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Nonprofiteer
← SAN MIGUEL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by SAN MIGUEL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$175,587,078
Total expenses
$175,587,078
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$165,589,898
Investment income
$5,635,852
Other revenue
$4,361,328
Total assets, end of year
$526,765,010
Total liabilities, end of year
$405,217,045
Net assets or fund balances, end of year
$121,547,965
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Generation of Electricity

    total $165,589,898 · related or exempt $165,589,898 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $5,635,852 · related or exempt $0 · unrelated business $0 · excluded $5,635,852

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $555,666 · related or exempt $0 · unrelated business $0 · excluded $555,666

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11a · Other revenue: Transmission

    total $1,714,813 · related or exempt $1,714,813 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Deferred Revenues

    total -$1,215,660 · related or exempt -$1,215,660 · unrelated business $0 · excluded $0

  • 11c · Other revenue: Sales of SO2 - Emissions Allowance

    total $11 · related or exempt $11 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $3,306,498 · related or exempt $3,306,498 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $3,805,662

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,446,962

  • 5 · Compensation of officers, directors and key employees

    total $1,557,518

  • 7 · Other salaries and wages

    total $13,812,231

  • 8 · Pension plan contributions

    total $2,352,933

  • 10 · Payroll taxes

    total $1,106,568

  • 16 · Occupancy

    total $1,571,958

  • 20 · Interest

    total $15,907,309

  • 22 · Depreciation, depletion and amortization

    total $24,738,576

  • 24a · Other expenses: FUELS

    total $53,325,602

  • 24b · Other expenses: ADMINISTRATION

    total $2,539,247

  • 24c · Other expenses: OPERATIONS

    total $13,181,931

  • 24d · Other expenses: MAINTENANCE

    total $32,821,115

  • 24e · All other expenses

    total $8,225,128

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $95,664 · end of year $39,226

  • 2 · Savings and temporary cash investments

    beginning of year $6,441,485 · end of year $25,926

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $9,749,408 · end of year $12,998,729

  • 5 · Loans and receivables from officers and key people

    beginning of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $77,153,123 · end of year $80,923,441

  • 9 · Prepaid expenses and deferred charges

    beginning of year $32,564,163 · end of year $31,803,132

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

    $832,265,406

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

    $545,546,643

  • 10c · Land, buildings and equipment, net

    beginning of year $304,173,307 · end of year $286,718,763

  • 13 · Investments: program-related

    beginning of year $106,948,852 · end of year $112,148,099

  • 15 · Other assets

    beginning of year $2,142,825 · end of year $2,107,694

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,327,055 · end of year $12,408,121

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $38,021,900 · end of year $37,108,266

  • 20 · Tax-exempt bond liabilities

    beginning of year $63,813,757 · end of year $60,037,774

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $276,638,417 · end of year $264,859,696

  • 24 · Unsecured notes and loans payable

    beginning of year $3,490,800 · end of year $0

  • 25 · Other liabilities

    beginning of year $28,698,690 · end of year $30,803,188

  • 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 $118,278,208 · end of year $121,547,965

Mission and programs · 2024

Mission

Provide safe, reliable and affordable power to our members through diligent resource management, environmental stewardship, and employee growth, while helping to meet needs within the communities we serve. Maintain a dependable power supply at the lowest possible and competitive cost to our customers through integrity, hard work, and safety.

Activities or mission (Part I)

San Miguel was created for the sole purpose of owning and operating a 400 MW mine-mouth lignite-fired generating plant and associated mining facilities to furnish power and energy to its member cooperatives.

  • San Miguel Electric Cooperative, Inc. was created for the sole purpose of owning and operating a 400 Megawatt mine-mouth lignite-fired generating plant and associated mining facility to furnish power and energy to its members on a cooperative basis.

As filed on the 2024 return.

Listed in Part VII

  • Craig Courter

    General Manager

    Total calculated
    $587,612
    From this org
    $495,017
    From related orgs
    $0
    Other
    $92,595
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $493,558
    Bonus
    $0
    Other
    $1,459
    Deferred
    $47,649
    Nontaxable benefits
    $44,947
    Filer's total
    $587,613

  • Casey Bird

    EHS & Engineering Manager

    Total calculated
    $289,473
    From this org
    $249,683
    From related orgs
    $0
    Other
    $39,790
    Hours/week
    94

    Schedule J breakdown matched by us

    Base
    $171,612
    Bonus
    $10,240
    Other
    $67,831
    Deferred
    $5,392
    Nontaxable benefits
    $34,398
    Filer's total
    $289,473

  • David Burris

    Fuels Manager

    Total calculated
    $251,413
    From this org
    $222,609
    From related orgs
    $0
    Other
    $28,804
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $194,901
    Bonus
    $19,167
    Other
    $8,540
    Deferred
    $18,318
    Nontaxable benefits
    $10,486
    Filer's total
    $251,412

  • Derek Burns

    Operations, Maintenance, & Engineering Manager

    Total calculated
    $236,802
    From this org
    $197,743
    From related orgs
    $0
    Other
    $39,059
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $171,831
    Bonus
    $16,953
    Other
    $8,958
    Deferred
    $6,143
    Nontaxable benefits
    $32,917
    Filer's total
    $236,802

  • Vanessa Pawelek

    Chief Financial Officer

    Total calculated
    $213,288
    From this org
    $172,596
    From related orgs
    $0
    Other
    $40,692
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $158,291
    Bonus
    $13,719
    Other
    $585
    Deferred
    $8,908
    Nontaxable benefits
    $31,784
    Filer's total
    $213,287

  • Benino Ramirez

    Mechanic Crew A

    Total calculated
    $196,356
    From this org
    $153,757
    From related orgs
    $0
    Other
    $42,599
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,737
    Bonus
    $3,020
    Other
    $0
    Deferred
    $9,845
    Nontaxable benefits
    $32,754
    Filer's total
    $196,356

  • Patrick Rakowitz

    Mechanic Leadman

    Total calculated
    $193,601
    From this org
    $154,307
    From related orgs
    $0
    Other
    $39,294
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,871
    Bonus
    $2,976
    Other
    $4,459
    Deferred
    $7,867
    Nontaxable benefits
    $31,427
    Filer's total
    $193,600

  • David Loeffler

    Class A Mechanic

    Total calculated
    $190,110
    From this org
    $140,949
    From related orgs
    $0
    Other
    $49,161
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,392
    Bonus
    $3,158
    Other
    $400
    Deferred
    $16,319
    Nontaxable benefits
    $32,842
    Filer's total
    $190,111

  • Apolinar Garcia

    Control Room Operator Class A

    Total calculated
    $185,296
    From this org
    $149,380
    From related orgs
    $0
    Other
    $35,916
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,221
    Bonus
    $2,667
    Other
    $491
    Deferred
    $4,736
    Nontaxable benefits
    $31,180
    Filer's total
    $185,295

  • Benny Garza

    Safety Training Supervisor

    Total calculated
    $184,095
    From this org
    $167,570
    From related orgs
    $0
    Other
    $16,525
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,473
    Bonus
    $2,672
    Other
    $49,424
    Deferred
    $0
    Nontaxable benefits
    $16,525
    Filer's total
    $184,094

  • Brian Acosta

    Director

    Total calculated
    $15,096
    From this org
    $15,096
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Rolando Alaniz

    Director

    Total calculated
    $15,056
    From this org
    $15,056
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John Roach

    Director

    Total calculated
    $14,048
    From this org
    $14,048
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Mike Ables

    Director

    Total calculated
    $13,866
    From this org
    $13,866
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Clyde Stewart

    Secretary/Treasurer

    Total calculated
    $13,786
    From this org
    $13,786
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • David Rosse

    Director

    Total calculated
    $13,676
    From this org
    $13,676
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Michael Jacobs

    Assistant Secretary/Treasurer

    Total calculated
    $13,650
    From this org
    $13,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Clif Lange

    Director

    Total calculated
    $13,650
    From this org
    $13,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Colt Haack

    Director

    Total calculated
    $13,622
    From this org
    $13,622
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Blaine Warzecha

    Vice President (Acting President Nov-Dec)

    Total calculated
    $13,527
    From this org
    $13,527
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Trey Grebe

    Director

    Total calculated
    $12,997
    From this org
    $12,997
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Larry Schendel

    Director

    Total calculated
    $12,985
    From this org
    $12,985
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Eric Halfmann

    Director

    Total calculated
    $12,838
    From this org
    $12,838
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Bode Hausmann

    Director

    Total calculated
    $12,831
    From this org
    $12,831
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Ron Hughes

    Director

    Total calculated
    $12,418
    From this org
    $12,418
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Kenneth White

    President (Jan-Oct)

    Total calculated
    $11,765
    From this org
    $11,765
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Kenneth Weynand

    Director

    Total calculated
    $2,112
    From this org
    $2,112
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Jim Coleman

    Director

    Total calculated
    $1,950
    From this org
    $1,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Avan Irani

    Director

    Total calculated
    $0
    Hours/week
    4.5

  • Gary Raybon

    Director

    Total calculated
    $0
    Hours/week
    6

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 committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 4
During 2024, a severance payment was issued to a key employee. Such payment was not material to the financial position, nor the overall mission of the Cooperative.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2025
IRS schema version
2024v5.0
Source object
202511339349304561

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