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Nonprofiteer
← TRI-COUNTY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by TRI-COUNTY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$60,477,472
Total expenses
$58,185,768
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$59,687,976
Investment income
$789,496
Other revenue
$0
Total assets, end of year
$178,725,180
Total liabilities, end of year
$135,460,484
Net assets or fund balances, end of year
$43,264,696
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: ELECTRIC ENERGY SALES

    total $54,792,259 · related or exempt $54,792,259

  • 2b · Program service revenue: FIBER ACCESS REVENUE

    total $4,133,333 · related or exempt $4,133,333

  • 2c · Program service revenue: PATRONAGE CAPITAL - ASSOCIATE

    total $713,494 · related or exempt $713,494

  • 2d · Program service revenue: POLE RENTAL REVENUE

    total $48,890 · excluded $48,890

  • 3 · Investment income

    total $789,496 · excluded $789,496

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,883,122

  • 5 · Compensation of officers, directors and key employees

    total $560,073

  • 13 · Office expenses

    total $753,123

  • 20 · Interest

    total $5,397,129

  • 22 · Depreciation, depletion and amortization

    total $5,456,482

  • 24a · Other expenses: PURCHASED POWER

    total $25,504,262

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $5,966,574

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $3,617,007

  • 24d · Other expenses: ADMIN. & GENERAL

    total $3,608,715

  • 24e · All other expenses

    total $2,439,281

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,014,597 · end of year $791,563

  • 4 · Accounts receivable

    beginning of year $15,759,828 · end of year $13,275,372

  • 7 · Other notes and loans receivable

    beginning of year $4,263,515 · end of year $3,882,438

  • 8 · Inventories for sale or use

    beginning of year $2,930,722 · end of year $1,698,261

  • 9 · Prepaid expenses and deferred charges

    beginning of year $443,821 · end of year $393,096

  • 10a · Land, buildings and equipment: cost or other basis

    $189,990,978

  • 10b · Land, buildings and equipment: accumulated depreciation

    $47,738,871

  • 10c · Land, buildings and equipment, net

    beginning of year $134,858,325 · end of year $142,252,107

  • 11 · Investments: publicly traded securities

    beginning of year -$2,127,787 · end of year $446,679

  • 13 · Investments: program-related

    beginning of year $14,259,919 · end of year $15,985,664

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,806,766 · end of year $15,092,127

  • 23 · Secured mortgages and notes payable

    beginning of year $110,332,296 · end of year $112,681,524

  • 25 · Other liabilities

    beginning of year $6,215,884 · end of year $7,686,833

  • 29 · Capital stock, trust principal or current funds

    beginning of year $70,095 · end of year $70,250

  • 31 · Retained earnings, endowment or other funds

    beginning of year $37,977,899 · end of year $43,194,446

Mission and programs · 2024

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Chad Lowder

    CEO

    Total calculated
    $391,091
    From this org
    $259,759
    From related orgs
    $0
    Other
    $131,332
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $254,970
    Bonus
    $1,378
    Other
    $3,411
    Deferred
    $106,281
    Nontaxable benefits
    $25,051
    Filer's total
    $391,091

  • Jerrell Furtick

    COO

    Total calculated
    $362,640
    From this org
    $190,440
    From related orgs
    $0
    Other
    $172,200
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $180,046
    Bonus
    $1,408
    Other
    $8,986
    Deferred
    $73,795
    Nontaxable benefits
    $98,405
    Filer's total
    $362,640

  • Christina Turnage

    VP OF FINANC

    Total calculated
    $249,783
    From this org
    $168,828
    From related orgs
    $0
    Other
    $80,955
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $161,863
    Bonus
    $1,218
    Other
    $5,747
    Deferred
    $67,460
    Nontaxable benefits
    $13,495
    Filer's total
    $249,783

  • Sean Arsenault

    VP TECH/TRIC

    Total calculated
    $206,835
    From this org
    $140,326
    From related orgs
    $0
    Other
    $66,509
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $128,873
    Bonus
    $1,419
    Other
    $10,034
    Deferred
    $53,226
    Nontaxable benefits
    $13,283
    Filer's total
    $206,835

  • John Arant

    CONTRACT SUP

    Total calculated
    $179,562
    From this org
    $118,638
    From related orgs
    $0
    Other
    $60,924
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $115,755
    Bonus
    $1,624
    Other
    $1,259
    Deferred
    $36,871
    Nontaxable benefits
    $24,053
    Filer's total
    $179,562

  • Ryan Jones

    CREW LEADER

    Total calculated
    $173,411
    From this org
    $112,786
    From related orgs
    $0
    Other
    $60,625
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $110,872
    Bonus
    $1,624
    Other
    $290
    Deferred
    $36,578
    Nontaxable benefits
    $24,047
    Filer's total
    $173,411

  • Ida L Dixon

    PRESIDENT

    Total calculated
    $19,405
    From this org
    $19,405
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Robinson

    TRUSTEE

    Total calculated
    $19,067
    From this org
    $19,067
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • James R Dantzler

    TRUSTEE

    Total calculated
    $18,955
    From this org
    $18,955
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Willie E Jeffries

    TRUSTEE

    Total calculated
    $18,955
    From this org
    $18,955
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Barbara Weston

    VICE PRESIDE

    Total calculated
    $18,955
    From this org
    $18,955
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joe Strickland Jr

    TRUSTEE

    Total calculated
    $18,505
    From this org
    $18,505
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jacqueline S Shaw

    SECRETARY

    Total calculated
    $18,505
    From this org
    $18,505
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • George Wilson

    TRUSTEE

    Total calculated
    $18,505
    From this org
    $18,505
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Gary F Geiger

    TREASURER

    Total calculated
    $18,129
    From this org
    $18,129
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • TRICO DEVELOPMENT LLC

    ECON. DEV. · SC · assets $8,255,705

    Directly controlled by TRI-CO ECI

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • TRICOLINK INC

    C CORP · BROADBAND · SC · 100% owned · share of income $12,089,736 · share of assets $12,576,912

    Directly controlled by TRI-CO ECI

Provenance

Return type
form_990
Tax year
2024
Filed
28 April 2025
IRS schema version
2024v5.0
Source object
202501199349301730

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