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Nonprofiteer
← SOUTHERN INDIANA POWER

Form 990 for tax year 2023

Filed by SOUTHERN INDIANA POWER.

Totals

Total revenue
$44,442,006
Total expenses
$44,442,006
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$42,120,643
Investment income
$800,728
Other revenue
$1,520,635
Total assets, end of year
$84,203,592
Total liabilities, end of year
$35,736,080
Net assets or fund balances, end of year
$48,467,512
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$44,442,006

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: REVENUE-ELECTRIC SALES

    total $42,120,643 · related or exempt $42,120,643

  • 3 · Investment income

    total $800,728 · excluded $800,728

  • 6a · Gross rents

    personal property $562,756

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $562,756

  • 6d · Net rental income or loss

    total $562,756 · excluded $562,756

  • 11a · Other revenue: PATRONAGE CAPITAL

    total $946,588 · related or exempt $946,588

  • 11b · Other revenue: MISC

    total $6,772 · related or exempt $6,772

  • 11c · Other revenue: MISC. INCOME/LOSS CO-OP ONE

    total $4,519 · unrelated business $4,519

  • 11e · Other revenue, total

    $957,879

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,661,540

  • 5 · Compensation of officers, directors and key employees

    total $381,801

  • 7 · Other salaries and wages

    total $2,562,905

  • 20 · Interest

    total $1,140,529

  • 24a · Other expenses: PURCHASED POWER

    total $32,156,573

  • 24b · Other expenses: ALL OTHER

    total $3,142,902

  • 24c · Other expenses: DEPRECIATION EXPENSE

    total $2,395,756

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,684,967 · end of year $1,262,505

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $4,814,479

  • 4 · Accounts receivable

    beginning of year $5,501,244 · end of year $4,497,936

  • 7 · Other notes and loans receivable

    beginning of year $423,298 · end of year $264,526

  • 8 · Inventories for sale or use

    beginning of year $486,843 · end of year $604,784

  • 9 · Prepaid expenses and deferred charges

    beginning of year $105,475 · end of year $218,477

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

    $73,557,294

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

    $21,507,268

  • 10c · Land, buildings and equipment, net

    beginning of year $49,635,468 · end of year $52,050,026

  • 13 · Investments: program-related

    beginning of year $15,082,307 · end of year $20,490,859

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,196,277 · end of year $5,092,897

  • 23 · Secured mortgages and notes payable

    beginning of year $23,792,105 · end of year $29,907,139

  • 25 · Other liabilities

    beginning of year $697,975 · end of year $736,044

  • 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 $1,844,586 · end of year $2,001,912

  • 31 · Retained earnings, endowment or other funds

    beginning of year $44,388,659 · end of year $46,465,600

Mission and programs · 2023

Mission

TO PROVIDE SAFE, RELIABLE, AND AFFORDABLE POWER WHILE IMPROVING THE QUALITY OF LIFE FOR OUR MEMBERS

  • DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 7,558 MEMBERS ON A COOPERATIVE BASIS.

    Expenses $44,442,006 · Revenue $44,442,006

As filed on the 2023 return.

Listed in Part VII

  • Jeff Vogel

    CHAIRMAN

    Total calculated
    $10,350
    From this org
    $10,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Gary Waninger

    VICE CHAIRMAN

    Total calculated
    $7,850
    From this org
    $7,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Randall Kleaving

    DIRECTOR

    Total calculated
    $9,950
    From this org
    $9,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Dirk Stein

    SECRETARY

    Total calculated
    $11,350
    From this org
    $11,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.4

  • David Lynch

    DIRECTOR

    Total calculated
    $9,250
    From this org
    $9,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.1

  • Chris Burroughs

    DIRECTOR

    Total calculated
    $9,600
    From this org
    $9,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.8

  • Kyle Knieriem

    DIRECTOR

    Total calculated
    $11,350
    From this org
    $11,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.1

  • Steven Seibert

    PRESIDENT/CEO

    Total calculated
    $312,101
    From this org
    $242,765
    From related orgs
    $0
    Other
    $69,336
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $242,765
    Bonus
    $0
    Other
    $0
    Deferred
    $47,611
    Nontaxable benefits
    $21,725
    Filer's total
    $312,101

  • Stephen Fortwendel

    MANAGER OF OPERATIONS

    Total calculated
    $162,771
    From this org
    $119,357
    From related orgs
    $0
    Other
    $43,414
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $119,357
    Bonus
    $0
    Other
    $0
    Deferred
    $16,831
    Nontaxable benefits
    $26,583
    Filer's total
    $162,771

  • Todd Hammond

    MANAGER OF ENGINEERING

    Total calculated
    $160,863
    From this org
    $113,942
    From related orgs
    $0
    Other
    $46,921
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,942
    Bonus
    $0
    Other
    $0
    Deferred
    $20,348
    Nontaxable benefits
    $26,573
    Filer's total
    $160,863

  • Mathew Glenn

    JOURNEYMAN LINEMAN

    Total calculated
    $138,932
    From this org
    $108,810
    From related orgs
    $0
    Other
    $30,122
    Hours/week
    42

  • Travis Goffinet

    JOURNEYMAN LINEMAN

    Total calculated
    $158,007
    From this org
    $121,565
    From related orgs
    $0
    Other
    $36,442
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $121,565
    Bonus
    $0
    Other
    $0
    Deferred
    $17,319
    Nontaxable benefits
    $19,123
    Filer's total
    $158,007

  • Clint Heeke

    JOURNEYMAN LINEMAN

    Total calculated
    $146,944
    From this org
    $116,294
    From related orgs
    $0
    Other
    $30,650
    Hours/week
    45

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 · 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.

Provenance

Return type
form_990
Tax year
2023
Filed
4 November 2024
IRS schema version
2023v5.1
Source object
202403099349303010

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