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Nonprofiteer
← SEQUACHEE VALLEY ELECTRIC COOPERATIVE

Form 990 for tax year 2024

Filed by SEQUACHEE VALLEY ELECTRIC COOPERATIVE.

Totals

Total revenue
$121,157,075
Total expenses
$113,066,623
Contributions and grants received
$64,989
Grants paid
$0
Program service revenue
$120,246,546
Investment income
$696,153
Other revenue
$149,387
Total assets, end of year
$195,168,121
Total liabilities, end of year
$70,296,101
Net assets or fund balances, end of year
$124,872,020
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.

  • 1e · Government grants (contributions)

    $64,989

  • 2a · Program service revenue: ELECTRIC SERVICE REVENUE

    total $110,226,425 · related or exempt $110,226,425

  • 2b · Program service revenue: SERVICE REVENUE - SV CONNECT

    total $7,904,330 · related or exempt $7,904,330

  • 2c · Program service revenue: POLE RENTAL INCOME

    total $2,100,791 · excluded $2,100,791

  • 2d · Program service revenue: LEASE OF FIBER

    total $15,000 · excluded $15,000

  • 3 · Investment income

    total $695,395 · excluded $695,395

  • 7a · Gross sales of assets other than inventory

    other assets $758

  • 7c · Gain or loss

    other assets $758

  • 7d · Net gain or loss

    total $758 · related or exempt $758

  • 11a · Other revenue: OTHER NONOPERATING REVENUE

    total $149,387 · related or exempt $149,387

  • 11e · Other revenue, total

    $149,387

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,098,118

  • 7 · Other salaries and wages

    total $8,183,418

  • 8 · Pension plan contributions

    total $1,613,478

  • 9 · Other employee benefits

    total $1,204,704

  • 10 · Payroll taxes

    total $684,342

  • 11a · Fees: management

    total $415,994

  • 11b · Fees: legal

    total $34,654

  • 11c · Fees: accounting

    total $30,625

  • 12 · Advertising and promotion

    total $313,235

  • 13 · Office expenses

    total $1,271,274

  • 14 · Information technology

    total $619,807

  • 16 · Occupancy

    total $1,435,925

  • 17 · Travel

    total $145,615

  • 19 · Conferences, conventions and meetings

    total $37,295

  • 20 · Interest

    total $1,967,521

  • 22 · Depreciation, depletion and amortization

    total $9,196,710

  • 23 · Insurance

    total $461,218

  • 24a · Other expenses: COST OF POWER PURCHASED

    total $79,355,512

  • 24b · Other expenses: COST OF SERVICE-SV CONNEC

    total $1,989,823

  • 24c · Other expenses: ALL OTHER EXPENSES

    total $1,818,661

  • 24d · Other expenses: FIBER DISTRIBUTION

    total $722,543

  • 24e · All other expenses

    total $466,151

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,335,344 · end of year $11,959,015

  • 2 · Savings and temporary cash investments

    beginning of year $3,700,740 · end of year $5,110,773

  • 4 · Accounts receivable

    beginning of year $3,231,644 · end of year $3,915,263

  • 7 · Other notes and loans receivable

    beginning of year $3,338,349 · end of year $2,919,881

  • 8 · Inventories for sale or use

    beginning of year $2,455,815 · end of year $2,834,611

  • 9 · Prepaid expenses and deferred charges

    beginning of year $292,065 · end of year $365,974

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

    $286,717,730

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

    $126,459,620

  • 10c · Land, buildings and equipment, net

    beginning of year $150,726,443 · end of year $160,258,110

  • 13 · Investments: program-related

    beginning of year $1,031,903 · end of year $1,055,320

  • 15 · Other assets

    beginning of year $6,262,117 · end of year $6,749,174

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,809,078 · end of year $13,675,097

  • 23 · Secured mortgages and notes payable

    beginning of year $46,874,674 · end of year $52,792,062

  • 25 · Other liabilities

    beginning of year $3,842,282 · end of year $3,828,942

  • 31 · Retained earnings, endowment or other funds

    beginning of year $116,848,386 · end of year $124,872,020

Mission and programs · 2024

Mission

SVEC IS A SERVICE ORGANIZATION MEETING OUR MEMBER/CUSTOMERS' ENERGY AND COMMUNITY NEEDS.

Activities or mission (Part I)

OUR MISSION IS TO PROVIDE SALES OF ELECTRICITY TO MEMBERS AND PROVIDE OUR MEMBERS A MONTHLY MAGAZINE AND NEWSLETTER.

  • RURAL ELECTRICITY DISTRIBUTION TO 39,452 MEMBERS LOCATED PRIMARILY IN THE SOUTHEASTERN TENNESSEE COUNTIES OF BLEDSOE, GRUNDY, MARION, AND SEQUATCHIE, BUT ALSO IN PORTIONS OF VAN BUREN, RHEA, CUMBERLAND, FRANKLIN, COFFEE, AND HAMILTON COUNTIES.

  • PROVISION OF BROADBAND INTERNET ACCESS, TV AND TELECOMMUNICATIONS SERVICES VIA FIBER OPTIC NETWORK TO RURAL HOMES AND BUSINESSES LOCATED IN MARION COUNTY, TENNESSEE.

As filed on the 2024 return.

Listed in Part VII

  • Michael Jordan

    BOARD CHAIRM

    Total calculated
    $11,025
    From this org
    $11,025
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Roger Powell

    VICE-CHAIRMA

    Total calculated
    $7,095
    From this org
    $7,095
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Judy Fults

    SECRETARY/TR

    Total calculated
    $8,900
    From this org
    $8,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • William Gaston

    DIRECTOR

    Total calculated
    $9,810
    From this org
    $9,810
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Jerry Don Thomas

    DIRECTOR

    Total calculated
    $9,045
    From this org
    $9,045
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Bobby Gravitt Jr

    DIRECTOR

    Total calculated
    $8,690
    From this org
    $8,690
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Daniel Davenport

    DIRECTOR

    Total calculated
    $6,450
    From this org
    $6,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Travis Smith

    DIRECTOR

    Total calculated
    $7,740
    From this org
    $7,740
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Randall Gilliam

    DIRECTOR

    Total calculated
    $9,045
    From this org
    $9,045
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Charles R Young

    DIRECTOR

    Total calculated
    $8,160
    From this org
    $8,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Emily Lane

    DIRECTOR

    Total calculated
    $6,575
    From this org
    $6,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Terry Michael Partin

    PRESIDENT/CE

    Total calculated
    $533,557
    From this org
    $346,646
    From related orgs
    $0
    Other
    $186,911
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $321,031
    Bonus
    not reported
    Other
    $25,615
    Deferred
    $165,163
    Nontaxable benefits
    $21,748
    Filer's total
    $533,557

  • Matthew H Brewer

    VP-ADMIN. SE

    Total calculated
    $187,780
    From this org
    $150,035
    From related orgs
    $0
    Other
    $37,745
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $135,787
    Bonus
    $13,714
    Other
    $534
    Deferred
    $12,148
    Nontaxable benefits
    $25,597
    Filer's total
    $187,780

  • Danny Kirkendoll

    VP-ENGINEERI

    Total calculated
    $355,773
    From this org
    $224,707
    From related orgs
    $0
    Other
    $131,066
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $201,418
    Bonus
    $16,141
    Other
    $7,148
    Deferred
    $104,905
    Nontaxable benefits
    $26,161
    Filer's total
    $355,773

  • Susan B Duggar

    VP-CUSTOMER

    Total calculated
    $248,587
    From this org
    $155,009
    From related orgs
    $0
    Other
    $93,578
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $114,800
    Bonus
    $12,480
    Other
    $27,729
    Deferred
    $71,750
    Nontaxable benefits
    $21,828
    Filer's total
    $248,587

  • Zachary B Stewart

    JOURNEYMAN L

    Total calculated
    $176,257
    From this org
    $158,536
    From related orgs
    $0
    Other
    $17,721
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $157,098
    Bonus
    $1,214
    Other
    $224
    Deferred
    $8,395
    Nontaxable benefits
    $9,326
    Filer's total
    $176,257

  • William F Bradford

    JOURNEYMAN L

    Total calculated
    $192,546
    From this org
    $156,152
    From related orgs
    $0
    Other
    $36,394
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $154,658
    Bonus
    $1,214
    Other
    $280
    Deferred
    $11,668
    Nontaxable benefits
    $24,726
    Filer's total
    $192,546

  • Christopher L Brown

    JOURNEYMAN L

    Total calculated
    $204,104
    From this org
    $169,813
    From related orgs
    $0
    Other
    $34,291
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $168,261
    Bonus
    $1,214
    Other
    $338
    Deferred
    $9,419
    Nontaxable benefits
    $24,872
    Filer's total
    $204,104

  • Adam Blevins

    JOURNEYMAN L

    Total calculated
    $193,508
    From this org
    $158,980
    From related orgs
    $0
    Other
    $34,528
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $157,377
    Bonus
    $1,214
    Other
    $389
    Deferred
    $9,523
    Nontaxable benefits
    $25,005
    Filer's total
    $193,508

  • Roberson C Bryant

    JOURNEYMAN L

    Total calculated
    $187,632
    From this org
    $163,048
    From related orgs
    $0
    Other
    $24,584
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $161,610
    Bonus
    $1,214
    Other
    $224
    Deferred
    $7,287
    Nontaxable benefits
    $17,297
    Filer's total
    $187,632

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 · 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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • SVECARES

    501C3 · PART VII · TN · controlled entity

    Directly controlled by NA

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.

  • SVE CONNECT LLC

    BROADBAND · TN · income $8,112,578 · assets $11,977,316

    Directly controlled by SVEC

Related corporations and trusts

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

  • BLALOCK PROPANE INC DBA SEQUACHEE VALLEY PROPANE

    C CORP · PROPANE GA · TN · share of income $1,603,406 · share of assets $2,508,008

    Directly controlled by SV SERVICE

  • SEQUACHEE VALLEY SERVICES INC

    C CORP · HOLDING CO · TN · share of income $28,483 · share of assets $527,799

    Directly controlled by SVEC

Provenance

Return type
form_990
Tax year
2024
Filed
23 January 2026
IRS schema version
2024v5.0
Source object
202630509349301673

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