Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $4,497,764

• 2a · Program service revenue: SALE AND DIST. OF ELECT.

  total $133,665,476 · related or exempt $133,665,476

• 2b · Program service revenue: CONT. IN AID OF CONST.

  total $3,208,859 · related or exempt $3,208,859

• 2c · Program service revenue: CASH PATRONAGE REC.

  total $1,294,632 · related or exempt $1,294,632

• 3 · Investment income

  total $99,364 · excluded $99,364

• 6a · Gross rents

  personal property $603,669

• 6b · Less rental expenses

  personal property $49,970

• 6c · Rental income or loss

  personal property $553,699

• 6d · Net rental income or loss

  total $553,699 · unrelated business $167,211 · excluded $386,488

• 7a · Gross sales of assets other than inventory

  other assets $15,254

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

  other assets $9,041

• 7c · Gain or loss

  other assets $6,213

• 7d · Net gain or loss

  total $6,213 · excluded $6,213

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $11,058,188

• 5 · Compensation of officers, directors and key employees

  total $1,612,685

• 7 · Other salaries and wages

  total $14,996,859

• 8 · Pension plan contributions

  total $3,629,544

• 10 · Payroll taxes

  total $1,291,678

• 11b · Fees: legal

  total $144,049

• 17 · Travel

  total $3,256,581

• 19 · Conferences, conventions and meetings

  total $292,131

• 20 · Interest

  total $5,769,322

• 22 · Depreciation, depletion and amortization

  total $13,045,674

• 24a · Other expenses: COST OF POWER

  total $74,285,870

• 24b · Other expenses: DIST. MAINTENANCE

  total $11,407,503

• 24c · Other expenses: ADMIN & GENERAL

  total $3,052,556

• 24d · Other expenses: DISTRIBUTION OPERATION

  total $2,204,034

• 24e · All other expenses

  total -$5,917,600

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,626,392

• 4 · Accounts receivable

  beginning of year $39,902,881 · end of year $48,239,495

• 7 · Other notes and loans receivable

  beginning of year $10,075

• 8 · Inventories for sale or use

  beginning of year $3,248,581 · end of year $4,036,259

• 9 · Prepaid expenses and deferred charges

  beginning of year $286,821 · end of year $243,011

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

  $400,886,746

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

  $150,222,586

• 10c · Land, buildings and equipment, net

  beginning of year $252,484,545 · end of year $250,664,160

• 13 · Investments: program-related

  beginning of year $54,178,390 · end of year $55,106,054

• 15 · Other assets

  beginning of year $709,645 · end of year $707,208

• 17 · Accounts payable and accrued expenses

  beginning of year $10,036,177 · end of year $13,876,824

• 23 · Secured mortgages and notes payable

  beginning of year $213,106,200 · end of year $208,244,392

• 25 · Other liabilities

  beginning of year $10,812,773 · end of year $7,953,117

• 31 · Retained earnings, endowment or other funds

  beginning of year $120,492,180 · end of year $128,921,854

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4

JEFFREY S. EDWARDS 0 96,734 0

SCHEDULE J, PART III

SOUTHSIDE ELECTRIC COOPERATIVE (SEC), IS A PARTICIPATING EMPLOYER IN THE RETIREMENT SECURITY PLAN SPONSORED BY THE NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION (NRECA) (THE "QUALIFIED PENSION PLAN"). SEC ALSO MAINTAINS THE DEFERRED COMPENSATION PENSION RESTORATION PLAN (THE "DEFERRED COMPENSATION PRP") FOR THOSE OF ITS KEY MANAGEMENT AND HIGHLY COMPENSATED EMPLOYEES WHOSE BENEFITS UNDER THE QUALIFIED PENSION PLAN ARE RESTRICTED BECAUSE OF MAXIMUM LIMITS ON BENEFITS OR COMPENSATION THAT MAY BE PROVIDED BY THE QUALIFIED PLAN. UNDER THE VESTING PROVISIONS OF THE DEFERRED COMPENSATION PRP, JEFFREY S. EDWARDS BEGAN RECEIVING PAYMENTS DURING 2018 UPON REACHING AGE 55 WITH 33 YEARS OF SERVICE. THIS BENEFIT HAS BEEN ACCRUED AND EXPENSED ACCORDINGLY OVER THE LIFE OF THE PLAN. NO ADDITIONAL EXPENSE WAS RECOGNIZED BY SEC AS A RESULT OF THE PAYMENT OF THE AMOUNT ABOVE. THE PAYMENT OF 96,734 FROM THE DEFERRED COMPENSATION PRP HAS BEEN INCLUDED ON SCHEDULE J PART II COLUMN B(III) AND FORM 990 PART VII COLUMN F. IT IS ALSO INCLUDED ON SCHEDULE J PART II COLUMN F SINCE IT WAS PREVIOUSLY REPORTED ON PRIOR 990'S IN COLUMN C.