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Nonprofiteer
← SMECO WORKERS COMPENSATION TRUST

Form 990 for tax year 2022

Filed by SMECO WORKERS COMPENSATION TRUST.

Totals

Total revenue
$847,261
Total expenses
$952,213
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$844,128
Investment income
$3,133
Other revenue
$0
Total assets, end of year
$2,413,779
Total liabilities, end of year
$1,626,124
Net assets or fund balances, end of year
$787,655
Program services expenses (Part IX)
$865,229
Management and general expenses
$86,984
Fundraising expenses
$0
Program service expenses (Part III)
$865,229

Program services were 90.9% 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: EMPLOYER CONTRIBUTIONS

    total $844,128 · related or exempt $844,128

  • 3 · Investment income

    total $3,133 · excluded $3,133

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $245,672 · program services $245,672

  • 24a · Other expenses: INC (DEC) IN CLAIMS LIAB

    total $395,342 · program services $395,342

  • 24b · Other expenses: EXCESS INSUR COVERAGE

    total $224,215 · program services $224,215

  • 24c · Other expenses: OTHER GENERAL EXPENSES

    total $51,984 · management and general $51,984

  • 24d · Other expenses: ADMIN & MGMT

    total $35,000 · management and general $35,000

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,021,310 · end of year $2,308,241

  • 9 · Prepaid expenses and deferred charges

    beginning of year $102,079 · end of year $105,538

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,230,782 · end of year $1,626,124

  • 31 · Retained earnings, endowment or other funds

    beginning of year $892,607 · end of year $787,655

Mission and programs · 2022

Mission

THE TRUST PROVIDES WORKER'S COMPENSATION BENEFITS THROUGH SELF AND EXCESS COVERAGE INSURANCE, AS SPECIFIED BY THE COURT AND/OR OTHER AUTHORITIES, TO EMPLOYEES OF THE COOPERATIVE AND/OR THEIR BENEFICIARIES.

  • THE COOPERATIVE MAKES CONTRIBUTIONS TO THE TRUST AS DEEMED NECESSARY TO FUND PROJECTED COSTS. CONTRIBUTIONS WILL BE MADE EACH MONTH UNTIL MANAGEMENT BELIEVES THE TRUST IS ADEQUATELY FUNDED.

    Expenses $865,229

As filed on the 2022 return.

Listed in Part VII

  • Sonja M Cox

    PRESIDENT &

    Total calculated
    $988,579
    From this org
    $0
    From related orgs
    $697,696
    Other
    $290,883
    Hours/week
    0.2 + 50 related

    Schedule J breakdown matched by us

    Base
    not reported + $475,000 related
    Bonus
    not reported + $35,000 related
    Other
    not reported + $187,696 related
    Deferred
    not reported + $265,518 related
    Nontaxable benefits
    not reported + $25,365 related
    Filer's total
    not reported + $988,579 related

  • Beth A Kennedy

    SR VP & CFO

    Total calculated
    $403,271
    From this org
    $0
    From related orgs
    $304,029
    Other
    $99,242
    Hours/week
    0.2 + 50 related

    Schedule J breakdown matched by us

    Base
    not reported + $252,979 related
    Bonus
    not reported + $13,717 related
    Other
    not reported + $37,333 related
    Deferred
    not reported + $87,854 related
    Nontaxable benefits
    not reported + $11,388 related
    Filer's total
    not reported + $403,271 related

  • P Scott White

    CHAIRMAN

    Total calculated
    $42,400
    From this org
    $0
    From related orgs
    $42,400
    Other
    $0
    Hours/week
    0.2 + 6 related

  • Richard A Winkler

    DIRECTOR

    Total calculated
    $40,100
    From this org
    $0
    From related orgs
    $40,100
    Other
    $0
    Hours/week
    0.2 + 5 related

  • Joseph Gilbert Murphy

    DIRECTOR

    Total calculated
    $37,100
    From this org
    $0
    From related orgs
    $37,100
    Other
    $0
    Hours/week
    0.2 + 4 related

  • William R Cullins III

    COMM. CHAIRM

    Total calculated
    $34,300
    From this org
    $0
    From related orgs
    $34,300
    Other
    $0
    Hours/week
    0 + 3 related

  • William L Purnell

    DIRECTOR

    Total calculated
    $32,800
    From this org
    $0
    From related orgs
    $32,800
    Other
    $0
    Hours/week
    0.2 + 3 related

  • Daniel W Dyer

    DIRECTOR

    Total calculated
    $31,000
    From this org
    $0
    From related orgs
    $31,000
    Other
    $0
    Hours/week
    0 + 3 related

  • Comm Bank Of The Chesapeake

    TRUSTEE

    Total calculated
    $0

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4
SONJA M. COX 0 193,914 0 BETH A. KENNEDY 0 40,570 0
SCHEDULE J, PART III
CONTRIBUTIONS TO THE PLAN MADE BY SOUTHERN MARYLAND ELECTRIC COOPERATIVE, INC.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
11 November 2023
IRS schema version
2022v5.0
Source object
202313199349304961

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