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Nonprofiteer
← SOUTHERN IOWA ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by SOUTHERN IOWA ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$14,205,433
Total expenses
$14,205,551
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$13,904,409
Investment income
$49,870
Other revenue
$251,154
Total assets, end of year
$52,067,629
Total liabilities, end of year
$27,379,511
Net assets or fund balances, end of year
$24,688,118
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 $13,774,800 · related or exempt $13,774,800

  • 2b · Program service revenue: OTHER ELECTRIC REVENUE

    total $129,609 · related or exempt $129,609

  • 3 · Investment income

    total $49,861 · excluded $49,861

  • 7a · Gross sales of assets other than inventory

    other assets $20,343

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

    other assets $20,334

  • 7c · Gain or loss

    other assets $9

  • 7d · Net gain or loss

    total $9 · excluded $9

  • 10a · Gross sales of inventory

    $50

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $50 · related or exempt $50

  • 11a · Other revenue: CAPITAL CREDITS

    total $251,136 · related or exempt $251,136

  • 11b · Other revenue: APRIME K-1

    total -$32 · unrelated business -$32

  • 11e · Other revenue, total

    $251,104

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,089,014

  • 5 · Compensation of officers, directors and key employees

    total $449,199

  • 20 · Interest

    total $871,098

  • 22 · Depreciation, depletion and amortization

    total $1,398,003

  • 24a · Other expenses: COST OF POWER

    total $7,008,928

  • 24b · Other expenses: DIST EXP-OPERATIONS

    total $1,181,937

  • 24c · Other expenses: DIST EXP-MAINTENANCE

    total $978,332

  • 24d · Other expenses: ADMIN & GENERAL EXPENSE

    total $763,712

  • 24e · All other expenses

    total $465,328

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,412,810 · end of year $1,182,788

  • 4 · Accounts receivable

    beginning of year $1,237,017 · end of year $1,381,695

  • 7 · Other notes and loans receivable

    beginning of year $1,356,889 · end of year $1,465,633

  • 8 · Inventories for sale or use

    beginning of year $662,088 · end of year $574,418

  • 9 · Prepaid expenses and deferred charges

    beginning of year $282,471 · end of year $225,233

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

    $51,681,941

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

    $11,300,085

  • 10c · Land, buildings and equipment, net

    beginning of year $39,293,064 · end of year $40,381,856

  • 12 · Investments: other securities

    beginning of year $13,349 · end of year $13,414

  • 13 · Investments: program-related

    beginning of year $6,911,996 · end of year $6,842,592

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,142,126 · end of year $1,193,314

  • 19 · Deferred revenue

    beginning of year $388,254 · end of year $331,979

  • 23 · Secured mortgages and notes payable

    beginning of year $25,382,614 · end of year $25,676,386

  • 25 · Other liabilities

    beginning of year $191,714 · end of year $177,832

  • 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 $24,064,976 · end of year $24,688,118

Mission and programs · 2022

Mission

PROVIDING SAFE, RELIABLE ELECTRICITY.

  • SALE ELECTRICITY - TO PROVIDE ELECTRIC ENERGY AND SERVICES TO APPROXIMATELY 4,730 METERS.

As filed on the 2022 return.

Listed in Part VII

  • Darrell Downing

    PRESIDENT

    Total calculated
    $3,060
    From this org
    $3,060
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Travis Harris

    VICE PRESIDENT

    Total calculated
    $3,910
    From this org
    $3,910
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Paul Wells

    VICE-PRESIDENT - PART YEAR

    Total calculated
    $1,530
    From this org
    $1,530
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Earl Trachsel

    SECRETARY

    Total calculated
    $2,040
    From this org
    $2,040
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Beth Sullivan

    SECRETARY - PART YEAR

    Total calculated
    $1,190
    From this org
    $1,190
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • David Yahnke

    TREASURER

    Total calculated
    $1,700
    From this org
    $1,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Susan Knapp

    DIRECTOR

    Total calculated
    $510
    From this org
    $510
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Jason Wells

    DIRECTOR

    Total calculated
    $510
    From this org
    $510
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Rodney Reck

    DIRECTOR

    Total calculated
    $1,530
    From this org
    $1,530
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Trent Gregory

    DIRECTOR

    Total calculated
    $1,700
    From this org
    $1,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Fred Zeitler

    DIRECTOR

    Total calculated
    $1,870
    From this org
    $1,870
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Greg Proctor

    MANAGER/CEO

    Total calculated
    $203,172
    From this org
    $135,060
    From related orgs
    $0
    Other
    $68,112
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $135,060
    Bonus
    $0
    Other
    $0
    Deferred
    $39,312
    Nontaxable benefits
    $28,800
    Filer's total
    $203,172

  • Jo Altheide

    CFO - PART YEAR

    Total calculated
    $66,207
    From this org
    $37,908
    From related orgs
    $0
    Other
    $28,299
    Hours/week
    25

  • Ross Hunter

    COO

    Total calculated
    $160,270
    From this org
    $101,053
    From related orgs
    $0
    Other
    $59,217
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $101,053
    Bonus
    $0
    Other
    $0
    Deferred
    $31,143
    Nontaxable benefits
    $28,074
    Filer's total
    $160,270

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 · 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.

  • SIEC COMMUNITY SUPPORT FUND

    501(C)(3) · COMMUNITY SUPPORT FUND · IA · controlled entity

    Directly controlled by SOUTHERN IOWA ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2022
Filed
23 June 2023
IRS schema version
2022v5.0
Source object
202331959349300823

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