Civic Intelligence

Sequachee Valley Electric Cooperative

990 • Fiscal year 2021 • EIN 62-0352367

Jul 01, 2020 to Jun 30, 2021 • Filed on Dec 21, 2021

Organization ProfileWWW.SVALLEYEC.COM
PO Box 31South Pittsburg, TN 37380

(423) 837-8605

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

20th percentile

0.40x

Higher debt load relative to assets than 20% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

12th percentile

0.65x

Higher debt load relative to revenue than 12% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Net Margin

89th percentile

9.7%

Higher net margin than 89% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

74th percentile

$424,389

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Asset Growth

54th percentile

4.6%

Faster asset growth than 54% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Revenue Growth

61st percentile

6.0%

Faster revenue growth than 61% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets20th percentile

Assets

Up

$156,994,323

Up $6,953,383 (+4.6%) from 2020

Net Assets

Up

$93,578,303

Up $9,331,001 (+11%) from 2020

Liabilities

Down

$63,416,020

Down $2,377,618 (-3.6%) from 2020

Revenue And Expenses
Liabilities / Revenue12th percentileNet Margin89th percentile

Revenue

Up

$97,074,458

Up $5,510,920 (+6.0%) from 2020

Expenses

Up

$87,679,832

Up $495,138 (+0.6%) from 2020

Net Income

Up

$9,394,626

Up $5,015,782 (+115%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth54th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200M$150M$100M$50M$0Assets 2010: $92,835,554Liabilities 2010: $40,891,204Net Assets 2010: $51,944,3502010Assets 2011: $96,935,306Liabilities 2011: $42,704,552Net Assets 2011: $54,230,7542011Assets 2012: $98,841,433Liabilities 2012: $41,612,208Net Assets 2012: $57,229,2252012Assets 2013: $104,388,529Liabilities 2013: $44,319,376Net Assets 2013: $60,069,1532013Assets 2014: $107,134,539Liabilities 2014: $43,829,938Net Assets 2014: $63,304,6012014Assets 2015: $109,659,046Liabilities 2015: $43,320,807Net Assets 2015: $66,338,2392015Assets 2016: $117,574,351Liabilities 2016: $49,066,110Net Assets 2016: $68,508,2412016Assets 2017: $122,879,035Liabilities 2017: $50,355,142Net Assets 2017: $72,523,8932017Assets 2018: $0Liabilities 2018: $0Net Assets 2018: $02018Assets 2019: $134,666,582Liabilities 2019: $55,892,736Net Assets 2019: $78,773,8462019Assets 2020: $150,040,940Liabilities 2020: $65,793,638Net Assets 2020: $84,247,3022020Assets 2021: $156,994,323Liabilities 2021: $63,416,020Net Assets 2021: $93,578,3032021Assets 2022: $165,775,520Liabilities 2022: $63,109,003Net Assets 2022: $102,666,5172022Assets 2023: $171,194,164Liabilities 2023: $61,392,830Net Assets 2023: $109,801,3342023Assets 2024: $180,374,420Liabilities 2024: $63,526,034Net Assets 2024: $116,848,3862024Assets 2025: $195,168,121Liabilities 2025: $70,296,101Net Assets 2025: $124,872,0202025

Highlighted filing

2021

Assets$156,994,323
Liabilities$63,416,020
Net Assets$93,578,303
Open 2021 Filing

Operations Trend

Revenue Growth61st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$150M$100M$50M$0Expenses 2010: $71,593,5232010Revenue 2011: $81,656,179Expenses 2011: $79,369,775Net Income 2011: $2,286,4042011Revenue 2012: $78,630,124Expenses 2012: $75,631,653Net Income 2012: $2,998,4712012Revenue 2013: $81,539,050Expenses 2013: $78,699,122Net Income 2013: $2,839,9282013Revenue 2014: $85,383,059Expenses 2014: $82,147,611Net Income 2014: $3,235,4482014Revenue 2015: $86,874,984Expenses 2015: $83,841,346Net Income 2015: $3,033,6382015Revenue 2016: $84,169,376Expenses 2016: $81,999,374Net Income 2016: $2,170,0022016Revenue 2017: $88,875,447Expenses 2017: $84,859,795Net Income 2017: $4,015,6522017Revenue 2018: $0Expenses 2018: $0Net Income 2018: $02018Revenue 2019: $92,711,202Expenses 2019: $89,531,245Net Income 2019: $3,179,9572019Revenue 2020: $91,563,538Expenses 2020: $87,184,694Net Income 2020: $4,378,8442020Revenue 2021: $97,074,458Expenses 2021: $87,679,832Net Income 2021: $9,394,6262021Revenue 2022: $105,669,415Expenses 2022: $96,622,670Net Income 2022: $9,046,7452022Revenue 2023: $112,585,937Expenses 2023: $105,813,126Net Income 2023: $6,772,8112023Revenue 2024: $112,012,967Expenses 2024: $104,899,096Net Income 2024: $7,113,8712024Revenue 2025: $121,157,075Expenses 2025: $113,066,623Net Income 2025: $8,090,4522025

Highlighted filing

2021

Revenue$97,074,458
Expenses$87,679,832
Net Income$9,394,626
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Dec 21, 2021
Return Version
2020v4.0
Gross Receipts
$97,074,458
Mission and Program Overview

Mission

Svec is a service organization meeting our member/customers' energy and community needs.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$125,990,609$130,689,890▲ $4,699,281
Rtn Earn Endowment Incm Other Fnds$84,247,302$93,578,303▲ $9,331,001
Savings and Temporary Cash Investments$6,003,243$10,387,547▲ $4,384,304
Other Notes and Loans Receivable, Net$2,997,943$2,920,741▼ $77,202
Cash and Non-Interest-Bearing Accounts$2,869,462$2,771,586▼ $97,876
Accounts Receivable$2,868,759$2,761,530▼ $107,229
Inventories for Sale or Use$1,431,092$1,175,431▼ $255,661
Investments Program Related$935,880$960,639▲ $24,759
Prepaid Expenses and Deferred Charges$1,373,509$887,520▼ $485,989
Total Assets$150,040,940$156,994,323▲ $6,953,383
Other Assets Total$5,570,443$4,439,439▼ $1,131,004
Liabilities
Mortgage Notes Payable Secured by Investment Property$50,401,657$47,102,860▼ $3,298,797
Accounts Payable and Accrued Expenses$10,897,087$11,811,935▲ $914,848
Other Liabilities$4,494,894$4,501,225▲ $6,331
Total Liabilities$65,793,638$63,416,020▼ $2,377,618
Net Assets / Fund Balance
Total Net Assets Fund Balance$84,247,302$93,578,303▲ $9,331,001
Total Liabilities and Net Assets / Fund Balance$150,040,940$156,994,323▲ $6,953,383

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$114,236,806$98,012,393$212,249,199
Buildings$7,725,885$3,739,001$11,464,886
Other Land Buildings$7,253,522-$7,253,522
Land$1,473,677-$1,175,122
Compensation and Service Providers
Top Officer Pay74th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Terry Michael PartinPresident/ceFT$257,415$166,974$424,389
Terry Michael PartinPresident/CEO-$240,840$192,819$424,389
Danny KirkendollVP-engineeriFT$172,939$128,190$301,129
Danny KirkendollVP-engineering & Ope-$155,543$136,316$301,129
F a Hatfield JrVP-admin. SeFT$163,861$99,432$263,293
F a Hatfield JrVP-admin. Services-$139,209$124,084$263,293
Cody W EvansLinemanFT$144,637$29,590$174,227
Christopher L BrownLinemanFT$145,921$28,038$173,959
Daniel P WalkerLinemanFT$142,018$30,250$172,268
Andrew R NunleyLinemanFT$160,135$11,915$172,050
Jordan C BrownLinemanFT$146,644$10,015$156,659
Michael JordanBoard Chairm-$8,595-$8,595
Judy FultsSecretary/tr-$7,845-$7,845
William GastonDirector-$6,975-$6,975
Jerry Don ThomasDirector-$6,975-$6,975
Bobby Gravitt JrDirector-$6,720-$6,720
Daniel DavenportDirector-$6,540-$6,540
Robert SherrillDirector-$6,540-$6,540
Roger PowellVice-chairma-$6,540-$6,540
John NaleDirector-$6,540-$6,540
Travis SmithDirector-$6,430-$6,430
Randall GilliamDirector-$5,785-$5,785

Highest Paid Contractors

ContractorServicesLocationCompensation
Loftis Underground LLCFiber Optic Cab1025 GREEN MEADOW RD, Cookeville, TN 38506$3,419,278
Kgp CompanyTelecommunicatiPO BOX 809017, Chicago, IL 60680$2,526,363
Hi-tech Data LLCHigh Speed Inte104 BATTLECREEK RD, South Pittsburg, TN 37380$2,107,517
Service ElectricLine ExtensionPO BOX 277790, Atlanta, GA 30384-7790$1,914,903
Lewis Tree Service INCTree TrimmingPO BOX 731897, Dallas, TX 75373-1897$1,702,589
Revenue and Support

Revenue Composition

Contributions and Grants
$1,659,529
Program Service Revenue
$95,029,933
Investment Income
$364,955
Other Revenue
$20,041
Change in Net Assets
$9,394,626
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$76,777,424
Salaries, Compensation, and Employee Benefits$10,902,408
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$7,386,604
Other Salaries and Wages---$6,462,575
Interest---$1,776,883
Other Employee Benefits---$1,760,172
Occupancy---$1,608,489
Pension Plan Contributions---$1,334,491
Office Expenses---$894,029
Current Officers, Directors, Trustees, and Key Employees---$842,083
Payroll Taxes---$503,087
Information Technology---$421,276
Insurance---$315,381
Advertising---$224,947
Other Expenses---$77,857
Travel---$41,889
Conferences and Meetings---$26,156
Fees for Services Accounting---$20,880
Fees for Services Management---$20,400
Fees for Services Legal---$14,349
Total Functional Expenses$0$0$0$87,679,832
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Customer Deposits$3,740,309
Loan From Sv Services$600,000
Deferred Compensation$160,916
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“The organization is a nonprofit electric cooperative that is member owned. There is only one class of members. All members have the right to elect the members of the board of directors (the governing body of svec).”

Form 990, Page 6, Part VI, Line 7A

“The members of the cooperative elect board members based on which district the member lives in. Board members must live in the district they represent and serve four-year terms.”

Form 990, Page 6, Part VI, Line 11B

“The board chairman, ceo, coo and vp of administrative services review the irs form 990 prior to its issuance.”

Form 990, Page 6, Part VI, Line 12C

“The directors are asked to complete a survey each year to ensure there are no conflicts of interest.”

Form 990, Page 6, Part VI, Line 15A

“The chairman of the board reviews the ceo compensation annually to comparative data from cooperatives from state and national organizations.”

Form 990, Page 6, Part VI, Line 15B

“The ceo determines the compensation of the key employees based upon information of peer groups supplied by state and national cooperative associations.”

Form 990, Page 6, Part VI, Line 19

“The bylaws are available on the cooperatives website and are available to members and nonmembers. Other information regarding the cooperative is sent out in the monthly newsletter and magazine.”

Filing and Contact Details

Filer

Filer Name
Sequachee Valley Electric
EIN
62-0352367
Phone
4238378605
Address
PO BOX 31, SOUTH PITTSBURG, TN 37380

Signing Officer

Name
Michael Jordan
Title
Board Chairman
Phone
4238378605
Signed
2021-12-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Jordan
Formed
1939
Legal Domicile
Tn
Voting Board Members
11
Independent Board Members
11
Employees
88

Preparer

Firm
Winnett Associates Pllc
Address
PO BOX 745, SHELBYVILLE, TN 37162-0745
Preparer
Patrick R Lile
Phone
9316847142
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Amortization - postretirement ben. Oblig. - health -63,625”

Raw XML AppendixShowing 400 of 675 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/AddressLine1Txt04301 WILSON BOULEVARD
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/CityNm0ARLINGTON

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$156,994,323
Liabilities
$63,416,020
Net assets
$93,578,303
Revenue
$97,074,458
Expenses
$87,679,832
Net income
$9,394,626
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$195$70.3$125$121$113$8.09
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$180$63.5$117$112$105$7.11
2023Detailed filing. Detailed filing data is available for this year.$171$61.4$110$113$106$6.77
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$166$63.1$103$106$96.6$9.05
2021Detailed filing. Detailed filing data is available for this year.$157$63.4$93.6$97.1$87.7$9.39
2020Detailed filing. Detailed filing data is available for this year.$150$65.8$84.2$91.6$87.2$4.38
2019Detailed filing. Detailed filing data is available for this year.$135$55.9$78.8$92.7$89.5$3.18
2018Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2017Summary only. Only limited summary data is available for this year.$123$50.4$72.5$88.9$84.9$4.02
2016Summary only. Only limited summary data is available for this year.$118$49.1$68.5$84.2$82.0$2.17
2015Summary only. Only limited summary data is available for this year.$110$43.3$66.3$86.9$83.8$3.03
2014Summary only. Only limited summary data is available for this year.$107$43.8$63.3$85.4$82.1$3.24
2013Summary only. Only limited summary data is available for this year.$104$44.3$60.1$81.5$78.7$2.84
2012Summary only. Only limited summary data is available for this year.$98.8$41.6$57.2$78.6$75.6$3.00
2011Summary only. Only limited summary data is available for this year.$96.9$42.7$54.2$81.7$79.4$2.29
2010XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$92.8$40.9$51.9$71.6