South Alabama Electric Cooperative
- Assets
- $169.2m
- Revenue
- $55.7m
- Investments
- $0.0
- Employees
- 60
- Location
- Troy, AL
- Founding
- 01/1957
- Data as of
- 12/2023
- EIN
- 63-0193841
Organization Overview
South Alabama Electric Cooperative is located in Troy, AL. The organization was established in 1957. 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, South Alabama Electric Cooperative employed 60 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. South Alabama Electric Cooperative 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, South Alabama Electric Cooperative generated $55.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $58.7m during the year ending 12/2023. While expenses have increased by 4.0% 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
TO PROVIDE ELECTRIC UTILITY SERVICE TO COOPERATIVE MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UTILIZING APPROXIMATELY 2,877 MILES OF DISTRIBUTION LINES, SOUTH ALABAMA ELECTRIC COOPERATIVE PROVIDED 393,359,065 KILOWATT-HOURS OF ELECTRIC ENERGY TO ITS MEMBERS LOCATED IN THE SOUTHERN REGION OF ALABAMA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bf Trustee | Trustee | 8 | $30,455 |
Crt Trustee | OfficerTrustee | 9 | $32,680 |
Dk Trustee | OfficerTrustee | 8 | $27,340 |
Jg Trustee | Trustee | 8 | $30,010 |
Jhm Trustee | OfficerTrustee | 9 | $34,015 |
Jrs Trustee | OfficerTrustee | 3 | $3,370 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jackson Line Clearing Inc Right Of Way Clearing | 12/30/23 | $1,922,123 |
Kings Table Powerline Service Inc Construction | 12/30/23 | $420,256 |
Wynn Energy Services Llc Fort Rucker Eusc Project | 12/30/23 | $201,741 |
Cole Consulting Llc Fort Rucker Eusc Project | 12/30/23 | $150,574 |
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 | $52,935,280 |
| Investment income | $1,468,799 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $385,200 |
| Net Gain/Loss on Asset Sales | $16,761 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $55,703,765 |
| 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 | $6,935,553 |
| Compensation of current officers, directors, key employees. | $611,382 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $2,511,534 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,442,731 |
| Insurance | $0 |
| All other expenses | $2,549,062 |
| Total functional expenses | $58,703,765 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,724,107 |
| Savings and temporary cash investments | $589,544 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,698,501 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $677,731 |
| Prepaid expenses and deferred charges | $270,909 |
| Net Land, buildings, and equipment | $124,473,385 |
| Investments—publicly traded securities | $10,149,868 |
| Investments—other securities | $0 |
| Investments—program-related | $23,054,494 |
| Intangible assets | $0 |
| Other assets | $1,543,581 |
| Total assets | $169,182,120 |
| Accounts payable and accrued expenses | $6,512,500 |
| Grants payable | $0 |
| Deferred revenue | $3,309,475 |
| 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 | $80,049,085 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,881,216 |
| Total liabilities | $93,752,276 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $90,082 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $75,339,762 |
| Total liabilities and net assets/fund balances | $169,182,120 |