Southern Maryland Electric Cooperative Inc
- Assets
- $1.2b
- Revenue
- $482.1m
- Investments
- $21.5m
- Employees
- 583
- Location
- Hughesville, MD
- Founding
- 08/1938
- Data as of
- 12/2023
- EIN
- 52-0492367
Organization Overview
Southern Maryland Electric Cooperative Inc is located in Hughesville, MD. The organization was established in 1938. 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, Southern Maryland Electric Cooperative Inc employed 583 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Maryland 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, Southern Maryland Electric Cooperative Inc generated $482.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $479.6m during the year ending 12/2023. While expenses have increased by 1.0% 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
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF SOUTHERN MARYLAND ELECTRIC COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF SOUTHERN MARYLAND ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM EXPENSES WERE: COST OF POWER 255,046,268 OTHER SALARIES AND WAGES 55,135,370 DEPRECIATION 47,441,508
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 |
|---|---|---|---|
Sonja M Cox President & | Officer | 50 | $671,400 |
Campbell B Hawkins Sr VP & Csio | Officer | 50 | $458,832 |
Mark A Macdougall Sr VP & Coun | Officer | 50 | $440,628 |
Joseph Trentacosta Sr VP & Cio | Officer | 50 | $414,705 |
Roger Schneider Sr VP & COO | Officer | 50 | $368,339 |
Beth A Kennedy Sr VP & CFO | Officer | 50 | $367,916 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Penn Line Tree Service Inc Row Maint | 12/30/23 | $6,548,820 |
Icf Resources Inc Mgr Empower Md | 12/30/23 | $7,239,612 |
Southern Maryland Cable Inc Construction | 12/30/23 | $4,550,614 |
Sumter Utilities Inc Construction | 12/30/23 | $3,967,236 |
Itron Inc Em Verification | 12/30/23 | $2,861,166 |
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 | $474,449,442 |
| Investment income | $496,700 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,152,548 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $482,120,622 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,521,613 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $55,135,370 |
| Pension plan accruals and contributions | $6,358,222 |
| Other employee benefits | $783,053 |
| Payroll taxes | $3,403,107 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $732,185 |
| Fees for services: Accounting | $309,999 |
| 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 | $3,418,261 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $263,127 |
| Interest | $27,788,167 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $47,441,508 |
| Insurance | $0 |
| All other expenses | $14,648,696 |
| Total functional expenses | $479,551,762 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,218,682 |
| Savings and temporary cash investments | $2,049,007 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $57,696,787 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $24,261,990 |
| Prepaid expenses and deferred charges | $45,911,734 |
| Net Land, buildings, and equipment | $935,680,279 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $21,548,872 |
| Investments—program-related | $26,769,132 |
| Intangible assets | $0 |
| Other assets | $70,983,420 |
| Total assets | $1,187,119,903 |
| Accounts payable and accrued expenses | $32,828,053 |
| 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 | $764,325,778 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $78,222,247 |
| Total liabilities | $875,376,078 |
| 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 | $311,743,825 |
| Total liabilities and net assets/fund balances | $1,187,119,903 |