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Nonprofiteer
← SOUTHERN MARYLAND ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by SOUTHERN MARYLAND ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$482,120,622
Total expenses
$479,551,762
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$474,449,442
Investment income
$496,700
Other revenue
$7,174,480
Total assets, end of year
$1,187,119,903
Total liabilities, end of year
$875,376,078
Net assets or fund balances, end of year
$311,743,825
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.

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

    total $466,330,950 · related or exempt $466,330,950

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

    total $5,962,504 · related or exempt $5,962,504

  • 2c · Program service revenue: PATRONAGE ALLOC. RECEIVED

    total $2,155,988 · related or exempt $2,155,988

  • 3 · Investment income

    total $496,700 · excluded $496,700

  • 6a · Gross rents

    real property $325,436 · personal property $2,886,949

  • 6b · Less rental expenses

    real property $59,837

  • 6c · Rental income or loss

    real property $265,599 · personal property $2,886,949

  • 6d · Net rental income or loss

    total $3,152,548 · unrelated business $91,045 · excluded $3,061,503

  • 7a · Gross sales of assets other than inventory

    other assets $241,056

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

    other assets $241,056

  • 11a · Other revenue: DSM RECOVERY

    total $2,332,928 · related or exempt $2,332,928

  • 11b · Other revenue: POWER SOLUTIONS & OTHER

    total $1,410,018 · related or exempt $1,410,018

  • 11c · Other revenue: EQUITY EARNINGS SMECO SOL

    total $241,881 · related or exempt $241,881

  • 11d · All other revenue

    total $37,105 · related or exempt $37,105

  • 11e · Other revenue, total

    $4,021,932

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $4,521,613

  • 7 · Other salaries and wages

    total $55,135,370

  • 8 · Pension plan contributions

    total $6,358,222

  • 9 · Other employee benefits

    total $783,053

  • 10 · Payroll taxes

    total $3,403,107

  • 11b · Fees: legal

    total $732,185

  • 11c · Fees: accounting

    total $309,999

  • 17 · Travel

    total $3,418,261

  • 19 · Conferences, conventions and meetings

    total $263,127

  • 20 · Interest

    total $27,788,167

  • 22 · Depreciation, depletion and amortization

    total $47,441,508

  • 24a · Other expenses: COST OF POWER

    total $255,046,268

  • 24b · Other expenses: CUSTOMER SERVICE AND INFO

    total $25,318,878

  • 24c · Other expenses: ADMINISTRATIVE AND GENERA

    total $18,979,201

  • 24d · Other expenses: TAXES

    total $15,404,107

  • 24e · All other expenses

    total $14,648,696

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $670,731 · end of year $2,218,682

  • 2 · Savings and temporary cash investments

    beginning of year $2,318,215 · end of year $2,049,007

  • 4 · Accounts receivable

    beginning of year $84,045,987 · end of year $57,696,787

  • 8 · Inventories for sale or use

    beginning of year $18,938,881 · end of year $24,261,990

  • 9 · Prepaid expenses and deferred charges

    beginning of year $38,850,367 · end of year $45,911,734

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

    $1,437,099,718

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

    $501,419,439

  • 10c · Land, buildings and equipment, net

    beginning of year $873,795,780 · end of year $935,680,279

  • 12 · Investments: other securities

    beginning of year $38,812,814 · end of year $21,548,872

  • 13 · Investments: program-related

    beginning of year $23,695,353 · end of year $26,769,132

  • 15 · Other assets

    beginning of year $131,868,686 · end of year $70,983,420

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,355,274 · end of year $32,828,053

  • 23 · Secured mortgages and notes payable

    beginning of year $778,625,075 · end of year $764,325,778

  • 25 · Other liabilities

    beginning of year $93,797,059 · end of year $78,222,247

  • 31 · Retained earnings, endowment or other funds

    beginning of year $317,219,406 · end of year $311,743,825

Mission and programs · 2023

Mission

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF SOUTHERN MARYLAND ELECTRIC COOPERATIVE.

  • SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF SOUTHERN MARYLAND ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM EXPENSES WERE: COST OF POWER 255,046,268 OTHER SALARIES AND WAGES 55,135,370 DEPRECIATION 47,441,508

As filed on the 2023 return.

Listed in Part VII

  • SONJA M COX

    PRESIDENT &

    Total calculated
    $883,705
    From this org
    $671,400
    From related orgs
    $0
    Other
    $212,305
    Hours/week
    50 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $525,000
    Bonus
    $50,000
    Other
    $96,400
    Deferred
    $186,392
    Nontaxable benefits
    $25,913
    Filer's total
    $883,705

  • CAMPBELL B HAWKINS

    SR VP & CSIO

    Total calculated
    $620,587
    From this org
    $458,832
    From related orgs
    $0
    Other
    $161,755
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $186,729
    Bonus
    $19,420
    Other
    $252,683
    Deferred
    $147,378
    Nontaxable benefits
    $14,377
    Filer's total
    $620,587

  • MARK A MACDOUGALL

    SR VP & COUN

    Total calculated
    $562,068
    From this org
    $440,628
    From related orgs
    $0
    Other
    $121,440
    Hours/week
    50 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $363,913
    Bonus
    $21,689
    Other
    $55,026
    Deferred
    $112,324
    Nontaxable benefits
    $9,116
    Filer's total
    $562,068

  • JOSEPH TRENTACOSTA

    SR VP & CIO

    Total calculated
    $557,900
    From this org
    $414,705
    From related orgs
    $0
    Other
    $143,195
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $349,664
    Bonus
    $20,840
    Other
    $44,201
    Deferred
    $120,562
    Nontaxable benefits
    $22,633
    Filer's total
    $557,900

  • ROGER SCHNEIDER

    SR VP & COO

    Total calculated
    $498,121
    From this org
    $368,339
    From related orgs
    $0
    Other
    $129,782
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $311,250
    Bonus
    $17,928
    Other
    $39,161
    Deferred
    $107,315
    Nontaxable benefits
    $22,467
    Filer's total
    $498,121

  • BETH A KENNEDY

    SR VP & CFO

    Total calculated
    $479,076
    From this org
    $367,916
    From related orgs
    $0
    Other
    $111,160
    Hours/week
    50 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $308,374
    Bonus
    $16,322
    Other
    $43,220
    Deferred
    $96,377
    Nontaxable benefits
    $14,783
    Filer's total
    $479,076

  • CINDY M RAUNER

    SR VP & CHRO

    Total calculated
    $423,057
    From this org
    $353,409
    From related orgs
    $0
    Other
    $69,648
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $308,374
    Bonus
    $16,322
    Other
    $28,713
    Deferred
    $67,394
    Nontaxable benefits
    $2,254
    Filer's total
    $423,057

  • EUGENE BRADFORD

    VP RATES & E

    Total calculated
    $296,609
    From this org
    $237,981
    From related orgs
    $0
    Other
    $58,628
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $229,716
    Bonus
    $13,691
    Other
    -$5,426
    Deferred
    $39,035
    Nontaxable benefits
    $19,593
    Filer's total
    $296,609

  • THOMAS DENNISON

    VP GOVT. & P

    Total calculated
    $283,829
    From this org
    $230,812
    From related orgs
    $0
    Other
    $53,017
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $206,519
    Bonus
    $12,982
    Other
    $11,311
    Deferred
    $51,086
    Nontaxable benefits
    $1,931
    Filer's total
    $283,829

  • JOHN BREDENKAMP

    VP TRANSM E&

    Total calculated
    $276,689
    From this org
    $234,202
    From related orgs
    $0
    Other
    $42,487
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $222,032
    Bonus
    $12,789
    Other
    -$619
    Deferred
    $39,805
    Nontaxable benefits
    $2,682
    Filer's total
    $276,689

  • DAMON KRIEGER

    VP LEGAL AFF

    Total calculated
    $274,208
    From this org
    $233,791
    From related orgs
    $0
    Other
    $40,417
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $230,769
    Bonus
    not reported
    Other
    $3,022
    Deferred
    $20,820
    Nontaxable benefits
    $19,597
    Filer's total
    $274,208

  • JEFFREY S SHAW

    VP DIST. ENE

    Total calculated
    $252,557
    From this org
    $220,605
    From related orgs
    $0
    Other
    $31,952
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $204,479
    Bonus
    $11,369
    Other
    $4,757
    Deferred
    $30,723
    Nontaxable benefits
    $1,229
    Filer's total
    $252,557

  • PETER S WHITE

    CHAIRMAN UNT

    Total calculated
    $42,700
    From this org
    $42,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    6 + 0.2 related

  • RICHARD A WINKLER

    DIRECTOR

    Total calculated
    $39,100
    From this org
    $39,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    5 + 0.2 related

  • W RAYNER BLAIR III

    CHAIRMAN

    Total calculated
    $35,700
    From this org
    $35,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • W MICHAEL PHIPPS

    VICE CHAIR U

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4 + 0.2 related

  • F GEORGE HEINZE

    DIRECTOR

    Total calculated
    $34,800
    From this org
    $34,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • KENNETH W CROSS

    DIRECTOR

    Total calculated
    $34,500
    From this org
    $34,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • NANCY W ZINN

    SEC. / TREAS

    Total calculated
    $34,000
    From this org
    $34,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • JOSEPH GILBERT MURPHY

    DIRECTOR

    Total calculated
    $33,600
    From this org
    $33,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3 + 0.2 related

  • WILLIAM R CULLINS III

    VICE CHAIRMA

    Total calculated
    $33,200
    From this org
    $33,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • DANIEL W DYER

    DIRECTOR

    Total calculated
    $30,700
    From this org
    $30,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • SUSAN HANCE-WELLS

    DIRECTOR

    Total calculated
    $29,800
    From this org
    $29,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3 + 0.2 related

  • J DOUGLAS FREDERICK

    DIRECTOR

    Total calculated
    $29,000
    From this org
    $29,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • KENNETH L DYSON

    ASST. SEC/TR

    Total calculated
    $27,700
    From this org
    $27,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • JAMES A RICHARDS

    DIRECTOR

    Total calculated
    $26,000
    From this org
    $26,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • WILLIAM L PURNELL

    DIRECTOR UNT

    Total calculated
    $24,800
    From this org
    $24,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • CHARLES B BOWLING JR

    DIRECTOR

    Total calculated
    $6,500
    From this org
    $6,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

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 · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 1A
SOUTHERN MARYLAND ELECTRIC COOPERATIVE HAS A CORPORATE WELLNESS POLICY AVAILABLE TO ALL FULL-TIME EMPLOYEES OF THE COOPERATIVE. GYM MEMBERSHIPS ARE ELIGIBLE FOR UP TO A 20 REIMBURSEMENT MONTHLY. THE FOLLOWING INDIVIDUALS LISTED ON THIS SCHEDULE PARTICIPATED IN THIS PROGRAM: JOSEPH TRENTACOSTA
SCHEDULE J, PAGE 1, PART I, LINE 4
SONJA M. COX 0 103,085 0 CAMPBELL B. HAWKINS 110,844 127,246 0 MARK A. MACDOUGALL 0 51,659 0 JOSEPH TRENTACOSTA 0 52,610 0 ROGER SCHNEIDER 0 43,355 0 BETH A. KENNEDY 0 41,870 0 CINDY M. RAUNER 0 21,973 0 THOMAS DENNISON 0 10,326 0

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2023
Filed
9 September 2024
IRS schema version
2023v5.0
Source object
202412769349301601

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