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Nonprofiteer
← SOUTHEASTERN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by SOUTHEASTERN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$81,602,377
Total expenses
$81,602,377
Contributions and grants received
$0
Grants paid
$50,577
Program service revenue
$81,228,272
Investment income
$397,018
Other revenue
-$22,913
Total assets, end of year
$248,235,233
Total liabilities, end of year
$161,137,431
Net assets or fund balances, end of year
$87,097,802
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 $75,839,010 · related or exempt $75,839,010

  • 2b · Program service revenue: COOPERATIVE CAPITAL CR

    total $5,389,262 · related or exempt $5,389,262

  • 3 · Investment income

    total $290,269 · excluded $290,269

  • 6a · Gross rents

    real property $13,525

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $13,525

  • 6d · Net rental income or loss

    total $13,525 · related or exempt $13,525

  • 7a · Gross sales of assets other than inventory

    other assets $106,749

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

    other assets $0

  • 7c · Gain or loss

    other assets $106,749

  • 7d · Net gain or loss

    total $106,749 · excluded $106,749

  • 10a · Gross sales of inventory

    $536,841

  • 10b · Cost of goods sold

    $573,279

  • 10c · Net income from sales of inventory

    total -$36,438 · related or exempt -$36,438

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $50,577

  • 4 · Benefits paid to or for members

    total $7,210,123

  • 5 · Compensation of officers, directors and key employees

    total $1,151,639

  • 7 · Other salaries and wages

    total $5,281,041

  • 8 · Pension plan contributions

    total $1,077,456

  • 10 · Payroll taxes

    total $457,695

  • 20 · Interest

    total $3,906,823

  • 22 · Depreciation, depletion and amortization

    total $6,427,775

  • 24a · Other expenses: PURCHASED POWER

    total $52,453,564

  • 24b · Other expenses: DISTRIBUTION - OPERATIO

    total $3,384,017

  • 24c · Other expenses: DISTRIBUTION - MAINTENA

    total $2,205,110

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $1,359,495

  • 24e · All other expenses

    total -$3,362,938

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,011,945 · end of year $2,149,569

  • 2 · Savings and temporary cash investments

    beginning of year $1,600,000 · end of year $1,500,000

  • 4 · Accounts receivable

    beginning of year $8,015,320 · end of year $7,943,331

  • 8 · Inventories for sale or use

    beginning of year $9,881,048 · end of year $12,138,184

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,472,084 · end of year $2,613,536

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

    $218,182,110

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

    $51,175,917

  • 10c · Land, buildings and equipment, net

    beginning of year $150,180,080 · end of year $167,006,193

  • 12 · Investments: other securities

    beginning of year $1,615,908 · end of year $1,635,369

  • 13 · Investments: program-related

    beginning of year $46,636,906 · end of year $50,631,342

  • 14 · Intangible assets

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

  • 15 · Other assets

    beginning of year $2,085,542 · end of year $2,610,463

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,985,970 · end of year $8,446,148

  • 23 · Secured mortgages and notes payable

    beginning of year $129,245,436 · end of year $148,880,343

  • 25 · Other liabilities

    beginning of year $3,678,763 · end of year $3,810,940

  • 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 $82,595,910 · end of year $87,097,802

Mission and programs · 2023

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 18,750 MEMBER-CONSUMERS OVER 4,525 MILES OF LINE.

As filed on the 2023 return.

Listed in Part VII

  • Don Heeren

    PRESIDENT

    Total calculated
    $23,380
    From this org
    $23,380
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.1

  • Steve Holmberg

    VICE PRESIDENT

    Total calculated
    $17,630
    From this org
    $17,630
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.6

  • Daryl Terveen

    TREASURER

    Total calculated
    $17,830
    From this org
    $17,830
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.4

  • Johnathan Wildeboer

    SECRETARY

    Total calculated
    $13,255
    From this org
    $13,255
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Chris Hofer

    DIRECTOR

    Total calculated
    $12,355
    From this org
    $12,355
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.7

  • Carlos Hofer

    DIRECTOR

    Total calculated
    $14,955
    From this org
    $14,955
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.4

  • Robert Wollmann

    DIRECTOR

    Total calculated
    $17,930
    From this org
    $17,930
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.1

  • John Ostraat

    DIRECTOR

    Total calculated
    $15,980
    From this org
    $15,980
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.1

  • Donovan Kost

    DIRECTOR - BEGAN 06/2023

    Total calculated
    $8,905
    From this org
    $8,905
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.2

  • Brad Schardin

    GENERAL MANAGER - UNTIL 09/2023

    Total calculated
    $347,894
    From this org
    $315,625
    From related orgs
    $0
    Other
    $32,269
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $310,392
    Bonus
    $0
    Other
    $5,233
    Deferred
    $7,010
    Nontaxable benefits
    $29,447
    Filer's total
    $352,082

  • Jon Wunder

    CFO

    Total calculated
    $201,553
    From this org
    $147,341
    From related orgs
    $0
    Other
    $54,212
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,538
    Bonus
    $250
    Other
    $553
    Deferred
    $18,012
    Nontaxable benefits
    $39,250
    Filer's total
    $204,603

  • Chad Kinsley

    CEO - BEGAN 07/2023

    Total calculated
    $180,934
    From this org
    $168,327
    From related orgs
    $0
    Other
    $12,607
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,167
    Bonus
    $250
    Other
    $22,910
    Deferred
    $0
    Nontaxable benefits
    $14,936
    Filer's total
    $183,263

  • John Euchner

    MANAGER OF OPERATING AND ENGINEERING

    Total calculated
    $272,145
    From this org
    $179,095
    From related orgs
    $0
    Other
    $93,050
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,230
    Bonus
    $250
    Other
    $2,615
    Deferred
    $62,725
    Nontaxable benefits
    $33,854
    Filer's total
    $275,674

  • Todd Nelson

    MEMBER SERVICES & IT MANAGER

    Total calculated
    $215,490
    From this org
    $162,189
    From related orgs
    $0
    Other
    $53,301
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,665
    Bonus
    $250
    Other
    $6,274
    Deferred
    $21,093
    Nontaxable benefits
    $35,494
    Filer's total
    $218,776

  • Troy Peters

    LINE SUPERINTENDENT

    Total calculated
    $253,718
    From this org
    $137,614
    From related orgs
    $0
    Other
    $116,104
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,468
    Bonus
    $250
    Other
    $896
    Deferred
    $82,091
    Nontaxable benefits
    $36,522
    Filer's total
    $256,227

  • Robert Kalda

    LINE SUPERINTENDENT

    Total calculated
    $246,318
    From this org
    $126,079
    From related orgs
    $0
    Other
    $120,239
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,882
    Bonus
    $250
    Other
    $947
    Deferred
    $87,269
    Nontaxable benefits
    $35,423
    Filer's total
    $248,771

  • Adam Stark

    LINE SUPERINTENDENT

    Total calculated
    $192,443
    From this org
    $128,229
    From related orgs
    $0
    Other
    $64,214
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,601
    Bonus
    $250
    Other
    $378
    Deferred
    $27,617
    Nontaxable benefits
    $39,062
    Filer's total
    $194,908

  • Robert Dubbelde

    LINE SUPERINTENDENT

    Total calculated
    $173,400
    From this org
    $127,155
    From related orgs
    $0
    Other
    $46,245
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,133
    Bonus
    $250
    Other
    $2,772
    Deferred
    $16,450
    Nontaxable benefits
    $32,421
    Filer's total
    $176,026

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

  • 1a · Tax indemnification and gross-up payments
  • 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

  • 1b · Written policy on the line-1a expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
MOVING EXPENSES WERE PAID FOR THE CEO. THE EXPENSES WERE GROSSED UP FOR INCOME TAX AND INCLUDED IN HIS/HER TAXABLE WAGES.
PART I, LINE 1B
THE BOARD DID NOT FOLLOW A WRITTEN POLICY, BUT NEGOTIATED THE MOVING EXPENSE REIMBURSEMENT DURING THE HIRING PROCESS. THE BOARD APPROVED PAYING MOVING EXPENSES AND GROSSING UP THE EXPENSE TO INCLUDE INCOME TAX.
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: - JON WUNDER $13,266 - JOHN EUCHNER $57,251 - TROY PETERS $78,295 - ADAM STARK $23,821 - ROBERT KALDA $83,489 - CASEY SICHMELLER $15,006 ACTUAL COOPERATIVE CONTRIBUTIONS TO THE DEFINED BENEFIT PLAN ARE AS FOLLOWS: - JON WUNDER $29,792 - JOHN EUCHNER $34,522 - TROY PETERS $30,344 - ADAM STARK $30,344 - ROBERT KALDA $29,586 - CASEY SICHMELLER $22,896

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

    $6,666

    GENERAL SUPPORT

Provenance

Return type
form_990
Tax year
2023
Filed
19 July 2024
IRS schema version
2023v5.1
Source object
202402049349300040

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