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Nonprofiteer
← SOUTHEASTERN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2025

Filed by SOUTHEASTERN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$96,007,173
Total expenses
$96,007,173
Contributions and grants received
$0
Grants paid
$58,395
Program service revenue
$95,578,445
Investment income
$410,779
Other revenue
$17,949
Total assets, end of year
$274,314,515
Total liabilities, end of year
$173,341,119
Net assets or fund balances, end of year
$100,973,396
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 ELECTRICITY

    total $90,414,059 · related or exempt $90,414,059

  • 2b · Program service revenue: COOPERATIVE CAPITAL CR

    total $5,164,386 · related or exempt $5,164,386

  • 3 · Investment income

    total $400,622 · excluded $400,622

  • 6a · Gross rents

    real property $24,145

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $24,145

  • 6d · Net rental income or loss

    total $24,145 · related or exempt $24,145

  • 7a · Gross sales of assets other than inventory

    other assets $25,981

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

    other assets $15,824

  • 7c · Gain or loss

    other assets $10,157

  • 7d · Net gain or loss

    total $10,157 · excluded $10,157

  • 10a · Gross sales of inventory

    $501,943

  • 10b · Cost of goods sold

    $508,139

  • 10c · Net income from sales of inventory

    total -$6,196 · related or exempt -$6,196

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $58,395

  • 4 · Benefits paid to or for members

    total $9,603,124

  • 5 · Compensation of officers, directors and key employees

    total $1,123,772

  • 7 · Other salaries and wages

    total $6,014,186

  • 8 · Pension plan contributions

    total $1,242,852

  • 10 · Payroll taxes

    total $506,538

  • 20 · Interest

    total $5,192,759

  • 22 · Depreciation, depletion and amortization

    total $7,272,913

  • 24a · Other expenses: PURCHASED POWER

    total $60,571,931

  • 24b · Other expenses: DISTRIBUTION - OPERATIO

    total $3,736,194

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $2,695,646

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $1,733,887

  • 24e · All other expenses

    total -$3,745,024

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,459,849 · end of year $2,687,855

  • 2 · Savings and temporary cash investments

    beginning of year $1,950,000 · end of year $2,070,000

  • 4 · Accounts receivable

    beginning of year $8,053,489 · end of year $9,094,652

  • 8 · Inventories for sale or use

    beginning of year $15,171,642 · end of year $12,205,648

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,892,332 · end of year $2,363,950

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

    $244,462,043

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

    $59,485,607

  • 10c · Land, buildings and equipment, net

    beginning of year $177,661,876 · end of year $184,976,436

  • 12 · Investments: other securities

    beginning of year $1,636,701 · end of year $1,642,360

  • 13 · Investments: program-related

    beginning of year $53,770,176 · end of year $57,120,533

  • 14 · Intangible assets

    beginning of year $7,246 · end of year $7,246

  • 15 · Other assets

    beginning of year $2,503,512 · end of year $2,145,835

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,796,788 · end of year $9,420,510

  • 23 · Secured mortgages and notes payable

    beginning of year $160,390,748 · end of year $160,310,184

  • 25 · Other liabilities

    beginning of year $3,605,573 · end of year $3,610,425

  • 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 $93,313,714 · end of year $100,973,396

Mission and programs · 2025

Mission

MEMBER FOCUSED. MEMBER DRIVEN. AS A NON-PROFIT ELECTRIC COOPERATIVE, WE ARE HERE TO SERVE THE MEMBERS OF THE COOPERATIVE WITH RELIABLE, QUALITY AND AFFORDABLE ELECTRIC SERVICE AND TO DO THAT WE ARE FOCUSED ON THEIR NEEDS AND DESIRES.

Activities or mission (Part I)

PROVIDING ELECTRIC SERVICE TO MEMBER-CONSUMERS.

  • PROVIDING ELECTRIC SERVICE TO APPROXIMATELY 20,718 MEMBER-CONSUMERS OVER 4,640 MILES OF LINE.

As filed on the 2025 return.

Listed in Part VII

  • Steve Holmberg

    PRESIDENT

    Total calculated
    $14,455
    From this org
    $14,455
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.4

  • Robert Wollmann

    VICE PRESIDENT

    Total calculated
    $16,180
    From this org
    $16,180
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.7

  • Daryl Terveen

    TREASURER

    Total calculated
    $12,605
    From this org
    $12,605
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.4

  • Johnathan Wildeboer

    SECRETARY

    Total calculated
    $13,680
    From this org
    $13,680
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.8

  • Don Heeren

    DIRECTOR

    Total calculated
    $12,780
    From this org
    $12,780
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.8

  • Chris Hofer

    DIRECTOR

    Total calculated
    $8,742
    From this org
    $8,742
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6

  • Carlos Hofer

    DIRECTOR

    Total calculated
    $14,055
    From this org
    $14,055
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.9

  • John Ostraat

    DIRECTOR

    Total calculated
    $10,230
    From this org
    $10,230
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2

  • Donovan Kost

    DIRECTOR

    Total calculated
    $17,880
    From this org
    $17,880
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Jon Wunder

    CFO

    Total calculated
    $237,758
    From this org
    $171,232
    From related orgs
    $0
    Other
    $66,526
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,519
    Bonus
    $0
    Other
    $713
    Deferred
    $23,693
    Nontaxable benefits
    $46,420
    Filer's total
    $241,345

  • Chad Kinsley

    CEO

    Total calculated
    $450,468
    From this org
    $347,033
    From related orgs
    $0
    Other
    $103,435
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $344,330
    Bonus
    $0
    Other
    $2,703
    Deferred
    $66,827
    Nontaxable benefits
    $42,457
    Filer's total
    $456,317

  • John Euchner

    VP OF OPERATIONS & ENGINEE

    Total calculated
    $322,816
    From this org
    $196,128
    From related orgs
    $0
    Other
    $126,688
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,146
    Bonus
    $0
    Other
    $2,982
    Deferred
    $89,956
    Nontaxable benefits
    $40,747
    Filer's total
    $326,831

  • Todd Nelson

    VP OF INFORMATION TECHNOLOGY

    Total calculated
    $239,476
    From this org
    $178,516
    From related orgs
    $0
    Other
    $60,960
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,558
    Bonus
    $0
    Other
    $6,958
    Deferred
    $23,353
    Nontaxable benefits
    $41,260
    Filer's total
    $243,129

  • Duane Pulse

    LINE SUPERINTENDENT

    Total calculated
    $227,912
    From this org
    $143,212
    From related orgs
    $0
    Other
    $84,700
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,725
    Bonus
    $0
    Other
    $487
    Deferred
    $47,425
    Nontaxable benefits
    $39,985
    Filer's total
    $230,622

  • Robert Kalda

    LINE SUPERINTENDENT

    Total calculated
    $202,149
    From this org
    $143,155
    From related orgs
    $0
    Other
    $58,994
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,111
    Bonus
    $0
    Other
    $2,044
    Deferred
    $19,624
    Nontaxable benefits
    $42,251
    Filer's total
    $205,030

  • Troy Peters

    LINE SUPERINTENDENT

    Total calculated
    $212,777
    From this org
    $156,165
    From related orgs
    $0
    Other
    $56,612
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,172
    Bonus
    $0
    Other
    $1,993
    Deferred
    $14,799
    Nontaxable benefits
    $44,634
    Filer's total
    $215,598

  • Adam Stark

    LINE SUPERINTENDENT

    Total calculated
    $218,898
    From this org
    $139,373
    From related orgs
    $0
    Other
    $79,525
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,943
    Bonus
    $0
    Other
    $430
    Deferred
    $37,276
    Nontaxable benefits
    $45,029
    Filer's total
    $221,678

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 · 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

The filer's explanations (Part III)

SCHEDULE J, PART II, LINE 1, COLUMN C:
INCLUDED IN THE AMOUNT REPORTED IN COLUMN C FOR THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: - CHAD KINSLEY $56,327 - JON WUNDER $18,138 - JOHN EUCHNER $83,885 - DUANE PULSE $42,920 - ADAM STARK $32,726 ACTUAL COOPERATIVE CONTRIBUTIONS TO THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: - CHAD KINSLEY $65,450 - JON WUNDER $34,057 - JOHN EUCHNER $37,516 - DUANE PULSE $33,853 - TROY PETERS $14,467 - ADAM STARK $34,720

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

  • FORWARD SIOUX FALLS

    $6,600

    GENERAL SUPPORT

Provenance

Return type
form_990
Tax year
2025
Filed
21 May 2026
IRS schema version
2025v4.1
Source object
202641479349300514

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