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Nonprofiteer
← SOUTHERN INDIANA POWER

Form 990 for tax year 2024

Filed by SOUTHERN INDIANA POWER.

Totals

Total revenue
$46,037,615
Total expenses
$46,037,615
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$43,492,893
Investment income
$965,370
Other revenue
$1,579,352
Total assets, end of year
$84,439,254
Total liabilities, end of year
$34,271,081
Net assets or fund balances, end of year
$50,168,173
Program services expenses (Part IX)
$46,010,670
Management and general expenses
$26,945
Fundraising expenses
$0
Program service expenses (Part III)
$46,010,670

Program services were 99.9% 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: REVENUE-ELECTRIC SALES

    total $43,492,893 · related or exempt $43,492,893

  • 3 · Investment income

    total $957,241 · excluded $957,241

  • 6a · Gross rents

    personal property $734,246

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $734,246

  • 6d · Net rental income or loss

    total $734,246 · excluded $734,246

  • 7a · Gross sales of assets other than inventory

    other assets $49,802

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

    other assets $41,673

  • 7c · Gain or loss

    other assets $8,129

  • 7d · Net gain or loss

    total $8,129 · excluded $8,129

  • 11a · Other revenue: PATRONAGE CAPITAL

    total $840,171 · related or exempt $840,171

  • 11b · Other revenue: MISC

    total $3,474 · excluded $3,474

  • 11c · Other revenue: MISC. INCOME/LOSS CO-OP ONE

    total $1,461 · unrelated business $1,461

  • 11e · Other revenue, total

    $845,106

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,478,079 · program services $2,478,079

  • 5 · Compensation of officers, directors and key employees

    total $402,788 · program services $402,788

  • 7 · Other salaries and wages

    total $2,757,572 · program services $2,757,572

  • 11b · Fees: legal

    total $8,492 · management and general $8,492

  • 11c · Fees: accounting

    total $14,140 · management and general $14,140

  • 11g · Fees: other

    total $4,313 · management and general $4,313

  • 12 · Advertising and promotion

    total $21,607 · program services $21,607

  • 13 · Office expenses

    total $96,414 · program services $96,414

  • 20 · Interest

    total $1,122,833 · program services $1,122,833

  • 22 · Depreciation, depletion and amortization

    total $2,514,346 · program services $2,514,346

  • 23 · Insurance

    total $71,762 · program services $71,762

  • 24a · Other expenses: PURCHASED POWER

    total $33,026,683 · program services $33,026,683

  • 24b · Other expenses: MAINTENANCE EXPENSE

    total $1,972,605 · program services $1,972,605

  • 24c · Other expenses: ADMINISTRATIVE & GENERA

    total $459,477 · program services $459,477

  • 24d · Other expenses: OPERATIONS EXPENSE

    total $319,912 · program services $319,912

  • 24e · All other expenses

    total $766,592 · program services $766,592

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,262,505 · end of year $578,357

  • 2 · Savings and temporary cash investments

    beginning of year $4,814,479 · end of year $2,500,000

  • 4 · Accounts receivable

    beginning of year $4,497,936 · end of year $4,412,830

  • 7 · Other notes and loans receivable

    beginning of year $264,526 · end of year $105,754

  • 8 · Inventories for sale or use

    beginning of year $604,784 · end of year $635,515

  • 9 · Prepaid expenses and deferred charges

    beginning of year $218,477 · end of year $106,184

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

    $77,954,966

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

    $22,590,796

  • 10c · Land, buildings and equipment, net

    beginning of year $52,050,026 · end of year $55,364,170

  • 13 · Investments: program-related

    beginning of year $20,490,859 · end of year $20,736,444

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,092,897 · end of year $5,581,835

  • 23 · Secured mortgages and notes payable

    beginning of year $29,907,139 · end of year $27,889,620

  • 25 · Other liabilities

    beginning of year $736,044 · end of year $799,626

  • 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 $2,001,912 · end of year $2,068,185

  • 31 · Retained earnings, endowment or other funds

    beginning of year $46,465,600 · end of year $48,099,988

Mission and programs · 2024

Mission

TO PROVIDE SAFE, RELIABLE, AND AFFORDABLE POWER WHILE IMPROVING THE QUALITY OF LIFE FOR OUR MEMBERS

  • DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 7,556 MEMBERS ON A COOPERATIVE BASIS.

    Expenses $46,010,670 · Revenue $43,492,893

As filed on the 2024 return.

Listed in Part VII

  • Jeff Vogel

    CHAIRMAN

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Gary Waninger

    VICE CHAIRMAN

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Randall Kleaving

    DIRECTOR

    Total calculated
    $13,200
    From this org
    $13,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Dirk Stein

    SECRETARY/TREASURER

    Total calculated
    $9,800
    From this org
    $9,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2

  • David Lynch

    DIRECTOR

    Total calculated
    $11,800
    From this org
    $11,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Chris Burroughs

    DIRECTOR

    Total calculated
    $10,050
    From this org
    $10,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Kyle Knieriem

    DIRECTOR

    Total calculated
    $10,400
    From this org
    $10,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Steven Seibert

    PRESIDENT/CEO

    Total calculated
    $327,738
    From this org
    $250,824
    From related orgs
    $0
    Other
    $76,914
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $250,824
    Bonus
    $0
    Other
    $0
    Deferred
    $53,623
    Nontaxable benefits
    $23,291
    Filer's total
    $327,738

  • Stephen Fortwendel

    MANAGER OF OPERATIONS

    Total calculated
    $170,489
    From this org
    $123,669
    From related orgs
    $0
    Other
    $46,820
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $123,669
    Bonus
    $0
    Other
    $0
    Deferred
    $18,431
    Nontaxable benefits
    $28,389
    Filer's total
    $170,489

  • Todd Hammond

    MANAGER OF ENGINEERING

    Total calculated
    $163,402
    From this org
    $114,051
    From related orgs
    $0
    Other
    $49,351
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,051
    Bonus
    $0
    Other
    $0
    Deferred
    $21,015
    Nontaxable benefits
    $28,336
    Filer's total
    $163,402

  • Travis Goffinet

    JOURNEYMAN LINEMAN

    Total calculated
    $167,197
    From this org
    $125,352
    From related orgs
    $0
    Other
    $41,845
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $125,352
    Bonus
    $0
    Other
    $0
    Deferred
    $21,964
    Nontaxable benefits
    $19,881
    Filer's total
    $167,197

  • Clint Heeke

    JOURNEYMAN LINEMAN

    Total calculated
    $147,272
    From this org
    $116,254
    From related orgs
    $0
    Other
    $31,018
    Hours/week
    44

  • Jarrett Hawhee

    JOURNEYMAN LINEMAN

    Total calculated
    $129,808
    From this org
    $109,050
    From related orgs
    $0
    Other
    $20,758
    Hours/week
    45

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 · 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
2024
Filed
6 November 2025
IRS schema version
2024v5.2
Source object
202533109349303523

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