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Nonprofiteer
← SUSSEX RURAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by SUSSEX RURAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$25,482,647
Total expenses
$25,451,710
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$23,965,634
Investment income
$47,911
Other revenue
$1,469,102
Total assets, end of year
$55,974,889
Total liabilities, end of year
$31,200,368
Net assets or fund balances, end of year
$24,774,521
Program services expenses (Part IX)
$25,451,710
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$25,451,710

Program services were 100.0% 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: SALE OF ELECTRICITY

    total $22,944,274 · related or exempt $22,944,274

  • 2b · Program service revenue: OTHER OPERATING REVENUE

    total $1,021,360 · related or exempt $1,021,360

  • 3 · Investment income

    total $33,698 · excluded $33,698

  • 6a · Gross rents

    real property $7,800 · personal property $562,261

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $7,800 · personal property $562,261

  • 6d · Net rental income or loss

    total $570,061 · unrelated business $7,800 · excluded $562,261

  • 7a · Gross sales of assets other than inventory

    other assets $14,213

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

    other assets $0

  • 7c · Gain or loss

    other assets $14,213

  • 7d · Net gain or loss

    total $14,213 · related or exempt $14,213

  • 11a · Other revenue: G&T AND PATRONAGE CAPITAL CREDITS

    total $751,043 · related or exempt $751,043

  • 11b · Other revenue: OTHER

    total $269,119 · related or exempt $269,119

  • 11c · Other revenue: SUBSIDIARY LOSS

    total -$121,121 · related or exempt -$121,121

  • 11e · Other revenue, total

    $899,041

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $868,192 · program services $868,192

  • 5 · Compensation of officers, directors and key employees

    total $783,423 · program services $783,423

  • 20 · Interest

    total $1,021,765 · program services $1,021,765

  • 22 · Depreciation, depletion and amortization

    total $2,066,432 · program services $2,066,432

  • 24a · Other expenses: COST OF POWER

    total $11,863,743 · program services $11,863,743

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $3,308,964 · program services $3,308,964

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $2,521,866 · program services $2,521,866

  • 24d · Other expenses: GENERAL AND ADMINISTRAT

    total $1,837,530 · program services $1,837,530

  • 24e · All other expenses

    total $1,179,795 · program services $1,179,795

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,157,930 · end of year $1,060,766

  • 4 · Accounts receivable

    beginning of year $2,202,579 · end of year $2,162,808

  • 8 · Inventories for sale or use

    beginning of year $987,913 · end of year $1,272,484

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,432,200 · end of year $3,934,364

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

    $82,364,670

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

    $43,942,869

  • 10c · Land, buildings and equipment, net

    beginning of year $37,169,210 · end of year $38,421,801

  • 13 · Investments: program-related

    beginning of year $8,758,920 · end of year $9,194,809

  • 15 · Other assets

    beginning of year $51,107 · end of year -$72,143

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,728,227 · end of year $3,595,284

  • 19 · Deferred revenue

    beginning of year $2,820,410 · end of year $2,825,197

  • 23 · Secured mortgages and notes payable

    beginning of year $22,218,402 · end of year $24,314,707

  • 25 · Other liabilities

    beginning of year $373,430 · end of year $465,180

  • 29 · Capital stock, trust principal or current funds

    beginning of year $55,240 · end of year $55,785

  • 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 $24,564,150 · end of year $24,718,736

Mission and programs · 2023

Mission

TO PROVIDE ELECTRIC POWER TO MEMBERS.

  • TO PROVIDE ELECTRIC POWER TO MEMBERS.

    Expenses $25,451,710

As filed on the 2023 return.

Listed in Part VII

  • Jack Haggerty Jr

    CHAIRMAN

    Total calculated
    $9,750
    From this org
    $9,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.5 + 0.5 related

  • William Kovach

    VICE-CHAIRMAN

    Total calculated
    $12,650
    From this org
    $0
    From related orgs
    $0
    Other
    $12,650
    Hours/week
    4.5 + 0.5 related

  • Ronald J Dupont Jr

    SECRETARY/TREASURER

    Total calculated
    $9,450
    From this org
    $9,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Thomas E Madsen

    DIRECTOR

    Total calculated
    $9,150
    From this org
    $0
    From related orgs
    $0
    Other
    $9,150
    Hours/week
    5.5

  • Barbara Berge Miller

    DIRECTOR

    Total calculated
    $10,350
    From this org
    $10,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brad Sparta

    DIRECTOR

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4 + 1 related

  • Karen McDougal

    DIRECTOR

    Total calculated
    $7,600
    From this org
    $7,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Joseph Barca

    DIRECTOR

    Total calculated
    $11,850
    From this org
    $11,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    5 + 1 related

  • Michael Abate

    DIRECTOR

    Total calculated
    $10,900
    From this org
    $10,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.25

  • Christopher Reese

    PRESIDENT/CEO

    Total calculated
    $372,001
    From this org
    $274,354
    From related orgs
    $0
    Other
    $97,647
    Hours/week
    42.31 + 1 related

    Schedule J breakdown matched by us

    Base
    $259,066
    Bonus
    $0
    Other
    $15,288
    Deferred
    $72,967
    Nontaxable benefits
    $24,680
    Filer's total
    $372,001

  • Kevin Boutilier

    DIRECTOR OF FINANCE - RETIRED MARCH 2023

    Total calculated
    $121,423
    From this org
    $105,791
    From related orgs
    $0
    Other
    $15,632
    Hours/week
    40 + 1 related

  • Alison Stormes

    DIRECTOR OF FINANCE - BEGINNING MARCH 2023

    Total calculated
    $198,299
    From this org
    $145,653
    From related orgs
    $0
    Other
    $52,646
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $140,653
    Bonus
    $5,000
    Other
    $0
    Deferred
    $37,278
    Nontaxable benefits
    $15,368
    Filer's total
    $198,299

  • Charles Pike

    DIRECTOR OF ENGINEERING - RETIRED JUNE 2023

    Total calculated
    $209,402
    From this org
    $171,784
    From related orgs
    $0
    Other
    $37,618
    Hours/week
    43.2

    Schedule J breakdown matched by us

    Base
    $87,396
    Bonus
    $0
    Other
    $84,388
    Deferred
    $26,830
    Nontaxable benefits
    $10,788
    Filer's total
    $209,402

  • Peter Gianattasio

    CHIEF COORDINATOR

    Total calculated
    $200,145
    From this org
    $164,457
    From related orgs
    $0
    Other
    $35,688
    Hours/week
    43.86

    Schedule J breakdown matched by us

    Base
    $164,457
    Bonus
    $0
    Other
    $0
    Deferred
    $35,688
    Nontaxable benefits
    $0
    Filer's total
    $200,145

  • Thomas Stone

    SUPERVISOR OF OPERATIONS

    Total calculated
    $237,968
    From this org
    $174,811
    From related orgs
    $0
    Other
    $63,157
    Hours/week
    42.5

    Schedule J breakdown matched by us

    Base
    $162,639
    Bonus
    $3,000
    Other
    $9,172
    Deferred
    $47,789
    Nontaxable benefits
    $15,368
    Filer's total
    $237,968

  • Michael Osborne

    DIRECTOR OF ENGINEERING AND OPERATIONS

    Total calculated
    $219,402
    From this org
    $173,554
    From related orgs
    $0
    Other
    $45,848
    Hours/week
    40.3

    Schedule J breakdown matched by us

    Base
    $168,554
    Bonus
    $5,000
    Other
    $0
    Deferred
    $45,848
    Nontaxable benefits
    $0
    Filer's total
    $219,402

  • Frederick Hosking

    CHIEF LINEMAN

    Total calculated
    $215,599
    From this org
    $173,273
    From related orgs
    $0
    Other
    $42,326
    Hours/week
    48.19

    Schedule J breakdown matched by us

    Base
    $173,273
    Bonus
    $0
    Other
    $0
    Deferred
    $32,913
    Nontaxable benefits
    $9,413
    Filer's total
    $215,599

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 · 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.

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.

  • SREC RESOURCES INC

    C · SALES · NJ · 100% owned · share of income $1,353,569 · share of assets $548,174

Provenance

Return type
form_990
Tax year
2023
Filed
7 August 2024
IRS schema version
2023v5.1
Source object
202422209349300527

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