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Nonprofiteer
← SOUTHEASTERN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by SOUTHEASTERN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$46,140,293
Total expenses
$46,140,293
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$46,002,341
Investment income
$94,244
Other revenue
$43,708
Total assets, end of year
$87,750,718
Total liabilities, end of year
$41,543,614
Net assets or fund balances, end of year
$46,207,104
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: SALES OF ELECTRICITY

    total $45,168,895 · related or exempt $45,168,895

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $819,046 · related or exempt $819,046

  • 2c · Program service revenue: SERVICE FEE REVENUE

    total $14,400 · related or exempt $14,400

  • 3 · Investment income

    total $86,744 · excluded $86,744

  • 6a · Gross rents

    real property $44,453

  • 6c · Rental income or loss

    real property $44,453

  • 6d · Net rental income or loss

    total $44,453 · excluded $44,453

  • 7a · Gross sales of assets other than inventory

    other assets $7,500

  • 7c · Gain or loss

    other assets $7,500

  • 7d · Net gain or loss

    total $7,500 · excluded $7,500

  • 10a · Gross sales of inventory

    $785

  • 10b · Cost of goods sold

    $1,530

  • 10c · Net income from sales of inventory

    total -$745 · excluded -$745

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,724,448

  • 5 · Compensation of officers, directors and key employees

    total $640,388

  • 7 · Other salaries and wages

    total $776,543

  • 20 · Interest

    total $909,615

  • 22 · Depreciation, depletion and amortization

    total $2,491,628

  • 24a · Other expenses: COST OF POWER

    total $33,544,028

  • 24b · Other expenses: DISTRIBUTION

    total $3,516,222

  • 24c · Other expenses: CONSUMER EXPENSE

    total $1,537,421

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,020,573 · end of year $657,749

  • 4 · Accounts receivable

    beginning of year $4,048,923 · end of year $6,464,340

  • 8 · Inventories for sale or use

    beginning of year $716,420 · end of year $894,812

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,203,221 · end of year $4,080,055

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

    $82,450,610

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

    $21,420,972

  • 10c · Land, buildings and equipment, net

    beginning of year $57,028,247 · end of year $61,029,638

  • 13 · Investments: program-related

    beginning of year $14,156,467 · end of year $14,624,124

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,171,022 · end of year $5,975,441

  • 23 · Secured mortgages and notes payable

    beginning of year $33,794,427 · end of year $35,568,173

  • 29 · Capital stock, trust principal or current funds

    beginning of year $57,935 · end of year $59,240

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

    beginning of year $1,667,628 · end of year $1,801,741

  • 31 · Retained earnings, endowment or other funds

    beginning of year $42,482,839 · end of year $44,346,123

Mission and programs · 2022

Mission

TO PROVIDE ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.

  • TO PROVIDE ELECTRICITY TO OUR MEMBERS - 16,589 ACTIVE SERVICES (19,069 TOTAL SERVICES IN PLACE - 2,480 IDLE SERVICES) AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.

As filed on the 2022 return.

Listed in Part VII

  • James Fox

    GENERAL MANA

    Total calculated
    $371,903
    From this org
    $200,036
    From related orgs
    $0
    Other
    $171,867
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,745
    Bonus
    not reported
    Other
    $4,291
    Deferred
    $159,105
    Nontaxable benefits
    $12,762
    Filer's total
    $371,903

  • Russell Stepp

    DIRECTOR OPE

    Total calculated
    $162,015
    From this org
    $104,643
    From related orgs
    $0
    Other
    $57,372
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $102,544
    Bonus
    not reported
    Other
    $2,099
    Deferred
    $44,610
    Nontaxable benefits
    $12,762
    Filer's total
    $162,015

  • Randy Cloyd

    OFFICE MANAG

    Total calculated
    $156,877
    From this org
    $142,693
    From related orgs
    $0
    Other
    $14,184
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,693
    Bonus
    not reported
    Other
    not reported
    Deferred
    $2,486
    Nontaxable benefits
    $11,698
    Filer's total
    $156,877

  • Michael Green

    WORKING FORE

    Total calculated
    $156,277
    From this org
    $116,982
    From related orgs
    $0
    Other
    $39,295
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $116,722
    Bonus
    not reported
    Other
    $260
    Deferred
    $26,533
    Nontaxable benefits
    $12,762
    Filer's total
    $156,277

  • Jason Whitaker

    AREA SERVICE

    Total calculated
    $151,802
    From this org
    $113,921
    From related orgs
    $0
    Other
    $37,881
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,698
    Bonus
    not reported
    Other
    $223
    Deferred
    $25,119
    Nontaxable benefits
    $12,762
    Filer's total
    $151,802

  • Leith Burkhalter

    LINEMAN

    Total calculated
    $149,572
    From this org
    $107,020
    From related orgs
    $0
    Other
    $42,552
    Hours/week
    40

  • Tracy Rogers

    MEMBER

    Total calculated
    $39,319
    From this org
    $39,319
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Odis Willingham

    PRESIDENT

    Total calculated
    $39,039
    From this org
    $39,039
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Dennis Bowen

    VICE-PRESIDE

    Total calculated
    $38,479
    From this org
    $38,479
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • David Kelly

    MEMBER

    Total calculated
    $38,339
    From this org
    $38,339
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Anthony Dillard

    MEMBER

    Total calculated
    $38,059
    From this org
    $38,059
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Casey Robinson

    MEMBER

    Total calculated
    $37,779
    From this org
    $37,779
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Steven Kelso

    MEMBER

    Total calculated
    $22,883
    From this org
    $22,883
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Dancer

    MEMBER

    Total calculated
    $14,588
    From this org
    $14,588
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 · Form 990 of other organizations
  • 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

The filer's explanations (Part III)

SCHEDULE J, PART III
PART II, COLUMN C: INCLUDED IN THIS AMOUNT IS THE INCREASE OR DECREASE IN ACTUARIAL VALUE OF RS DEFINED BENEFIT PENSION PLAN. THIS INCREASE OR DECREASE DOES NOT REPRESENT CASH PAYMENTS UNDER THE PLAN.

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
7 November 2023
IRS schema version
2022v5.0
Source object
202333129349301468

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