Sequachee Valley Electric Cooperative FY2020 filing

Not tax-deductible

S Pittsburg, TNMutual-benefit / member-servingSince 1939EIN 62-0352367Revenue $91.6M in FY2020

On file with the IRSsvalleyec.comPo Box 31, 37380-0031 · S Pittsburg, TNTax-exempt since Feb 1941

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Our mission is to provide sales of electricity to members and provide our members a monthly magazine and newsletter.

$1.3M 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
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $7.2M a year · 7% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.3M
to officers and key staff · 1% of spending
Looks good: pay to officers and key staff is 1% 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
$65.8M
44% of total assets
Looks good: liabilities are 44% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 11 voting members
Looks good: 10 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$91.6M
Spent
$87.2M
To programs
0%
Net assets
$84.2M
By yearFY2020–FY2025
Revenue
$91.6M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$91.6M
FY2021$97.1M
FY2023$112.6M
FY2024$112.0M
FY2025$121.2M
Expenses
$87.2M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$87.2M
FY2021$87.7M
FY2023$105.8M
FY2024$104.9M
FY2025$113.1M
Net assets
$84.2M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$84.2M
FY2021$93.6M
FY2023$109.8M
FY2024$116.8M
FY2025$124.9M

From the FY2020 Form 990 (year ending June 2020) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 1941.

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

Who runs it and what they're paid

19 people listed on the 990; $1.3M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
$235,917Pt VII · Sec A
Vp-Engineeri
$159,751Pt VII · Sec A
Vp-Admin. Se
$158,969Pt VII · Sec A
$145,998Pt VII · Sec A
$138,285Pt VII · Sec A
Vp-Customer
$127,697Pt VII · Sec A
Line Foreman
$126,564Pt VII · Sec A
District Ope
$124,718Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2021FY2020
Terry Michael Partin$346,646$327,654$272,264$257,415$235,917
Danny Kirkendoll$224,707$212,557$186,169$172,939$159,751
Samuel Myers—$216,364———
Thomas R McClure——$207,206——
F A Hatfield JR——$203,578$163,861$158,969
Christopher L Brown$169,813——$146,174$145,998
Roberson C Bryant$163,048————
Andrew R Nunley———$160,388$138,285

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Sells electricity and provides members a monthly magazine and newsletter.

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Provided by the organization

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2 programs · in their own filed words · FY2019
01

Rural electricity distribution to 36,371 members located primarily in the southeastern tennessee counties of bledsoe, grundy, marion, and sequatchie, but also in portions of van buren, rhea, cumberland, franklin, coffee, and hamilton counties.

Pt IX · col B
02

Provision of broadband internet access, TV and telecommunications services via fiber optic network to rural homes and businesses located in marion county, tennessee.

Pt IX · col B

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$91.6M
Ln 12
Fees for servicesLn 2g$91.0M
Investment incomeLn 3$531K
Other incomeLn 4–11$10
Money outPt IX
$87.2M
Ln 25
Owns and owesPt X
$84.2M
net assets · Ln 32
Cash and savingsLn 1–2$8.9M
Total assetsLn 16$150.0M
LiabilitiesLn 26$65.8M
PeoplePt VI, VII
19
listed · VII A
PaidVII A19
Voting boardVI 1a11
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$91.0M
Investment incomeLn 3$531K
Other incomeLn 4–11$10
Gains on assetsLn 7$622
Total revenueLn 12$91.6M
Assets in detailPt X, end of year
CashLn 1$2.9M
SavingsLn 2$6.0M
Cash and savings togetherLn 1–2$8.9M
InvestmentsLn 11–13$936K
Land, buildings, equipmentLn 10c$126.0M
Other assetsLn 15$5.6M
Total assetsLn 16$150.0M
LiabilitiesLn 26$65.8M
Net assetsLn 32$84.2M
OperationsPt I, VI
EmployeesI 593
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$3.9M$8.9M
InvestmentsLn 11–13$913K$936K
Land, buildings, equipmentLn 10c$114.7M$126.0M
Total assetsLn 16$134.7M$150.0M
LiabilitiesLn 26$55.9M$65.8M
Net assetsLn 32$78.8M$84.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$830K
Other salaries and wagesLn 7$6.4M
Pension plan contributionsLn 8$996K
Other employee benefitsLn 9$2.2M
Payroll taxesLn 10$501K
Management feesLn 11a$21K
Legal feesLn 11b$21K
Accounting feesLn 11c$20K
Advertising and promotionLn 12$178K
Office expensesLn 13$371K
Information technologyLn 14$508K
OccupancyLn 16$1.5M
TravelLn 17$123K
Conferences, conventions and meetingsLn 19$28K
InterestLn 20$1.8M
Depreciation, depletion and amortizationLn 22$6.9M
InsuranceLn 23$329K
Other expenses (24a–d)Ln 24$64.5M
Total functional expensesLn 25$87.2M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $121.2M$113.1M$8.1M$124.9M 990 PDF
FY2024 $112.0M$104.9M$7.1M$116.8M 990 PDF
FY2023 $112.6M$105.8M$6.8M$109.8M 990 PDF
FY2022 Not on file
FY2021 $97.1M$87.7M$9.4M$93.6M 990 PDF
FY2020 Viewing $91.6M$87.2M$4.4M$84.2M 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 $91,563,538 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $92,219,321$91,032,340
I-10 Investment incomePrior year $491,881$531,188
I-11 Other revenue$10
I-12 Total revenuePrior year $92,711,202$91,563,538
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $12,180,504$10,914,477
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $77,350,741$76,270,217
I-18 Total expensesPrior year $89,531,245$87,184,694
I-19 Revenue less expensesPrior year $3,179,957$4,378,844
Part VI · Governance 10 of 11 board members independent, 1 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members10
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $91,563,538 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $89,063,852 · Excluded from tax $1,968,488$91,032,340
VIII-3 Investment incomeExcluded from tax $530,566$530,566
VIII-7 Net gain or loss on sales of assetsRelated to mission $622$622
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $10$10
VIII-12 Total revenueRelated to mission $89,064,484 · Excluded from tax $2,499,054$91,563,538
Part IX · Statement of functional expenses $87,184,694 across 18 lines filed
IX-5 Pay of current officers, directors and key staff$830,368
IX-7 Other salaries and wages$6,356,907
IX-8 Pension plan contributions$996,287
IX-9 Other employee benefits$2,230,078
IX-10 Payroll taxes$500,837
IX-11a Management fees$20,566
IX-11b Legal fees$21,253
IX-11c Accounting fees$20,125
IX-12 Advertising and promotion$178,415
IX-13 Office expenses$370,994
IX-14 Information technology$507,659
IX-16 Occupancy$1,549,312
IX-17 Travel$122,973
IX-19 Conferences, conventions and meetings$27,774
IX-20 Interest$1,783,944
IX-22 Depreciation, depletion and amortization$6,862,015
IX-23 Insurance$329,225
IX-24 Other expenses (24a–d)$64,475,962
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$87,184,694
Part X · Balance sheet $150,040,940 assets, 14 lines filed
Asset lines not itemized here account for $2,997,943; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,826,509$2,869,462
X-2 Savings and temporary cash investmentsStart of year $2,111,437$6,003,243
X-4 Accounts receivableStart of year $3,341,225$2,868,759
X-8 Inventories for sale or useStart of year $1,307,498$1,431,092
X-9 Prepaid expenses and deferred chargesStart of year $1,780,285$1,373,509
X-10c Land, buildings and equipment, netStart of year $114,658,261$125,990,609
X-13 Program-related investmentsStart of year $913,490$935,880
X-15 Other assetsStart of year $5,860,509$5,570,443
X-16 Total assetsStart of year $134,666,582$150,040,940
X-17 Accounts payable and accrued expensesStart of year $13,515,794$10,897,087
X-25 Other liabilitiesStart of year $7,304,598$4,494,894
X-26 Total liabilitiesStart of year $55,892,736$65,793,638
X-32 Total net assets or fund balancesStart of year $78,773,846$84,247,302
X-33 Total liabilities and net assetsStart of year $134,666,582$150,040,940
Part XI · Reconciliation of net assets $84,247,302 net assets at year end
XI-1 Total revenue$91,563,538
XI-2 Total expenses$87,184,694
XI-3 Revenue less expenses$4,378,844
XI-4 Net assets at start of year$78,773,846
XI-9 Other changes in net assets$1,094,612
XI-10 Net assets at end of year$84,247,302

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

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