San Miguel Electric Cooperative Inc
- Assets
- $539.3m
- Revenue
- $185.0m
- Investments
- $0.0
- Employees
- 180
- Location
- Jourdanton, TX
- Founding
- 05/1988
- Data as of
- 12/2023
- EIN
- 74-1937134
Organization Overview
San Miguel Electric Cooperative Inc is located in Jourdanton, TX. The organization was established in 1988. 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, San Miguel Electric Cooperative Inc employed 180 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. San Miguel 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, San Miguel Electric Cooperative Inc generated $185.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $185.0m during the year ending 12/2023. While expenses have increased by 3.0% 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
SAN MIGUEL WAS CREATED FOR THE SOLE PURPOSE OF OWNING AND OPERATING A 400 MW MINE-MOUTH LIGNITE-FIRED GENERATING PLANT AND ASSOCIATED MINING FACILITIES TO FURNISH POWER AND ENERGY TO ITS MEMBER COOPERATIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAN MIGUEL ELECTRIC COOPERATIVE, INC. WAS CREATED FOR THE SOLE PURPOSE OF OWNING AND OPERATING A 400 MEGAWATT MINE-MOUTH LIGNITE-FIRED GENERATING PLANT AND ASSOCIATED MINING FACILITY TO FURNISH POWER AND ENERGY TO ITS MEMBERS ON A COOPERATIVE BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig Courter General Manager | Officer | 50 | $402,366 |
Eric Halfmann Engineering & Maintenance Manager | Officer | 50 | $257,256 |
Derrick Brummett Chief Financial Officer (jan - April) | Officer | 40 | $263,480 |
David Burris Fuels Manager | Officer | 50 | $211,812 |
David Loeffler Class A Mechanic | 40 | $147,309 | |
Derek Burns Operations Manager | 40 | $149,831 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
North American Construction Group Mining Contractor | 12/30/23 | $69,357,366 |
Siemens Energy Turbine Rebuild Contractor | 12/30/23 | $3,948,042 |
Gis Construction Contract Labor | 12/30/23 | $3,246,716 |
Holt Cat Equipment Contractor Labor & Materials | 12/30/23 | $2,505,963 |
The Atlantic Group Contract Labor | 12/30/23 | $5,173,114 |
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 | $175,872,850 |
| Investment income | $6,072,762 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $135,784 |
| Net Rental Income | $0 |
| 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 | $184,952,276 |
| 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 | $4,434,619 |
| Compensation of current officers, directors, key employees. | $1,492,748 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,357,779 |
| Pension plan accruals and contributions | $2,420,448 |
| Other employee benefits | $0 |
| Payroll taxes | $1,164,217 |
| 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 | $1,497,857 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $16,982,672 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,641,490 |
| Insurance | $0 |
| All other expenses | $10,801,110 |
| Total functional expenses | $184,952,276 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $95,664 |
| Savings and temporary cash investments | $6,441,485 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,749,408 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $77,153,123 |
| Prepaid expenses and deferred charges | $32,564,163 |
| Net Land, buildings, and equipment | $304,173,307 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $106,948,852 |
| Intangible assets | $0 |
| Other assets | $2,142,825 |
| Total assets | $539,268,827 |
| Accounts payable and accrued expenses | $10,327,055 |
| Grants payable | $0 |
| Deferred revenue | $38,021,900 |
| Tax-exempt bond liabilities | $63,813,757 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $276,638,417 |
| Unsecured mortgages and notes payable | $3,490,800 |
| Other liabilities | $28,698,690 |
| Total liabilities | $420,990,619 |
| 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 | $118,278,208 |
| Total liabilities and net assets/fund balances | $539,268,827 |