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Nonprofiteer
← BLACK RIVER ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by BLACK RIVER ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$84,028,518
Total expenses
$83,588,926
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$83,700,701
Investment income
$339,383
Other revenue
-$11,566
Total assets, end of year
$117,310,262
Total liabilities, end of year
$23,059,580
Net assets or fund balances, end of year
$94,250,682
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 $83,138,731 · related or exempt $83,138,731

  • 2b · Program service revenue: PATRONAGE CAPITAL

    total $533,686 · related or exempt $533,686

  • 2c · Program service revenue: POLE RENTAL

    total $28,284 · excluded $28,284

  • 3 · Investment income

    total $339,383 · excluded $339,383

  • 11a · Other revenue: OTHER

    total $187 · related or exempt $187

  • 11b · Other revenue: EQUITY EARNINGS SUBSIDIARY

    total -$11,753 · related or exempt -$11,753

  • 11e · Other revenue, total

    -$11,566

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $5,413,647

  • 5 · Compensation of officers, directors and key employees

    total $883,996

  • 20 · Interest

    total $369,528

  • 22 · Depreciation, depletion and amortization

    total $5,444,204

  • 24a · Other expenses: PURCHASED POWER

    total $56,547,412

  • 24b · Other expenses: ADMINISTRATIVE AND GENERA

    total $4,520,637

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $4,042,572

  • 24d · Other expenses: DISTRIBUTION MAINTENANCE

    total $3,690,907

  • 24e · All other expenses

    total $2,676,023

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,018,636 · end of year $3,426,353

  • 2 · Savings and temporary cash investments

    beginning of year $4,745,608 · end of year $3,644,959

  • 4 · Accounts receivable

    beginning of year $9,958,862 · end of year $9,938,067

  • 7 · Other notes and loans receivable

    beginning of year $746,086 · end of year $528,686

  • 8 · Inventories for sale or use

    beginning of year $1,047,184 · end of year $1,134,462

  • 9 · Prepaid expenses and deferred charges

    beginning of year $376,851 · end of year $423,154

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

    $158,811,488

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

    $70,818,716

  • 10c · Land, buildings and equipment, net

    beginning of year $84,265,109 · end of year $87,992,772

  • 13 · Investments: program-related

    beginning of year $9,226,977 · end of year $10,204,848

  • 15 · Other assets

    beginning of year $28,737 · end of year $16,961

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,360,256 · end of year $7,763,241

  • 23 · Secured mortgages and notes payable

    beginning of year $12,238,301 · end of year $10,574,208

  • 25 · Other liabilities

    beginning of year $4,627,457 · end of year $4,722,131

  • 31 · Retained earnings, endowment or other funds

    beginning of year $92,188,036 · end of year $94,250,682

Mission and programs · 2023

Mission

TO PROVIDE RURAL AND URBAN AREAS WITHIN THE COOPERATIVES'S ASSIGNED SERVICE TERRITORY WITH RELIABLE, AFFORDABLE ELECTRICITY WHILE ALSO PROVIDING MEMBERS WITH EXCELLENT CUSTOMER SERVICE.

Activities or mission (Part I)

DISTRIBUTION OF ELECTRICITY TO RESIDENTIAL, COMMERCIAL, AND INDUSTRIAL MEMBERS WITHIN THE COOPERATIVE'S ASSIGNED SERVICE TERRITORIES.

  • TO PROVIDE RURAL AND URBAN AREAS WITHIN THE COOPERATIVE'S ASSIGNED SERVICE TERRITORY WITH RELIABLE AND AFFORDABLE ELECTRICITY WHILE ALSO PROVIDINGS ITS MEMBERS WITH EXCELLENT CUSTOMER SERVICE.

As filed on the 2023 return.

Listed in Part VII

  • Mary B Sheridan

    CHAIR-TRUST

    Total calculated
    $30,779
    From this org
    $30,779
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • George R Gibson

    VICE CHAIR.-

    Total calculated
    $8,031
    From this org
    $8,031
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.5

  • Caren Schwartz

    SECRETARY -T

    Total calculated
    $29,879
    From this org
    $29,879
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Julian Dixon Jr

    CHAPLAIN-TRU

    Total calculated
    $24,929
    From this org
    $24,929
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Thomas Durant

    TRUSTEE

    Total calculated
    $28,529
    From this org
    $28,529
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Ronald Fountain

    TRUSTEE

    Total calculated
    $27,015
    From this org
    $27,015
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Dr Ronald Prestage

    TRUSTEE

    Total calculated
    $13,229
    From this org
    $13,229
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ivan Sanders

    TRUSTEE

    Total calculated
    $27,179
    From this org
    $27,179
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • David L Tindal

    TRUSTEE

    Total calculated
    $22,229
    From this org
    $22,229
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Charles R Allen

    CEO (THROUGH

    Total calculated
    $408,001
    From this org
    $267,006
    From related orgs
    $0
    Other
    $140,995
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $266,481
    Bonus
    not reported
    Other
    $525
    Deferred
    $121,629
    Nontaxable benefits
    $19,366
    Filer's total
    $408,001

  • Kenneth T Carter

    CEO

    Total calculated
    $66,854
    From this org
    $49,222
    From related orgs
    $0
    Other
    $17,632
    Hours/week
    50

  • Betty J Welsh

    VP FINANCE &

    Total calculated
    $197,342
    From this org
    $184,129
    From related orgs
    $0
    Other
    $13,213
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $177,332
    Bonus
    $6,797
    Other
    not reported
    Deferred
    $1,715
    Nontaxable benefits
    $11,498
    Filer's total
    $197,342

  • James F Moye

    VP ENGINEERI

    Total calculated
    $174,562
    From this org
    $151,320
    From related orgs
    $0
    Other
    $23,242
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $144,166
    Bonus
    $5,927
    Other
    $1,227
    Deferred
    $1,458
    Nontaxable benefits
    $21,784
    Filer's total
    $174,562

  • Brenda P Chase

    PUBLIC RELAT

    Total calculated
    $167,432
    From this org
    $123,090
    From related orgs
    $0
    Other
    $44,342
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $118,396
    Bonus
    $4,694
    Other
    not reported
    Deferred
    $36,636
    Nontaxable benefits
    $7,706
    Filer's total
    $167,432

  • Linsey Robinson

    CREW FOREMAN

    Total calculated
    $168,400
    From this org
    $128,674
    From related orgs
    $0
    Other
    $39,726
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $124,854
    Bonus
    $3,820
    Other
    not reported
    Deferred
    $29,923
    Nontaxable benefits
    $9,803
    Filer's total
    $168,400

  • Shakema S White

    VP SUPPORT S

    Total calculated
    $167,693
    From this org
    $121,215
    From related orgs
    $0
    Other
    $46,478
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $116,172
    Bonus
    $5,043
    Other
    not reported
    Deferred
    $35,503
    Nontaxable benefits
    $10,975
    Filer's total
    $167,693

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

  • 1a · First-class or charter travel
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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.

  • BLACK RIVER ECONOMIC DEVELOPMENT CO

    C CORP · SC · 100% owned · share of income -$11,754 · share of assets $1,153,467

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.0
Source object
202433209349315848

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