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Nonprofiteer
← SUSSEX RURAL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by SUSSEX RURAL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$23,313,197
Total expenses
$21,775,352
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$21,414,904
Investment income
$44,008
Other revenue
$1,854,285
Total assets, end of year
$53,759,859
Total liabilities, end of year
$29,140,469
Net assets or fund balances, end of year
$24,619,390
Program services expenses (Part IX)
$21,775,352
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$21,775,352

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 $20,294,357 · related or exempt $20,294,357

  • 2b · Program service revenue: OTHER OPERATING REVENUE

    total $1,120,547 · related or exempt $1,120,547

  • 3 · Investment income

    total $33,432 · excluded $33,432

  • 6a · Gross rents

    real property $7,800 · personal property $542,123

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $7,800 · personal property $542,123

  • 6d · Net rental income or loss

    total $549,923 · unrelated business $7,800 · excluded $542,123

  • 7a · Gross sales of assets other than inventory

    other assets $10,576

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

    other assets $0

  • 7c · Gain or loss

    other assets $10,576

  • 7d · Net gain or loss

    total $10,576 · related or exempt $10,576

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

    total $1,266,005 · related or exempt $1,266,005

  • 11b · Other revenue: OTHER

    total $107,708 · related or exempt $107,708

  • 11c · Other revenue: SUBSIDIARY LOSS

    total -$69,351 · related or exempt -$69,351

  • 11e · Other revenue, total

    $1,304,362

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $832,549 · program services $832,549

  • 5 · Compensation of officers, directors and key employees

    total $661,566 · program services $661,566

  • 20 · Interest

    total $770,051 · program services $770,051

  • 22 · Depreciation, depletion and amortization

    total $1,984,709 · program services $1,984,709

  • 24a · Other expenses: COST OF POWER

    total $10,118,572 · program services $10,118,572

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $2,449,650 · program services $2,449,650

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $2,154,408 · program services $2,154,408

  • 24d · Other expenses: GENERAL AND ADMINISTRAT

    total $1,859,471 · program services $1,859,471

  • 24e · All other expenses

    total $944,376 · program services $944,376

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $631,838 · end of year $1,157,930

  • 4 · Accounts receivable

    beginning of year $2,117,684 · end of year $2,202,579

  • 8 · Inventories for sale or use

    beginning of year $1,127,743 · end of year $987,913

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,267,617 · end of year $3,432,200

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

    $79,170,682

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

    $42,001,472

  • 10c · Land, buildings and equipment, net

    beginning of year $35,527,146 · end of year $37,169,210

  • 13 · Investments: program-related

    beginning of year $7,795,391 · end of year $8,758,920

  • 15 · Other assets

    beginning of year $45,242 · end of year $51,107

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,407,789 · end of year $3,728,227

  • 19 · Deferred revenue

    beginning of year $2,674,405 · end of year $2,820,410

  • 23 · Secured mortgages and notes payable

    beginning of year $20,636,349 · end of year $22,218,402

  • 25 · Other liabilities

    beginning of year $367,930 · end of year $373,430

  • 29 · Capital stock, trust principal or current funds

    beginning of year $55,160 · end of year $55,240

  • 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 $23,371,028 · end of year $24,564,150

Mission and programs · 2022

Mission

TO PROVIDE ELECTRIC POWER TO MEMBERS.

  • TO PROVIDE ELECTRIC POWER TO MEMBERS.

    Expenses $21,775,352

As filed on the 2022 return.

Listed in Part VII

  • Jack Haggerty Jr

    CHAIRMAN

    Total calculated
    $8,850
    From this org
    $8,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    6 + 0.5 related

  • William Kovach

    VICE-CHAIRMAN

    Total calculated
    $9,300
    From this org
    $0
    From related orgs
    $0
    Other
    $9,300
    Hours/week
    4.5 + 0.5 related

  • Raymond W Cordts

    SECRETARY/TREASURER (THROUGH MARCH 2022)

    Total calculated
    $1,300
    From this org
    $0
    From related orgs
    $0
    Other
    $1,300
    Hours/week
    0

  • Ronald J Dupont Jr

    CURRENT SECRETARY/TREASURER

    Total calculated
    $9,850
    From this org
    $9,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Thomas E Madsen

    DIRECTOR

    Total calculated
    $10,250
    From this org
    $0
    From related orgs
    $0
    Other
    $10,250
    Hours/week
    3.5

  • Barbara Berge Miller

    DIRECTOR

    Total calculated
    $8,250
    From this org
    $8,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brad Sparta

    DIRECTOR

    Total calculated
    $6,050
    From this org
    $6,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    4 + 1 related

  • Karen McDougal

    DIRECTOR (STARTING OCTOBER 2022)

    Total calculated
    $800
    From this org
    $800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Joseph Barca

    DIRECTOR

    Total calculated
    $11,900
    From this org
    $11,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5 + 1 related

  • Michael Abate

    DIRECTOR (STARTING JUNE 2022)

    Total calculated
    $8,450
    From this org
    $8,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Christopher Reese

    PRESIDENT/CEO

    Total calculated
    $339,295
    From this org
    $248,319
    From related orgs
    $0
    Other
    $90,976
    Hours/week
    40.77 + 1 related

    Schedule J breakdown matched by us

    Base
    $248,319
    Bonus
    $0
    Other
    $0
    Deferred
    $66,373
    Nontaxable benefits
    $24,603
    Filer's total
    $339,295

  • Kevin Boutilier

    DIRECTOR OF FINANCE

    Total calculated
    $247,271
    From this org
    $187,978
    From related orgs
    $0
    Other
    $59,293
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $187,978
    Bonus
    $0
    Other
    $0
    Deferred
    $49,785
    Nontaxable benefits
    $9,508
    Filer's total
    $247,271

  • Charles Pike

    DIRECTOR OF ENGINEERING

    Total calculated
    $254,422
    From this org
    $186,936
    From related orgs
    $0
    Other
    $67,486
    Hours/week
    40.18

    Schedule J breakdown matched by us

    Base
    $186,936
    Bonus
    $0
    Other
    $0
    Deferred
    $49,808
    Nontaxable benefits
    $17,678
    Filer's total
    $254,422

  • Jeffrey Rowen

    CHEIF LINEMAN

    Total calculated
    $211,579
    From this org
    $155,872
    From related orgs
    $0
    Other
    $55,707
    Hours/week
    47.31

    Schedule J breakdown matched by us

    Base
    $155,872
    Bonus
    $0
    Other
    $0
    Deferred
    $31,104
    Nontaxable benefits
    $24,603
    Filer's total
    $211,579

  • Thomas Morgan

    FIRST CLASS LINEMAN

    Total calculated
    $193,607
    From this org
    $155,016
    From related orgs
    $0
    Other
    $38,591
    Hours/week
    47.7

    Schedule J breakdown matched by us

    Base
    $155,016
    Bonus
    $0
    Other
    $0
    Deferred
    $29,083
    Nontaxable benefits
    $9,508
    Filer's total
    $193,607

  • Peter Gianattasio

    CHIEF COORDINATOR

    Total calculated
    $199,663
    From this org
    $165,274
    From related orgs
    $0
    Other
    $34,389
    Hours/week
    44.31

    Schedule J breakdown matched by us

    Base
    $165,274
    Bonus
    $0
    Other
    $0
    Deferred
    $33,727
    Nontaxable benefits
    $662
    Filer's total
    $199,663

  • Thomas Stone

    SUPERVISOR OF OPERATIONS

    Total calculated
    $233,368
    From this org
    $165,438
    From related orgs
    $0
    Other
    $67,930
    Hours/week
    42.31

    Schedule J breakdown matched by us

    Base
    $165,438
    Bonus
    $0
    Other
    $0
    Deferred
    $44,095
    Nontaxable benefits
    $23,835
    Filer's total
    $233,368

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 $1,452,593 · share of assets $829,965

Provenance

Return type
form_990
Tax year
2022
Filed
15 September 2023
IRS schema version
2022v5.0
Source object
202332589349301958

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