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Nonprofiteer
← SUWANNEE VALLEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by SUWANNEE VALLEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$76,170,256
Total expenses
$76,170,256
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$76,023,097
Investment income
$41,095
Other revenue
$106,064
Total assets, end of year
$150,357,185
Total liabilities, end of year
$87,972,097
Net assets or fund balances, end of year
$62,385,088
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: Electricity Sales

    total $74,706,310 · related or exempt $74,706,310

  • 2b · Program service revenue: Patronage Dividends

    total $1,078,442 · related or exempt $1,078,442

  • 2c · Program service revenue: Consumer Service Fees

    total $238,345 · related or exempt $238,345

  • 3 · Investment income

    total $41,095 · excluded $41,095

  • 6a · Gross rents

    personal property $111,945

  • 6b · Less rental expenses

    personal property $4,039

  • 6c · Rental income or loss

    personal property $107,906

  • 6d · Net rental income or loss

    total $107,906 · related or exempt $107,906

  • 10a · Gross sales of inventory

    $12,586

  • 10b · Cost of goods sold

    $13,042

  • 10c · Net income from sales of inventory

    total -$456 · related or exempt -$456

  • 11a · Other revenue: Misc Non-Operating Inc

    total $53,957 · excluded $53,957

  • 11b · Other revenue: Loss from Subsidiary

    total -$55,343 · related or exempt -$55,343

  • 11e · Other revenue, total

    -$1,386

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,719,717

  • 5 · Compensation of officers, directors and key employees

    total $1,273,222

  • 20 · Interest

    total $2,027,659

  • 22 · Depreciation, depletion and amortization

    total $5,893,344

  • 24a · Other expenses: Cost of Power

    total $49,625,322

  • 24b · Other expenses: Distribution - Maintena

    total $7,696,466

  • 24c · Other expenses: Administrative & Genera

    total $3,465,684

  • 24d · Other expenses: Distribution - Operatio

    total $2,628,595

  • 24e · All other expenses

    total $1,840,247

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,636,103 · end of year $403,480

  • 4 · Accounts receivable

    beginning of year $4,075,205 · end of year $5,602,791

  • 8 · Inventories for sale or use

    beginning of year $884,999 · end of year $3,832,076

  • 9 · Prepaid expenses and deferred charges

    beginning of year $419,446 · end of year $394,110

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

    $181,015,875

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

    $62,582,973

  • 10c · Land, buildings and equipment, net

    beginning of year $114,925,479 · end of year $118,432,902

  • 13 · Investments: program-related

    beginning of year $16,797,502 · end of year $17,775,912

  • 14 · Intangible assets

    beginning of year $943,595

  • 15 · Other assets

    beginning of year $1,627,524 · end of year $3,915,914

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,242,796 · end of year $17,614,477

  • 23 · Secured mortgages and notes payable

    beginning of year $69,968,357 · end of year $68,307,893

  • 25 · Other liabilities

    beginning of year $6,804,737 · end of year $2,049,727

  • 29 · Capital stock, trust principal or current funds

    beginning of year $103,460 · end of year $106,070

  • 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 $62,190,503 · end of year $62,279,018

Mission and programs · 2022

Mission

The Cooperative's responsibility and aim as a member owned organization is to provide excellent and reliable customer service with competitive rates while enhancing the quality of life of residents in the Suwannee River Valley.

  • Suwannee Valley Electric Coop provides electric service to over 20,000 members in 4 counties in the state of Florida.

As filed on the 2022 return.

Listed in Part VII

  • Jerry Goff

    Secretary

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4

  • Cynthia Boyette

    Director/Trustee

    Total calculated
    $8,750
    From this org
    $8,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.8

  • Sidney Lord

    Director/Trustee

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.2

  • Hugh Hunter

    Director/Trustee

    Total calculated
    $8,250
    From this org
    $8,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.6

  • William Bill Hart

    Director/Trustee

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.1

  • Tyler Putnal

    President

    Total calculated
    $9,750
    From this org
    $9,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.7

  • Laure Bee Roberson III

    Director/Trustee

    Total calculated
    $7,750
    From this org
    $7,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Charles Walker

    Treasurer

    Total calculated
    $9,750
    From this org
    $9,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.6

  • Michael Adams

    Vice President

    Total calculated
    $6,500
    From this org
    $6,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.1

  • Francene Folsom

    Director/Trustee

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.3

  • Mike McWaters

    CEO

    Total calculated
    $438,645
    From this org
    $240,013
    From related orgs
    $0
    Other
    $198,632
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $240,013
    Bonus
    $0
    Other
    $0
    Deferred
    $161,446
    Nontaxable benefits
    $37,186
    Filer's total
    $438,645

  • Christine Moor

    CFO

    Total calculated
    $193,108
    From this org
    $136,510
    From related orgs
    $0
    Other
    $56,598
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,510
    Bonus
    $0
    Other
    $0
    Deferred
    $47,104
    Nontaxable benefits
    $9,494
    Filer's total
    $193,108

  • Kurt Miller

    Director of Engineering

    Total calculated
    $320,924
    From this org
    $192,839
    From related orgs
    $0
    Other
    $128,085
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $192,839
    Bonus
    $0
    Other
    $0
    Deferred
    $90,410
    Nontaxable benefits
    $37,675
    Filer's total
    $320,924

  • Mark Mosley

    Director of Safety

    Total calculated
    $249,294
    From this org
    $166,953
    From related orgs
    $0
    Other
    $82,341
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $166,953
    Bonus
    $0
    Other
    $0
    Deferred
    $69,135
    Nontaxable benefits
    $13,206
    Filer's total
    $249,294

  • John Robinson

    Director of Member Service

    Total calculated
    $199,247
    From this org
    $128,250
    From related orgs
    $0
    Other
    $70,997
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $128,250
    Bonus
    $0
    Other
    $0
    Deferred
    $57,045
    Nontaxable benefits
    $13,952
    Filer's total
    $199,247

  • Crystal Ecker

    General Counsel

    Total calculated
    $116,803
    From this org
    $110,348
    From related orgs
    $0
    Other
    $6,455
    Hours/week
    45

  • Jodi Hughes

    Journeyman Lineman

    Total calculated
    $164,560
    From this org
    $119,580
    From related orgs
    $0
    Other
    $44,980
    Hours/week
    51

    Schedule J breakdown matched by us

    Base
    $119,580
    Bonus
    $0
    Other
    $0
    Deferred
    $30,554
    Nontaxable benefits
    $14,426
    Filer's total
    $164,560

  • Michael Cameron

    Construction Inspector

    Total calculated
    $178,567
    From this org
    $119,427
    From related orgs
    $0
    Other
    $59,140
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,427
    Bonus
    $0
    Other
    $0
    Deferred
    $56,673
    Nontaxable benefits
    $2,467
    Filer's total
    $178,567

  • Trevor Touchton

    Manager of Power Technical Systems

    Total calculated
    $154,678
    From this org
    $124,674
    From related orgs
    $0
    Other
    $30,004
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $124,674
    Bonus
    $0
    Other
    $0
    Deferred
    $19,258
    Nontaxable benefits
    $10,746
    Filer's total
    $154,678

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 · Independent compensation consultant
  • 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

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.

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.

  • Rapid Fiber Internet LLC

    C · Internet Service Provider · FL · 100% owned · share of assets $84,692

    Directly controlled by Suwannee Valley Electric Cooperative

Provenance

Return type
form_990
Tax year
2022
Filed
25 October 2023
IRS schema version
2022v5.0
Source object
202302999349301530

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