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Nonprofiteer
← LAURENS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by LAURENS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$148,922,807
Total expenses
$148,922,807
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$147,243,255
Investment income
$390,143
Other revenue
$1,289,409
Total assets, end of year
$297,132,182
Total liabilities, end of year
$184,205,943
Net assets or fund balances, end of year
$112,926,239
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 $145,566,115 · related or exempt $145,566,115

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

    total $1,675,309 · related or exempt $1,675,309

  • 2c · Program service revenue: POLE RENTAL

    total $1,831 · excluded $1,831

  • 3 · Investment income

    total $390,143 · excluded $390,143

  • 10a · Gross sales of inventory

    $2,048,082

  • 10b · Cost of goods sold

    $1,208,109

  • 10c · Net income from sales of inventory

    total $839,973 · unrelated business $839,973

  • 11a · Other revenue: OTHER ELECTRIC REVENUE

    total $449,436 · related or exempt $449,436

  • 11e · Other revenue, total

    $449,436

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,203,707

  • 5 · Compensation of officers, directors and key employees

    total $1,093,356

  • 20 · Interest

    total $5,506,952

  • 22 · Depreciation, depletion and amortization

    total $8,847,830

  • 24a · Other expenses: PURCHASED POWER

    total $93,557,126

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $11,668,125

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $10,025,984

  • 24d · Other expenses: ADMIN & GENERAL EXP

    total $9,632,971

  • 24e · All other expenses

    total $6,386,756

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,407,647 · end of year $3,999,560

  • 2 · Savings and temporary cash investments

    beginning of year $13,596,024 · end of year $4,610,666

  • 4 · Accounts receivable

    beginning of year $17,992,632 · end of year $17,900,359

  • 8 · Inventories for sale or use

    beginning of year $3,074,838 · end of year $3,310,863

  • 9 · Prepaid expenses and deferred charges

    beginning of year $756,071 · end of year $694,005

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

    $344,194,829

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

    $100,188,991

  • 10c · Land, buildings and equipment, net

    beginning of year $230,884,409 · end of year $244,005,838

  • 13 · Investments: program-related

    beginning of year $14,708,262 · end of year $16,093,394

  • 15 · Other assets

    beginning of year $1,344,146 · end of year $6,517,497

  • 17 · Accounts payable and accrued expenses

    beginning of year $21,115,740 · end of year $17,435,952

  • 23 · Secured mortgages and notes payable

    beginning of year $158,356,533 · end of year $163,742,187

  • 25 · Other liabilities

    beginning of year $5,915,537 · end of year $3,027,804

  • 29 · Capital stock, trust principal or current funds

    beginning of year $334,410 · end of year $340,500

  • 31 · Retained earnings, endowment or other funds

    beginning of year $104,041,809 · end of year $112,585,739

Mission and programs · 2023

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 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • J David Wasson

    PRESIDENT &

    Total calculated
    $756,373
    From this org
    $570,103
    From related orgs
    $0
    Other
    $186,270
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $426,386
    Bonus
    $36,650
    Other
    $107,067
    Deferred
    $165,241
    Nontaxable benefits
    $21,029
    Filer's total
    $756,373

  • Nathan Brown

    VP-ENGINEER&

    Total calculated
    $325,425
    From this org
    $222,249
    From related orgs
    $0
    Other
    $103,176
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $211,207
    Bonus
    $3,500
    Other
    $7,542
    Deferred
    $82,147
    Nontaxable benefits
    $21,029
    Filer's total
    $325,425

  • Matthew D Stanley

    PRES & CEO E

    Total calculated
    $320,433
    From this org
    $218,242
    From related orgs
    $0
    Other
    $102,191
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $208,390
    Bonus
    $3,500
    Other
    $6,352
    Deferred
    $81,162
    Nontaxable benefits
    $21,029
    Filer's total
    $320,433

  • Jim Donahoo

    VP MARKETING

    Total calculated
    $294,058
    From this org
    $197,578
    From related orgs
    $0
    Other
    $96,480
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $188,212
    Bonus
    $3,500
    Other
    $5,866
    Deferred
    $75,451
    Nontaxable benefits
    $21,029
    Filer's total
    $294,058

  • Chad Armstrong

    VP OF HUMAN

    Total calculated
    $289,304
    From this org
    $194,105
    From related orgs
    $0
    Other
    $95,199
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $185,189
    Bonus
    $3,500
    Other
    $5,416
    Deferred
    $74,170
    Nontaxable benefits
    $21,029
    Filer's total
    $289,304

  • Christopher J Miers

    VP,MEMBER SE

    Total calculated
    $279,214
    From this org
    $186,694
    From related orgs
    $0
    Other
    $92,520
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $177,603
    Bonus
    $3,500
    Other
    $5,591
    Deferred
    $71,491
    Nontaxable benefits
    $21,029
    Filer's total
    $279,214

  • Marcus Cook

    TRUSTEE

    Total calculated
    $63,094
    From this org
    $63,094
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joe T Nicholson

    TRUSTEE

    Total calculated
    $44,930
    From this org
    $44,930
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mitchell Powers

    SECRETARY/TR

    Total calculated
    $41,247
    From this org
    $41,247
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Charles E Adair

    CHAIRMAN

    Total calculated
    $40,963
    From this org
    $40,963
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Hendrix

    VICE CHAIRMA

    Total calculated
    $37,554
    From this org
    $37,554
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Eddie Abrams

    TRUSTEE

    Total calculated
    $31,992
    From this org
    $31,992
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jimmie Perry

    TRUSTEE

    Total calculated
    $31,021
    From this org
    $31,021
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Reid Fisher

    TRUSTEE

    Total calculated
    $27,433
    From this org
    $27,433
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Willie Belle Blakely

    TRUSTEE

    Total calculated
    $18,749
    From this org
    $18,749
    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

    Directly controlled by LAURENS EC

  • 1939 LAND MANAGEMENT LLC

    LAND DEVEL · SC

    Directly controlled by LAURENS EC

Provenance

Return type
form_990
Tax year
2023
Filed
22 April 2025
IRS schema version
2023v6.0
Source object
202541159349301424

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