2024-10-29T09:01:20-04:00 2023-12-31 590548468 PURVIS GRAY & COMPANY LLP 2347 SE 17TH STREET OCALA FL 34471 990 2023-01-01 590469125 SUMTER ELECTRIC COOPERATIVE INC SUMT 3527933801 P O BOX 301 SUMTERVILLE FL 335850301 CURTIS WYNN CEO 3527933801 2024-09-05 true true TIMOTHY M WESTGATE CPA P00631621 3527323872 2024-09-05 2023 2024-10-15 13:58:12Z CURTIS WYNN PO BOX 301 SUMTERVILLE FL 335850301 483133066 false X WWW.SECOENERGY.COM X 1938 FL AS A NOT-FOR-PROFIT COOPERATIVE, SECO ENERGY PROVIDES RELIABLE AND INNOVATIVE ENERGY SERVICES TO OUR MEMBERS AND COMMUNITIES. 9 9 490 30453 26408 59679 0 536877881 482323611 417942 634321 33976 30453 537389478 482988385 92500 23500 5076369 4191224 6998339 6971964 0 0 514088899 461281640 526256107 472468328 11133371 10520057 1126136135 1223281639 783012991 856344054 343123144 366937585 AS A NOT-FOR-PROFIT COOPERATIVE, SECO ENERGY PROVIDES RELIABLE AND INNOVATIVE ENERGY SERVICES TO OUR MEMBERS AND COMMUNITIES. false false SALE AND DISTRIBUTION OF ELECTRICITY TO 240,963 ACCOUNTS IN THE COOPERATIVE'S SERVICE AREA. false false false false false false false false false true false true false true true true false false false false false false false false false false false true true false false false false false true false false false false false false false false false 133 0 490 true true true false false false true true 476660506 2571264 false true false X 9 9 false false false false true true true true true false false true true true true true true true true false X ANH REYNOLDS 3527933801 330 SOUTH HIGHWAY 301 SUMTERVILLE FL 33585 JOHN LASELVA COO 60.00 X 965366 0 159271 CURTIS WYNN CEO 55.00 X 743921 0 150789 GREGGORY H MORRELL CCSO 60.00 X 520306 0 90080 KATHRYN E GLORIA VP COR COMM 50.00 X 398047 0 111594 BENJAMIN DAWSON VP GROWTH, S 60.00 X 347594 0 140414 MICHEAL WHITE VP OF ENGINE 60.00 X 415754 0 46948 TRACY DE LEMOS VP CORP GEN 50.00 X 340867 0 69091 LONNIE W PENNINGTON MGR ENGINEER 50.00 X 252279 0 113518 ANH REYNOLDS VP - FIN & A 60.00 X 289995 0 67320 SHAUN T LAMAR MGR OF INF T 60.00 X 211131 0 87091 LATRICIA HELTON SYSTEM CONTR 62.73 X 248323 0 40249 MARIETTA HICKS MGR ENG SVCS 45.00 X 201629 0 78734 COREY JAMES PRICE LINE TECH-1S 45.00 X 244322 0 25553 EUGENE V KANIKOVSKY CFO 57.00 X 183769 0 46865 JAMES P DUNCAN FORMER CEO 0.00 X 134614 0 0 GERALD ANDERSON TRUSTEE - PR 20.00 X X 34554 0 0 SHANNON WRIGHT TRUSTEE 8.00 X 31053 0 0 MICHAEL MUFFETT TRUSTEE 7.00 X 28853 0 0 MORGAN HATFIELD TRUSTEE - SE 5.00 X X 28604 0 0 JOSEPH KUSIAK TRUSTEE 12.00 X 27103 0 0 WILLIAM JAMES JR TRUSTEE 4.00 X 25753 0 0 RICHARD DENNISON TRUSTEE 6.00 X 24853 0 0 JOYCE ANDERSON TRUSTEE 10.00 X 24203 0 0 SCOTT BOYATT TRUSTEE - VI 10.00 X X 21554 0 0 5744447 1227517 182 true true false WRIGHT TREE SERVICE PO BOX 1718 DES MOINES IA 50306 VEGETATION MGMT 18354540 IVY H SMITH COMPANY LLC PO BOX 860786 ORLANDO FL 32886 LINE CONSTRUCT. 17284276 PIKE ELECTRIC INC PO BOX 1000 DEPT 517 MEMPHIS TN 38148 LINE CONSTRUCT. 13820994 THE FISHEL COMPANY 1366 DUBLINE RD COLUMBUS OH 43215 LINE CONSTRUCT 5643994 ELITE CONSTRUCTION OF OCALA PO BOX 1418 OCALA FL 34478 SUBSTATION CON. 5526153 54 SALE OF ELECTRICITY 221000 472401066 472401066 SERVICE CHARGE INCOME 221000 4259440 4259440 POLE RENTAL 221000 3319092 3319092 CAPITAL CREDITS - OTHER 221000 2344013 2344013 482323611 175208 175208 52043 21590 30453 30453 30453 582204 123091 459113 459113 459113 482988385 477119619 30453 5838313 2500 21000 4191224 5334521 134614 1502829 22327184 32692466 PURCHASED POWER 301718422 DISTR EXPENSE - MAINT 44978230 ADMIN. GEN. AND OTHER 20915051 DISTR EXPENSE - OPERAT 19710478 18939809 472468328 0 0 0 2311450 2062037 70825677 36865764 65544818 74949474 2706502 4332618 1215290685 243316543 864995959 971974142 119751729 133097604 1126136135 1223281639 102156730 94334207 623817002 608377118 13484074 97583945 43555185 56048784 783012991 856344054 X 1027705 1068175 7123362 8287225 334972077 357582185 343123144 366937585 1126136135 1223281639 X 10520057 13294384 X false true X true true true 18553704 18553704 29799726 14002399 15797327 5597080 5597080 71446604 51664794 19781810 1089893571 177649350 912244221 971974142 PATRONAGE CAPITAL-G&T COOP&SUPP LEND 129717124 C NRUCFC CAPITAL TERM CERTIFICATES 2307766 C NRECA DEFERRED COMP ASSETS 1070614 F MEMBERSHIP FEES IN ASSOC. ORG 2100 C 133097604 DEFERRED CREDITS 31346250 CONSUMER DEPOSITS 22756711 CAPITAL LEASE - CURRENT 1945823 56048784 X 494221683 13555722 13555722 480665961 2322424 2322424 482988385 468300286 468300286 4168042 4168042 472468328 SCHEDULE D, PAGE 3, PART X THE COOPERATIVE IS A NONPROFIT ORGANIZATION EXEMPT FROM INCOME TAXES UNDER THE PROVISIONS OF INTERNAL REVENUE CODE SECTION 501(C)(12). ACCORDINGLY,THERE IS NO PROVISION FOR INCOME TAXES IN THE FINANCIAL STATEMENTS. THE COOPERATIVE ADOPTED ACCOUNTING STANDARDS CODIFICATION (ASC) 740, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE IMPLEMENTATION OF THIS STANDARD HAD NO IMPACT ON THE COOPERATIVE'S FINANCIAL STATEMENTS. THE COOPERATIVE DOES NOT BELIEVE IT HAS TAKEN ANY UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL EFFECT ON THE FINANCIAL STATEMENTS. THE COOPERATIVE'S FORM 990'S FOR THE PAST THREE YEARS ARE OPEN TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE COOPERATIVE HAS FILED FORM 990T FOR UNRELATED RENTAL INCOME ON COMMUNICATION TOWERS FOR THE YEAR ENDED DECEMBER 31, 2022, AND WILL FILE THE FORM FOR THE YEAR ENDED DECEMBER 31, 2023. THE AMOUNT PAID OR ACCRUED WAS 6,465 AND 6,150, RESPECTIVELY. SCHEDULE D, PAGE 4, PART XI, LINE 2D ASSIGNED CAPITAL CREDITS ACCRUED, NOT PAID 13,555,722 SCHEDULE D, PAGE 4, PART XI, LINE 4B CASH RECEIVED FROM CAPITAL CREDITS PREVIOUSLY ACCRUED 2,344,013 RENTAL EXPENSES NETTED ON STATEMENT OF REVENUES -21,590 ROUNDING 1 SCHEDULE D, PAGE 4, PART XII, LINE 4B RENTAL EXPENSES NETTED ON STATEMENT OF REVENUES -21,590 RETIREMENT OF CAPITAL CREDITS 4,189,629 ROUNDING 3 false SEE SCHEDULE I, PART IV 7 21000 SCHEDULE I, PAGE 4, PART IV SCHEDULE I, PART III - OTHER ASSISTANCE TO INDIVIDUALS 7 EDUCATIONAL SCHOLARSHIPS WERE AWARDED TO HIGH SCHOOL SENIORS. THE RECIPIENT MAY USE THE SCHOLARSHIP TO PURSUE ANY MAJOR OR CERTIFICATION RELATED TO THE ENERGY INDUSTRY AT A HIGHER EDUCATIONAL INSTITUTION IN FLORIDA. X X X X X X false false false JOHN LASELVA COO 486521 35613 443232 133192 26125 1124637 CURTIS WYNN CEO 668911 58303 16707 132470 18364 894710 GREGGORY H MORRELL CCSO 427708 30162 62436 72297 17828 610386 KATHRYN E GLORIA VP COR COMM & ENG SV 354591 30017 13439 97233 14406 509641 BENJAMIN DAWSON VP GROWTH, SMART GRI 312673 26010 8911 106643 33816 488008 MICHEAL WHITE VP OF ENGINEERING 126536 31407 257811 36692 10256 462702 TRACY DE LEMOS VP CORP GEN COUNSEL 303901 23729 13237 27884 41252 409958 LONNIE W PENNINGTON MGR ENGINEERING SVCS 218556 18629 15094 82825 30694 365797 ANH REYNOLDS VP - FIN & ADMIN SVC 251572 15164 23259 30548 36817 357315 SHAUN T LAMAR MGR OF INF TECH 192481 16785 1865 60964 26128 298222 LATRICIA HELTON SYSTEM CONTROL COORD 247279 1044 22071 18179 288572 MARIETTA HICKS MGR ENG SVCS 183257 15667 2705 56408 22327 280363 COREY JAMES PRICE LINE TECH-1ST CLASS 209367 14550 20405 15303 10251 269875 EUGENE V KANIKOVSKY CFO 41636 32056 110077 43598 3267 230634 JAMES P DUNCAN FORMER CEO 134614 134614 SEMINOLE ELECTRIC COOPERATIVE INC SEE PART V 301718422 PURCHASE POWER false SCHEDULE L, PART V CURTIS WYNN, CEO, SCOTT BOYATT, TRUSTEE, AND RICHARD DENNISON, TRUSTEE, SERVE ON SEMINOLE ELECTRIC COOPERATIVE, INC'S BOARD OF TRUSTEES. FORM 990 FORM 990, PART IX, LINE 4 - BENEFITS PAID TO OR FOR MEMBERS THE IRS' INSTRUCTIONS FOR THE 2023 VERSION OF THE FORM 990, PART IX, LINE 4 STATE: "ENTER THE PAYMENTS MADE BY THE ORGANIZATION TO PROVIDE BENEFITS TO MEMBERS (...PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS). STATEMENT OF FUNCTIONAL EXPENSES, LINE 4 IS ENTITLED "BENEFITS PAID TO OR FOR MEMBERS." FOR PURPOSES OF THIS FORM 990, THE AMOUNT REPORTED ON LINE 4 REPRESENTS THE AMOUNT REPORTED IN THE AUDITED STATEMENT OF REVENUE AND CHANGES IN PATRONAGE CAPITAL FOR THE YEAR ENDED DECEMBER 31, 2023 AND OTHER BENEFITS PAID TO MEMBER IN THE AMOUNT OF 4,189,629 AND 4,095 OF UTILITY ASSISTANCE PROVIDED TO VARIOUS MEMBERS. FORM 990, PART IX, LINE 24 (E) - TAX EXPENSE DISCLOSURE THE SOFTWARE USED TO PREPARE THE FORM 990 IS NOT CURRENTLY DESIGNED TO REPORT INCOME TAX EXPENSE FROM UNRELATED BUSINESS INCOME SEPARATELY ON LINE 24 AS REQUIRED BY THE INSTRUCTIONS FOR FORM 990. INCOME TAX EXPENSE FOR UNRELATED BUSINESS INCOME IS THEREFORE INCLUDED IN LINE 24(E). THE AMOUNT OF FEDERAL AND STATE INCOME TAX EXPENSE INCLUDED IN LINE 24(E) FROM UNRELATED BUSINESS INCOME IS 6,150. FORM 990, PAGE 6, PART VI, LINE 6 THE SUMTER ELECTRIC COOPERATIVE HAS MEMBERS COMPRISED OF ANY PERSON, FIRM, ASSOCIATION, CORPORATION OR SUBDIVISION WHO AGREES TO (1) PURCHASE UTILITY SERVICES FROM THE COOPERATIVE, (2) COMPLY WITH THE ARTICLES OF INCORPORATION AND BY-LAWS, AND (3) PAY THE MEMBERSHIP FEE. FORM 990, PAGE 6, PART VI, LINE 7A MEMBERS VOTE FOR A TRUSTEE TO REPRESENT THEIR DISTRICT. FORM 990, PAGE 6, PART VI, LINE 7B THE BOARD OF TRUSTEES IS REQUIRED TO RECEIVE MEMBER APPROVAL ON ALL BY-LAW AND ARTICLE OF INCORPORATION CHANGES. MEMBER APPROVAL IS OBTAINED THROUGH A VOTE AT THE ANNUAL MEETING. FORM 990, PAGE 6, PART VI, LINE 11B THE CHIEF EXECUTIVE OFFICER, VICE PRESIDENT OF FINANCIAL & ADMINISTRATIVE SERVICES, AND CONTROLLER HAVE REVIEWED AND APPROVED THE 990. THE BOARD OF TRUSTEES RECEIVED AN ELECTRONIC COPY OF THE FINAL 990 PRIOR TO FILING. TRUSTEES WERE ASKED FOR COMMENTS PRIOR TO SUBMISSION. FORM 990, PAGE 6, PART VI, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS ALL COOPERATIVE PERSONNEL, INCLUDING TRUSTEES AND EMPLOYEES. ANY CONFLICTS ARE REQUIRED TO BE REPORTED TO THE COMPLIANCE OFFICER OR THE BOARD OF TRUSTEES. WILLFUL VIOLATION OF THE POLICY MAY REQUIRE DRASTIC ACTION, INCLUDING DISMISSAL FROM THE BOARD OR TERMINATION OF EMPLOYMENT. FORM 990, PAGE 6, PART VI, LINE 15A THE BOARD OF TRUSTEES REVIEW, EVALUATE AND APPROVE ANNUALLY THE CEO'S COMPENSATION. A VARIETY OF SOURCES ARE UTILIZED TO DETERMINE SALARY: FORM 990 FROM OTHER ORGANIZATIONS AND REPUTABLE MARKET COMPENSATION SURVEYS. FORM 990, PAGE 6, PART VI, LINE 15B THE CEO REVIEWS AND APPROVES ON AN ANNUAL BASIS SALARIES FOR ALL EMPLOYEES INCLUDING EXECUTIVES. VARIOUS REPUTABLE MARKET COMPENSATION SURVEYS, FORM 990 FROM OTHER COOPERATIVES ARE UTILIZED TO DETERMINE SALARIES. FORM 990, PAGE 6, PART VI, LINE 19 NO DOCUMENTS AVAILABLE TO THE PUBLIC FORM 990, PART XI, LINE 9 INCREASE IN MEMBERSHIP 40,470 ASSIGNED CAPITAL CREDITS, NOT PAID 13,555,722 CHANGE IN OTHER EQUITIES 873,218 UNCLAIMED PATRONAGE CAPITAL 874,245 CHANGE IN AOCI 290,645 ANGEL FUNDS - DUE TO FOUNDATION 4,095 ROUNDING 2 CAPITAL CREDITS, CASH RECEIVED -2,344,013 TOTAL 13,294,384