SUMTER ELECTRIC COOPERATIVE INC

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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

CURTIS WYNN

Phone

3527933801

Tax Period

2023-01-01 to 2023-12-31

SUMTER ELECTRIC COOPERATIVE INC, founded in 1938, is a major nonprofit that reported $483.0M in total revenue in fiscal year 2023. Revenue decreased 10% compared to the prior year.

Mission

AS A NOT-FOR-PROFIT COOPERATIVE, SECO ENERGY PROVIDES RELIABLE AND INNOVATIVE ENERGY SERVICES TO OUR MEMBERS AND COMMUNITIES.

Program Service Accomplishments

Program 1

SALE AND DISTRIBUTION OF ELECTRICITY TO 240,963 ACCOUNTS IN THE COOPERATIVE'S SERVICE AREA.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $482,323,611

Investment Income $634,321

Other Revenue $30,453

TOTAL REVENUE $482,988,385

Expense Breakdown

Grants Paid $23,500

Salaries & Benefits $6,971,964

Fundraising Expenses $0

Other Expenses $461,281,640

TOTAL EXPENSES $472,468,328

Year-over-Year Comparison

	2023	2022	Change
Revenue	$482,988,385	$537,389,478	-0.1%
Expenses	$472,468,328	$526,256,107	-0.1%
Net Income	$10,520,057	$11,133,371	-0.1%

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

490

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

$1,210,056

Total Directors

$246,530

Key Employees

$3,962,647

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN LASELVA	COO	60.00	Key Emp	$965,366	$159,271	$1,124,637
CURTIS WYNN	CEO	55.00	Officer	$743,921	$150,789	$894,710
GREGGORY H MORRELL	CCSO	60.00	Key Emp	$520,306	$90,080	$610,386
KATHRYN E GLORIA	VP COR COMM	50.00	Key Emp	$398,047	$111,594	$509,641
BENJAMIN DAWSON	VP GROWTH, S	60.00	Key Emp	$347,594	$140,414	$488,008
MICHEAL WHITE	VP OF ENGINE	60.00	Key Emp	$415,754	$46,948	$462,702
TRACY DE LEMOS	VP CORP GEN	50.00	Key Emp	$340,867	$69,091	$409,958
LONNIE W PENNINGTON	MGR ENGINEER	50.00	Highest	$252,279	$113,518	$365,797
ANH REYNOLDS	VP - FIN & A	60.00	Key Emp	$289,995	$67,320	$357,315
SHAUN T LAMAR	MGR OF INF T	60.00	Highest	$211,131	$87,091	$298,222
LATRICIA HELTON	SYSTEM CONTR	62.73	Highest	$248,323	$40,249	$288,572
MARIETTA HICKS	MGR ENG SVCS	45.00	Highest	$201,629	$78,734	$280,363
COREY JAMES PRICE	LINE TECH-1S	45.00	Highest	$244,322	$25,553	$269,875
EUGENE V KANIKOVSKY	CFO	57.00	Officer	$183,769	$46,865	$230,634
JAMES P DUNCAN	FORMER CEO	0.00		$134,614	$0	$134,614
GERALD ANDERSON	TRUSTEE - PR	20.00	Officer Director	$34,554	$0	$34,554
SHANNON WRIGHT	TRUSTEE	8.00	Director	$31,053	$0	$31,053
MICHAEL MUFFETT	TRUSTEE	7.00	Director	$28,853	$0	$28,853
MORGAN HATFIELD	TRUSTEE - SE	5.00	Officer Director	$28,604	$0	$28,604
JOSEPH KUSIAK	TRUSTEE	12.00	Director	$27,103	$0	$27,103
WILLIAM JAMES JR	TRUSTEE	4.00	Director	$25,753	$0	$25,753
RICHARD DENNISON	TRUSTEE	6.00	Director	$24,853	$0	$24,853
JOYCE ANDERSON	TRUSTEE	10.00	Director	$24,203	$0	$24,203
SCOTT BOYATT	TRUSTEE - VI	10.00	Officer Director	$21,554	$0	$21,554

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	$482,988,385	$472,468,328	$1,223,281,639	$10,520,057
2022	$537,389,478	$526,256,107	$1,126,136,135	$11,133,371
2021	$440,111,118	$426,958,048	$962,585,573	$13,153,070
2020	$424,311,848	$407,892,541	$900,033,803	$16,419,307
2019	$399,700,663	$393,190,316	$876,209,912	$6,510,347
2018	$394,595,639	$391,396,436	$838,159,410	$3,199,203