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Nonprofiteer
← SAN MIGUEL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by SAN MIGUEL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$184,952,276
Total expenses
$184,952,276
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$175,872,850
Investment income
$6,072,762
Other revenue
$3,006,664
Total assets, end of year
$539,268,827
Total liabilities, end of year
$420,990,619
Net assets or fund balances, end of year
$118,278,208
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Generation of Electricity

    total $175,872,850 · related or exempt $175,872,850 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $6,072,762 · related or exempt $0 · unrelated business $0 · excluded $6,072,762

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $135,784 · related or exempt $0 · unrelated business $0 · excluded $135,784

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11a · Other revenue: Sales of SO2 - Emmissions Allowance

    total $10 · related or exempt $10 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Transmission

    total $1,573,684 · related or exempt $1,573,684 · unrelated business $0 · excluded $0

  • 11c · Other revenue: Deferred Revenues

    total -$1,214,814 · related or exempt -$1,214,814 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $2,512,000 · related or exempt $2,512,000 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $2,870,880

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,434,619

  • 5 · Compensation of officers, directors and key employees

    total $1,492,748

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $14,357,779

  • 8 · Pension plan contributions

    total $2,420,448

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $1,164,217

  • 16 · Occupancy

    total $1,497,857

  • 20 · Interest

    total $16,982,672

  • 22 · Depreciation, depletion and amortization

    total $22,641,490

  • 24a · Other expenses: FUELS

    total $60,201,727

  • 24b · Other expenses: ADMINISTRATION

    total $3,007,513

  • 24c · Other expenses: OPERATIONS

    total $14,361,775

  • 24d · Other expenses: MAINTENANCE

    total $31,588,321

  • 24e · All other expenses

    total $10,801,110

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $97,606 · end of year $95,664

  • 2 · Savings and temporary cash investments

    beginning of year $33,132 · end of year $6,441,485

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $21,325,409 · end of year $9,749,408

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $75,661,489 · end of year $77,153,123

  • 9 · Prepaid expenses and deferred charges

    beginning of year $31,362,728 · end of year $32,564,163

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

    $830,877,005

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

    $526,703,698

  • 10c · Land, buildings and equipment, net

    beginning of year $325,632,378 · end of year $304,173,307

  • 11 · Investments: publicly traded securities

    beginning of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $102,531,414 · end of year $106,948,852

  • 14 · Intangible assets

    beginning of year $0

  • 15 · Other assets

    beginning of year $2,111,654 · end of year $2,142,825

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,920,284 · end of year $10,327,055

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $38,184,067 · end of year $38,021,900

  • 20 · Tax-exempt bond liabilities

    beginning of year $67,449,740 · end of year $63,813,757

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $91,169,069 · end of year $276,638,417

  • 24 · Unsecured notes and loans payable

    beginning of year $192,164,840 · end of year $3,490,800

  • 25 · Other liabilities

    beginning of year $36,889,203 · end of year $28,698,690

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 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 $114,978,607 · end of year $118,278,208

Mission and programs · 2023

Mission

Provide safe, reliable and affordable power to our members through diligent resource management, environmental stewardship, and employee growth, while helping to meet needs within the communities we serve. Maintain a dependable power supply at the lowest possible and competitive cost to our customers through integrity, hard work, and safety.

Activities or mission (Part I)

San Miguel was created for the sole purpose of owning and operating a 400 MW mine-mouth lignite-fired generating plant and associated mining facilities to furnish power and energy to its member cooperatives.

  • San Miguel Electric Cooperative, Inc. was created for the sole purpose of owning and operating a 400 Megawatt mine-mouth lignite-fired generating plant and associated mining facility to furnish power and energy to its members on a cooperative basis.

As filed on the 2023 return.

Listed in Part VII

  • Craig Courter

    General Manager

    Total calculated
    $478,229
    From this org
    $402,366
    From related orgs
    $0
    Other
    $75,863
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $400,235
    Bonus
    $0
    Other
    $2,131
    Deferred
    $30,225
    Nontaxable benefits
    $45,638
    Filer's total
    $478,229

  • Eric Halfmann

    Engineering & Maintenance Manager

    Total calculated
    $307,219
    From this org
    $257,256
    From related orgs
    $0
    Other
    $49,963
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $183,614
    Bonus
    $16,256
    Other
    $57,386
    Deferred
    $12,026
    Nontaxable benefits
    $37,936
    Filer's total
    $307,218

  • Derrick Brummett

    Chief Financial Officer (Jan - April)

    Total calculated
    $297,563
    From this org
    $263,480
    From related orgs
    $0
    Other
    $34,083
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $71,225
    Bonus
    $18,707
    Other
    $173,548
    Deferred
    $17,824
    Nontaxable benefits
    $16,259
    Filer's total
    $297,563

  • David Burris

    Fuels Manager

    Total calculated
    $241,663
    From this org
    $211,812
    From related orgs
    $0
    Other
    $29,851
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $186,705
    Bonus
    $15,877
    Other
    $9,230
    Deferred
    $19,828
    Nontaxable benefits
    $10,023
    Filer's total
    $241,663

  • David Loeffler

    Class A Mechanic

    Total calculated
    $198,837
    From this org
    $147,309
    From related orgs
    $0
    Other
    $51,528
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,971
    Bonus
    $1,938
    Other
    $400
    Deferred
    $15,616
    Nontaxable benefits
    $35,912
    Filer's total
    $198,837

  • Derek Burns

    Operations Manager

    Total calculated
    $189,120
    From this org
    $149,831
    From related orgs
    $0
    Other
    $39,289
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,558
    Bonus
    $1,707
    Other
    $1,567
    Deferred
    $5,736
    Nontaxable benefits
    $33,553
    Filer's total
    $189,121

  • Benino Ramirez

    Mechanic Crew A

    Total calculated
    $186,056
    From this org
    $142,124
    From related orgs
    $0
    Other
    $43,932
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,917
    Bonus
    $1,807
    Other
    $400
    Deferred
    $9,779
    Nontaxable benefits
    $34,152
    Filer's total
    $186,055

  • Patrick Rakowitz

    Mechanic Leadman

    Total calculated
    $182,666
    From this org
    $142,367
    From related orgs
    $0
    Other
    $40,299
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,155
    Bonus
    $1,612
    Other
    $4,600
    Deferred
    $8,270
    Nontaxable benefits
    $32,028
    Filer's total
    $182,665

  • Santiago Carrasco

    Electric Leadman

    Total calculated
    $172,702
    From this org
    $135,472
    From related orgs
    $0
    Other
    $37,230
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,522
    Bonus
    $1,550
    Other
    $400
    Deferred
    $6,138
    Nontaxable benefits
    $31,092
    Filer's total
    $172,702

  • Vanessa Pawelek

    Administrative Services Manager (May - Dec.)

    Total calculated
    $170,460
    From this org
    $137,613
    From related orgs
    $0
    Other
    $32,847
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,090
    Bonus
    $522
    Other
    $0
    Deferred
    $7,156
    Nontaxable benefits
    $32,847
    Filer's total
    $177,615

  • Brian Acosta

    Director

    Total calculated
    $15,252
    From this org
    $15,252
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Rolando Alaniz

    Director

    Total calculated
    $15,072
    From this org
    $15,072
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Michael Jacobs

    Director

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • John Roach

    Director

    Total calculated
    $14,160
    From this org
    $14,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Mike Ables

    Director

    Total calculated
    $13,826
    From this org
    $13,826
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • David Rosse

    Director

    Total calculated
    $13,800
    From this org
    $13,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Clyde Stewart

    Assistant Secretary/Treasurer

    Total calculated
    $13,725
    From this org
    $13,725
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Kenneth White

    President

    Total calculated
    $13,700
    From this org
    $13,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Clif Lange

    Director

    Total calculated
    $13,650
    From this org
    $13,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Colt Haack

    Director

    Total calculated
    $13,488
    From this org
    $13,488
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Bode Hausmann

    Director

    Total calculated
    $13,440
    From this org
    $13,440
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Larry Schendel

    Director

    Total calculated
    $13,020
    From this org
    $13,020
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ron Hughes

    Director

    Total calculated
    $12,925
    From this org
    $12,925
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Trey Grebe

    Director

    Total calculated
    $12,820
    From this org
    $12,820
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Brad Bierstedt

    Director

    Total calculated
    $12,801
    From this org
    $12,801
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Blaine Warzecha

    Vice President

    Total calculated
    $11,996
    From this org
    $11,996
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jim Coleman

    Director

    Total calculated
    $2,145
    From this org
    $2,145
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Avan Irani

    Director

    Total calculated
    $0
    Hours/week
    6

  • Gary Raybon

    Director

    Total calculated
    $0
    Hours/week
    6

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 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 4
During 2023, a severance payment was issued to an officer. Such payment was not material to the financial position, nor to the overall mission of the Cooperative.

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
20 May 2024
IRS schema version
2023v5.0
Source object
202422259349302187

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