SOUTHERN MARYLAND ELEC COOPERATIVE INC WORKERS COMPENSATION PLAN

EIN: 521309853

HUGHESVILLE, MD

Total Revenue
$1,692,044
Total Expenses
$743,946
Total Assets
$2,573,785
Net Assets
$1,735,753
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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
1982
Legal Domicile
MD
Principal Officer
BETH A KENNEDY
Phone
3012744328
Tax Period
2023-01-01 to 2023-12-31

SOUTHERN MARYLAND ELEC COOPERATIVE INC WORKERS COMPENSATION PLAN, founded in 1982, is a community nonprofit that reported $1.7M in total revenue in fiscal year 2023. Revenue surged 100% from the prior year, signaling strong growth momentum. The organization ran a surplus of $948K, a strong 56% operating margin.

Mission

THE TRUST PROVIDES WORKER'S COMPENSATION BENEFITS THROUGH SELF AND EXCESS COVERAGE INSURANCE, AS SPECIFIED BY THE COURT AND/OR OTHER AUTHORITIES, TO EMPLOYEES OF THE COOPERATIVE AND/OR THEIR BENEFICIARIES.

Program Service Accomplishments

Program 1
Expenses: $663,631

THE COOPERATIVE MAKES CONTRIBUTIONS TO THE TRUST AS DEEMED NECESSARY TO FUND PROJECTED COSTS. CONTRIBUTIONS WILL BE MADE EACH MONTH UNTIL MANAGEMENT BELIEVES THE TRUST IS ADEQUATELY FUNDED.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $864,812
Investment Income $14,850
Other Revenue $812,382
TOTAL REVENUE $1,692,044

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $663,631
Other Expenses $315,914
TOTAL EXPENSES $743,946

Year-over-Year Comparison

2023 2022 Change
Revenue $1,692,044 $847,261 +1.0%
Expenses $743,946 $952,213 -0.2%
Net Income $948,098 $-104,952 -10.0%
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

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Governance

Voting Members
6
Independent Members
6
Employees
N/A
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
2
$1,362,781
Total Directors
6
$215,000
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SONJA M COX PRESIDENT & 0.20
Officer
$0 $212,305 $883,705
BETH A KENNEDY SR VP & CFO 0.20
Officer
$0 $111,160 $479,076
P SCOTT WHITE CHAIRMAN UNT 0.20
Director
$0 $0 $42,700
RICHARD A WINKLER DIRECTOR 0.20
Director
$0 $0 $39,100
W RAYNER BLAIR III CHAIRMAN 0.20
Director
$0 $0 $35,700
JOSEPH GILBERT MURPHY DIRECTOR 0.20
Director
$0 $0 $33,600
WILLIAM R CULLINS III COMM. CHAIRM 0.20
Director
$0 $0 $33,200
DANIEL W DYER DIRECTOR 0.20
Director
$0 $0 $30,700
N/A TRUSTEE 0.00
$0 $0 $0
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 No data No data No data No data
2023 $1,692,044 $743,946 $2,573,785 $948,098
2022 $847,261 $952,213 $2,413,779 $-104,952
2021 $820,479 $584,714 $2,123,389 $235,765
2020 $794,460 $400,644 $1,722,071 $393,816
2019 $753,922 $646,292 $1,466,502 $107,630
2018 $498,033 $929,827 $1,337,589 $-431,794
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