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Nonprofiteer
← BERKELEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by BERKELEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$408,085,738
Total expenses
$403,272,407
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$396,464,711
Investment income
$6,761,565
Other revenue
$4,859,462
Total assets, end of year
$676,271,341
Total liabilities, end of year
$471,631,356
Net assets or fund balances, end of year
$204,639,985
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 REVENUE

    total $393,209,589 · related or exempt $393,209,589

  • 2b · Program service revenue: PATRONAGE CAPITAL CREDITS

    total $2,928,840 · related or exempt $2,928,840

  • 2c · Program service revenue: POLE AND OTHER ATTACHMENTS

    total $326,282 · excluded $326,282

  • 3 · Investment income

    total $484,674 · related or exempt $7,879 · excluded $476,795

  • 6a · Gross rents

    real property $76,277

  • 6b · Less rental expenses

    real property $201,119

  • 6c · Rental income or loss

    real property -$124,842

  • 6d · Net rental income or loss

    total -$124,842 · unrelated business -$124,842

  • 7a · Gross sales of assets other than inventory

    other assets $9,200,000

  • 7b · Less cost or other basis and sales expenses

    other assets $2,923,109

  • 7c · Gain or loss

    other assets $6,276,891

  • 7d · Net gain or loss

    total $6,276,891 · related or exempt $6,276,891

  • 11a · Other revenue: NET POSTRETIREMENT BENEFIT

    total $4,813,331 · related or exempt $4,813,331

  • 11b · Other revenue: OTHER REVENUE

    total $170,973 · related or exempt $170,973

  • 11e · Other revenue, total

    $4,984,304

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $20,697,508

  • 5 · Compensation of officers, directors and key employees

    total $743,702

  • 20 · Interest

    total $8,315,858

  • 22 · Depreciation, depletion and amortization

    total $21,019,282

  • 24a · Other expenses: PURCHASED POWER

    total $287,616,660

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $19,413,796

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $18,236,423

  • 24d · Other expenses: ADMIN. & GENERAL EXP.

    total $13,626,709

  • 24e · All other expenses

    total $13,602,469

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,898,350 · end of year $12,851,894

  • 2 · Savings and temporary cash investments

    beginning of year $10,314,000 · end of year $19,000,000

  • 4 · Accounts receivable

    beginning of year $35,337,517 · end of year $26,283,148

  • 8 · Inventories for sale or use

    beginning of year $8,818,608 · end of year $9,619,538

  • 9 · Prepaid expenses and deferred charges

    beginning of year $254,918 · end of year $325,140

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

    $768,938,532

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

    $190,048,866

  • 10c · Land, buildings and equipment, net

    beginning of year $534,689,568 · end of year $578,889,666

  • 13 · Investments: program-related

    beginning of year $24,667,095 · end of year $29,248,966

  • 15 · Other assets

    beginning of year $232,690 · end of year $52,989

  • 17 · Accounts payable and accrued expenses

    beginning of year $34,851,559 · end of year $40,996,497

  • 23 · Secured mortgages and notes payable

    beginning of year $309,865,992 · end of year $379,388,210

  • 24 · Unsecured notes and loans payable

    beginning of year $36,113,397

  • 25 · Other liabilities

    beginning of year $38,305,064 · end of year $51,246,649

  • 29 · Capital stock, trust principal or current funds

    beginning of year $485,945 · end of year $508,685

  • 31 · Retained earnings, endowment or other funds

    beginning of year $200,590,789 · end of year $204,131,300

Mission and programs · 2022

Mission

BERKELEY ELECTRIC COOPERATIVE IS COMMITTED TO PROVIDING SAFE, RELIABLE AND AFFORDABLE ENERGY, WHILE ENHANCING THE LIVES OF THOSE WE SERVE.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SOUTH CAROLINA COUNTIES OF BERKELEY, CHARLESTON AND DORCHESTER COUNTIES AT A REASONABLE COST, CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • TO PROVIDE AFFORDABLE, SAFE AND RELIABLE ELECTRIC SERVICE TO OUR MEMBER OWNERS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • H Wayne Dewitt

    CHAIRMAN

    Total calculated
    $31,687
    From this org
    $31,287
    From related orgs
    $400
    Other
    $0
    Hours/week
    12

  • Willis Sanders

    VICE CHAIRMA

    Total calculated
    $27,625
    From this org
    $27,225
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Connie P Shuler

    SECRETARY/TR

    Total calculated
    $36,960
    From this org
    $36,560
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Robert Vandross

    DIRECTOR

    Total calculated
    $24,875
    From this org
    $24,475
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Sam Gourdine

    DIRECTOR

    Total calculated
    $26,525
    From this org
    $26,125
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Henry Chavis Sr

    DIRECTOR

    Total calculated
    $25,425
    From this org
    $25,025
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Sheila Powell

    DIRECTOR

    Total calculated
    $30,925
    From this org
    $30,525
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Denver Lee Clayton

    DIRECTOR

    Total calculated
    $3,950
    From this org
    $3,850
    From related orgs
    $100
    Other
    $0
    Hours/week
    5

  • Robert Jenkins

    DIRECTOR

    Total calculated
    $1,750
    From this org
    $1,650
    From related orgs
    $100
    Other
    $0
    Hours/week
    5

  • Harry Brunson

    DIRECTOR-FMR

    Total calculated
    $16,089
    From this org
    $15,789
    From related orgs
    $300
    Other
    $0
    Hours/week
    10

  • Michael Fuller

    CEO

    Total calculated
    $517,891
    From this org
    $438,090
    From related orgs
    $0
    Other
    $79,801
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $411,890
    Bonus
    $1,500
    Other
    $24,700
    Deferred
    $57,858
    Nontaxable benefits
    $21,943
    Filer's total
    $517,891

  • Tim Mobley

    VP - ENGINEE

    Total calculated
    $328,190
    From this org
    $219,285
    From related orgs
    $0
    Other
    $108,905
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $214,579
    Bonus
    $1,500
    Other
    $3,206
    Deferred
    $86,962
    Nontaxable benefits
    $21,943
    Filer's total
    $328,190

  • Joel Stevens

    VP - FINANCE

    Total calculated
    $264,380
    From this org
    $205,385
    From related orgs
    $0
    Other
    $58,995
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $194,769
    Bonus
    $1,500
    Other
    $9,116
    Deferred
    $37,270
    Nontaxable benefits
    $21,725
    Filer's total
    $264,380

  • Louise Meade

    VP - HUMAN R

    Total calculated
    $298,269
    From this org
    $198,736
    From related orgs
    $0
    Other
    $99,533
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $192,161
    Bonus
    $1,500
    Other
    $5,075
    Deferred
    $77,590
    Nontaxable benefits
    $21,943
    Filer's total
    $298,269

  • Trena Nelson

    VP - BCE

    Total calculated
    $271,290
    From this org
    $188,471
    From related orgs
    $0
    Other
    $82,819
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $185,531
    Bonus
    $1,500
    Other
    $1,440
    Deferred
    $73,051
    Nontaxable benefits
    $9,768
    Filer's total
    $271,290

  • Amy Langdon

    VP - MEMBER

    Total calculated
    $244,146
    From this org
    $160,054
    From related orgs
    $0
    Other
    $84,092
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $153,617
    Bonus
    $1,500
    Other
    $4,937
    Deferred
    $62,149
    Nontaxable benefits
    $21,943
    Filer's total
    $244,146

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 · Independent compensation consultant
  • 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

The filer's explanations (Part III)

SCHEDULE J, PART III
SOUTH CAROLINA STATE LAW (33-49-615) REQUIRES SOUTH CAROLINA ELECTRIC MEMBERSHIP CORPORATIONS TO MAKE SPECIFIC COMPENSATION DISCLOSURES AVAILABLE TO ITS MEMBERS. THESE DISCLOSURES ARE IN EXCESS OF THE COMPENSATION DISCLOSURES REQUIRED BY FORM 990 AND ARE MADE AVAILABLE TO ITS MEMBERS THROUGH BERKELEY ELECTRIC COOPERATIVE'S MEMBER PORTAL.

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.

Related corporations and trusts

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

  • BERKELEY COOPERATIVE ENTERPRISES

    PROPANE · SC · controlled entity

Provenance

Return type
form_990
Tax year
2022
Filed
28 March 2023
IRS schema version
2022v5.0
Source object
202300889349300110

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