Southside Electric Cooperative Incorporated
- Assets
- $354.4m
- Revenue
- $138.3m
- Investments
- $0.0
- Employees
- 148
- Location
- Crewe, VA
- Founding
- 12/1937
- Data as of
- 12/2021
- EIN
- 54-0387895
Organization Overview
Southside Electric Cooperative Incorporated is located in Crewe, VA. The organization was established in 1937. 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 12/2021, Southside Electric Cooperative Incorporated employed 148 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southside Electric Cooperative Incorporated 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, Southside Electric Cooperative Incorporated generated $138.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $137.3m during the year ending 12/2021. While expenses have increased by 1.0% 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
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF SOUTHSIDE ELECTRIC COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER 59,637,108 DISTRIBUTION MAINTENANCE 27,843,650 OTHER SALARIES AND WAGES 14,569,825
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey S Edwards President & | Officer | 55 | $1,564,074 |
George Felts VP Engineeri | 50 | $277,396 | |
Jason Loehr VP Fin & Cor | Officer | 50 | $266,895 |
Brad Furr VP Operation | 50 | $254,468 | |
Ronald White VP Member Se | 50 | $238,749 | |
Jacob Mccann VP Human Res | 50 | $193,504 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Townsend Tree Service Tree Removal | 12/30/21 | $4,712,570 |
Cw Wright Replace Poles | 12/30/21 | $1,704,400 |
Volt Power Llc Power Line | 12/30/21 | $1,701,278 |
Carolina Power & Signalization Power Line | 12/30/21 | $2,831,623 |
Pike Electric Power Line | 12/30/21 | $3,324,124 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $18,382,642 |
| 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 | $18,382,642 |
| Total Program Service Revenue | $119,114,679 |
| Investment income | $259,998 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $505,279 |
| Net Gain/Loss on Asset Sales | $18,618 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $138,281,216 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $7,982,451 |
| Compensation of current officers, directors, key employees. | $2,258,372 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,569,825 |
| Pension plan accruals and contributions | $3,677,479 |
| Other employee benefits | $0 |
| Payroll taxes | $1,312,065 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $145,337 |
| 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 | $2,614,547 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $195,392 |
| Interest | $5,820,655 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,789,155 |
| Insurance | $0 |
| All other expenses | -$6,796,383 |
| Total functional expenses | $137,334,406 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,626,392 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $39,902,881 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,075 |
| Inventories for sale or use | $3,248,581 |
| Prepaid expenses and deferred charges | $286,821 |
| Net Land, buildings, and equipment | $252,484,545 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $54,178,390 |
| Intangible assets | $0 |
| Other assets | $709,645 |
| Total assets | $354,447,330 |
| Accounts payable and accrued expenses | $10,036,177 |
| 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 | $213,106,200 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,812,773 |
| Total liabilities | $233,955,150 |
| 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 | $120,492,180 |
| Total liabilities and net assets/fund balances | $354,447,330 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Southside Electric Cooperative Incorporated has recieved totaling $140,516.
| Awarding Organization | Amount |
|---|---|
United Way Of Greater Richmond Richmond, VA PURPOSE: DONOR DIRECTS FUNDS(DESIGNATIONS) FOR ENERGY SHARE | $140,516 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
East Kentucky Power Cooperative Inc Winchester, KY | $3,550,114,968 | $954,101,068 |
Middle Tennessee Electric Membership Corporation Murfreesboro, TN | $972,885,002 | $816,151,968 |
Old Dominion Electric Cooperative Glen Allen, VA | $2,169,039,010 | $801,442,287 |
Northern Virginia Electric Co-Op Manassas, VA | $1,071,859,351 | $676,666,779 |
Kenergy Corp Henderson, KY | $260,651,880 | $473,591,627 |
Southern Maryland Electric Cooperative Inc Hughesville, MD | $1,114,931,504 | $461,053,058 |
Rappahannock Electric Cooperative Fredericksburg, VA | $1,043,159,165 | $419,807,187 |
Cumberland Electric Membership Corp Clarksville, TN | $559,882,187 | $327,722,843 |
Energyunited Electric Membership Corporation Statesville, NC | $513,896,783 | $280,523,963 |
Volunteer Energy Cooperative Decatur, TN | $369,462,846 | $270,037,507 |
Shenandoah Valley Electric Cooperative Inc Rockingham, VA | $571,380,010 | $240,751,246 |
Duck River Electric Membership Corporation Shelbyville, TN | $294,861,810 | $219,371,768 |