2025-11-05T14:25:05-06:00 2024-12-31 590548468 PURVIS GRAY & COMPANY LLP 2347 SE 17TH ST OCALA FL 34471 990 2024-01-01 590469125 SUMTER ELECTRIC COOPERATIVE INC SUMT 3527933801 P O BOX 301 SUMTERVILLE FL 335850301 CURTIS WYNN CEO 3527933801 2025-10-30 1 1 TIMOTHY WESTGATE CPA P00631621 3527323872 2025-10-30 2024 2025-03-06 01:10:19Z CURTIS WYNN PO BOX 301 SUMTERVILLE FL 335850301 523581472 0 X WWW.SECOENERGY.COM X 1938 FL AS A NOT-FOR-PROFIT COOPERATIVE, SECO ENERGY PROVIDES RELIABLE AND INNOVATIVE ENERGY SERVICES TO OUR MEMBERS AND COMMUNITIES. 9 9 501 0 30472 26425 0 0 482323611 522892624 634321 619381 30453 30472 482988385 523542477 23500 36000 4191224 3921290 6971964 8387361 0 0 0 461281640 491018401 472468328 503363052 10520057 20179425 1223281639 1413030769 856344054 1009422747 366937585 403608022 AS A NOT-FOR-PROFIT COOPERATIVE, SECO ENERGY PROVIDES RELIABLE AND INNOVATIVE ENERGY SERVICES TO OUR MEMBERS AND COMMUNITIES. 0 0 SALE AND DISTRIBUTION OF ELECTRICITY TO 252,543 ACCOUNTS IN THE COOPERATIVE'S SERVICE AREA. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 108 0 501 1 1 1 0 0 0 1 1 513977376 4698244 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X ANH REYNOLDS 3527933801 330 SOUTH HIGHWAY 301 SUMTERVILLE FL 33585 SHANNON WRIGHT TRUSTEE 10.00 X 45929 0 0 SCOTT BOYATT TRUSTEE - VICE PRES 10.00 X X 31129 0 0 RICHARD DENNISON TRUSTEE - THRU 1/24 10.00 X 751 0 0 WILLIAM JAMES JR TRUSTEE - THRU 2/24 10.00 X 4506 0 0 JOSEPH KUSIAK TRUSTEE 10.00 X 39029 0 0 GERALD ANDERSON TRUSTEE - PRESIDENT 15.00 X X 43229 0 0 JOYCE ANDERSON TRUSTEE 10.00 X 35279 0 0 MORGAN HATFIELD TRUSTEE - SEC/TREAS 10.00 X X 38129 0 0 MICHAEL MUFFETT TRUSTEE 10.00 X 36779 0 0 JAMES LAMOTTE TRUSTEE - BEG 4/24 10.00 X 24777 0 0 MARTIN PROCTOR TRUSTEE - BEG 3/24 16.00 X 28524 0 0 CURTIS WYNN CEO 60.00 X 1077366 0 156534 LONNIE W PENNINGTON VP RELIABILITY & OPERATIONS 55.00 X 364312 0 123461 JOHN LASELVA COO 60.00 X 862480 0 90366 GREGGORY H MORRELL CCSO 60.00 X 705913 0 95551 KATHRYN E GLORIA VP COR COMM & ENG SV 50.00 X 255418 0 16622 ANH REYNOLDS VP - FIN & ADMIN SVC 65.00 X 409388 0 91744 BENJAMIN DAWSON COO - INTERIM 50.00 X 457299 0 138522 TRACY DE LEMOS VP CORP GEN COUNSEL 55.00 X 397716 0 72610 APRIL BROWN VP OF HUMAN RESOURCES & CORP SVCS 50.00 X 279473 0 55297 RALPH LEE GRANT VP OF ENGINEERING 45.00 X 226584 0 63455 KATHY D JUDKINS VP OF COMMUNICATIONS, COMMUNITY & MEMBER EXP 50.00 X 206233 0 68118 RONALD V SUMMERS DIRECTOR OF TECHNICAL SERVICES 40.00 X 262944 0 139567 COREY JAMES PRICE LINE TECH-1ST CLASS 60.00 X 289437 0 29294 SHAUN T LAMAR MGR OF INF TECH 50.00 X 222093 0 82101 MARK R BOWLING DISTRIBUTION SUPERINTENDENT 50.00 X 253124 0 88709 JERRY T BROWN DIRECTOR OF SYSTEM OPERATIONS 50.00 X 267110 0 71079 JAMES P DUNCAN FORMER CEO 0.00 X 139385 0 0 7004336 0 1383030 221 1 1 0 IVY H SMITH COMPANY LLC PO BOX 860786 ORLANDO FL 32886 UNDERGROUND LINES 24127475 WRIGHT TREE SERVICE INC PO BOX 1718 DES MOINES IA 50306 VEGETATION MGMT 18207317 PIKE ELECTRIC LLC PO BOX 1000 DEPT 517 MEMPHIS TN 38148 OVERHEAD LINES 11655061 COLLECTIVE STRATEGIC RESOURCES LLC 2350 HWY 31 NW HARTSELLE AL 35640 OVERHEAD LINES 4555050 TEMPEST ENERGY LLC PO BOX 1370 MADISONVILLE LA 70447 VEGETATION MGMT/OVERHEAD LINES 4293242 70 SALE OF ELECTRICITY 221000 509509436 509509436 POLE RENTAL 221000 4691921 4691921 SERVICE CHARGE INCOME 221000 4467940 4467940 CAPITAL CREDITS - OTHER 221000 4223327 4223327 522892624 420802 420802 54114 23642 30472 30472 30472 213932 15353 198579 198579 198579 523542477 514175955 30472 9336050 X 36000 3921290 6542523 139385 1705453 25382521 36081739 PURCHASED POWER 310529639 DISTRIBUTION EXPENSE - 54415625 ADMINISTRATIVE GENERAL 23015353 DISTRIBUTION EXPENSE - 21067508 20526016 503363052 2062037 2170952 36865764 86282963 74949474 68163570 4332618 5080883 1355656636 255504125 971974142 1100152511 133097604 151179890 1223281639 1413030769 94334207 131570279 608377118 809491083 97583945 56048784 68361385 856344054 1009422747 X 1068175 1113485 8287225 9247766 357582185 393246771 366937585 403608022 1223281639 1413030769 X 20179425 16491012 X 0 1 X 1 1 1 26518039 26518039 29799725 14684871 15114854 22582825 22582825 70933081 52898129 18034952 1205822966 187921125 1017901841 1100152511 PATRONAGE CAPITAL-G&T COOP&SUPP LEND 147738681 C NRUCFC CAPITAL TERM CERTIFICATES 2265925 C NRECA DEFERRED COMP ASSETS 1173184 F MEMBERSHIP FEES IN ASSOC. ORG 2100 C 151179890 CONSUMER DEPOSITS 24925870 DEFERRED CREDITS 43435515 68361385 X 538033391 18690599 18690599 519342792 4199685 4199685 523542477 499465402 0 499465402 3897650 3897650 503363052 PART X, LINE 2: THE COOPERATIVE IS A NONPROFIT ORGANIZATION EXEMPT FROM INCOME TAXES UNDER THE PROVISIONS OF INTERNAL REVENUE CODE SECTION 501(C)(12). ACCORDINGLY,THERE IS NO PROVISION FOR INCOME TAXES IN THE FINANCIAL STATEMENTS. THE COOPERATIVE ADOPTED ACCOUNTING STANDARDS CODIFICATION (ASC) 740, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE IMPLEMENTATION OF THIS STANDARD HAD NO IMPACT ON THE COOPERATIVE'S FINANCIAL STATEMENTS. THE COOPERATIVE DOES NOT BELIEVE IT HAS TAKEN ANY UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL EFFECT ON THE FINANCIAL STATEMENTS. THE COOPERATIVE'S FORM 990'S FOR THE PAST THREE YEARS ARE OPEN TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE COOPERATIVE HAS FILED FORM 990T FOR UNRELATED RENTAL INCOME ON COMMUNICATION TOWERS FOR THE YEAR ENDED DECEMBER 31, 2023, AND WILL FILE THE FORM FOR THE YEAR ENDED DECEMBER 31, 2024. THE AMOUNT PAID OR ACCRUED WAS $6,150 AND $5,550, RESPECTIVELY. PART XI, LINE 2D - OTHER ADJUSTMENTS: ASSIGNED CAPITAL CREDITS ACCRUED, NOT PAID 18,690,599. PART XI, LINE 4B - OTHER ADJUSTMENTS: CASH RECEIVED FROM CAPITAL CREDITS PREVIOUSLY ACCRUED 4,223,327. RENTAL EXPENSES NETTED ON STATEMENT OF REVENUES -23,642. PART XII, LINE 4B - OTHER ADJUSTMENTS: RETIREMENT OF CAPITAL CREDITS 3,919,886. RENTAL EXPENSES NETTED ON STATEMENT OF REVENUES -23,642. ANGEL FUND EXPENSES 1,404. ROUNDING 2. 0 SEE SCHEDULE I, PART IV 12 36000 SCHEDULE I, PART III - OTHER ASSISTANCE TO INDIVIDUALS 12 EDUCATIONAL SCHOLARSHIPS WERE AWARDED TO HIGH SCHOOL SENIORS. APPLICANTS MUST RESIDE IN A HOUSEHOLD SERVED BY SECO ENERGY OR LIVE WITH A PARENT OR LEGAL GUARDIAN WHO IS AN ACTIVE SECO ENERGY MEMBER. SPECIAL EMPHASIS WAS GIVEN TO THOSE AIMING FOR DEGREES IN TECHNOLOGY, BUSINESS, ENGINEERING, OR MATHEMATICS, ESPECIALLY AS THEY RELATE TO THE ENERGY SECTOR. ELIGIBLE CANDIDATES MUST GRADUATE FROM HIGH SCHOOL BY THE END OF THE 2023-2024 ACADEMIC YEAR (MAY/JUNE) AND ENROLL IN A FLORIDA-BASED COLLEGE, UNIVERSITY, OR TECHNICAL SCHOOL BY THE CONCLUSION OF THE SAME YEAR. X X X X X X 0 0 0 CURTIS WYNN CEO 847918 0 130203 0 99245 0 136867 0 19702 0 1233935 0 0 0 JOHN LASELVA COO 549000 0 80727 0 232753 0 62208 0 28193 0 952881 0 0 0 GREGGORY H MORRELL CCSO 410896 0 71218 0 223799 0 75097 0 20489 0 801499 0 0 0 BENJAMIN DAWSON COO - INTERIM 360737 0 49343 0 47219 0 109598 0 28959 0 595856 0 0 0 ANH REYNOLDS VP - FIN & ADMIN SVC 304521 0 45900 0 58967 0 51458 0 40321 0 501167 0 0 0 LONNIE W PENNINGTON VP RELIABILITY & OPERATIONS 264000 0 44518 0 55794 0 89536 0 33960 0 487808 0 0 0 TRACY DE LEMOS VP CORP GEN COUNSEL 322884 0 49113 0 25719 0 28364 0 44281 0 470361 0 0 0 RONALD V SUMMERS DIRECTOR OF TECHNICAL SERVICES 212901 0 31977 0 18066 0 125390 0 14177 0 402511 0 0 0 MARK R BOWLING DISTRIBUTION SUPERINTENDENT 131715 0 37319 0 84090 0 57634 0 31075 0 341833 0 0 0 JERRY T BROWN DIRECTOR OF SYSTEM OPERATIONS 213473 0 31977 0 21660 0 53520 0 17559 0 338189 0 0 0 APRIL BROWN VP OF HUMAN RESOURCES & CORP SVCS 230010 0 28259 0 21204 0 26016 0 29316 0 334805 0 0 0 COREY JAMES PRICE LINE TECH-1ST CLASS 248415 0 16550 0 24472 0 17753 0 11541 0 318731 0 0 0 SHAUN T LAMAR MGR OF INF TECH 166348 0 30924 0 24821 0 59532 0 22569 0 304194 0 0 0 RALPH LEE GRANT VP OF ENGINEERING 188108 0 0 0 38476 0 55217 0 8273 0 290074 0 0 0 KATHY D JUDKINS VP OF COMMUNICATIONS, COMMUNITY & ME 171415 0 9273 0 25545 0 54465 0 13688 0 274386 0 0 0 KATHRYN E GLORIA VP COR COMM & ENG SV 161818 0 34610 0 58990 0 11010 0 5612 0 272040 0 0 0 JAMES P DUNCAN FORMER CEO 0 0 0 0 139385 0 0 0 0 0 139385 0 0 0 SEMINOLE ELECTRIC COOPERATIVE INC SEE PART V 310529639 PURCHASE POWER 0 SCHEDULE L, PART V - ADDITIONAL INFORMATION CURTIS WYNN, CEO, SCOTT BOYATT, TRUSTEE, AND GERALD ANDERSON, TRUSTEE, SERVE ON SEMINOLE ELECTRIC COOPERATIVE, INC'S BOARD OF TRUSTEES. FORM 990, PART VI, SECTION A, LINE 6 CLASSES OF MEMBERS OR STOCKHOLDERS THE SUMTER ELECTRIC COOPERATIVE HAS MEMBERS COMPRISED OF ANY PERSON, FIRM, ASSOCIATION, CORPORATION OR SUBDIVISION WHO AGREES TO (1) PURCHASE UTILITY SERVICES FROM THE COOPERATIVE, (2) COMPLY WITH THE ARTICLES OF INCORPORATION AND BY-LAWS, AND (3) PAY THE MEMBERSHIP FEE. FORM 990, PART VI, SECTION A, LINE 7A ELECTION OF MEMBERS AND THEIR RIGHTS MEMBERS VOTE FOR A TRUSTEE TO REPRESENT THEIR DISTRICT. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS SUBJECT TO APPROVAL OF MEMBERS THE BOARD OF TRUSTEES IS REQUIRED TO RECEIVE MEMBER APPROVAL ON ALL BY-LAW AND ARTICLE OF INCORPORATION CHANGES. MEMBER APPROVAL IS OBTAINED THROUGH A VOTE AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B ORGANIZATION'S PROCESS TO REVIEW FORM 990 THE BOARD FINANCE AND AUDIT COMMITTEE, CHIEF EXECUTIVE OFFICER, VICE PRESIDENT OF FINANCIAL & ADMINISTRATIVE SERVICES, AND CONTROLLER HAVE REVIEWED AND APPROVED THE 990. THE BOARD OF TRUSTEES RECEIVED AN ELECTRONIC COPY OF THE FINAL 990 PRIOR TO FILING. TRUSTEES WERE ASKED FOR COMMENTS PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ENFORCEMENT OF CONFLICT POLICY THE CONFLICT OF INTEREST POLICY COVERS ALL COOPERATIVE PERSONNEL, INCLUDING TRUSTEES AND EMPLOYEES. ANY CONFLICTS ARE REQUIRED TO BE REPORTED TO THE COMPLIANCE OFFICER OR THE BOARD OF TRUSTEES. WILLFUL VIOLATION OF THE POLICY MAY REQUIRE DRASTIC ACTION, INCLUDING DISMISSAL FROM THE BOARD OR TERMINATION OF EMPLOYMENT. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, LINE 15A - COMPENSATION PROCESS FOR TOP OFFICIAL THE BOARD OF TRUSTEES REVIEW, EVALUATE AND APPROVE ANNUALLY THE CEO'S COMPENSATION. A VARIETY OF SOURCES ARE UTILIZED TO DETERMINE SALARY: FORM 990 FROM OTHER ORGANIZATIONS AND REPUTABLE MARKET COMPENSATION SURVEYS. FORM 990, PART VI, LINE 15B - COMPENSATION PROCESS FOR OFFICERS THE CEO REVIEWS AND APPROVES ON AN ANNUAL BASIS SALARIES FOR ALL EMPLOYEES INCLUDING EXECUTIVES. VARIOUS REPUTABLE MARKET COMPENSATION SURVEYS, FORM 990 FROM OTHER COOPERATIVES ARE UTILIZED TO DETERMINE SALARIES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS DISCLOSURE EXPLANATION NO DOCUMENTS AVAILABLE TO THE PUBLIC FORM 990, PART IX, LINE 4 - BENEFITS PAID TO OR FOR MEMBERS THE IRS' INSTRUCTIONS FOR THE 2024 VERSION OF THE FORM 990, PART IX, LINE 4 STATE: "ENTER THE PAYMENTS MADE BY THE ORGANIZATION TO PROVIDE BENEFITS TO MEMBERS (...PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS). STATEMENT OF FUNCTIONAL EXPENSES, LINE 4 IS ENTITLED "BENEFITS PAID TO OR FOR MEMBERS." FOR PURPOSES OF THIS FORM 990, THE AMOUNT REPORTED ON LINE 4 REPRESENTS THE AMOUNT REPORTED IN THE AUDITED STATEMENT OF REVENUE AND CHANGES IN PATRONAGE CAPITAL FOR THE YEAR ENDED DECEMBER 31, 2024 AND OTHER BENEFITS PAID TO MEMBER IN THE AMOUNT OF $3,919,886 AND $1,404 OF UTILITY ASSISTANCE PROVIDED TO VARIOUS MEMBERS. FORM 990, PART IX, LINE 24 (E) - TAX EXPENSE DISCLOSURE THE SOFTWARE USED TO PREPARE THE FORM 990 IS NOT CURRENTLY DESIGNED TO REPORT INCOME TAX EXPENSE FROM UNRELATED BUSINESS INCOME SEPARATELY ON LINE 24 AS REQUIRED BY THE INSTRUCTIONS FOR FORM 990. INCOME TAX EXPENSE FOR UNRELATED BUSINESS INCOME IS THEREFORE INCLUDED IN LINE 24(E). THE AMOUNT OF FEDERAL AND STATE INCOME TAX EXPENSE INCLUDED IN LINE 24(E) FROM UNRELATED BUSINESS INCOME IS $5,550. FORM 990, PART XI, LINE 9: INCREASE IN MEMBERSHIP 45,310. ASSIGNED CAPITAL CREDITS, NOT PAID 18,690,599. CHANGE IN OTHER EQUITIES 1,165,720. UNCLAIMED PATRONAGE CAPITAL 1,016,483. CHANGE IN AOCI -205,179. ANGEL FUNDS EXPENSES 1,404. CAPITAL CREDITS, CASH RECEIVED -4,223,327. ROUNDING 2.