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Nonprofiteer
← SUMTER ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2022

Filed by SUMTER ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$52,467,465
Total expenses
$52,467,465
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$52,228,475
Investment income
$238,990
Other revenue
$0
Total assets, end of year
$152,325,355
Total liabilities, end of year
$78,730,577
Net assets or fund balances, end of year
$73,594,778
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.

  • 2a · Program service revenue: ELECTRIC REVENUE

    total $50,877,578 · related or exempt $50,877,578

  • 2b · Program service revenue: G & T CAPITAL CREDITS

    total $865,635 · related or exempt $865,635

  • 2c · Program service revenue: POLE RENTAL

    total $389,258 · related or exempt $389,258

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $164,826 · related or exempt $164,826

  • 2e · Program service revenue: ROUNDING

    total -$6 · related or exempt -$6

  • 2f · All other program service revenue

    total -$68,816 · related or exempt -$68,816

  • 3 · Investment income

    total $238,990 · related or exempt $238,990

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,536,298

  • 5 · Compensation of officers, directors and key employees

    total $735,580

  • 20 · Interest

    total $2,013,725

  • 22 · Depreciation, depletion and amortization

    total $4,306,282

  • 24a · Other expenses: PURCHASED POWER

    total $32,713,868

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $3,575,175

  • 24c · Other expenses: ADMIN. & GENERAL EXP.

    total $2,923,425

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $2,115,150

  • 24e · All other expenses

    total $2,547,962

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $11,184,757 · end of year $7,098,036

  • 4 · Accounts receivable

    beginning of year $2,087,671 · end of year $2,084,604

  • 8 · Inventories for sale or use

    beginning of year $1,152,984 · end of year $2,297,136

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,179,592 · end of year $2,754,290

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

    $150,290,329

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

    $37,622,838

  • 10c · Land, buildings and equipment, net

    beginning of year $106,188,954 · end of year $112,667,491

  • 13 · Investments: program-related

    beginning of year $20,044,925 · end of year $21,011,297

  • 15 · Other assets

    beginning of year $3,883,489 · end of year $4,412,501

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,454,941 · end of year $5,846,048

  • 23 · Secured mortgages and notes payable

    beginning of year $61,791,421 · end of year $65,316,648

  • 25 · Other liabilities

    beginning of year $9,493,111 · end of year $7,567,881

  • 29 · Capital stock, trust principal or current funds

    beginning of year $75,130 · end of year $75,855

  • 31 · Retained earnings, endowment or other funds

    beginning of year $70,907,769 · end of year $73,518,923

Mission and programs · 2022

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

As filed on the 2022 return.

Listed in Part VII

  • Cecil O Myers Jr

    CHAIRMAN

    Total calculated
    $35,620
    From this org
    $35,620
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michael Webb

    VICE CHAIRMA

    Total calculated
    $30,381
    From this org
    $30,381
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • William Harris

    SEC-TREASURE

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Christi Dockery

    ASST SECRETA

    Total calculated
    $28,201
    From this org
    $28,201
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Albert Barrett

    DIRECTOR

    Total calculated
    $34,011
    From this org
    $34,011
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Eddie Watson

    DIRECTOR

    Total calculated
    $32,031
    From this org
    $32,031
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Glenn E Davis

    DIRECTOR

    Total calculated
    $29,721
    From this org
    $29,721
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Andrew Payne

    DIRECTOR

    Total calculated
    $28,531
    From this org
    $28,531
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lisa A Davis

    DIRECTOR

    Total calculated
    $26,278
    From this org
    $26,278
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lawrence Williams

    DIRECTOR

    Total calculated
    $20,495
    From this org
    $20,495
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lehanne Singleton

    DIRECTOR

    Total calculated
    $14,178
    From this org
    $14,178
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • E R Jernigan

    DIRECTOR

    Total calculated
    $7,041
    From this org
    $7,041
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Rene Smith

    PRESIDENT &

    Total calculated
    $414,092
    From this org
    $302,088
    From related orgs
    $0
    Other
    $112,004
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $280,224
    Bonus
    not reported
    Other
    $21,864
    Deferred
    $69,506
    Nontaxable benefits
    $42,498
    Filer's total
    $414,092

  • David Brokamp

    SR. VP. OPER

    Total calculated
    $315,298
    From this org
    $222,552
    From related orgs
    $0
    Other
    $92,746
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $214,019
    Bonus
    not reported
    Other
    $8,533
    Deferred
    $53,528
    Nontaxable benefits
    $39,218
    Filer's total
    $315,298

  • Julie Higgins

    VP ACCOUNTIN

    Total calculated
    $261,561
    From this org
    $192,710
    From related orgs
    $0
    Other
    $68,851
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $188,598
    Bonus
    not reported
    Other
    $4,112
    Deferred
    $46,981
    Nontaxable benefits
    $21,870
    Filer's total
    $261,561

  • Andrea Walker

    VP ADMIN & M

    Total calculated
    $243,260
    From this org
    $167,019
    From related orgs
    $0
    Other
    $76,241
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,958
    Bonus
    not reported
    Other
    $1,061
    Deferred
    $41,328
    Nontaxable benefits
    $34,913
    Filer's total
    $243,260

  • Brad Ward

    VP ENGINEERI

    Total calculated
    $241,021
    From this org
    $167,202
    From related orgs
    $0
    Other
    $73,819
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $160,047
    Bonus
    not reported
    Other
    $7,155
    Deferred
    $39,754
    Nontaxable benefits
    $34,065
    Filer's total
    $241,021

  • William Hammack

    VP FINANCE

    Total calculated
    $223,860
    From this org
    $158,010
    From related orgs
    $0
    Other
    $65,850
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $144,251
    Bonus
    not reported
    Other
    $13,759
    Deferred
    $34,374
    Nontaxable benefits
    $31,476
    Filer's total
    $223,860

  • J Ted McMillan

    PRESIDENT EM

    Total calculated
    $141,529
    From this org
    $141,529
    From related orgs
    $0
    Other
    $0

    Schedule J breakdown matched by us

    Base
    $141,529
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $141,529

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 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PART III
J. TED MCMILLAN'S COMPENSATION IS DUE TO DISTRIBUTIONS HIS IRC 457(B) ACCOUNT. THESE DISTRIBUTIONS WILL CONTINUE BASED ON HIS PAYOUT SCHEDULE PROVIDED BY THE PARTICIPANT. THE DISTRIBUTIONS WERE FUNDED SOLEY FROM EMPLOYEE DEFERRALS OF COMPENSATION UNDER IRC 457(B). THE AMOUNTS DEFERRED WERE REPORTED AS COMPENSATION IN PREVIOUS 990'S AS THE COMPENSATION WAS DEFERRED AND TAXED TO THE PARTICIPANT AS FICA WAGES.

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
2022
Filed
15 February 2023
IRS schema version
2022v4.1
Source object
202300589349300205

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