2021-11-15T16:14:06-06:00 2020-12-31 541320089 ADAMS JENKINS & CHEATHAM 231 WYLDEROSE DR MIDLOTHIAN VA 23113 990 2020-01-01 540387895 SOUTHSIDE ELECTRIC COOPERATIVE INC SOUT 4346457721 POST OFFICE BOX 7 CREWE VA 23930 JEFFREY S EDWARDS PRESIDENT & CEO 4346457721 2021-11-15 true JEFFREY EDWARDS 999009999 G STEVEN GILLIAM CPA P00348264 8043231313 2021-11-15 2020 2022-09-23 18:48:47Z JEFFREY S EDWARDS POST OFFICE BOX 7 CREWE VA 23930 127541916 false X WWW.SEC.COOP X 1937 VA SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF SOUTHSIDE ELECTRIC COOPERATIVE. 9 9 147 130324 129324 0 127690261 126839896 131312 116415 467543 518467 128289116 127474778 8000 25000 3664777 9494738 19772692 19580321 0 0 104422430 95943268 127867899 125043327 421217 2431451 335380686 344035259 226595277 229212808 108785409 114822451 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 66,113,524 OTHER SALARIES AND WAGES 12,741,198 DEPRECIATION 12,581,703 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 true false true false false false false false false false false false false false false false false true 35 0 true 147 true true true false false false false 122882992 4270781 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 X THE CORPORATION 8005522118 POST OFFICE BOX 7 CREWE VA 23930 X JEFFREY S EDWARDS PRESIDENT & 55.00 X 1567450 0 290163 BRAD FURR VP OPERATION 50.00 X 234562 0 259964 GEORGE FELTS VP ENGINEERI 50.00 X 255752 0 194182 JASON LOEHR VP FIN & COR 50.00 X 243143 0 72922 RONALD WHITE VP MEMBER SE 50.00 X 214063 0 69918 JONATHAN STACY LINE TECH SU 50.00 X 156018 0 72224 JOSHUA WELLS DIRECTOR, TE 52.00 X 165226 0 44132 FRANK W BACON CHAIRMAN 17.00 X X 45000 0 0 PAUL S BENNETT SECRETARY 5.00 X X 30000 0 0 CHARLES J FRIEDL DIRECTOR 7.00 X 30000 0 0 EARL C CURRIN JR VICE CHAIRMA 5.00 X X 30000 0 0 BRENDA JOHNSON DIRECTOR 3.00 X 30000 0 0 CLIVE PETTIS DIRECTOR 11.00 X 30000 0 0 SARAH SAUNDERS DIRECTOR 9.00 X 30000 0 0 KRISTIE MARTIN WALLACE DIRECTOR 10.00 X 30000 0 0 WILLIAM WHITE DIRECTOR 9.00 X 30000 0 0 3121214 1003505 55 false true false TOWNSEND TREE SERVICE PO BOX 7015 MUNCIE IN 47308 TREE REMOVAL 3563163 LEE ELECTRICAL CONSTRUCTION PO BOX 55 ABERDEEN NC 283150055 POWER LINE 1837830 VOLT POWER LLC 2910 HWY 31 NW HARTSELLE AL 35640 POWER LINE 361823 PIKE ENGINEERING PO BOX 746320 ATLANTA GA 30374 ENGINEERS 264104 ROCKY CREEK TREE SERVICE 13200 HAW BRANCH LANE AMELIA VA 23002 TREE REMOVAL 263016 15 SALE AND DIST. OF ELECT. 221000 122882992 122882992 CONT. IN AID OF CONST. 221000 3034772 3034772 CASH PATRONAGE REC. 221000 922132 922132 126839896 116415 116415 571898 53431 518467 518467 130324 388143 13707 13707 127474778 126839896 130324 504558 X 25000 9494738 2458678 12741198 3216301 1164144 131474 2221882 178720 5961480 12581703 COST OF POWER 66113524 DIST. MAINTENANCE 7697899 ADMIN & GENERAL 2883441 DISTRIBUTION OPERATION 2846742 -4673597 125043327 0 0 0 4268397 10167600 23554173 27936966 26655 18919 1866665 1880190 2878290 406569 384464190 135126159 249568693 249338031 52509794 53576576 708019 710408 335380686 344035259 9118016 9084075 212241945 211649730 5235316 8479003 226595277 229212808 X 108785409 114822451 108785409 114822451 335380686 344035259 X 2431451 3605591 X false true X true false 384464190 135126159 249338031 249338031 PATRONAGE CAPITAL 50667742 C CAPITAL TERM CERTIFICATES 2030380 C TEC TRADING 622500 C OTHER 255954 C 53576576 DEFERRED CREDITS 2210123 CONSUMER DEPOSITS 2134525 OTHER 1143294 AR CREDIT BALANCES 948182 CARES ACT 887652 PATRONAGE CAPITAL PAYABLE 593894 ACCRUED PAYROLL 517181 ACCRUED SICK LEAVE 44152 8479003 X 125056781 125056781 2417997 2417997 127474778 115562043 115562043 9481284 9481284 125043327 SCHEDULE D, PAGE 3, PART X THE COOPERATIVE FOLLOWS THE GUIDANCE FOR "UNCERTAIN TAX POSITIONS" IN ACCORDANCE WITH ACCOUNTING STANDARDS COFIFICATION TOPIC 740. THE COOPERATIVE HAS DETERMIND 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 3,034,772 RENTAL EXPENSE NETTED AGAINST REVENUE -53,431 NONOPERATING EXP NETTED AGAINST REVENUE 39,977 BOOK TO TAX CONVERSION PATRONAGE REC -603,321 SCHEDULE D, PAGE 4, PART XII, LINE 4B PATRONAGE DIV. PAID TO MEMBERS' ACCTS 9,494,738 RENTAL EXP NETTED AGAINST RENTAL INCOME -53,431 NONOPERATING EXP NETTED AGAINST REVENUE 39,977 false SOUTHSIDE OPPORTUNITY FUND POST OFFICE BOX 7 CREWE VA 23930 813260493 501C3 25000 SCHOLARSHIPS X X X X false true false JEFFREY S EDWARDS PRESIDENT & CEO 519330 128 1047992 262006 28157 1857613 1035993 BRAD FURR VP OPERATIONS 225773 389 8400 234712 25252 494526 GEORGE FELTS VP ENGINEERING 247215 137 8400 172688 21494 449934 JASON LOEHR VP FIN & CORP SVCS 234600 143 8400 47693 25229 316065 RONALD WHITE VP MEMBER SER & PR 205536 127 8400 63439 6479 283981 JONATHAN STACY LINE TECH SUPERVISOR 155636 142 240 49636 22588 228242 JOSHUA WELLS DIRECTOR, TECH SVCS 159099 127 6000 20366 23766 209358 SCHEDULE J, PAGE 1, PART I, LINE 4 JEFFREY S. EDWARDS 0 1,035,993 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 1,035,993 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 9,494,738 NET CHANGE IN DONATED CAPITAL AND MEMBERSHIPS 3,070 NON-CASH PATRONAGE ALLOC NOT REV PER IRS 603,321 CONTRIBUTION IN AID OF CONST NOT REV PER GAAP -3,034,772 RETIREMENT OF CAPITAL CREDITS -3,460,766 TOTAL 3,605,591