South Central Electric Association
- Assets
- $93.4m
- Revenue
- $27.8m
- Investments
- $28.8k
- Employees
- 26
- Location
- St James, MN
- Founding
- 07/1939
- Data as of
- 12/2023
- EIN
- 41-0548360
Organization Overview
South Central Electric Association is located in St James, MN. The organization was established in 1939. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, South Central Electric Association employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. South Central Electric Association is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2023, South Central Electric Association generated $27.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $27.4m during the year ending 12/2023. While expenses have increased by 3.5% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING ELECTRICITY TO MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 4,612 MEMBERS ALONG 908 MILES OF OVERHEAD LINE AND 1,242 MILES OF UNDERGROUND LINE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ron Jorgenson President | OfficerTrustee | 5 | $23,400 |
Mike Miest Vice President | OfficerTrustee | 4 | $20,600 |
Brad Asendorf Secretary | OfficerTrustee | 6 | $20,400 |
Matt Peters Treasurer | OfficerTrustee | 3 | $18,800 |
Mark Sandberg Director | Trustee | 15 | $30,200 |
Brent Imker Director | Trustee | 11 | $23,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Integrity Contracting Inc Underground Line Construction | 12/30/23 | $457,420 |
Carr Tree Service Tree Trimming (Roi Clearing) | 12/30/23 | $327,100 |
Star Energy Services Llc Engineering Firm | 12/30/23 | $220,509 |
Karian Peterson Power Line Overhead Line Construction | 12/30/23 | $105,179 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $27,554,392 |
| Investment income | $239,713 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $9,996 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,804,101 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,583 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,568,456 |
| Compensation of current officers, directors, key employees. | $522,690 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,956,118 |
| Pension plan accruals and contributions | $530,713 |
| Other employee benefits | $0 |
| Payroll taxes | $169,855 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,581,910 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,918,010 |
| Insurance | $0 |
| All other expenses | -$1,293,746 |
| Total functional expenses | $27,404,454 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $9,131,708 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,113,894 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $913,209 |
| Inventories for sale or use | $1,880,367 |
| Prepaid expenses and deferred charges | $148,425 |
| Net Land, buildings, and equipment | $63,344,297 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $28,801 |
| Investments—program-related | $13,883,976 |
| Intangible assets | $0 |
| Other assets | $5,164 |
| Total assets | $93,449,841 |
| Accounts payable and accrued expenses | $3,005,506 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,683 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $59,364,415 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,029,164 |
| Total liabilities | $64,402,768 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $29,047,073 |
| Total liabilities and net assets/fund balances | $93,449,841 |