Southeastern Electric Cooperative Inc
- Assets
- $91.7m
- Revenue
- $42.9m
- Investments
- $0.0
- Employees
- 42
- Location
- Durant, OK
- Founding
- 06/1940
- Data as of
- 12/2023
- EIN
- 73-0457520
Organization Overview
Southeastern Electric Cooperative Inc is located in Durant, OK. The organization was established in 1940. 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, Southeastern Electric Cooperative Inc employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southeastern 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, Southeastern Electric Cooperative Inc generated $42.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $42.9m during the year ending 12/2023. While expenses have increased by 4.1% 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 ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRICITY TO OUR MEMBERS - 16,976 ACTIVE SERVICES (19,608 TOTAL SERVICES IN PLACE - 2,632 IDLE SERVICES) AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Fox General Mana | Officer | 40 | $210,241 |
Russell Stepp Director Ope | 40 | $111,661 | |
Michael Green Working Fore | 54 | $115,433 | |
Jason Whitaker Area Service | 46.27 | $111,116 | |
Donald Rice Area Service | 47.35 | $114,563 | |
Leith Burkhalter Lineman | 40 | $109,561 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Metts Powerline Construction Inc R/w Tree Trimmi | 12/30/23 | $2,076,180 |
Linetec Services Llc Overhead Constr | 12/30/23 | $1,651,530 |
Metts Powerline Construction Inc Power Lines | 12/30/23 | $1,040,353 |
K & R Utilities Underground Dri | 12/30/23 | $207,622 |
Apex Row Llc Vegetation Main | 12/30/23 | $130,900 |
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 | $42,625,213 |
| Investment income | $182,382 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $47,163 |
| Net Gain/Loss on Asset Sales | $42,394 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$438 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,899,403 |
| 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 | $3,931,803 |
| Compensation of current officers, directors, key employees. | $613,413 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $721,208 |
| 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 | $1,013,781 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,647,619 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $42,899,403 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $895,372 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,736,275 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,471,216 |
| Prepaid expenses and deferred charges | $3,099,161 |
| Net Land, buildings, and equipment | $66,216,788 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $16,271,446 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $91,690,258 |
| Accounts payable and accrued expenses | $6,438,484 |
| 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 | $35,716,472 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $42,154,956 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $61,125 |
| Paid-in or capital surplus, or land, building, or equipment fund | $1,925,469 |
| Retained earnings, endowment, accumulated income, or other funds | $47,548,708 |
| Total liabilities and net assets/fund balances | $91,690,258 |