SAN MIGUEL 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

1977

Legal Domicile

Principal Officer

Vanessa Pawelek

Phone

8307843411

Tax Period

2024-01-01 to 2024-12-31

SAN MIGUEL ELECTRIC COOPERATIVE INC, founded in 1977, is a major nonprofit that reported $175.6M in total revenue in fiscal year 2024. Revenue decreased 5% compared to the prior year.

Mission

Provide safe, reliable and affordable power to our members through diligent resource management, environmental stewardship, and employee growth, while helping to meet needs within the communities we serve. Maintain a dependable power supply at the lowest possible and competitive cost to our customers through integrity, hard work, and safety.

Program Service Accomplishments

Program 1

San Miguel Electric Cooperative, Inc. was created for the sole purpose of owning and operating a 400 Megawatt mine-mouth lignite-fired generating plant and associated mining facility to furnish power...

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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 $165,589,898

Investment Income $5,635,852

Other Revenue $4,361,328

TOTAL REVENUE $175,587,078

Expense Breakdown

Grants Paid $0

Salaries & Benefits $18,829,250

Fundraising Expenses $0

Program Expenses $0

Other Expenses $152,310,866

TOTAL EXPENSES $175,587,078

Year-over-Year Comparison

	2024	2023	Change
Revenue	$175,587,078	$184,952,276	-0.1%
Expenses	$175,587,078	$184,952,276	-0.1%
Net Income	$0	$0	N/A

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

175

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

$800,900

Total Directors

$219,873

Key Employees

$777,688

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Craig Courter	General Manager	50	Officer	$495,017	$92,595	$587,612
Casey Bird	EHS & Engineering Manager	94	Key Emp	$249,683	$39,790	$289,473
David Burris	Fuels Manager	45	Key Emp	$222,609	$28,804	$251,413
Derek Burns	Operations, Maintenance, & Engineering Manager	55	Key Emp	$197,743	$39,059	$236,802
Vanessa Pawelek	Chief Financial Officer	60	Officer	$172,596	$40,692	$213,288
Benino Ramirez	Mechanic Crew A	40	Highest	$153,757	$42,599	$196,356
Patrick Rakowitz	Mechanic Leadman	40	Highest	$154,307	$39,294	$193,601
David Loeffler	Class A Mechanic	40	Highest	$140,949	$49,161	$190,110
Apolinar Garcia	Control Room Operator Class A	40	Highest	$149,380	$35,916	$185,296
Benny Garza	Safety Training Supervisor	40	Highest	$167,570	$16,525	$184,095
Brian Acosta	Director	6	Director	$15,096	$0	$15,096
Rolando Alaniz	Director	5	Director	$15,056	$0	$15,056
John Roach	Director	12	Director	$14,048	$0	$14,048
Mike Ables	Director	4	Director	$13,866	$0	$13,866
Clyde Stewart	Secretary/Treasurer	7	Director	$13,786	$0	$13,786
David Rosse	Director	3.5	Director	$13,676	$0	$13,676
Michael Jacobs	Assistant Secretary/Treasurer	4	Director	$13,650	$0	$13,650
Clif Lange	Director	10	Director	$13,650	$0	$13,650
Colt Haack	Director	7	Director	$13,622	$0	$13,622
Blaine Warzecha	Vice President (Acting President Nov-Dec)	4	Director	$13,527	$0	$13,527
Trey Grebe	Director	4.5	Director	$12,997	$0	$12,997
Larry Schendel	Director	2	Director	$12,985	$0	$12,985
Eric Halfmann	Director	3	Director	$12,838	$0	$12,838
Bode Hausmann	Director	4.5	Director	$12,831	$0	$12,831
Ron Hughes	Director	4	Director	$12,418	$0	$12,418
Kenneth White	President (Jan-Oct)	9	Director	$11,765	$0	$11,765
Kenneth Weynand	Director	4	Director	$2,112	$0	$2,112
Jim Coleman	Director	6	Director	$1,950	$0	$1,950
Avan Irani	Director	4.5	Director	$0	$0	$0
Gary Raybon	Director	6	Director	$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
2025	No data	No data	No data	No data
2024	$175,587,078	$175,587,078	$526,765,010	No data
2023	$184,952,276	$184,952,276	$539,268,827	No data
2022	$188,325,013	$188,325,013	$558,755,810	No data
2021	$162,000,533	$162,000,533	$529,155,212	No data
2020	$167,993,495	$167,993,495	$486,647,369	No data
2019	$152,293,869	$152,293,869	$475,484,526	No data
2018	$155,534,738	$155,534,738	$413,198,805	No data