SOUTH CENTRAL ELECTRIC ASSOCIATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1937

Legal Domicile

Principal Officer

JIM HALER

Phone

5073753164

Tax Period

2024-01-01 to 2024-12-31

SOUTH CENTRAL ELECTRIC ASSOCIATION, founded in 1937, is a mid-sized nonprofit that reported $26.7M in total revenue in fiscal year 2024.

Mission

TO PROVIDE RELIABLE, EFFICIENT DELIVERY OF ELECTRICITY AND OTHER SERVICES TO OUR MEMBER OWNERS WITH THE HIGHEST LEVEL OF CUSTOMER SERVICE.

Program Service Accomplishments

Program 1

PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 4,619 MEMBERS ALONG 884 MILES OF OVERHEAD LINE AND 1,255 MILES OF UNDERGROUND LINE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $26,402,200

Investment Income $294,085

Other Revenue $15,890

TOTAL REVENUE $26,712,175

Expense Breakdown

Grants Paid $7,244

Salaries & Benefits $3,378,380

Fundraising Expenses $0

Other Expenses $21,412,439

TOTAL EXPENSES $25,919,612

Year-over-Year Comparison

	2024	2023	Change
Revenue	$26,712,175	$27,804,101	0.0%
Expenses	$25,919,612	$27,404,454	-0.1%
Net Income	$792,563	$399,647	+1.0%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$468,690

Total Directors

$159,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RON JORGENSON	PRESIDENT	10.00	Officer Director	$24,000	$0	$24,000
MIKE MIEST	VICE PRESIDENT	6.00	Officer Director	$22,600	$0	$22,600
BRAD ASENDORF	SECRETARY	8.00	Officer Director	$21,600	$0	$21,600
MATT PETERS	TREASURER	6.00	Officer Director	$22,000	$0	$22,000
MARK SANDBERG	DIRECTOR	10.00	Director	$24,000	$0	$24,000
BRENT IMKER	DIRECTOR	7.00	Director	$22,400	$0	$22,400
BILL KUNZ	DIRECTOR	6.00	Director	$22,400	$0	$22,400
RONALD HORMAN	GENERAL MANAGER	26.00	Officer	$124,447	$64,459	$188,906
TYLER FLOHRS	CFO	45.00	Officer	$148,885	$40,699	$189,584
JEFFREY BENSON	OPERATIONS MANAGER	45.00	Highest	$146,303	$104,916	$251,219
JAMES HALER	MEMBER SERVICES MANAGER	45.00	Highest	$121,769	$40,829	$162,598
LUCAS MALMGREN	LINE SUPERINTENDENT	45.00	Highest	$118,414	$35,754	$154,168
ADAM JOHNSON	METER FOREMAN JOURNEYMAN LINEMAN	40.00	Highest	$115,378	$21,307	$136,685
GREG GIESE	CREW CHIEF JOURNEYMAN LINEMAN	40.00	Highest	$114,898	$40,248	$155,146

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$26,712,175	$25,919,612	$92,813,075	$792,563
2023	$27,804,101	$27,404,454	$93,449,841	$399,647
2022	$26,307,793	$25,818,052	$79,801,499	$489,741
2021	$23,511,446	$23,103,183	$80,423,925	$408,263
2020	$24,180,921	$23,410,489	$77,801,894	$770,432
2019	$24,176,768	$24,077,865	$72,907,253	$98,903
2018	$24,646,809	$24,424,254	$71,615,759	$222,555