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← FAIRFIELD ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by FAIRFIELD ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$87,876,216
Total expenses
$86,333,938
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$87,718,355
Investment income
$157,861
Other revenue
$0
Total assets, end of year
$148,506,470
Total liabilities, end of year
$93,539,566
Net assets or fund balances, end of year
$54,966,904
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: ELECTRIC REVENUE

    total $86,531,401 · related or exempt $86,531,401 · unrelated business $0 · excluded $0

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

    total $542,615 · related or exempt $542,615 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: POLE RENTAL

    total $385,808 · related or exempt $0 · unrelated business $0 · excluded $385,808

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $258,531 · related or exempt $258,531 · unrelated business $0 · excluded $0

  • 2e · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $85,361 · related or exempt $0 · unrelated business $0 · excluded $85,361

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $5,658,918

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

    securities $0 · other assets $5,586,418

  • 7c · Gain or loss

    securities $0 · other assets $72,500

  • 7d · Net gain or loss

    total $72,500 · related or exempt $0 · unrelated business $0 · excluded $72,500

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11b · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11c · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0 · program services $0

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $2,631,491 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $514,023 · program services $0 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $1,901 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $659,335 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $307,622 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $416,507 · program services $0 · management and general $0 · fundraising $0

  • 20 · Interest

    total $3,051,682 · program services $0 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $6,546,430 · program services $0 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: PURCHASED POWER

    total $54,809,879 · program services $0 · management and general $0 · fundraising $0

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $6,225,640 · program services $0 · management and general $0 · fundraising $0

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $6,183,916 · program services $0 · management and general $0 · fundraising $0

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,986,694 · program services $0 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $2,998,818 · program services $0 · management and general $0 · fundraising $0

  • 26 · Joint costs (an allocation of the lines above)

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,618,740 · end of year $7,548,737

  • 2 · Savings and temporary cash investments

    beginning of year $3,917,173 · end of year $626,090

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $6,310,922 · end of year $6,621,212

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $1,516,936 · end of year $1,611,210

  • 9 · Prepaid expenses and deferred charges

    beginning of year $262,199 · end of year $239,772

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

    $204,408,633

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

    $82,073,568

  • 10c · Land, buildings and equipment, net

    beginning of year $119,755,575 · end of year $122,335,065

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $8,826,222 · end of year $9,504,942

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $64,321 · end of year $19,442

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,816,180 · end of year $15,522,363

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $70,542,990 · end of year $66,716,325

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $9,576,610 · end of year $11,300,878

  • 29 · Capital stock, trust principal or current funds

    beginning of year $139,305 · end of year $142,820

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

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $54,197,003 · end of year $54,824,084

Mission and programs · 2024

Mission

TO SERVE OUR MEMBERS AND OUR COMMUNITY BY PROVIDING SAFE RELIABLE AND INNOVATIVE ENERGY SERVICES.

Activities or mission (Part I)

PROVIDE OUR MEMBERS QUALITY ENERGY SERVICES AT A FAIR AND REASONABLE PRICE.

  • THE COOPERATIVE PROVIDED ENERGY SERVICES TO MORE THAN 27,000 MEMBERS ON A COOPERATIVE BASIS IN FAIRFIELD KERSHAW RICHLAND CHESTER AND YORK COUNTIES.

As filed on the 2024 return.

Listed in Part VII

  • Bruce G Bacon

    CEO

    Total calculated
    $423,658
    From this org
    $262,216
    From related orgs
    $14,900
    Other
    $146,542
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $262,216 + $14,900 related
    Bonus
    $0
    Other
    $0
    Deferred
    $95,809
    Nontaxable benefits
    $50,733
    Filer's total
    $408,758 + $14,900 related

  • Thomas S Black

    VP OF ENGINEERING

    Total calculated
    $320,663
    From this org
    $205,242
    From related orgs
    $0
    Other
    $115,421
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $205,242
    Bonus
    $0
    Other
    $0
    Deferred
    $75,685
    Nontaxable benefits
    $39,736
    Filer's total
    $320,663

  • Erik A Marsha

    VP OF FINANCE

    Total calculated
    $267,213
    From this org
    $173,453
    From related orgs
    $0
    Other
    $93,760
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $173,453
    Bonus
    $0
    Other
    $0
    Deferred
    $68,074
    Nontaxable benefits
    $25,686
    Filer's total
    $267,213

  • Marvin M Price

    VP OF INFORMATION TECHNOLOGY

    Total calculated
    $262,141
    From this org
    $165,318
    From related orgs
    $0
    Other
    $96,823
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $165,318
    Bonus
    $0
    Other
    $0
    Deferred
    $60,753
    Nontaxable benefits
    $36,070
    Filer's total
    $262,141

  • Brandon M Boone

    VP OF OPERATIONS

    Total calculated
    $257,223
    From this org
    $157,341
    From related orgs
    $0
    Other
    $99,882
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $157,341
    Bonus
    $0
    Other
    $0
    Deferred
    $57,643
    Nontaxable benefits
    $42,239
    Filer's total
    $257,223

  • Douglas M Payne

    VP OF MEMBER SERVICES

    Total calculated
    $238,951
    From this org
    $157,183
    From related orgs
    $0
    Other
    $81,768
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $157,183
    Bonus
    $0
    Other
    $0
    Deferred
    $57,288
    Nontaxable benefits
    $24,480
    Filer's total
    $238,951

  • Mitchell D Rabon

    PRESIDENT

    Total calculated
    $50,489
    From this org
    $40,059
    From related orgs
    $10,430
    Other
    $0
    Hours/week
    7

  • Robert Entzminger

    VICE PRESIDENT

    Total calculated
    $43,552
    From this org
    $43,552
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Robert Kenneth Miles

    SECRETARY

    Total calculated
    $33,864
    From this org
    $33,864
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Derial L Ogburn

    TRUSTEE

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Peggy D Swearingen

    TRUSTEE

    Total calculated
    $21,675
    From this org
    $21,675
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • William M Good

    TRUSTEE

    Total calculated
    $21,352
    From this org
    $21,352
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Cynthia Able

    TRUSTEE

    Total calculated
    $18,300
    From this org
    $18,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Timothy L Hopkins

    TRUSTEE

    Total calculated
    $13,700
    From this org
    $13,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Ronald Friday

    TRUSTEE

    Total calculated
    $13,400
    From this org
    $13,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Bruce E Honeycutt

    TREASURER

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Keith Lewis

    TRUSTEE

    Total calculated
    $9,305
    From this org
    $9,305
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

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 · 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.

Related corporations and trusts

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

  • FAIRFIELD ELECTRIC DEVELOPMENT CORPORATION

    C-Corporation · ECONOMIC DEVELOPMENT · SC · 100% owned · share of income $0 · share of assets $0

    Directly controlled by FAIRFIELD ELECTRIC SERVICES

  • FAIRFIELD ELECTRIC SERVICES CORPORATION

    C-Corporation · SECURITY SYSTEMS · SC · 100% owned · share of income $39,178 · share of assets $584,851

    Directly controlled by FAIRFIELD ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2025
IRS schema version
2024v5.1
Source object
202501359349306465

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