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Nonprofiteer
← LAURENS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by LAURENS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$148,035,106
Total expenses
$148,035,106
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$146,459,615
Investment income
$90,576
Other revenue
$1,484,915
Total assets, end of year
$289,764,029
Total liabilities, end of year
$185,387,810
Net assets or fund balances, end of year
$104,376,219
Program services expenses (Part IX)
$148,035,106
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% 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 $145,240,024 · related or exempt $145,240,024

  • 2b · Program service revenue: G&T AND OTHER CAPITAL CREDITS

    total $1,027,205 · related or exempt $1,027,205

  • 2c · Program service revenue: POLE RENTAL

    total $192,386 · excluded $192,386

  • 3 · Investment income

    total $90,576 · excluded $90,576

  • 10a · Gross sales of inventory

    $2,333,506

  • 10b · Cost of goods sold

    $1,209,200

  • 10c · Net income from sales of inventory

    total $1,124,306 · unrelated business $1,124,306

  • 11a · Other revenue: OTHER ELECTRIC REVENUE

    total $360,609 · related or exempt $360,609

  • 11e · Other revenue, total

    $360,609

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,960,973 · program services $2,960,973

  • 5 · Compensation of officers, directors and key employees

    total $950,987 · program services $950,987

  • 20 · Interest

    total $4,917,294 · program services $4,917,294

  • 22 · Depreciation, depletion and amortization

    total $8,758,009 · program services $8,758,009

  • 24a · Other expenses: PURCHASED POWER

    total $94,525,985 · program services $94,525,985

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $11,315,103 · program services $11,315,103

  • 24c · Other expenses: ADMIN & GENERAL EXP

    total $9,315,967 · program services $9,315,967

  • 24d · Other expenses: DISTRIBUTION MAINTENANCE

    total $9,229,919 · program services $9,229,919

  • 24e · All other expenses

    total $6,060,869 · program services $6,060,869

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,565,472 · end of year $7,407,647

  • 2 · Savings and temporary cash investments

    beginning of year $22,191,033 · end of year $13,596,024

  • 4 · Accounts receivable

    beginning of year $14,467,765 · end of year $17,992,632

  • 8 · Inventories for sale or use

    beginning of year $2,375,183 · end of year $3,074,838

  • 9 · Prepaid expenses and deferred charges

    beginning of year $865,194 · end of year $756,071

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

    $327,881,925

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

    $96,997,516

  • 10c · Land, buildings and equipment, net

    beginning of year $222,326,628 · end of year $230,884,409

  • 13 · Investments: program-related

    beginning of year $14,002,245 · end of year $14,708,262

  • 15 · Other assets

    beginning of year $5,139,724 · end of year $1,344,146

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,726,370 · end of year $21,115,740

  • 23 · Secured mortgages and notes payable

    beginning of year $158,291,484 · end of year $158,356,533

  • 25 · Other liabilities

    beginning of year $7,952,902 · end of year $5,915,537

  • 29 · Capital stock, trust principal or current funds

    beginning of year $330,105 · end of year $334,410

  • 31 · Retained earnings, endowment or other funds

    beginning of year $104,632,383 · end of year $104,041,809

Mission and programs · 2022

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 HIGHTEST STANDARDS OF SERVICE.

  • N/A

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

Listed in Part VII

  • J David Wasson

    PRESIDENT &

    Total calculated
    $673,720
    From this org
    $493,435
    From related orgs
    $0
    Other
    $180,285
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $426,683
    Bonus
    $42,105
    Other
    $24,647
    Deferred
    $157,505
    Nontaxable benefits
    $22,780
    Filer's total
    $673,720

  • Nathan Brown

    VP-ENGINEER&

    Total calculated
    $316,684
    From this org
    $219,040
    From related orgs
    $0
    Other
    $97,644
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $202,241
    Bonus
    $9,465
    Other
    $7,334
    Deferred
    $74,864
    Nontaxable benefits
    $22,780
    Filer's total
    $316,684

  • Matthew D Stanley

    VP & CFO

    Total calculated
    $307,500
    From this org
    $210,621
    From related orgs
    $0
    Other
    $96,879
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $194,966
    Bonus
    $9,564
    Other
    $6,091
    Deferred
    $74,099
    Nontaxable benefits
    $22,780
    Filer's total
    $307,500

  • Jim Donahoo

    VP MARKETING

    Total calculated
    $284,183
    From this org
    $193,211
    From related orgs
    $0
    Other
    $90,972
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $178,510
    Bonus
    $9,053
    Other
    $5,648
    Deferred
    $68,192
    Nontaxable benefits
    $22,780
    Filer's total
    $284,183

  • Chad Armstrong

    VP OF HUMAN

    Total calculated
    $282,145
    From this org
    $191,773
    From related orgs
    $0
    Other
    $90,372
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $176,614
    Bonus
    $9,594
    Other
    $5,565
    Deferred
    $67,592
    Nontaxable benefits
    $22,780
    Filer's total
    $282,145

  • Christopher J Miers

    VP,MEMBER SE

    Total calculated
    $271,135
    From this org
    $183,206
    From related orgs
    $0
    Other
    $87,929
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $168,948
    Bonus
    $8,875
    Other
    $5,383
    Deferred
    $65,149
    Nontaxable benefits
    $22,780
    Filer's total
    $271,135

  • Marcus Cook

    TRUSTEE

    Total calculated
    $54,804
    From this org
    $54,804
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joe T Nicholson

    TRUSTEE

    Total calculated
    $35,819
    From this org
    $35,819
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Charles E Adair

    CHAIRMAN

    Total calculated
    $34,496
    From this org
    $34,496
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Hendrix

    VICE CHAIRMA

    Total calculated
    $28,866
    From this org
    $28,866
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mitchell Powers

    SECRETARY/TR

    Total calculated
    $28,739
    From this org
    $28,739
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Eddie Abrams

    TRUSTEE

    Total calculated
    $26,672
    From this org
    $26,672
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jimmie Perry

    TRUSTEE

    Total calculated
    $25,288
    From this org
    $25,288
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Willie Belle Blakely

    TRUSTEE/DIRE

    Total calculated
    $24,407
    From this org
    $24,407
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Reid Fisher

    TRUSTEE

    Total calculated
    $18,176
    From this org
    $18,176
    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 · 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.

  • ALARM MONITORING CENTER OF SC LLC

    SECURITY A · SC · income $194,485 · assets $377,388

    Directly controlled by LAURENS EC

  • 1939 LAND MANAGEMENT LLC

    LAND DEVEL · SC · income -$18,520 · assets $7,284,279

    Directly controlled by LAURENS EC

Related corporations and trusts

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

  • VANGUARD OF SPARTANBURG

    C CORP · SECURITY A · SC

    Directly controlled by LAURENS EC

Provenance

Return type
form_990
Tax year
2022
Filed
2 November 2023
IRS schema version
2022v5.0
Source object
202343069349301984

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