Southeastern Electric Cooperative INC

Not tax-deductible

Durant, OKMutual-benefit / member-servingSince 1939EIN 73-0457520Revenue $43.9M in FY2024

On file with the IRSse-coop.comPo Box 1370, 74702-1370 · Durant, OKTax-exempt since Jun 1940

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To provide electricity to members on a Cooperative basis.

$1.0M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2024 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $0 a year · under 1% 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
$1.0M
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Concern: 0.1 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$43.2M
45% of total assets
Looks good: liabilities are 45% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$43.9M
+2% vs prior year
Spent
$43.9M
To programs
0%
Net assets
$52.1M
By yearFY2020–FY2024
Revenue
$43.9M
FY2024▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$35.0M
FY2021$40.7M
FY2022$46.1M
FY2023$42.9M
FY2024$43.9M
Expenses
$43.9M
FY2024▲ +2%
Tap a bar for its year
Expenses by fiscal year
FY2020$35.0M
FY2021$40.7M
FY2022$46.1M
FY2023$42.9M
FY2024$43.9M
Net assets
$52.1M
FY2024▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2020$42.4M
FY2021$44.2M
FY2022$46.2M
FY2023$49.5M
FY2024$52.1M

From the FY2024 Form 990 · 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: FY2024. IRS ruling in Jun 1940.

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

Who runs it and what they're paid

13 people listed on the 990; $1.0M paid to officers and key staff.

Part VII, Section A · reportable compensation
General Mana
$220,439Pt VII · Sec A
Working Fore
$118,737Pt VII · Sec A
Working Fore
$116,283Pt VII · Sec A
Director Ope
$114,729Pt VII · Sec A
$112,168Pt VII · Sec A
$104,397Pt VII · Sec A
$40,938Pt VII · Sec A
$39,678Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020
James Fox$220,439$210,241$200,036$188,392$178,621
Randy Cloyd——$142,693$110,113$106,958
Michael Green$118,737$115,433$116,982$121,169$117,053
Jason Whitaker$116,283$111,116$113,921——
Russell Stepp$114,729$111,661$104,643$100,465—
Donald Rice$112,168$114,563———
Leith Burkhalter$104,397$109,561$107,020$110,130$108,781
Tracy Rogers$40,938$40,132$39,319$38,933$38,653

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

Provides electricity to members through a cooperative model.

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Provided by the organization

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1 program · in their own filed words · FY2024
01

To Provide Electricity to Our Members

17,218 active services (19,987 total services in place - 2,769 idle services) at year-end were provided electricity on a cooperative basis and were allocated patronage capital.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$43.9M
Ln 12
Fees for servicesLn 2g$43.7M
Investment incomeLn 3$156K
Other incomeLn 4–11$49K
Money outPt IX
$43.9M
Ln 25
Owns and owesPt X
$52.1M
net assets · Ln 32
Cash and savingsLn 1–2$465K
Total assetsLn 16$95.3M
LiabilitiesLn 26$43.2M
PeoplePt VI, VII
13
listed · VII A
PaidVII A13
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$43.7M
Investment incomeLn 3$156K
Other incomeLn 4–11$49K
Gains on assetsLn 7$15K
Total revenueLn 12$43.9M
Assets in detailPt X, end of year
CashLn 1$465K
Cash and savings togetherLn 1–2$465K
InvestmentsLn 11–13$17.7M
Land, buildings, equipmentLn 10c$70.5M
Total assetsLn 16$95.3M
LiabilitiesLn 26$43.2M
Net assetsLn 32$52.1M
OperationsPt I, VI
EmployeesI 540
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 FY24End FY24
Cash and savingsLn 1–2$895K$465K
InvestmentsLn 11–13$16.3M$17.7M
Land, buildings, equipmentLn 10c$66.2M$70.5M
Total assetsLn 16$91.7M$95.3M
LiabilitiesLn 26$42.2M$43.2M
Net assetsLn 32$49.5M$52.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$3.2M
Pay of current officers, directors and key staffLn 5$616K
Other salaries and wagesLn 7$861K
InterestLn 20$1.1M
Depreciation, depletion and amortizationLn 22$2.8M
Other expenses (24a–d)Ln 24$35.2M
Total functional expensesLn 25$43.9M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $43.9M$43.9M$0$52.1M 990 PDF
FY2023 $42.9M$42.9M$0$49.5M 990 PDF
FY2022 $46.1M$46.1M$0$46.2M 990 PDF
FY2021 $40.7M$40.7M$0$44.2M 990 PDF
FY2020 $35.0M$35.0M$0$42.4M 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 FY2024 990 (6 parts)
Part I · Summary $43,867,700 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $42,625,213$43,662,566
I-10 Investment incomePrior year $224,776$156,449
I-11 Other revenuePrior year $49,414$48,685
I-12 Total revenuePrior year $42,899,403$43,867,700
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to membersPrior year $3,931,803$3,244,875
I-15 Salaries and benefitsPrior year $1,334,621$1,476,965
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $37,632,979$39,145,860
I-18 Total expensesPrior year $42,899,403$43,867,700
I-19 Revenue less expenses$0
Part VI · Governance 7 of 7 board members independent, 1 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
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 $43,867,700 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $43,662,566$43,662,566
VIII-3 Investment incomeExcluded from tax $140,982$140,982
VIII-6 Net rental income or lossExcluded from tax $48,685$48,685
VIII-7 Net gain or loss on sales of assetsExcluded from tax $15,467$15,467
VIII-12 Total revenueRelated to mission $43,662,566 · Excluded from tax $205,134$43,867,700
Part IX · Statement of functional expenses $43,867,700 across 6 lines filed
IX-4 Benefits paid to or for members$3,244,875
IX-5 Pay of current officers, directors and key staff$616,056
IX-7 Other salaries and wages$860,909
IX-20 Interest$1,128,851
IX-22 Depreciation, depletion and amortization$2,830,700
IX-24 Other expenses (24a–d)$35,186,309
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$43,867,700
Part X · Balance sheet $95,287,582 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $895,372$464,757
X-4 Accounts receivableStart of year $3,736,275$3,536,560
X-8 Inventories for sale or useStart of year $1,471,216$962,278
X-9 Prepaid expenses and deferred chargesStart of year $3,099,161$2,131,297
X-10c Land, buildings and equipment, netStart of year $66,216,788$70,479,290
X-13 Program-related investmentsStart of year $16,271,446$17,713,400
X-16 Total assetsStart of year $91,690,258$95,287,582
X-17 Accounts payable and accrued expensesStart of year $6,438,484$5,591,301
X-25 Other liabilities$6,265,306
X-26 Total liabilitiesStart of year $42,154,956$43,227,178
X-32 Total net assets or fund balancesStart of year $49,535,302$52,060,404
X-33 Total liabilities and net assetsStart of year $91,690,258$95,287,582
Part XI · Reconciliation of net assets $52,060,404 net assets at year end
XI-1 Total revenue$43,867,700
XI-2 Total expenses$43,867,700
XI-3 Revenue less expenses$0
XI-4 Net assets at start of year$49,535,302
XI-9 Other changes in net assets$2,525,102
XI-10 Net assets at end of year$52,060,404

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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