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Nonprofiteer
← SANTEE ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by SANTEE ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$133,042,151
Total expenses
$133,042,151
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$128,460,225
Investment income
$242,840
Other revenue
$4,339,086
Total assets, end of year
$280,951,194
Total liabilities, end of year
$180,419,772
Net assets or fund balances, end of year
$100,531,422
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$133,042,151

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 $126,295,146 · related or exempt $126,295,146

  • 2b · Program service revenue: POLE RENTAL

    total $891,634 · excluded $891,634

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

    total $718,668 · related or exempt $718,668

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $554,777 · related or exempt $554,777

  • 3 · Investment income

    total $242,840 · excluded $242,840

  • 11a · Other revenue: EQUITY EARNINGS IN SUBSIDIARY

    total $4,194,919 · related or exempt $4,194,919

  • 11b · Other revenue: OTHER

    total $144,167 · related or exempt $144,167

  • 11e · Other revenue, total

    $4,339,086

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $5,202,677

  • 5 · Compensation of officers, directors and key employees

    total $820,990

  • 7 · Other salaries and wages

    total $9,534,562

  • 8 · Pension plan contributions

    total $2,992,030

  • 9 · Other employee benefits

    total $5,129,746

  • 10 · Payroll taxes

    total $724,708

  • 11b · Fees: legal

    total $74,994

  • 11c · Fees: accounting

    total $57,976

  • 11g · Fees: other

    total $395,278

  • 12 · Advertising and promotion

    total $329,035

  • 13 · Office expenses

    total $251,863

  • 14 · Information technology

    total $755,589

  • 17 · Travel

    total $52,770

  • 19 · Conferences, conventions and meetings

    total $211,079

  • 20 · Interest

    total $4,174,669

  • 22 · Depreciation, depletion and amortization

    total $8,757,273

  • 23 · Insurance

    total $509,816

  • 24a · Other expenses: PURCHASED POWER

    total $84,873,228

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $6,096,379

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $6,088,104

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,455,100

  • 24e · All other expenses

    total -$5,445,715

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,294,131 · end of year $22,042,353

  • 2 · Savings and temporary cash investments

    beginning of year $16,000,000

  • 4 · Accounts receivable

    beginning of year $13,086,030 · end of year $14,990,696

  • 7 · Other notes and loans receivable

    beginning of year $2,014,246 · end of year $1,921,847

  • 8 · Inventories for sale or use

    beginning of year $3,431,487 · end of year $4,192,102

  • 9 · Prepaid expenses and deferred charges

    beginning of year $420,757 · end of year $265,111

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

    $292,128,313

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

    $85,392,876

  • 10c · Land, buildings and equipment, net

    beginning of year $204,828,314 · end of year $206,735,437

  • 13 · Investments: program-related

    beginning of year $13,812,592 · end of year $18,503,851

  • 15 · Other assets

    beginning of year $9,442,576 · end of year $12,299,797

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,824,224 · end of year $14,839,344

  • 23 · Secured mortgages and notes payable

    beginning of year $145,767,993 · end of year $155,287,805

  • 25 · Other liabilities

    beginning of year $9,312,999 · end of year $10,292,623

  • 29 · Capital stock, trust principal or current funds

    beginning of year $187,255 · end of year $188,110

  • 31 · Retained earnings, endowment or other funds

    beginning of year $95,237,662 · end of year $100,343,312

Mission and programs · 2023

Mission

TO PROVIDE QUALITY SERVICE AND PRODUCTS TO MEET THE ENERGY NEEDS OF OUR MEMBERS AT A COMPETITIVE PRICE CONSISTENT WITH SOUND BUSINESS PRACTICES, WHILE ENHANCING THE QUALITY OF LIFE IN OUR SERVICE AREA THROUGH THE SUPPORT OF ECONOMIC, CIVIC AND EDUCATIONAL OPPORTUNITIES.

  • TO PROVIDE SAFE AND RELIABLE ELECTRICITY TO ALL WHO DESIRE IT WITHIN THE COUNTIES WE SERVE.

    Expenses $133,042,151

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Billy L Morris Jr

    CHAIRMAN

    Total calculated
    $44,428
    From this org
    $44,428
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Allen Nesmith

    VICE CHAIRMA

    Total calculated
    $23,463
    From this org
    $23,463
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • William Floyd

    SECOND VICE

    Total calculated
    $18,868
    From this org
    $18,868
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Donald E Coker

    SEC-TREAS

    Total calculated
    $37,671
    From this org
    $37,671
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Andy D McKnight

    ASST. SEC-TR

    Total calculated
    $36,781
    From this org
    $36,781
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Walter Sanders

    TRUSTEE

    Total calculated
    $21,531
    From this org
    $21,531
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Dudley Musier

    TRUSTEE

    Total calculated
    $22,534
    From this org
    $22,534
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Harry Walters

    TRUSTEE

    Total calculated
    $12,863
    From this org
    $12,863
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Stanley Pasley

    TRUSTEE

    Total calculated
    $29,086
    From this org
    $29,086
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Robert Ardis III

    PRESIDENT &

    Total calculated
    $573,765
    From this org
    $379,264
    From related orgs
    $0
    Other
    $194,501
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $352,778
    Bonus
    $1,220
    Other
    $25,266
    Deferred
    $162,915
    Nontaxable benefits
    $31,586
    Filer's total
    $573,765

  • Robert F Higbe III

    VP-ENGINEERI

    Total calculated
    $312,810
    From this org
    $203,743
    From related orgs
    $0
    Other
    $109,067
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $189,495
    Bonus
    $1,205
    Other
    $13,043
    Deferred
    $79,096
    Nontaxable benefits
    $29,971
    Filer's total
    $312,810

  • James R Cooper

    VICE PRESIDE

    Total calculated
    $295,397
    From this org
    $183,931
    From related orgs
    $0
    Other
    $111,466
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $179,671
    Bonus
    $1,254
    Other
    $3,006
    Deferred
    $80,221
    Nontaxable benefits
    $31,245
    Filer's total
    $295,397

  • Ronald A Johnson

    VP-OPERATION

    Total calculated
    $278,840
    From this org
    $171,788
    From related orgs
    $0
    Other
    $107,052
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $158,010
    Bonus
    $1,321
    Other
    $12,457
    Deferred
    $76,214
    Nontaxable benefits
    $30,838
    Filer's total
    $278,840

  • James Kirby

    VP-PUBLIC AF

    Total calculated
    $186,475
    From this org
    $153,437
    From related orgs
    $0
    Other
    $33,038
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $146,417
    Bonus
    $1,321
    Other
    $5,699
    Deferred
    $3,067
    Nontaxable benefits
    $29,971
    Filer's total
    $186,475

  • John Matthews

    LINE CREW SU

    Total calculated
    $228,525
    From this org
    $151,325
    From related orgs
    $0
    Other
    $77,200
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $142,394
    Bonus
    $1,321
    Other
    $7,610
    Deferred
    $46,628
    Nontaxable benefits
    $30,572
    Filer's total
    $228,525

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 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

The filer's explanations (Part III)

SCHEDULE J, PART III
SOUTH CAROLINA STATE LAW ( 33-49-615) REQUIRES SOUTH CAROLINA ELECTRIC COOPERATIVES TO MAKE SPECIFIC COMPENSATION DISCLOSURES AVAILABLE TO THE PUBLIC. THESE DISCLOSURES ARE IN EXCESS OF THE COMPENSATION DISCLOSURES REQUIRED BY FORM 990. IN CONJUNCTION WITH THE COMPENSATION INFORMATION REQUIRED BY FORM 990, THE COOPERATIVE HAS OPTED TO PROVIDE THE ADDITIONAL DETAIL REQUIRED BY STATE LAW AS AN ATTACHMENT TO THIS RETURN.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • FIVE RIVERS DEVELOPMENT LLC

    ECON DEV · SC · income $4,194,919 · assets $9,044,984

    Directly controlled by SANTEE ECI

Provenance

Return type
form_990
Tax year
2023
Filed
15 April 2024
IRS schema version
2023v5.0
Source object
202421209349300227

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