Skip to content
Nonprofiteer
← SAN MIGUEL ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by SAN MIGUEL ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$188,325,013
Total expenses
$188,325,013
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$179,295,050
Investment income
$5,014,499
Other revenue
$4,015,464
Total assets, end of year
$558,755,810
Total liabilities, end of year
$443,777,203
Net assets or fund balances, end of year
$114,978,607
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: Generation of Electircity

    total $179,295,050 · related or exempt $179,295,050 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $5,014,499 · related or exempt $0 · unrelated business $0 · excluded $5,014,499

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: Sales of SO2 - Emmissions Allowance

    total $12 · related or exempt $12 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Transmission

    total $1,486,124 · related or exempt $1,486,124 · unrelated business $0 · excluded $0

  • 11c · Other revenue: Deferred Revenues

    total -$1,214,814 · related or exempt -$1,214,814 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $3,744,142 · related or exempt $3,744,142 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $4,015,464

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,338,144

  • 5 · Compensation of officers, directors and key employees

    total $1,391,945

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $15,875,071

  • 8 · Pension plan contributions

    total $2,486,446

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $1,159,925

  • 16 · Occupancy

    total $1,704,852

  • 20 · Interest

    total $10,058,857

  • 22 · Depreciation, depletion and amortization

    total $21,685,709

  • 24a · Other expenses: Fuels

    total $77,139,535

  • 24b · Other expenses: Maintenance

    total $28,871,511

  • 24c · Other expenses: Operations

    total $19,490,917

  • 24d · Other expenses: Admin

    total $1,913,834

  • 24e · All other expenses

    total $4,208,267

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,503,916 · end of year $97,606

  • 2 · Savings and temporary cash investments

    beginning of year $22,338 · end of year $33,132

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $26,293,536 · end of year $21,325,409

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $53,323,229 · end of year $75,661,489

  • 9 · Prepaid expenses and deferred charges

    beginning of year $21,114,137 · end of year $31,362,728

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

    $837,513,092

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

    $511,880,714

  • 10c · Land, buildings and equipment, net

    beginning of year $321,297,366 · end of year $325,632,378

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $100,394,496 · end of year $102,531,414

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $2,206,194 · end of year $2,111,654

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,420,804 · end of year $17,920,284

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $39,619,699 · end of year $38,184,067

  • 20 · Tax-exempt bond liabilities

    beginning of year $70,955,722 · end of year $67,449,740

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $73,646,133 · end of year $91,169,069

  • 24 · Unsecured notes and loans payable

    beginning of year $182,035,909 · end of year $192,164,840

  • 25 · Other liabilities

    beginning of year $34,742,742 · end of year $36,889,203

  • 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 $113,734,203 · end of year $114,978,607

Mission and programs · 2022

Mission

Provide safe, reliable and affordable power to our members through diligent resource management, environmental stewardship, and employee growth, while helping to meet needs within the communities we serve. Maintain a dependable power supply at the lowest possible and competitive cost to our customers through integrity, hard work, and safety.

Activities or mission (Part I)

San Miguel was created for the sole purpose of owning and operating a 400 MW mine-mouth lignite-fired generating plant and associated mining facilities to furnish power and energy to its member cooperatives.

  • San Miguel Electric Cooperative, Inc. was created for the sole purpose of owning and operating a 400 Megawatt mine-mouth lignite-fired generating plant and associated mining facility to furnish power and energy to its members on a cooperative basis.

As filed on the 2022 return.

Listed in Part VII

  • Nathan Brown

    General Manager (Jan-Oct)

    Total calculated
    $421,851
    From this org
    $379,619
    From related orgs
    $0
    Other
    $42,232
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $332,680
    Bonus
    $0
    Other
    $46,939
    Deferred
    $0
    Nontaxable benefits
    $42,232
    Filer's total
    $421,851

  • Derrick Brummett

    Chief Financial Officer

    Total calculated
    $298,081
    From this org
    $214,913
    From related orgs
    $0
    Other
    $83,168
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $198,296
    Bonus
    $12,308
    Other
    $4,310
    Deferred
    $43,007
    Nontaxable benefits
    $40,162
    Filer's total
    $298,083

  • Craig Courter

    Plant Manager(Jan-Oct) General Manager (Nov-Dec)

    Total calculated
    $251,330
    From this org
    $210,924
    From related orgs
    $0
    Other
    $40,406
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $201,737
    Bonus
    $7,838
    Other
    $1,350
    Deferred
    $0
    Nontaxable benefits
    $40,406
    Filer's total
    $251,331

  • David Burris

    Fuels Manager

    Total calculated
    $239,674
    From this org
    $194,033
    From related orgs
    $0
    Other
    $45,641
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,211
    Bonus
    $9,836
    Other
    $3,986
    Deferred
    $36,092
    Nontaxable benefits
    $9,550
    Filer's total
    $239,675

  • Eric Halfmann

    Engineering Manager

    Total calculated
    $230,859
    From this org
    $171,061
    From related orgs
    $0
    Other
    $59,798
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,360
    Bonus
    $4,924
    Other
    $777
    Deferred
    $22,337
    Nontaxable benefits
    $37,462
    Filer's total
    $230,860

  • Joe Badillo

    Shift Supervisor

    Total calculated
    $228,652
    From this org
    $193,355
    From related orgs
    $0
    Other
    $35,297
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,456
    Bonus
    $498
    Other
    $48,402
    Deferred
    $0
    Nontaxable benefits
    $35,297
    Filer's total
    $228,653

  • Aureliano Perez

    Mechanical Supervisor

    Total calculated
    $193,480
    From this org
    $159,252
    From related orgs
    $0
    Other
    $34,228
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,885
    Bonus
    $397
    Other
    $43,970
    Deferred
    $0
    Nontaxable benefits
    $34,228
    Filer's total
    $193,480

  • David Loeffler

    Class A Mechanic

    Total calculated
    $173,514
    From this org
    $139,076
    From related orgs
    $0
    Other
    $34,438
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,756
    Bonus
    $319
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,438
    Filer's total
    $173,513

  • Raul Osuna

    Crew A CRO_A

    Total calculated
    $170,493
    From this org
    $139,053
    From related orgs
    $0
    Other
    $31,440
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,988
    Bonus
    $397
    Other
    $24,668
    Deferred
    $0
    Nontaxable benefits
    $31,440
    Filer's total
    $170,493

  • Curtis Adams

    Lead Electrician

    Total calculated
    $170,044
    From this org
    $137,331
    From related orgs
    $0
    Other
    $32,713
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,508
    Bonus
    $347
    Other
    $22,476
    Deferred
    $0
    Nontaxable benefits
    $32,713
    Filer's total
    $170,044

  • Brian Acosta

    Director

    Total calculated
    $15,252
    From this org
    $15,252
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Rolando Alaniz

    Director

    Total calculated
    $14,816
    From this org
    $14,816
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Michael Jacobs

    Director

    Total calculated
    $14,200
    From this org
    $14,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • John Roach

    Director

    Total calculated
    $14,160
    From this org
    $14,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Colt Haack

    Director

    Total calculated
    $14,046
    From this org
    $14,046
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Clyde Stewart

    Assistant Secretary/Treasurer

    Total calculated
    $14,040
    From this org
    $14,040
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Kenneth White

    President

    Total calculated
    $14,000
    From this org
    $14,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • David Rosse

    Director

    Total calculated
    $13,770
    From this org
    $13,770
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brad Bierstedt

    Secretary/Treasurer

    Total calculated
    $13,490
    From this org
    $13,490
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Trey Grebe

    Director

    Total calculated
    $13,416
    From this org
    $13,416
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Ron Hughes

    Director

    Total calculated
    $13,374
    From this org
    $13,374
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Michael Kezar

    Director

    Total calculated
    $13,287
    From this org
    $13,287
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Mike Ables

    Director

    Total calculated
    $12,976
    From this org
    $12,976
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Larry Schendel

    Director

    Total calculated
    $12,935
    From this org
    $12,935
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Bode Hausmann

    Director

    Total calculated
    $12,760
    From this org
    $12,760
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

  • Blaine Warzecha

    Vice President

    Total calculated
    $12,728
    From this org
    $12,728
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jim Coleman

    Director

    Total calculated
    $2,145
    From this org
    $2,145
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Avan Irani

    Director

    Total calculated
    $0
    Hours/week
    6

  • Gary Raybon

    Director

    Total calculated
    $0
    Hours/week
    6

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 · Compensation committee
  • 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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
13 May 2023
IRS schema version
2022v5.0
Source object
202323059349300317

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.