Southern Maryland Electric Cooperative Inc
- Assets
- $1.1b
- Revenue
- $461.1m
- Investments
- $14.1m
- Employees
- 555
- Location
- Hughesville, MD
- Founding
- 08/1938
- Data as of
- 12/2021
- 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 12/2021, Southern Maryland Electric Cooperative Inc employed 555 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 12/2021, Southern Maryland Electric Cooperative Inc generated $461.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $455.3m during the year ending 12/2021. While expenses have increased by 0.5% 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 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 $230,473,112DEPRECIATION $42,048,617OTHER SALARIES AND WAGES $48,337,843
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sonja M Cox President & CEO | Officer | 50 | $435,630 |
Mark A Macdougall Sr VP & Counsel | Officer | 50 | $397,915 |
Joseph Trentacosta Sr VP & Cio | Officer | 50 | $370,251 |
Campbell B Hawkins Senior VP Csio | Officer | 50 | $327,391 |
Roger Schneider Sr VP & COO | Officer | 50 | $278,106 |
Christopher Norton Elec Ops Dir | 50 | $276,077 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Penn Line Service Inc Row Maintenance | 12/30/21 | $8,054,003 |
Icf Resources Inc Mgr Empower Md Eep | 12/30/21 | $6,961,982 |
Scheibel Construction Construction Cont. | 12/30/21 | $9,647,893 |
Sumter Utilities Inc Construction Cont. | 12/30/21 | $4,864,963 |
Itron Inc Emp Md. Verification | 12/30/21 | $3,593,695 |
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 | $447,945,949 |
| Investment income | $267,007 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,958,172 |
| 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 | $461,053,058 |
| 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 | $23,478,865 |
| Compensation of current officers, directors, key employees. | $3,269,124 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $48,337,843 |
| Pension plan accruals and contributions | $6,662,350 |
| Other employee benefits | $1,718,565 |
| Payroll taxes | $2,737,824 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $451,405 |
| Fees for services: Accounting | $409,537 |
| 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 | $3,336,081 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $334,073 |
| Interest | $24,060,510 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,048,617 |
| Insurance | $0 |
| All other expenses | $12,420,110 |
| Total functional expenses | $455,327,370 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,931,104 |
| Savings and temporary cash investments | $55,932 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $57,571,257 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $14,969,686 |
| Prepaid expenses and deferred charges | $35,570,743 |
| Net Land, buildings, and equipment | $852,792,708 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $14,145,757 |
| Investments—program-related | $25,940,814 |
| Intangible assets | $0 |
| Other assets | $111,953,503 |
| Total assets | $1,114,931,504 |
| Accounts payable and accrued expenses | $39,780,292 |
| 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 | $699,408,326 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $80,242,941 |
| Total liabilities | $819,431,559 |
| 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 | $295,499,945 |
| Total liabilities and net assets/fund balances | $1,114,931,504 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
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 |
Shenandoah Valley Electric Cooperative Inc Rockingham, VA | $571,380,010 | $240,751,246 |
Delaware Electric Cooperative Inc Greenwood, DE | $392,759,569 | $189,130,063 |
Choptank Electric Corp Denton, MD | $432,450,863 | $137,215,364 |
Southside Electric Cooperative Incorporated Crewe, VA | $354,447,330 | $138,281,216 |
Central Virginia Electric Cooperative Lovingston, VA | $375,858,912 | $102,220,456 |
A & N Electric Cooperative Tasley, VA | $203,944,683 | $76,232,163 |
Adams Electric Cooperative Inc Gettysburg, PA | $218,291,432 | $70,869,610 |
Mecklenburg Electric Cooperative Chase City, VA | $225,505,928 | $70,294,200 |