Southside Electric Cooperative Incorporated
- Assets
- $359.0m
- Revenue
- $143.3m
- Investments
- $0.0
- Employees
- 156
- Location
- Crewe, VA
- Founding
- 12/1937
- Data as of
- 12/2022
- 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 12/2022, Southside Electric Cooperative Incorporated employed 156 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 12/2022, Southside Electric Cooperative Incorporated generated $143.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $140.1m during the year ending 12/2022. While expenses have increased by 1.1% per year over the past 8 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
2022
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 74,285,870 OTHER SALARIES AND WAGES 14,996,859 DEPRECIATION AND AMORTIZATION 13,045,674
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey S Edwards Formerpresid | Officer | 50 | $623,176 |
George Felts VP Engineeri | 50 | $395,248 | |
Jason Loehr President & | Officer | 55 | $310,560 |
Ronald White VP Member Se | 50 | $237,531 | |
Louis Urbine Director Of | 50 | $161,770 | |
Jacob Mccann VP Human Res | 50 | $205,179 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rocky Creek Tree Service Tree Removal | 12/30/22 | $1,007,868 |
Asplundh Tree Expert Llc Tree Removal | 12/30/22 | $831,198 |
Penske Truck Leasing Co Lp Fleet Maint. | 12/30/22 | $977,677 |
Townsend Tree Service Tree Removal | 12/30/22 | $4,055,094 |
Carolina Power & Signalization Power Line | 12/30/22 | $4,334,545 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,497,764 |
| 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 | $4,497,764 |
| Total Program Service Revenue | $138,168,967 |
| Investment income | $99,364 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $553,699 |
| Net Gain/Loss on Asset Sales | $6,213 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $143,326,007 |
| 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 | $11,058,188 |
| Compensation of current officers, directors, key employees. | $1,612,685 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,996,859 |
| Pension plan accruals and contributions | $3,629,544 |
| Other employee benefits | $0 |
| Payroll taxes | $1,291,678 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $144,049 |
| 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 | $3,256,581 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $292,131 |
| Interest | $5,769,322 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,045,674 |
| Insurance | $0 |
| All other expenses | -$5,917,600 |
| Total functional expenses | $140,129,074 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $48,239,495 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,036,259 |
| Prepaid expenses and deferred charges | $243,011 |
| Net Land, buildings, and equipment | $250,664,160 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $55,106,054 |
| Intangible assets | $0 |
| Other assets | $707,208 |
| Total assets | $358,996,187 |
| Accounts payable and accrued expenses | $13,876,824 |
| 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 | $208,244,392 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,953,117 |
| Total liabilities | $230,074,333 |
| 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 | $128,921,854 |
| Total liabilities and net assets/fund balances | $358,996,187 |