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Nonprofiteer
← SAN MIGUEL POWER ASSOCIATION INC

Form 990 for tax year 2023

Filed by SAN MIGUEL POWER ASSOCIATION INC.

Totals

Total revenue
$33,163,684
Total expenses
$33,090,167
Contributions and grants received
$104,517
Grants paid
$31,000
Program service revenue
$32,590,381
Investment income
$358,099
Other revenue
$110,687
Total assets, end of year
$94,642,693
Total liabilities, end of year
$47,086,595
Net assets or fund balances, end of year
$47,556,098
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.

  • 1e · Government grants (contributions)

    $104,517

  • 2a · Program service revenue: Sale of Electricity

    total $32,112,824 · related or exempt $32,112,824

  • 2b · Program service revenue: Capital Credits

    total $358,769 · related or exempt $358,769

  • 2c · Program service revenue: Miscellaneous Revenue

    total $118,788 · related or exempt $118,788

  • 3 · Investment income

    total $341,610 · excluded $341,610

  • 6a · Gross rents

    personal property $87,776

  • 6c · Rental income or loss

    personal property $87,776

  • 6d · Net rental income or loss

    total $87,776 · excluded $87,776

  • 7a · Gross sales of assets other than inventory

    other assets $16,489

  • 7c · Gain or loss

    other assets $16,489

  • 7d · Net gain or loss

    total $16,489 · related or exempt $16,489

  • 11a · Other revenue: Misc Non-Operating

    total $22,911 · related or exempt $22,911

  • 11e · Other revenue, total

    $22,911

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,000

  • 2 · Grants to domestic individuals

    total $21,000

  • 4 · Benefits paid to or for members

    total $1,510,987

  • 5 · Compensation of officers, directors and key employees

    total $1,061,581

  • 7 · Other salaries and wages

    total $965,602

  • 20 · Interest

    total $1,158,811

  • 22 · Depreciation, depletion and amortization

    total $2,673,172

  • 24a · Other expenses: Cost of Power

    total $16,641,315 · program services $16,641,315

  • 24b · Other expenses: Distribution Expense

    total $5,003,820 · program services $5,003,820

  • 24c · Other expenses: Admin & General

    total $2,523,822 · program services $2,523,822

  • 24d · Other expenses: Member Services

    total $1,507,807 · program services $1,507,807

  • 24e · All other expenses

    total $12,250

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,074,280 · end of year $2,992,545

  • 4 · Accounts receivable

    beginning of year $3,439,991 · end of year $3,611,136

  • 8 · Inventories for sale or use

    beginning of year $2,128,219 · end of year $2,004,049

  • 9 · Prepaid expenses and deferred charges

    beginning of year $275,726 · end of year $119,973

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

    $104,971,775

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

    $38,818,101

  • 10c · Land, buildings and equipment, net

    beginning of year $64,217,988 · end of year $66,153,674

  • 13 · Investments: program-related

    beginning of year $19,504,178 · end of year $19,555,872

  • 15 · Other assets

    end of year $205,444

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,723,123 · end of year $6,687,353

  • 19 · Deferred revenue

    beginning of year $2,053,280 · end of year $2,253,280

  • 23 · Secured mortgages and notes payable

    beginning of year $34,939,986 · end of year $33,208,137

  • 24 · Unsecured notes and loans payable

    end of year $2,000,000

  • 25 · Other liabilities

    beginning of year $3,172,401 · end of year $2,937,825

  • 31 · Retained earnings, endowment or other funds

    beginning of year $46,751,592 · end of year $47,556,098

Mission and programs · 2023

Mission

It is the Mission of the San Miguel Power Association to provide our members with safe, reliable, cost-effective, and environmentally responsible electrical service, while demonstrating both cooperative responsibility and support for the communities we serve

  • Sale of electric power to members - 10,761 active members were provided power at year end at a cost on a cooperative basis through the allocation of patronage capital.

As filed on the 2023 return.

Listed in Part VII

  • Bradley Zaporski

    CEO

    Total calculated
    $461,096
    From this org
    $395,178
    From related orgs
    $0
    Other
    $65,918
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $395,178
    Bonus
    not reported
    Other
    not reported
    Deferred
    $51,997
    Nontaxable benefits
    $13,921
    Filer's total
    $461,096

  • Jeremy Fox

    COO

    Total calculated
    $247,267
    From this org
    $195,514
    From related orgs
    $0
    Other
    $51,753
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $195,514
    Bonus
    not reported
    Other
    not reported
    Deferred
    $21,120
    Nontaxable benefits
    $30,633
    Filer's total
    $247,267

  • Lance Lehigh

    CFO

    Total calculated
    $231,150
    From this org
    $180,188
    From related orgs
    $0
    Other
    $50,962
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $180,188
    Bonus
    not reported
    Other
    not reported
    Deferred
    $20,988
    Nontaxable benefits
    $29,974
    Filer's total
    $231,150

  • Wiley Freeman

    Manager

    Total calculated
    $223,253
    From this org
    $173,388
    From related orgs
    $0
    Other
    $49,865
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $173,388
    Bonus
    not reported
    Other
    not reported
    Deferred
    $20,153
    Nontaxable benefits
    $29,712
    Filer's total
    $223,253

  • Doug Tea

    Manager

    Total calculated
    $220,716
    From this org
    $179,893
    From related orgs
    $0
    Other
    $40,823
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $179,893
    Bonus
    not reported
    Other
    not reported
    Deferred
    $18,164
    Nontaxable benefits
    $22,659
    Filer's total
    $220,716

  • Clint Colson

    Foreman

    Total calculated
    $181,975
    From this org
    $133,144
    From related orgs
    $0
    Other
    $48,831
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,144
    Bonus
    not reported
    Other
    not reported
    Deferred
    $31,534
    Nontaxable benefits
    $17,297
    Filer's total
    $181,975

  • Roy Bolton

    Lineman

    Total calculated
    $173,196
    From this org
    $143,347
    From related orgs
    $0
    Other
    $29,849
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,347
    Bonus
    not reported
    Other
    not reported
    Deferred
    $12,627
    Nontaxable benefits
    $17,222
    Filer's total
    $173,196

  • Jacob Cadwell

    Foreman

    Total calculated
    $166,462
    From this org
    $135,797
    From related orgs
    $0
    Other
    $30,665
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,797
    Bonus
    not reported
    Other
    not reported
    Deferred
    $13,380
    Nontaxable benefits
    $17,285
    Filer's total
    $166,462

  • William Felicelli

    President

    Total calculated
    $18,817
    From this org
    $18,817
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Deborah Cokes

    Vice Secretary

    Total calculated
    $18,367
    From this org
    $18,367
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • David Alexander

    Vice President

    Total calculated
    $17,607
    From this org
    $17,607
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Kevin Cooney

    Director

    Total calculated
    $17,157
    From this org
    $17,157
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Tobin Brown

    Director

    Total calculated
    $17,007
    From this org
    $17,007
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Terry Rhoades

    Director

    Total calculated
    $16,557
    From this org
    $16,557
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Doylene Garvey

    Secretary

    Total calculated
    $16,557
    From this org
    $16,557
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

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

  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 2 · Substantiation required before reimbursing expenses
  • 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

Provenance

Return type
form_990
Tax year
2023
Filed
24 September 2024
IRS schema version
2023v5.1
Source object
202442859349301339

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