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Nonprofiteer
← BERKELEY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by BERKELEY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$488,190,361
Total expenses
$488,190,361
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$486,489,659
Investment income
$1,471,339
Other revenue
$229,363
Total assets, end of year
$766,173,909
Total liabilities, end of year
$537,448,481
Net assets or fund balances, end of year
$228,725,428
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$488,190,361

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 $481,927,302 · related or exempt $481,927,302

  • 2b · Program service revenue: PATRONAGE CAPITAL CREDITS

    total $4,234,349 · related or exempt $4,234,349

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

    total $328,008 · excluded $328,008

  • 3 · Investment income

    total $1,471,339 · related or exempt $117,839 · excluded $1,353,500

  • 6a · Gross rents

    real property $82,854

  • 6b · Less rental expenses

    real property $83,169

  • 6c · Rental income or loss

    real property -$315

  • 6d · Net rental income or loss

    total -$315 · unrelated business -$315

  • 11a · Other revenue: OTHER REVENUE

    total $229,678 · related or exempt $229,678

  • 11e · Other revenue, total

    $229,678

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $33,811,944

  • 5 · Compensation of officers, directors and key employees

    total $815,504

  • 20 · Interest

    total $14,622,881

  • 22 · Depreciation, depletion and amortization

    total $24,808,881

  • 24a · Other expenses: PURCHASED POWER

    total $335,156,372

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $25,490,317

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $19,640,415

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

    total $18,970,458

  • 24e · All other expenses

    total $14,873,589

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,299,250 · end of year $97,412,311

  • 2 · Savings and temporary cash investments

    beginning of year $1,015,816 · end of year $16,496,179

  • 4 · Accounts receivable

    beginning of year $26,291,566 · end of year $27,660,327

  • 7 · Other notes and loans receivable

    beginning of year $2,262,174 · end of year $2,677,999

  • 8 · Inventories for sale or use

    beginning of year $12,874,263 · end of year $11,465,605

  • 9 · Prepaid expenses and deferred charges

    beginning of year $325,788 · end of year $372,311

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

    $773,501,549

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

    $201,199,237

  • 10c · Land, buildings and equipment, net

    beginning of year $622,847,478 · end of year $572,302,312

  • 13 · Investments: program-related

    beginning of year $33,534,226 · end of year $37,539,217

  • 15 · Other assets

    beginning of year $23,482 · end of year $247,648

  • 17 · Accounts payable and accrued expenses

    beginning of year $41,609,647 · end of year $46,270,797

  • 23 · Secured mortgages and notes payable

    beginning of year $386,615,381 · end of year $403,350,972

  • 24 · Unsecured notes and loans payable

    beginning of year $10,000,000 · end of year $15,000,000

  • 25 · Other liabilities

    beginning of year $49,715,029 · end of year $72,826,712

  • 29 · Capital stock, trust principal or current funds

    beginning of year $528,645 · end of year $549,050

  • 31 · Retained earnings, endowment or other funds

    beginning of year $218,005,341 · end of year $228,176,378

Mission and programs · 2024

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.

    Expenses $488,190,361

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

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

Listed in Part VII

  • H Wayne Dewitt

    CHAIRMAN

    Total calculated
    $33,092
    From this org
    $32,692
    From related orgs
    $400
    Other
    $0
    Hours/week
    12

  • Willis Sanders

    VICE CHAIRMA

    Total calculated
    $24,600
    From this org
    $24,200
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Connie P Shuler

    SECRETARY/TR

    Total calculated
    $22,887
    From this org
    $22,487
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Robert Vandross

    DIRECTOR

    Total calculated
    $25,700
    From this org
    $25,300
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Sam Gourdine

    DIRECTOR

    Total calculated
    $27,350
    From this org
    $26,950
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Henry Chavis Sr

    DIRECTOR

    Total calculated
    $22,950
    From this org
    $22,550
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Sheila Powell

    DIRECTOR

    Total calculated
    $21,850
    From this org
    $21,450
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Denver Lee Clayton

    DIRECTOR

    Total calculated
    $21,300
    From this org
    $20,900
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Robert Jenkins

    DIRECTOR

    Total calculated
    $20,750
    From this org
    $20,350
    From related orgs
    $400
    Other
    $0
    Hours/week
    10

  • Michael Fuller

    CEO

    Total calculated
    $598,625
    From this org
    $504,743
    From related orgs
    $0
    Other
    $93,882
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $465,581
    Bonus
    $722
    Other
    $38,440
    Deferred
    $69,587
    Nontaxable benefits
    $24,295
    Filer's total
    $598,625

  • Louise Meade

    VP - HUMAN R

    Total calculated
    $367,719
    From this org
    $242,575
    From related orgs
    $0
    Other
    $125,144
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $233,032
    Bonus
    $1,113
    Other
    $8,430
    Deferred
    $100,849
    Nontaxable benefits
    $24,295
    Filer's total
    $367,719

  • Joel Stevens

    VP - FINANCE

    Total calculated
    $312,218
    From this org
    $238,141
    From related orgs
    $0
    Other
    $74,077
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $236,265
    Bonus
    $722
    Other
    $1,154
    Deferred
    $49,695
    Nontaxable benefits
    $24,382
    Filer's total
    $312,218

  • Trena Nelson

    VP - BCE

    Total calculated
    $309,636
    From this org
    $209,865
    From related orgs
    $0
    Other
    $99,771
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $207,106
    Bonus
    $713
    Other
    $2,046
    Deferred
    $88,929
    Nontaxable benefits
    $10,842
    Filer's total
    $309,636

  • Chris Rutledge

    VP - ENGINEE

    Total calculated
    $282,040
    From this org
    $191,619
    From related orgs
    $0
    Other
    $90,421
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $184,935
    Bonus
    $713
    Other
    $5,971
    Deferred
    $79,579
    Nontaxable benefits
    $10,842
    Filer's total
    $282,040

  • Thomas Harvey

    VP - OPERATI

    Total calculated
    $296,233
    From this org
    $191,374
    From related orgs
    $0
    Other
    $104,859
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $187,357
    Bonus
    $713
    Other
    $3,304
    Deferred
    $80,777
    Nontaxable benefits
    $24,082
    Filer's total
    $296,233

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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 ENT (BCE)

    HOLDING CO · SC · controlled entity

  • BERKELEY PROPANE COMPANY

    PROPANE · SC · controlled entity

Provenance

Return type
form_990
Tax year
2024
Filed
7 May 2025
IRS schema version
2024v5.0
Source object
202521339349304047

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