Southeastern Electric Cooperative Inc
- Assets
- $248.2m
- Revenue
- $81.6m
- Investments
- $1.6m
- Employees
- 73
- Location
- Lennox, SD
- Founding
- 08/2000
- Data as of
- 12/2023
- EIN
- 46-0454373
Organization Overview
Southeastern Electric Cooperative Inc is located in Lennox, SD. The organization was established in 2000. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2023, Southeastern Electric Cooperative Inc employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southeastern Electric Cooperative Inc 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, Southeastern Electric Cooperative Inc generated $81.6m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $81.6m during the year ending 12/2023. While expenses have increased by 4.2% per year over the past 5 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 ELECTRIC SERVICE TO MEMBER-CONSUMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC SERVICE TO APPROXIMATELY 18,750 MEMBER-CONSUMERS OVER 4,525 MILES OF LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Don Heeren President | OfficerTrustee | 10.1 | $23,380 |
Steve Holmberg Vice President | OfficerTrustee | 7.6 | $17,630 |
Daryl Terveen Treasurer | OfficerTrustee | 7.4 | $17,830 |
Johnathan Wildeboer Secretary | OfficerTrustee | 5.5 | $13,255 |
Chris Hofer Director | Trustee | 3.7 | $12,355 |
Carlos Hofer Director | Trustee | 5.4 | $14,955 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dave's Construction Inc Utility Construction | 12/30/23 | $3,248,404 |
Jans Corporation General Contractor | 12/30/23 | $3,424,177 |
Summit Utility Services Llc Locating Services | 12/30/23 | $175,246 |
Dewild Grant Reckert & Associates Engineering Services | 12/30/23 | $107,611 |
Friest Tree Experts Llc Tree Trimming Services | 12/30/23 | $129,584 |
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 | $81,228,272 |
| Investment income | $290,269 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $13,525 |
| Net Gain/Loss on Asset Sales | $106,749 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$36,438 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $81,602,377 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,577 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $7,210,123 |
| Compensation of current officers, directors, key employees. | $1,151,639 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,281,041 |
| Pension plan accruals and contributions | $1,077,456 |
| Other employee benefits | $0 |
| Payroll taxes | $457,695 |
| 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 | $3,906,823 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,427,775 |
| Insurance | $0 |
| All other expenses | -$3,362,938 |
| Total functional expenses | $81,602,377 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,149,569 |
| Savings and temporary cash investments | $1,500,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,943,331 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $12,138,184 |
| Prepaid expenses and deferred charges | $2,613,536 |
| Net Land, buildings, and equipment | $167,006,193 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,635,369 |
| Investments—program-related | $50,631,342 |
| Intangible assets | $7,246 |
| Other assets | $2,610,463 |
| Total assets | $248,235,233 |
| Accounts payable and accrued expenses | $8,446,148 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $148,880,343 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,810,940 |
| Total liabilities | $161,137,431 |
| 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 | $87,097,802 |
| Total liabilities and net assets/fund balances | $248,235,233 |
Grants Awarded
Over the last fiscal year, Southeastern Electric Cooperative Inc has awarded $14,166 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FORWARD SIOUX FALLS PURPOSE: GENERAL SUPPORT | $6,666 |
SOUTH DAKOTA STATE FAIR FOUNDATION PURPOSE: DAKOTA EVENTS COMPLEX | $7,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southeastern Electric Cooperative Inc Lennox, SD | $248,235,233 | $81,602,377 |
Southern Minnesota Energy Cooperative Rushford, MN | $9,216,834 | $63,873,841 |
Dakota Valley Electric Cooperative Inc Edgeley, ND | $174,627,296 | $61,076,760 |
Freeborn-Mower Cooperative Services Albert Lea, MN | $151,110,003 | $61,656,883 |
Prairie Energy Cooperative Clarion, IA | $72,702,398 | $33,622,237 |
Cooperative Light And Power Association Of Lake County Two Harbors, MN | $34,755,470 | $14,718,706 |
Norval Electric Cooperative Inc Glasgow, MT | $30,343,737 | $8,069,987 |
Pamoja Kenya Shakopee, MN | $272,921 | $1,343,446 |
Joint Well Field Inc Toronto, SD | $8,836,721 | $856,862 |
Broadwater-Missouri Townsend, MT | $834,840 | $339,212 |
Old Baldy Water & Sewer Company Saratoga, WY | $375,277 | $327,699 |
Conroy Building Association Casper, WY | $42,472 | $0 |
Nine Mile Water And Sewer District Laramie, WY | $236,634 | $117,831 |
Teton Co-Op Canal Co Choteau, MT | $195,942 | $0 |