SEMO ELECTRIC COOPERATIVE

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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

1938

Legal Domicile

Principal Officer

RICHARD FAULKNER

Phone

5734715821

Tax Period

2020-01-01 to 2020-12-31

SEMO ELECTRIC COOPERATIVE, founded in 1938, is a mid-sized nonprofit that reported $43.6M in total revenue in fiscal year 2020.

Mission

TO MAKE PEOPLE'S LIVES BETTER BY PROVIDING SAFE, RELIABLE, LOW-COST ELECTRICITY, AND FIBER-FAST INTERNET, TV AND PHONE. THE COOPERATIVE CURRENTLY EMPLOYS SIXTY-TWO EMPLOYEES AND GIVES BACK TO THE LOCAL COMMUNITY BY PAYING NEARLY NINE HUNDRED THOUSAND DOLLARS IN ELECTRIC AND FIBER PROPERTY TAXES.

Program Service Accomplishments

Program 1

WE PROVIDE ELECTRICITY TO OVER 16,000 HOMES, FARMS, AND BUSINESSES. THE CO-OP OPERATES ON A SLIM MARGIN AS POWER COSTS ARE BETWEEN 50% TO 60% OF OVERALL BUDGET.

Program 2

IN 2017, THE CO-OP STARTED ITS FIBER-TO-THE-HOME PROJECT. THE FIRST INSTALL OCCURRED IN MARCH 2018. MEMBERS ARE EXCITED ABOUT THE SERVICES. AS OF JULY 15, 2019, THERE WERE 2,000 SUBSCRIBERS. AS OF...

IN 2017, THE CO-OP STARTED ITS FIBER-TO-THE-HOME PROJECT. THE FIRST INSTALL OCCURRED IN MARCH 2018. MEMBERS ARE EXCITED ABOUT THE SERVICES. AS OF JULY 15, 2019, THERE WERE 2,000 SUBSCRIBERS. AS OF FEBRUARY 5, 2021, THERE WERE 5,494 CONNECTED SUBSCRIBERS. THE ORIGINAL BUILDOUT IS SCHEDULED TO BE COMPLETED IN OUR TERRITORY IN 2021.

Program 3

THE COOPERATIVE INVESTS NEARLY TWO MILLION DOLLARS IN 2020 TO TRIM TREES TO ENHANCE RELIABILITY. THE CO-OP HAS MORE THAN 2,600 MILES TO PROTECT. THE LINES NEED TRIMMED EVERY FOUR TO SIX YEARS.

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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 (2020)

Revenue Breakdown

Contributions & Grants $1,283,300

Program Service Revenue $42,203,903

Investment Income $39,125

Other Revenue $71,908

TOTAL REVENUE $43,598,236

Expense Breakdown

Grants Paid $0

Salaries & Benefits $391,021

Fundraising Expenses $0

Other Expenses $42,735,399

TOTAL EXPENSES $43,765,830

Year-over-Year Comparison

	2020	2019	Change
Revenue	$43,598,236	$41,147,484	+0.1%
Expenses	$43,765,830	$41,662,231	+0.1%
Net Income	$-167,594	$-514,747	-0.7%

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

$393,453

Total Directors

$103,275

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD FAULKNER	PRESIDENT	9.90	Officer Director	$6,800	$0	$6,800
JOHN BLEDSOE	VICE PRESIDENT	3.42	Officer Director	$7,225	$0	$7,225
TIM COPPAGE	SECRETARY/TREASURER	4.23	Officer Director	$6,800	$0	$6,800
JAMES DENEKE	ASST. TREASURER/SECRETARY	5.00	Officer Director	$8,925	$0	$8,925
GLENNON DIRNBERGER	BOARD MEMBER	3.15	Director	$6,800	$0	$6,800
CARL EFTINK	BOARD MEMBER	3.69	Director	$7,650	$0	$7,650
DENNIS FOWLER	BOARD MEMBER	4.35	Director	$10,625	$0	$10,625
DICKY HANOR	BOARD MEMBER	4.17	Director	$10,625	$0	$10,625
MYRON HAWES	BOARD MEMBER	8.56	Director	$9,775	$0	$9,775
KEITH HAYNES	BOARD MEMBER	4.96	Director	$11,900	$0	$11,900
CARLA MOORE	BOARD MEMBER	3.00	Director	$9,775	$0	$9,775
HAMIL CORSE	BOARD MEMBER	3.77	Director	$6,375	$0	$6,375
SEAN VANSLYKE	CEO (SALARY)	40.00	Officer	$247,596	$116,107	$363,703
MARTIN VINEYARD	SENIOR MGR OF OPERATIONS (SALARY)	40.00	Highest	$139,971	$100,393	$240,364
LARRY KELLY	SENIOR MGR OF ENGINEERING (SALARY)	40.00	Highest	$162,811	$25,304	$188,115
TERRY BUNTING	SERVICEMAN LINEMAN (HOURLY)	56.00	Highest	$168,720	$66,349	$235,069
JOE HILL	SERVICEMAN LINEMAN (HOURLY)	54.00	Highest	$148,637	$77,896	$226,533
ROBERT GILMER	CONSTRUCTION CREW LINEMAN (HOURLY)	55.00	Highest	$149,479	$37,166	$186,645

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
2020	$43,598,236	$43,765,830	$155,297,219	$-167,594
2019	$41,147,484	$41,662,231	$139,730,102	$-514,747
2018	$39,252,675	$38,614,428	$128,361,494	$638,247