2023-11-15T10:08:03-05:00 2022-12-31 541320089 ADAMS JENKINS & CHEATHAM 231 WYLDEROSE DR MIDLOTHIAN VA 23113 990 2022-01-01 540387895 SOUTHSIDE ELECTRIC COOPERATIVE INC SOUT 4346457721 POST OFFICE BOX 7 CREWE VA 23930 JASON LOEHR PRESIDENT & CEO 4346457721 2023-11-11 true JASON LOEHR 999009999 false G STEVEN GILLIAM CPA P00348264 8043231313 2023-11-13 2022 2023-04-26 12:10:37Z JASON LOEHR 2000 WEST VIRGINIA AVE CREWE VA 23930 143385018 false X WWW.SEC.COOP X 1937 VA SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF SOUTHSIDE ELECTRIC COOPERATIVE. 9 9 156 167211 166211 18382642 4497764 119114679 138168967 278616 105577 505279 553699 138281216 143326007 8000 0 7982451 11058188 21817741 21530766 0 0 107526214 107540120 137334406 140129074 946810 3196933 354447330 358996187 233955150 230074333 120492180 128921854 SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF SOUTHSIDE ELECTRIC COOPERATIVE. false false SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER 74,285,870 OTHER SALARIES AND WAGES 14,996,859 DEPRECIATION AND AMORTIZATION 13,045,674 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 false true false false false false false false false false false false false false false false true 46 0 true 156 true true true false false false false 133665476 4835290 false false false X 9 9 false false false false true true true true true false false true true true true true true true true false VA X X THE CORPORATION 8005522118 POST OFFICE BOX 7 CREWE VA 23930 X JEFFREY S EDWARDS FORMERPRESID 50.00 X 623176 0 24384 GEORGE FELTS VP ENGINEERI 50.00 X 395248 0 129873 JASON LOEHR PRESIDENT & 55.00 X 310560 0 105393 RONALD WHITE VP MEMBER SE 50.00 X 237531 0 102114 LOUIS URBINE DIRECTOR OF 50.00 X 161770 0 127374 JACOB MCCANN VP HUMAN RES 50.00 X 205179 0 77188 CAROL MYERS CFO 50.00 X 215374 0 46148 BRAD FURR VP OPERATION 50.00 X 165982 0 86583 FRANK W BACON CHAIRMAN 23.35 X X 45000 0 0 EARL C CURRIN JR VICE CHAIRMA 8.25 X X 32500 0 0 CLIVE PETTIS DIRECTOR 7.81 X 30050 0 0 KRISTIE MARTIN WALLACE DIRECTOR 7.81 X 30050 0 0 WILLIAM WHITE DIRECTOR 9.46 X 30050 0 0 PAUL S BENNETT SECRETARY 5.26 X X 30000 0 0 CHARLES J FRIEDL DIRECTOR 8.77 X 30000 0 0 BRENDA JOHNSON DIRECTOR 7.76 X 30000 0 0 SARAH SAUNDERS DIRECTOR 9.44 X 30000 0 0 2602470 699057 75 false true false CAROLINA POWER & SIGNALIZATION PO BOX 53650 FAYETTEVILLE NC 28305 POWER LINE 4334545 TOWNSEND TREE SERVICE PO BOX 7015 MUNCIE IN 47308 TREE REMOVAL 4055094 ROCKY CREEK TREE SERVICE 13200 HAW BRANCH LANE AMELIA VA 23002 TREE REMOVAL 1007868 PENSKE TRUCK LEASING CO LP 540 TRAMPTON ROAD SANDSTON VA 23150 FLEET MAINT. 977677 ASPLUNDH TREE EXPERT LLC 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 TREE REMOVAL 831198 20 4497764 4497764 SALE AND DIST. OF ELECT. 221000 133665476 133665476 CONT. IN AID OF CONST. 221000 3208859 3208859 CASH PATRONAGE REC. 221000 1294632 1294632 138168967 99364 99364 603669 49970 553699 553699 167211 386488 15254 9041 6213 6213 6213 143326007 138168967 167211 492065 X 11058188 1612685 14996859 3629544 1291678 144049 3256581 292131 5769322 13045674 COST OF POWER 74285870 DIST. MAINTENANCE 11407503 ADMIN & GENERAL 3052556 DISTRIBUTION OPERATION 2204034 -5917600 140129074 0 0 0 3626392 39902881 48239495 10075 3248581 4036259 286821 243011 400886746 150222586 252484545 250664160 54178390 55106054 709645 707208 354447330 358996187 10036177 13876824 213106200 208244392 10812773 7953117 233955150 230074333 X 120492180 128921854 120492180 128921854 354447330 358996187 X 3196933 5232741 X false true X true true true 400886746 150222586 250664160 250664160 PATRONAGE CAPITAL 52439236 C CAPITAL TERM CERTIFICATES 1987903 C TEC TRADING 622500 C OTHER 56415 C 55106054 CONSUMER DEPOSITS 2414455 DEFERRED CREDITS 2209958 PPP LOAN 1210292 ACCRUED PAYROLL 812342 AR CREDIT BALANCES 762073 PATRONAGE CAPITAL PAYABLE 395815 CASH OVERDRAFT 108373 ACCRUED SICK LEAVE 39809 7953117 X 138721245 138721245 4604762 4604762 143326007 127663057 127663057 12466017 12466017 140129074 SCHEDULE D, PAGE 3, PART X THE COOPERATIVE FOLLOWS THE GUIDANCE FOR "UNCERTAIN TAX POSITIONS" IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION TOPIC 740. THE COOPERATIVE HAS DETERMINED THAT IT IS MORE LIKELY THAN NOT THAT THEIR TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. SCHEDULE D, PAGE 4, PART XI, LINE 4B CIAC NOT REVENUE PER GAAP 3,208,859 RENTAL EXPENSE NETTED AGAINST REVENUE -49,970 NONOPERATING EXP NETTED AGAINST REVENUE 56,539 BOOK TO TAX CONVERSION PATRONAGE REC -11,926 FEMA FUNDS 1,401,260 SCHEDULE D, PAGE 4, PART XII, LINE 4B PATRONAGE DIV. PAID TO MEMBERS' ACCTS 11,058,188 RENTAL EXP NETTED AGAINST RENTAL INCOME -49,970 NONOPERATING EXP NETTED AGAINST REVENUE 56,539 FEMA FUNDS 1,401,260 X X X X false true false JEFFREY S EDWARDS FORMERPRESIDENT &CEO 518792 104384 12200 12184 647560 GEORGE FELTS VP ENGINEERING 269431 38267 87550 110980 18893 525121 JASON LOEHR PRESIDENT & CEO 299408 102 11050 82093 23300 415953 RONALD WHITE VP MEMBER SER & PR 227879 102 9550 95560 6554 339645 LOUIS URBINE DIRECTOR OF OPS 146402 8218 7150 106779 20595 289144 JACOB MCCANN VP HUMAN RESOURCES 195528 101 9550 55453 21735 282367 CAROL MYERS CFO 208872 102 6400 25163 20985 261522 BRAD FURR VP OPERATIONS 160832 5150 75182 11401 252565 SCHEDULE J, PAGE 1, PART I, LINE 4 JEFFREY S. EDWARDS 0 96,734 0 SCHEDULE J, PART III SOUTHSIDE ELECTRIC COOPERATIVE (SEC), IS A PARTICIPATING EMPLOYER IN THE RETIREMENT SECURITY PLAN SPONSORED BY THE NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION (NRECA) (THE "QUALIFIED PENSION PLAN"). SEC ALSO MAINTAINS THE DEFERRED COMPENSATION PENSION RESTORATION PLAN (THE "DEFERRED COMPENSATION PRP") FOR THOSE OF ITS KEY MANAGEMENT AND HIGHLY COMPENSATED EMPLOYEES WHOSE BENEFITS UNDER THE QUALIFIED PENSION PLAN ARE RESTRICTED BECAUSE OF MAXIMUM LIMITS ON BENEFITS OR COMPENSATION THAT MAY BE PROVIDED BY THE QUALIFIED PLAN. UNDER THE VESTING PROVISIONS OF THE DEFERRED COMPENSATION PRP, JEFFREY S. EDWARDS BEGAN RECEIVING PAYMENTS DURING 2018 UPON REACHING AGE 55 WITH 33 YEARS OF SERVICE. THIS BENEFIT HAS BEEN ACCRUED AND EXPENSED ACCORDINGLY OVER THE LIFE OF THE PLAN. NO ADDITIONAL EXPENSE WAS RECOGNIZED BY SEC AS A RESULT OF THE PAYMENT OF THE AMOUNT ABOVE. THE PAYMENT OF 96,734 FROM THE DEFERRED COMPENSATION PRP HAS BEEN INCLUDED ON SCHEDULE J PART II COLUMN B(III) AND FORM 990 PART VII COLUMN F. IT IS ALSO INCLUDED ON SCHEDULE J PART II COLUMN F SINCE IT WAS PREVIOUSLY REPORTED ON PRIOR 990'S IN COLUMN C. FORM 990 990 PART IX LINE 17 "TRAVEL COSTS" TRAVEL COSTS INCLUDES THE EXPENSES OF PURCHASING, LEASING, OPERATING, AND REPAIRING ANY VEHICLES OWNED BY THE ORGANIZATION AND USED IN THE ORGANIZATION'S ACTIVITIES. TRAVEL COSTS ALSO INCLUDE TRANSPORTATION COSTS, MEALS AND LODGING, AND PER DIEM PAYMENTS. 990 PART IX LINE 4 "BENEFITS PAID TO OR FOR MEMBERS" PATRONAGE DIVIDENDS PAID TO MEMBERS' ACCOUNTS ARE IN ACCORDANCE WITH THE PRE-EXISTING OBLIGATION IN SOUTHSIDE ELECTRIC COOPERATIVE'S BY-LAWS. THE COOPERATIVE IS OBLIGATED TO PAY BY CREDITS TO A CAPITAL ACCOUNT FOR EACH PATRON ALL SUCH AMOUNTS IN EXCESS OF OPERATING COSTS AND EXPENSES. IRS INSTRUCTIONS FOR LINE 4 CHANGED IN 2011 TO INCLUDE PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS. ACCORDINGLY, THESE AMOUNTS ARE NOW REPORTED ON LINE 4. FORM 990, PAGE 6, PART VI, LINE 6 SOUTHSIDE ELECTRIC COOPERATIVE IS AN ELECTRIC COOPERATIVE THAT DELIVERS ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE. FORM 990, PAGE 6, PART VI, LINE 7A MEMBERS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY THE MEMBERS AS PROVIDED IN ITS BYLAWS. FORM 990, PAGE 6, PART VI, LINE 7B CERTAIN DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY THE MEMBERS AS PROVIDED FOR IN ITS BYLAWS. FORM 990, PAGE 6, PART VI, LINE 11B THE COO AND CEO REVIEW TAX RETURN WITH THE BOARD PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 12C ANYONE THAT HAS A CONFLICT OF INTEREST WILL EXCUSE THEMSELVES FROM DISCUSSIONS OR VOTING ON SUBJECT MATTER WHERE A POSSIBLE CONFLICT EXISTS. FORM 990, PAGE 6, PART VI, LINE 15A THE MEMBERS OF THE GOVERNING BOARD ALSO SERVE AS THE COMPENSATION COMMITTEE. ANNUALLY THEY EVALUATE THE PERFORMANCE OF THE CEO AND APPROVE THE COMPENSATION PACKAGE FOR THIS POSITION. FORM 990, PAGE 6, PART VI, LINE 15B THE MEMBERS OF THE GOVERNING BOARD ALSO SERVE AS THE COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE APPROVES ALL PAYROLL INCREASES IN TOTAL. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE UPON REQUEST. FINANCIAL DATA IS PRESENTED TO THE MEMBERS AT THE ANNUAL MEETING AND ALSO INCLUDED IN THE 990 WHICH IS ALSO AVAILABLE UPON REQUEST. FORM 990, PART VII 990 PART VII SECTION A COLUMN F THE COOPERATIVE PARTICIPATES IN THE NRECA GROUP DEFINED PENSION PLAN. AS PART OF THIS PLAN, PARTICIPANTS ARE REQUIRED TO RECOGNIZE THE ACTUARIAL INCREASE IN THE VALUE OF THEIR ACCOUNT ON THE FORM 990. THE CONTRIBUTION RATES FOR PARTICIPANTS IN THE PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THE PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE WITH ALL OTHER THINGS BEING EQUAL. THESE ACTUARIAL INCREASES DO NOT REPRESENT ACTUAL CASH RECEIVED, BUT RATHER AN UNREALIZED ACTUARIAL INCREASE IN RETIREMENT ACCOUNTS THAT IS REQUIRED TO BE REPORTED ON THE FORM 990. FORM 990, PART XI, LINE 9 PATRONAGE DIV PAID TO MEMBERS NOT EXP PER GAAP 11,058,188 NET CHANGE IN DONATED CAPITAL AND MEMBERSHIPS 555 NON-CASH PATRONAGE ALLOC NOT REV PER IRS 11,926 CONTRIBUTION IN AID OF CONST NOT REV PER GAAP -3,208,859 RETIREMENT OF CAPITAL CREDITS -2,629,069 TOTAL 5,232,741