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← LEE COUNTY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by LEE COUNTY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$608,109,826
Total expenses
$504,779,733
Contributions and grants received
$0
Grants paid
$37,500
Program service revenue
$598,480,397
Investment income
$2,505,620
Other revenue
$7,123,809
Total assets, end of year
$1,061,061,386
Total liabilities, end of year
$567,922,352
Net assets or fund balances, end of year
$493,139,034
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 $592,993,560 · related or exempt $592,993,560

  • 2b · Program service revenue: PATRONAGE CAPITAL

    total $5,486,837 · related or exempt $5,486,837

  • 3 · Investment income

    total $204,744 · excluded $204,744

  • 6a · Gross rents

    personal property $7,078,378

  • 6c · Rental income or loss

    personal property $7,078,378

  • 6d · Net rental income or loss

    total $7,078,378 · excluded $7,078,378

  • 7a · Gross sales of assets other than inventory

    other assets $2,300,876

  • 7c · Gain or loss

    other assets $2,300,876

  • 7d · Net gain or loss

    total $2,300,876 · excluded $2,300,876

  • 10a · Gross sales of inventory

    $846,216

  • 10b · Cost of goods sold

    $800,785

  • 10c · Net income from sales of inventory

    total $45,431 · related or exempt $45,431

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $37,500

  • 4 · Benefits paid to or for members

    total $5,169,713

  • 5 · Compensation of officers, directors and key employees

    total $3,479,643

  • 7 · Other salaries and wages

    total $206,952

  • 20 · Interest

    total $22,808,343

  • 22 · Depreciation, depletion and amortization

    total $38,060,935

  • 24a · Other expenses: COST OF POWER

    total $338,137,661

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $42,005,634

  • 24c · Other expenses: ADMIN & GENERAL EXP

    total $18,973,850

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $12,237,680

  • 24e · All other expenses

    total $23,661,822

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,859,039 · end of year $3,480,592

  • 4 · Accounts receivable

    beginning of year $108,987,080 · end of year $96,465,346

  • 8 · Inventories for sale or use

    beginning of year $29,021,634 · end of year $22,475,546

  • 9 · Prepaid expenses and deferred charges

    beginning of year $33,052,964 · end of year $15,129,374

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

    $1,328,822,602

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

    $485,638,461

  • 10c · Land, buildings and equipment, net

    beginning of year $859,246,670 · end of year $843,184,141

  • 13 · Investments: program-related

    beginning of year $77,339,997 · end of year $80,326,387

  • 17 · Accounts payable and accrued expenses

    beginning of year $99,100,581 · end of year $63,980,393

  • 23 · Secured mortgages and notes payable

    beginning of year $352,031,302 · end of year $332,511,026

  • 24 · Unsecured notes and loans payable

    beginning of year $237,476,001 · end of year $112,534,632

  • 25 · Other liabilities

    beginning of year $36,316,985 · end of year $58,896,301

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,036,460 · end of year $1,063,300

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $21,911 · end of year $21,911

  • 31 · Retained earnings, endowment or other funds

    beginning of year $384,524,144 · end of year $492,053,823

Mission and programs · 2023

Mission

LCEC PROVIDES EFFICIENT, RELIABLE, COST-COMPETITIVE ELECTRIC AND EMERGING ENERGY SOLUTIONS AND EXCELLENT SERVICE TO OUR CUSTOMERS.

Activities or mission (Part I)

LEE COUNTY ELECTRIC COOPERATIVE, INC. (LCEC) PROVIDES ELECTRIC TRANSMISSION AND DISTRIBUTION SERVICES TO RESIDENTIAL AND BUSINESS CUSTOMERS WITHIN THE COOPERATIVE'S SERVICE TERRITORY.

  • UTILIZING APPROXIMATELY 9,008 MILES OF DISTRIBUTION LINES, LEE COUNTY ELECTRIC COOPERATIVE, INC. PROVIDED 4,580,244,295 KILOWATT HOURS OF ELECTRIC ENERGY TO ITS CUSTOMERS LOCATED IN ITS SERVICE TERRITORY. THE SERVICE TERRITORY INCLUDED CAPE CORAL, NORTH FORT MYERS, MARCO ISLAND, SANIBEL AND CAPTIVA ISLANDS, PINE ISLAND, EVERGLADES CITY, IMMOKALEE, AVA MARIA, AND PARTS OF LEHIGH ACRES (ALL IN THE STATE OF FLORIDA).

As filed on the 2023 return.

Listed in Part VII

  • Denise M Vidal

    EVP/CEO

    Total calculated
    $752,529
    From this org
    $678,889
    From related orgs
    $0
    Other
    $73,640
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $526,538
    Bonus
    $149,500
    Other
    $2,851
    Deferred
    $59,254
    Nontaxable benefits
    $14,386
    Filer's total
    $752,529

  • Sarah Bullock

    DIR OF FINAN

    Total calculated
    $387,594
    From this org
    $322,777
    From related orgs
    $0
    Other
    $64,817
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $283,512
    Bonus
    $38,749
    Other
    $516
    Deferred
    $43,325
    Nontaxable benefits
    $21,492
    Filer's total
    $387,594

  • Rodney C Hawkins

    DIRECTOR, EL

    Total calculated
    $353,369
    From this org
    $301,783
    From related orgs
    $0
    Other
    $51,586
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $235,646
    Bonus
    $63,063
    Other
    $3,074
    Deferred
    $46,336
    Nontaxable benefits
    $5,250
    Filer's total
    $353,369

  • Edward Nagy

    DIRECTOR, IT

    Total calculated
    $345,773
    From this org
    $282,449
    From related orgs
    $0
    Other
    $63,324
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $245,414
    Bonus
    $35,033
    Other
    $2,002
    Deferred
    $49,032
    Nontaxable benefits
    $14,292
    Filer's total
    $345,773

  • Gary Avin

    DIRECTOR OF

    Total calculated
    $290,500
    From this org
    $234,756
    From related orgs
    $0
    Other
    $55,744
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $206,156
    Bonus
    $28,044
    Other
    $556
    Deferred
    $39,768
    Nontaxable benefits
    $15,976
    Filer's total
    $290,500

  • Walter Ruth

    DIR. OF BUS.

    Total calculated
    $288,123
    From this org
    $238,347
    From related orgs
    $0
    Other
    $49,776
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $190,536
    Bonus
    $46,328
    Other
    $1,483
    Deferred
    $35,225
    Nontaxable benefits
    $14,551
    Filer's total
    $288,123

  • Karen Ryan

    DIRECTOR OF

    Total calculated
    $287,890
    From this org
    $240,221
    From related orgs
    $0
    Other
    $47,669
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $209,100
    Bonus
    $28,444
    Other
    $2,677
    Deferred
    $40,824
    Nontaxable benefits
    $6,845
    Filer's total
    $287,890

  • Sandra Thompson

    DIRECTOR OF

    Total calculated
    $285,541
    From this org
    $241,780
    From related orgs
    $0
    Other
    $43,761
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $210,042
    Bonus
    $29,984
    Other
    $1,754
    Deferred
    $32,651
    Nontaxable benefits
    $11,110
    Filer's total
    $285,541

  • Troy Hamilton

    LINEMAN

    Total calculated
    $272,239
    From this org
    $245,108
    From related orgs
    $0
    Other
    $27,131
    Hours/week
    74

    Schedule J breakdown matched by us

    Base
    $240,801
    Bonus
    $3,904
    Other
    $403
    Deferred
    $19,499
    Nontaxable benefits
    $7,632
    Filer's total
    $272,239

  • Derek Holland

    LINEMAN

    Total calculated
    $262,189
    From this org
    $226,608
    From related orgs
    $0
    Other
    $35,581
    Hours/week
    72

    Schedule J breakdown matched by us

    Base
    $216,871
    Bonus
    $1,417
    Other
    $8,320
    Deferred
    $16,890
    Nontaxable benefits
    $18,691
    Filer's total
    $262,189

  • Richard B Lewis

    LINEMAN

    Total calculated
    $261,456
    From this org
    $219,370
    From related orgs
    $0
    Other
    $42,086
    Hours/week
    71

    Schedule J breakdown matched by us

    Base
    $215,452
    Bonus
    $3,762
    Other
    $156
    Deferred
    $22,294
    Nontaxable benefits
    $19,792
    Filer's total
    $261,456

  • Trevor Kallhoff

    LINEMAN

    Total calculated
    $259,397
    From this org
    $227,621
    From related orgs
    $0
    Other
    $31,776
    Hours/week
    70

    Schedule J breakdown matched by us

    Base
    $222,134
    Bonus
    $2,262
    Other
    $3,225
    Deferred
    $16,284
    Nontaxable benefits
    $15,492
    Filer's total
    $259,397

  • Frank Sherkus

    MGR OF CONST

    Total calculated
    $249,846
    From this org
    $210,096
    From related orgs
    $0
    Other
    $39,750
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $164,769
    Bonus
    $43,863
    Other
    $1,464
    Deferred
    $32,905
    Nontaxable benefits
    $6,845
    Filer's total
    $249,846

  • Amanda Smelker

    DIR, ADMIN S

    Total calculated
    $237,545
    From this org
    $191,730
    From related orgs
    $0
    Other
    $45,815
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $173,677
    Bonus
    $17,372
    Other
    $681
    Deferred
    $33,759
    Nontaxable benefits
    $12,056
    Filer's total
    $237,545

  • Russell Priddy

    TRUSTEE/PRES

    Total calculated
    $29,350
    From this org
    $29,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Tarik Ayasun

    TRUSTEE

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • David Beam

    TRUSTEE

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Rick Joyce

    TRUSTEE

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Michael Powell

    TRUSTEE

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Richard Turbeville

    TRUSTEE

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Eleanor M Flannery

    TRUSTEE

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Craig Woodward

    TRUSTEE

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Rhichard Pritchett III

    TRUSTEE

    Total calculated
    $21,150
    From this org
    $21,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Geoffrey Roepstorff

    TRUSTEE

    Total calculated
    $14,100
    From this org
    $14,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Chauncey P Goss

    TRUSTEE

    Total calculated
    $9,900
    From this org
    $9,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

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 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 5a · Pay contingent on this organization's revenues

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, PAGE 1, PART I, LINE 5A
NON-TAXABLE BENEFIT AMOUNTS ARE NET OF THE AMOUNT AN EMPLOYEE HAS REIMBURSED TO LCEC FOR BENEFITS.

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

Provenance

Return type
form_990
Tax year
2023
Filed
5 November 2024
IRS schema version
2023v5.0
Source object
202433179349303248

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