EXP

    Total calculated
    $274,351
    From this org
    $206,233
    From related orgs
    $0
    Other
    $68,118
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $171,415
    Bonus
    $9,273
    Other
    $25,545
    Deferred
    $54,465
    Nontaxable benefits
    $13,688
    Filer's total
    $274,386

  • Ronald V Summers

    DIRECTOR OF TECHNICAL SERVICES

    Total calculated
    $402,511
    From this org
    $262,944
    From related orgs
    $0
    Other
    $139,567
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,901
    Bonus
    $31,977
    Other
    $18,066
    Deferred
    $125,390
    Nontaxable benefits
    $14,177
    Filer's total
    $402,511

  • Corey James Price

    LINE TECH-1ST CLASS

    Total calculated
    $318,731
    From this org
    $289,437
    From related orgs
    $0
    Other
    $29,294
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $248,415
    Bonus
    $16,550
    Other
    $24,472
    Deferred
    $17,753
    Nontaxable benefits
    $11,541
    Filer's total
    $318,731

  • Shaun T Lamar

    MGR OF INF TECH

    Total calculated
    $304,194
    From this org
    $222,093
    From related orgs
    $0
    Other
    $82,101
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $166,348
    Bonus
    $30,924
    Other
    $24,821
    Deferred
    $59,532
    Nontaxable benefits
    $22,569
    Filer's total
    $304,194

  • Mark R Bowling

    DISTRIBUTION SUPERINTENDENT

    Total calculated
    $341,833
    From this org
    $253,124
    From related orgs
    $0
    Other
    $88,709
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $131,715
    Bonus
    $37,319
    Other
    $84,090
    Deferred
    $57,634
    Nontaxable benefits
    $31,075
    Filer's total
    $341,833

  • Jerry T Brown

    DIRECTOR OF SYSTEM OPERATIONS

    Total calculated
    $338,189
    From this org
    $267,110
    From related orgs
    $0
    Other
    $71,079
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $213,473
    Bonus
    $31,977
    Other
    $21,660
    Deferred
    $53,520
    Nontaxable benefits
    $17,559
    Filer's total
    $338,189

  • James P Duncan

    FORMER CEO

    Total calculated
    $139,385
    From this org
    $139,385
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $139,385
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $139,385

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 · Written employment contract
  • 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
2024
Filed
30 October 2025
IRS schema version
2024v5.2
Source object
202523099349301987

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