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Nonprofiteer
← SOUTH CENTRAL ELECTRIC ASSOCIATION

Form 990 for tax year 2023

Filed by SOUTH CENTRAL ELECTRIC ASSOCIATION.

Totals

Total revenue
$27,804,101
Total expenses
$27,404,454
Contributions and grants received
$0
Grants paid
$8,583
Program service revenue
$27,554,392
Investment income
$239,713
Other revenue
$9,996
Total assets, end of year
$93,449,841
Total liabilities, end of year
$64,402,768
Net assets or fund balances, end of year
$29,047,073
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: SALE OF POWER

    total $26,051,364 · related or exempt $26,051,364

  • 2b · Program service revenue: CAPITAL CREDITS

    total $1,353,090 · related or exempt $1,353,090

  • 2c · Program service revenue: EQUITY EARNINGS

    total $149,938 · related or exempt $149,938

  • 3 · Investment income

    total $239,713 · excluded $239,713

  • 10a · Gross sales of inventory

    $258,329

  • 10b · Cost of goods sold

    $248,333

  • 10c · Net income from sales of inventory

    total $9,996 · related or exempt $9,996

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $8,583

  • 4 · Benefits paid to or for members

    total $2,568,456

  • 5 · Compensation of officers, directors and key employees

    total $522,690

  • 7 · Other salaries and wages

    total $1,956,118

  • 8 · Pension plan contributions

    total $530,713

  • 10 · Payroll taxes

    total $169,855

  • 20 · Interest

    total $1,581,910

  • 22 · Depreciation, depletion and amortization

    total $2,918,010

  • 24a · Other expenses: COST OF POWER

    total $15,310,309

  • 24b · Other expenses: DISTRIBUTION - OPERATIO

    total $1,702,269

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $1,073,927

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $355,360

  • 24e · All other expenses

    total -$1,293,746

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $452,731 · end of year $9,131,708

  • 4 · Accounts receivable

    beginning of year $3,434,720 · end of year $4,113,894

  • 7 · Other notes and loans receivable

    beginning of year $949,996 · end of year $913,209

  • 8 · Inventories for sale or use

    beginning of year $1,468,103 · end of year $1,880,367

  • 9 · Prepaid expenses and deferred charges

    beginning of year $188,258 · end of year $148,425

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

    $93,016,644

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

    $29,672,347

  • 10c · Land, buildings and equipment, net

    beginning of year $60,320,852 · end of year $63,344,297

  • 12 · Investments: other securities

    beginning of year $28,474 · end of year $28,801

  • 13 · Investments: program-related

    beginning of year $12,953,201 · end of year $13,883,976

  • 15 · Other assets

    beginning of year $5,164 · end of year $5,164

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,857,861 · end of year $3,005,506

  • 21 · Escrow or custodial account liability

    beginning of year $3,869 · end of year $3,683

  • 23 · Secured mortgages and notes payable

    beginning of year $48,232,985 · end of year $59,364,415

  • 25 · Other liabilities

    beginning of year $1,687,735 · end of year $2,029,164

  • 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 $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $27,019,049 · end of year $29,047,073

Mission and programs · 2023

Mission

TO PROVIDE RELIABLE, EFFICIENT DELIVERY OF ELECTRICITY AND OTHER SERVICES TO OUR MEMBER OWNERS WITH THE HIGHEST LEVEL OF CUSTOMER SERVICE.

Activities or mission (Part I)

PROVIDING ELECTRICITY TO MEMBERS OF THE COOPERATIVE.

  • PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 4,612 MEMBERS ALONG 908 MILES OF OVERHEAD LINE AND 1,242 MILES OF UNDERGROUND LINE.

As filed on the 2023 return.

Listed in Part VII

  • Ron Jorgenson

    PRESIDENT

    Total calculated
    $23,400
    From this org
    $23,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mike Miest

    VICE PRESIDENT

    Total calculated
    $20,600
    From this org
    $20,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Brad Asendorf

    SECRETARY

    Total calculated
    $20,400
    From this org
    $20,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Matt Peters

    TREASURER

    Total calculated
    $18,800
    From this org
    $18,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Mark Sandberg

    DIRECTOR

    Total calculated
    $30,200
    From this org
    $30,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Brent Imker

    DIRECTOR

    Total calculated
    $23,200
    From this org
    $23,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Bill Kunz

    DIRECTOR

    Total calculated
    $21,600
    From this org
    $21,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ronald Horman

    GENERAL MANAGER

    Total calculated
    $181,098
    From this org
    $117,263
    From related orgs
    $0
    Other
    $63,835
    Hours/week
    26

    Schedule J breakdown matched by us

    Base
    $112,748
    Bonus
    $1,559
    Other
    $2,956
    Deferred
    $46,479
    Nontaxable benefits
    $19,765
    Filer's total
    $183,507

  • Tyler Flohrs

    CFO

    Total calculated
    $180,995
    From this org
    $143,116
    From related orgs
    $0
    Other
    $37,879
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $142,744
    Bonus
    $0
    Other
    $372
    Deferred
    $35,519
    Nontaxable benefits
    $2,360
    Filer's total
    $180,995

  • Jeffrey Benson

    OPERATIONS MANAGER

    Total calculated
    $212,590
    From this org
    $137,746
    From related orgs
    $0
    Other
    $74,844
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,265
    Bonus
    $0
    Other
    $1,481
    Deferred
    $69,628
    Nontaxable benefits
    $5,215
    Filer's total
    $212,589

  • Lucas Malmgren

    LINE SUPERINTENDENT

    Total calculated
    $140,747
    From this org
    $113,228
    From related orgs
    $0
    Other
    $27,519
    Hours/week
    45

  • Greg Giese

    CREW CHIEF JOURNEYMAN LINEMAN

    Total calculated
    $147,945
    From this org
    $110,410
    From related orgs
    $0
    Other
    $37,535
    Hours/week
    40

  • Matt Winkelman

    CREW FOREMAN JOURNEYMAN LINEMAN

    Total calculated
    $128,688
    From this org
    $109,357
    From related orgs
    $0
    Other
    $19,331
    Hours/week
    40

  • Adam Johnson

    METER FOREMAN JOURNEYMAN LINEMAN

    Total calculated
    $129,017
    From this org
    $108,403
    From related orgs
    $0
    Other
    $20,614
    Hours/week
    40

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 · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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)

PART I, LINE 1A
THE CO-OP PAYS FOR THE MANAGER'S SPOUSE'S AIR FARE TO ALL MEETINGS. IF TYLER FLOHRS, LUCAS MALMGREN, JEFF BENSON, OR JIM HALER GO TO THE NRECA ANNUAL MEETING, THEIR SPOUSE'S AIR FARE IS PAID FOR BY THE CO-OP. THE SPOUSE'S AIR FARE IS ADDED TO THE EMPLOYEE'S TAXABLE INCOME. THE DIRECTORS' SPOUSE'S AIR FARE IS NOT COVERED BY THE CO-OP.
SCHEDULE J, PART II, COLUMN C
COLUMN C INCLUDES THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR EACH PARTICIPANT RATHER THAN THE ACTUAL CONTRIBUTION PAID TO THE PLAN. CHANGE IN ACTUARIAL VALUE: - RONALD HORMAN $40,768 - TYLER FLOHRS $31,891 - JEFFREY BENSON $66,091 CONTRIBUTION TO THE PLAN BY COOPERATIVE: - RONALD HORMAN $35,921 - TYLER FLOHRS $36,727 - JEFFREY BENSON $33,055 RONALD HORMAN IS A SHARED EMPLOYEE WITH ANOTHER ELECTRIC COOPERATIVE. SOUTH CENTRAL ELECTRIC ASSOCIATION'S SHARE OF RONALD'S COMPENSATION IS REPORTED IN SCHEDULE J AND FORM 990, PART VII.

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
2023
Filed
23 October 2024
IRS schema version
2023v5.1
Source object
202412989349301106

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