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Nonprofiteer
← SUWANNEE VALLEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by SUWANNEE VALLEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$69,962,003
Total expenses
$69,962,003
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$70,234,881
Investment income
$338,078
Other revenue
-$610,956
Total assets, end of year
$261,730,501
Total liabilities, end of year
$199,100,725
Net assets or fund balances, end of year
$62,629,776
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: Electricity Sales

    total $68,959,301 · related or exempt $68,959,301

  • 2b · Program service revenue: Patronage Dividends

    total $1,067,440 · related or exempt $1,067,440

  • 2c · Program service revenue: Consumer Service Fees

    total $208,140 · related or exempt $208,140

  • 3 · Investment income

    total $177,462 · unrelated business $129,351 · excluded $48,111

  • 6a · Gross rents

    personal property $430,421

  • 6b · Less rental expenses

    personal property $7,997

  • 6c · Rental income or loss

    personal property $422,424

  • 6d · Net rental income or loss

    total $422,424 · related or exempt $115,441 · unrelated business $306,983

  • 7a · Gross sales of assets other than inventory

    securities $160,616

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

    securities $0

  • 7c · Gain or loss

    securities $160,616

  • 7d · Net gain or loss

    total $160,616 · excluded $160,616

  • 10a · Gross sales of inventory

    $10,771

  • 10b · Cost of goods sold

    $3,159

  • 10c · Net income from sales of inventory

    total $7,612 · related or exempt $7,612

  • 11a · Other revenue: Misc Non-Operating Inc

    total $5,700 · excluded $5,700

  • 11b · Other revenue: Loss from Subsidiary

    total -$1,046,692 · related or exempt -$1,046,692

  • 11e · Other revenue, total

    -$1,040,992

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,032,254

  • 5 · Compensation of officers, directors and key employees

    total $1,280,298

  • 20 · Interest

    total $2,302,029

  • 22 · Depreciation, depletion and amortization

    total $6,148,525

  • 24a · Other expenses: Cost of Power

    total $42,532,630

  • 24b · Other expenses: Distribution - Maintena

    total $8,356,537

  • 24c · Other expenses: Administrative & Genera

    total $3,689,774

  • 24d · Other expenses: Distribution - Operatio

    total $2,667,355

  • 24e · All other expenses

    total $1,952,601

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $403,480 · end of year $0

  • 4 · Accounts receivable

    beginning of year $5,602,791 · end of year $58,946,722

  • 8 · Inventories for sale or use

    beginning of year $3,832,076 · end of year $11,274,035

  • 9 · Prepaid expenses and deferred charges

    beginning of year $394,110 · end of year $13,459,013

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

    $196,028,681

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

    $66,057,984

  • 10c · Land, buildings and equipment, net

    beginning of year $118,432,902 · end of year $129,970,697

  • 13 · Investments: program-related

    beginning of year $17,775,912 · end of year $17,795,097

  • 15 · Other assets

    beginning of year $3,915,914 · end of year $30,284,937

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,614,477 · end of year $112,518,388

  • 23 · Secured mortgages and notes payable

    beginning of year $68,307,893 · end of year $77,094,958

  • 25 · Other liabilities

    beginning of year $2,049,727 · end of year $9,487,379

  • 29 · Capital stock, trust principal or current funds

    beginning of year $106,070 · end of year $107,360

  • 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 $62,279,018 · end of year $62,522,416

Mission and programs · 2023

Mission

The Cooperative's responsibility and aim as a member owned organization is to provide excellent and reliable customer service with competitive rates while enhancing the quality of life of residents in the Suwannee River Valley.

  • Suwannee Valley Electric Coop provides electric service to over 20,000 members in 4 counties in the state of Florida.

As filed on the 2023 return.

Listed in Part VII

  • Jerry Goff

    Vice President

    Total calculated
    $6,500
    From this org
    $6,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.6

  • Cynthia Boyette

    Secretary

    Total calculated
    $9,500
    From this org
    $9,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sidney Lord

    Director/Trustee

    Total calculated
    $5,500
    From this org
    $5,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.9

  • Hugh Hunter

    Director/Trustee

    Total calculated
    $7,750
    From this org
    $7,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tyler Putnal

    Director/Trustee

    Total calculated
    $9,500
    From this org
    $9,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.4

  • Laure Bee Roberson III

    Director/Trustee

    Total calculated
    $7,250
    From this org
    $7,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Charles Walker

    Treasurer

    Total calculated
    $9,250
    From this org
    $9,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.7

  • Michael Adams

    President

    Total calculated
    $6,750
    From this org
    $6,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Francene Folsom

    Director/Trustee

    Total calculated
    $8,750
    From this org
    $8,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.4

  • Mike McWaters

    CEO

    Total calculated
    $489,753
    From this org
    $310,312
    From related orgs
    $0
    Other
    $179,441
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $310,312
    Bonus
    $0
    Other
    $0
    Deferred
    $147,993
    Nontaxable benefits
    $31,448
    Filer's total
    $489,753

  • Christine Moor

    CFO

    Total calculated
    $170,447
    From this org
    $144,160
    From related orgs
    $0
    Other
    $26,287
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $144,160
    Bonus
    $0
    Other
    $0
    Deferred
    $17,012
    Nontaxable benefits
    $9,275
    Filer's total
    $170,447

  • Kurt Miller

    Director of Engineering

    Total calculated
    $294,405
    From this org
    $195,598
    From related orgs
    $0
    Other
    $98,807
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,598
    Bonus
    $0
    Other
    $0
    Deferred
    $75,393
    Nontaxable benefits
    $23,414
    Filer's total
    $294,405

  • Mark Mosley

    Director of Safety

    Total calculated
    $254,943
    From this org
    $178,751
    From related orgs
    $0
    Other
    $76,192
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $178,751
    Bonus
    $0
    Other
    $0
    Deferred
    $64,769
    Nontaxable benefits
    $11,423
    Filer's total
    $254,943

  • John Robinson

    Director of Member Service

    Total calculated
    $188,019
    From this org
    $140,372
    From related orgs
    $0
    Other
    $47,647
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $140,372
    Bonus
    $0
    Other
    $0
    Deferred
    $44,248
    Nontaxable benefits
    $3,399
    Filer's total
    $188,019

  • Crystal Ecker

    General Counsel

    Total calculated
    $138,640
    From this org
    $124,693
    From related orgs
    $0
    Other
    $13,947
    Hours/week
    45

  • Jodi Hughes

    Journeyman Lineman

    Total calculated
    $164,763
    From this org
    $132,300
    From related orgs
    $0
    Other
    $32,463
    Hours/week
    62

    Schedule J breakdown matched by us

    Base
    $132,300
    Bonus
    $0
    Other
    $0
    Deferred
    $21,971
    Nontaxable benefits
    $10,492
    Filer's total
    $164,763

  • Hunter Ash

    Journeyman Lineman

    Total calculated
    $147,730
    From this org
    $118,979
    From related orgs
    $0
    Other
    $28,751
    Hours/week
    55

  • Trevor Touchton

    Manager of Power Technical

    Total calculated
    $165,204
    From this org
    $130,401
    From related orgs
    $0
    Other
    $34,803
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $130,401
    Bonus
    $0
    Other
    $0
    Deferred
    $13,675
    Nontaxable benefits
    $21,128
    Filer's total
    $165,204

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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

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.

  • Rapid Fiber Internet LLC

    C · Internet Service Provider · FL · 100% owned · share of income $34,655 · share of assets $3,281,400

    Directly controlled by Suwannee Valley Electric Cooperative

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202403199349308315

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