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Nonprofiteer
← SOUTHEASTERN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by SOUTHEASTERN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$87,619,989
Total expenses
$87,619,989
Contributions and grants received
$0
Grants paid
$57,154
Program service revenue
$87,281,595
Investment income
$361,112
Other revenue
-$22,718
Total assets, end of year
$265,106,823
Total liabilities, end of year
$171,793,109
Net assets or fund balances, end of year
$93,313,714
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 $82,462,132 · related or exempt $82,462,132

  • 2b · Program service revenue: COOPERATIVE CAPITAL CR

    total $4,780,214 · related or exempt $4,780,214

  • 2f · All other program service revenue

    total $39,249 · related or exempt $39,249

  • 3 · Investment income

    total $340,051 · excluded $340,051

  • 6a · Gross rents

    real property $18,868

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $18,868

  • 6d · Net rental income or loss

    total $18,868 · related or exempt $18,868

  • 7a · Gross sales of assets other than inventory

    other assets $21,909

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

    other assets $848

  • 7c · Gain or loss

    other assets $21,061

  • 7d · Net gain or loss

    total $21,061 · excluded $21,061

  • 10a · Gross sales of inventory

    $583,890

  • 10b · Cost of goods sold

    $625,476

  • 10c · Net income from sales of inventory

    total -$41,586 · related or exempt -$41,586

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $57,154

  • 4 · Benefits paid to or for members

    total $7,822,965

  • 5 · Compensation of officers, directors and key employees

    total $1,018,226

  • 7 · Other salaries and wages

    total $5,639,687

  • 8 · Pension plan contributions

    total $1,119,657

  • 10 · Payroll taxes

    total $475,230

  • 20 · Interest

    total $4,736,055

  • 22 · Depreciation, depletion and amortization

    total $7,046,762

  • 24a · Other expenses: PURCHASED POWER

    total $55,934,651

  • 24b · Other expenses: DISTRIBUTION - OPERATIO

    total $3,416,136

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $2,223,736

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $1,467,712

  • 24e · All other expenses

    total -$3,337,982

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,149,569 · end of year $1,459,849

  • 2 · Savings and temporary cash investments

    beginning of year $1,500,000 · end of year $1,950,000

  • 4 · Accounts receivable

    beginning of year $7,943,331 · end of year $8,053,489

  • 8 · Inventories for sale or use

    beginning of year $12,138,184 · end of year $15,171,642

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,613,536 · end of year $2,892,332

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

    $231,224,505

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

    $53,562,629

  • 10c · Land, buildings and equipment, net

    beginning of year $167,006,193 · end of year $177,661,876

  • 12 · Investments: other securities

    beginning of year $1,635,369 · end of year $1,636,701

  • 13 · Investments: program-related

    beginning of year $50,631,342 · end of year $53,770,176

  • 14 · Intangible assets

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

  • 15 · Other assets

    beginning of year $2,610,463 · end of year $2,503,512

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,446,148 · end of year $7,796,788

  • 23 · Secured mortgages and notes payable

    beginning of year $148,880,343 · end of year $160,390,748

  • 25 · Other liabilities

    beginning of year $3,810,940 · end of year $3,605,573

  • 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 $87,097,802 · end of year $93,313,714

Mission and programs · 2024

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 19,560 MEMBER-CONSUMERS OVER 4,532 MILES OF LINE.

As filed on the 2024 return.

Listed in Part VII

  • Steve Holmberg

    PRESIDENT

    Total calculated
    $13,230
    From this org
    $13,230
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.3

  • Robert Wollmann

    VICE PRESIDENT

    Total calculated
    $13,780
    From this org
    $13,780
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.1

  • Daryl Terveen

    TREASURER

    Total calculated
    $11,205
    From this org
    $11,205
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Johnathan Wildeboer

    SECRETARY

    Total calculated
    $15,155
    From this org
    $15,155
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.1

  • Chris Hofer

    DIRECTOR

    Total calculated
    $11,880
    From this org
    $11,880
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

  • Carlos Hofer

    DIRECTOR

    Total calculated
    $10,855
    From this org
    $10,855
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.8

  • Don Heeren

    DIRECTOR

    Total calculated
    $12,530
    From this org
    $12,530
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9

  • John Ostraat

    DIRECTOR

    Total calculated
    $14,605
    From this org
    $14,605
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.7

  • Donovan Kost

    DIRECTOR

    Total calculated
    $17,405
    From this org
    $17,405
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.8

  • Jon Wunder

    CFO

    Total calculated
    $216,324
    From this org
    $158,959
    From related orgs
    $0
    Other
    $57,365
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,358
    Bonus
    $0
    Other
    $601
    Deferred
    $18,575
    Nontaxable benefits
    $42,132
    Filer's total
    $219,666

  • Chad Kinsley

    CEO

    Total calculated
    $384,349
    From this org
    $327,102
    From related orgs
    $0
    Other
    $57,247
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $324,487
    Bonus
    $0
    Other
    $2,615
    Deferred
    $23,299
    Nontaxable benefits
    $39,718
    Filer's total
    $390,119

  • John Euchner

    VP OF OPERATIONS & ENGINEERING

    Total calculated
    $289,426
    From this org
    $185,992
    From related orgs
    $0
    Other
    $103,434
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,224
    Bonus
    $0
    Other
    $2,768
    Deferred
    $68,936
    Nontaxable benefits
    $38,335
    Filer's total
    $293,263

  • Todd Nelson

    VP OF INFORMATION TECHNOLOGY

    Total calculated
    $226,781
    From this org
    $169,667
    From related orgs
    $0
    Other
    $57,114
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,031
    Bonus
    $0
    Other
    $6,636
    Deferred
    $22,165
    Nontaxable benefits
    $38,459
    Filer's total
    $230,291

  • Troy Peters

    LINE SUPERINTENDENT

    Total calculated
    $280,137
    From this org
    $153,745
    From related orgs
    $0
    Other
    $126,392
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,108
    Bonus
    $600
    Other
    $1,037
    Deferred
    $88,388
    Nontaxable benefits
    $40,692
    Filer's total
    $282,825

  • Robert Kalda

    LINE SUPERINTENDENT

    Total calculated
    $182,535
    From this org
    $133,929
    From related orgs
    $0
    Other
    $48,606
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,069
    Bonus
    $0
    Other
    $1,860
    Deferred
    $11,895
    Nontaxable benefits
    $39,400
    Filer's total
    $185,224

  • Adam Stark

    LINE SUPERINTENDENT

    Total calculated
    $206,467
    From this org
    $137,800
    From related orgs
    $0
    Other
    $68,667
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,399
    Bonus
    $0
    Other
    $401
    Deferred
    $29,528
    Nontaxable benefits
    $41,786
    Filer's total
    $209,114

  • Robert Dubbelde

    LINE SUPERINTENDENT

    Total calculated
    $183,609
    From this org
    $140,578
    From related orgs
    $0
    Other
    $43,031
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,019
    Bonus
    $1,000
    Other
    $4,559
    Deferred
    $16,252
    Nontaxable benefits
    $29,117
    Filer's total
    $185,947

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

  • 2 · Substantiation required before reimbursing expenses
  • 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 $18,239 - JON WUNDER $13,449 - JOHN EUCHNER $63,179 - TROY PETERS $84,368 - ADAM STARK $25,507 - ROBERT KALDA $0 ACTUAL COOPERATIVE CONTRIBUTIONS TO THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: - CHAD KINSLEY $24,387 - JON WUNDER $30,556 - JOHN EUCHNER $34,457 - TROY PETERS $32,908 - ADAM STARK $32,908 - ROBERT KALDA $13,712

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

Provenance

Return type
form_990
Tax year
2024
Filed
5 June 2025
IRS schema version
2024v5.1
Source object
202531569349301658

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