Southeastern Electric Cooperative Inc
- Assets
- $202.2m
- Revenue
- $71.6m
- Investments
- $468.5k
- Employees
- 65
- Location
- Marion, SD
- Founding
- 08/2000
- Data as of
- 12/2021
- EIN
- 46-0454373
Organization Overview
Southeastern Electric Cooperative Inc is located in Marion, 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 12/2021, Southeastern Electric Cooperative Inc employed 65 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 12/2021, Southeastern Electric Cooperative Inc generated $71.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $71.6m during the year ending 12/2021. While expenses have increased by 3.9% per year over the past 7 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
2021
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 16,800 MEMBER-CONSUMERS OVER 4,400 MILES OF LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Schardin Ceo/general Manager | Officer | 40 | $228,152 |
John Euchner Manager Of Operating And Engineering | Officer | 40 | $162,381 |
Todd Nelson Member Services & It Manager | 40 | $144,990 | |
John Mcdonald Cfo/assistant Manager Until 06/2021 | Officer | 40 | $138,413 |
Troy Peters Line Superintendent | 40 | $119,421 | |
Robert Dubbelde Line Superintendent | 40 | $117,369 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Summit Utility Services Llc Locating Services | 12/30/21 | $123,377 |
Dave's Construction Inc Utility Construction | 12/30/21 | $2,668,556 |
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 | $71,527,908 |
| Investment income | $84,969 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$713 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,619 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $71,615,783 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $43,290 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $5,669,937 |
| Compensation of current officers, directors, key employees. | $876,637 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,574,534 |
| Pension plan accruals and contributions | $889,340 |
| Other employee benefits | $0 |
| Payroll taxes | $393,400 |
| 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 | $3,131,329 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,334,253 |
| Insurance | $0 |
| All other expenses | -$2,685,835 |
| Total functional expenses | $71,615,783 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,092,097 |
| Savings and temporary cash investments | $1,960,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,326,564 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,443,044 |
| Prepaid expenses and deferred charges | $2,388,761 |
| Net Land, buildings, and equipment | $138,766,931 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $468,535 |
| Investments—program-related | $41,733,335 |
| Intangible assets | $7,246 |
| Other assets | $1,012,888 |
| Total assets | $202,199,401 |
| Accounts payable and accrued expenses | $7,047,655 |
| 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 | $119,314,193 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,517,777 |
| Total liabilities | $127,879,625 |
| 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 | $74,319,776 |
| Total liabilities and net assets/fund balances | $202,199,401 |
Grants Awarded
Over the last fiscal year, Southeastern Electric Cooperative Inc has awarded $14,166 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Huron, SD PURPOSE: DAKOTA EVENTS COMPLEX | $7,500 |
FORWARD SIOUX FALLS PURPOSE: GENERAL SUPPORT | $6,666 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southeastern Electric Cooperative Inc Marion, SD | $202,199,401 | $71,615,783 |
Southern Minnesota Energy Cooperative Rushford, MN | $10,747,193 | $58,900,363 |
Dakota Valley Electric Cooperative Inc Edgeley, ND | $148,670,720 | $58,630,686 |
Freeborn-Mower Cooperative Services Albert Lea, MN | $136,719,563 | $56,762,140 |
Prairie Energy Cooperative Clarion, IA | $68,309,413 | $34,027,726 |
Cooperative Light And Power Association Of Lake County Two Harbors, MN | $32,161,097 | $13,814,099 |
Norval Electric Cooperative Inc Glasgow, MT | $29,266,137 | $7,862,591 |
Pamoja Kenya Shakopee, MN | $57,155 | $1,427,470 |
Joint Well Field Inc Toronto, SD | $2,543,710 | $758,352 |
Broadwater-Missouri Townsend, MT | $752,863 | $264,671 |
Old Baldy Water & Sewer Company Saratoga, WY | $195,308 | $139,668 |
Nine Mile Water And Sewer District Laramie, WY | $236,634 | $117,831 |