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Semo Electric Cooperative

Sikeston, MOUnknown exempt organizationSince 1938EIN 43-0510025Revenue $43.6M in FY2020

On file with the IRSgosemo.comPo Box 520 · Sikeston, MO

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To make people's lives better by providing safe, reliable, low-cost electricity, and fiber-fast internet, tv and phone. The Cooperative currently employs sixty-two employees and gives back to the local community by paying nearly nine hundred thousand dollars in Electric and fiber property taxes.

$1.1M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2020
latest Form 990
Concern: the latest return is for FY2020, 6 tax years back; more than 4 tax years.
IRS e-file · Filing history
Pay to officers and key staff
$1.1M
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
1 mo
of spending, in cash
Fine: 1.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$92.3M
59% of total assets
Fine: liabilities are 59% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$43.6M
Spent
$43.8M
Net assets
$63.0M

From the FY2020 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2020.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

18 people listed on the 990; $1.1M paid to officers and key staff.

Part VII, Section A · reportable compensation
Sean Vanslyke
CEO (salary)
$247,596Pt VII · Sec A
Terry Bunting
Serviceman Lineman (hourly)
$168,720Pt VII · Sec A
Larry Kelly
Senior Mgr of Engineering (salary)
$162,811Pt VII · Sec A
Robert Gilmer
Construction Crew Lineman (hourly)
$149,479Pt VII · Sec A
Joe Hill
Serviceman Lineman (hourly)
$148,637Pt VII · Sec A
Martin Vineyard
Senior Mgr of Operations (salary)
$139,971Pt VII · Sec A
Keith Haynes
Board Member
$11,900Pt VII · Sec A
Dicky Hanor
Board Member
$10,625Pt VII · Sec A
See Semo Electric Cooperative executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides affordable electricity and internet, while supporting the local community.

Provided by the organization

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3 programs · in their own filed words · FY2020
01

In 2017, the co-op started its fiber-to-the-home project. The first install occurred in march 2018. Members are excited about the services. As of july 15, 2019, there were 2,000 subscribers. As of february 5, 2021, there were 5,494 connected subscribers. The original buildout is scheduled to be completed in our territory in 2021.

Pt IX · col B
02

The cooperative invests nearly two million dollars in 2020 to trim trees to enhance reliability. The co-op has more than 2,600 miles to protect. The lines need trimmed every four to six years.

Pt IX · col B
03

We provide electricity to over 16,000 homes, farms, and businesses. The co-op operates on a slim margin as power costs are between 50% to 60% of overall budget.

Pt IX · col B

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$43.6M
Ln 12
Fees for servicesLn 2g$42.2M
Gifts and grantsLn 1h$1.3M
Other incomeLn 4–11$72K
Money outPt IX
$43.8M
Ln 25
Owns and owesPt X
$63.0M
net assets · Ln 32
Cash and savingsLn 1–2$4.4M
Total assetsLn 16$155.3M
LiabilitiesLn 26$92.3M
PeoplePt VI, VII
18
listed · VII A
PaidVII A18
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.3M
Government grantsLn 1e$1.3M
Fees for servicesLn 2g$42.2M
Investment incomeLn 3$39K
Other incomeLn 4–11$72K
Gains on assetsLn 7−$11K
Total revenueLn 12$43.6M
Assets in detailPt X, end of year
CashLn 1$4.4M
Cash and savings togetherLn 1–2$4.4M
InvestmentsLn 11–13$22.5M
Land, buildings, equipmentLn 10c$121.4M
Other assetsLn 15$1.4M
Total assetsLn 16$155.3M
LiabilitiesLn 26$92.3M
Net assetsLn 32$63.0M
OperationsPt I, VI
EmployeesI 565
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$1.7M$4.4M
InvestmentsLn 11–13$22.1M$22.5M
Land, buildings, equipmentLn 10c$109.6M$121.4M
Total assetsLn 16$139.7M$155.3M
LiabilitiesLn 26$76.6M$92.3M
Net assetsLn 32$63.1M$63.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$639K
Pay of current officers, directors and key staffLn 5$391K
InterestLn 20$3.2M
Depreciation, depletion and amortizationLn 22$6.2M
Other expenses (24a–d)Ln 24$29.3M
All other expensesLn 24e$4.0M
Total functional expensesLn 25$43.8M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2020 Latest Viewing $43.6M$43.8M−$168K$63.0M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $43,598,236 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$1,283,300
I-9 Program service revenuePrior year $40,993,795$42,203,903
I-10 Investment incomePrior year $70,846$39,125
I-11 Other revenuePrior year $82,843$71,908
I-12 Total revenuePrior year $41,147,484$43,598,236
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $616,576$639,410
I-15 Salaries and benefitsPrior year $441,688$391,021
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $40,603,967$42,735,399
I-18 Total expensesPrior year $41,662,231$43,765,830
I-19 Revenue less expensesPrior year −$514,747−$167,594
Part VI · Governance 12 of 12 board members independent, 2 to look at
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $43,598,236 across 7 lines filed
Lines not itemized here account for $17,959 of total revenue; see the IRS return.
VIII-1e Government grants$1,283,300
VIII-1h Total contributions, gifts and grants$1,283,300
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $37,621,504 · Unrelated business $4,569,095$42,190,599
VIII-3 Investment incomeExcluded from tax $49,825$49,825
VIII-7 Net gain or loss on sales of assetsRelated to mission −$10,700−$10,700
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $67,253$67,253
VIII-12 Total revenueRelated to mission $37,628,763 · Unrelated business $4,569,095 · Excluded from tax $117,078$43,598,236
Part IX · Statement of functional expenses $43,765,830 across 6 lines filed
IX-4 Benefits paid to or for members$639,410
IX-5 Pay of current officers, directors and key staff$391,021
IX-20 Interest$3,220,049
IX-22 Depreciation, depletion and amortization$6,238,064
IX-24 Other expenses (24a–d)$29,271,032
IX-24e All other expenses$4,006,254
IX-25 Total functional expenses$43,765,830
Part X · Balance sheet $155,297,219 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $1,652,682$4,448,482
X-4 Accounts receivableStart of year $3,614,220$4,068,011
X-8 Inventories for sale or useStart of year $1,174,959$1,319,049
X-9 Prepaid expenses and deferred chargesStart of year $77,060$163,930
X-10c Land, buildings and equipment, netStart of year $109,614,882$121,397,919
X-13 Program-related investmentsStart of year $22,079,670$22,539,684
X-15 Other assetsStart of year $1,516,629$1,360,144
X-16 Total assetsStart of year $139,730,102$155,297,219
X-17 Accounts payable and accrued expensesStart of year $4,695,371$5,309,392
X-19 Deferred revenue$613,307
X-25 Other liabilitiesStart of year $2,844,226$2,531,435
X-26 Total liabilitiesStart of year $76,618,012$92,339,913
X-32 Total net assets or fund balancesStart of year $63,112,090$62,957,306
X-33 Total liabilities and net assetsStart of year $139,730,102$155,297,219
Part XI · Reconciliation of net assets $62,957,306 net assets at year end
XI-1 Total revenue$43,598,236
XI-2 Total expenses$43,765,830
XI-3 Revenue less expenses−$167,594
XI-4 Net assets at start of year$63,112,090
XI-9 Other changes in net assets$12,810
XI-10 Net assets at end of year$62,957,306

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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