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Nonprofiteer
← FAIRFIELD ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by FAIRFIELD ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$83,149,712
Total expenses
$81,436,020
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$82,743,211
Investment income
$406,501
Other revenue
$0
Total assets, end of year
$146,272,088
Total liabilities, end of year
$91,935,780
Net assets or fund balances, end of year
$54,336,308
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 $80,644,019 · related or exempt $80,644,019

  • 2b · Program service revenue: POLE RENTAL

    total $1,077,141 · excluded $1,077,141

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $605,451 · related or exempt $605,451

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

    total $416,600 · related or exempt $416,600

  • 3 · Investment income

    total $395,840 · excluded $395,840

  • 7a · Gross sales of assets other than inventory

    other assets $11,400

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

    other assets $739

  • 7c · Gain or loss

    other assets $10,661

  • 7d · Net gain or loss

    total $10,661 · excluded $10,661

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,506,162

  • 5 · Compensation of officers, directors and key employees

    total $486,829

  • 11d · Fees: lobbying

    total $3,034

  • 14 · Information technology

    total $543,564

  • 16 · Occupancy

    total $334,945

  • 19 · Conferences, conventions and meetings

    total $352,082

  • 20 · Interest

    total $2,732,544

  • 22 · Depreciation, depletion and amortization

    total $6,162,217

  • 24a · Other expenses: PURCHASED POWER

    total $51,169,578

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $5,866,778

  • 24c · Other expenses: DISTRIBUTION MAINTENANC

    total $5,784,179

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,768,385

  • 24e · All other expenses

    total $2,725,723

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,570,330 · end of year $5,618,740

  • 2 · Savings and temporary cash investments

    beginning of year $8,815,366 · end of year $3,917,173

  • 4 · Accounts receivable

    beginning of year $4,822,102 · end of year $6,310,922

  • 8 · Inventories for sale or use

    beginning of year $1,335,917 · end of year $1,516,936

  • 9 · Prepaid expenses and deferred charges

    beginning of year $262,378 · end of year $262,199

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

    $196,689,442

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

    $76,933,867

  • 10c · Land, buildings and equipment, net

    beginning of year $117,060,660 · end of year $119,755,575

  • 13 · Investments: program-related

    beginning of year $7,949,978 · end of year $8,826,222

  • 15 · Other assets

    beginning of year $37,992 · end of year $64,321

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,277,702 · end of year $11,816,180

  • 23 · Secured mortgages and notes payable

    beginning of year $73,025,664 · end of year $70,542,990

  • 25 · Other liabilities

    beginning of year $7,589,536 · end of year $9,576,610

  • 29 · Capital stock, trust principal or current funds

    beginning of year $135,125 · end of year $139,305

  • 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 $52,826,696 · end of year $54,197,003

Mission and programs · 2023

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 25,000 MEMBERS ON A COOPERATIVE BASIS IN FAIRFIELD, KERSHAW, RICHLAND, CHESTER AND YORK COUNTIES.

As filed on the 2023 return.

Listed in Part VII

  • Bruce G Bacon

    CEO

    Total calculated
    $417,191
    From this org
    $257,058
    From related orgs
    $19,852
    Other
    $140,281
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $257,058 + $19,852 related
    Bonus
    $0
    Other
    $0
    Deferred
    $95,289
    Nontaxable benefits
    $44,992
    Filer's total
    $397,339 + $19,852 related

  • Thomas S Black

    VP OF ENGINEERING

    Total calculated
    $304,182
    From this org
    $190,379
    From related orgs
    $0
    Other
    $113,803
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $190,379
    Bonus
    $0
    Other
    $0
    Deferred
    $73,108
    Nontaxable benefits
    $40,695
    Filer's total
    $304,182

  • Marvin M Price

    VP OF INFORMATION TECHNOLOGY

    Total calculated
    $244,682
    From this org
    $154,014
    From related orgs
    $0
    Other
    $90,668
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $154,014
    Bonus
    $0
    Other
    $0
    Deferred
    $58,259
    Nontaxable benefits
    $32,409
    Filer's total
    $244,682

  • Brandon M Boone

    VP OF OPERATIONS

    Total calculated
    $234,411
    From this org
    $147,859
    From related orgs
    $0
    Other
    $86,552
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $147,859
    Bonus
    $0
    Other
    $0
    Deferred
    $50,163
    Nontaxable benefits
    $36,389
    Filer's total
    $234,411

  • Douglas M Payne

    VP OF MEMBER SERVICES

    Total calculated
    $223,293
    From this org
    $146,248
    From related orgs
    $0
    Other
    $77,045
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $146,248
    Bonus
    $0
    Other
    $0
    Deferred
    $54,787
    Nontaxable benefits
    $22,258
    Filer's total
    $223,293

  • Erik A Marsha

    VP OF FINANCE

    Total calculated
    $207,528
    From this org
    $138,370
    From related orgs
    $0
    Other
    $69,158
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $138,370
    Bonus
    $0
    Other
    $0
    Deferred
    $46,501
    Nontaxable benefits
    $22,657
    Filer's total
    $207,528

  • Robert Entzminger

    VICE PRESIDENT

    Total calculated
    $36,794
    From this org
    $36,794
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Mitchell D Rabon

    PRESIDENT

    Total calculated
    $45,765
    From this org
    $33,003
    From related orgs
    $12,762
    Other
    $0
    Hours/week
    7

  • Robert Kenneth Miles

    SECRETARY

    Total calculated
    $28,710
    From this org
    $28,710
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Derial L Ogburn

    TRUSTEE

    Total calculated
    $25,300
    From this org
    $25,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • William M Good

    TRUSTEE

    Total calculated
    $23,350
    From this org
    $23,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Peggy D Swearingen

    TRUSTEE

    Total calculated
    $19,668
    From this org
    $19,668
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Cynthia Able

    TRUSTEE

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Bruce E Honeycutt

    TRUSTEE

    Total calculated
    $14,700
    From this org
    $14,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Timothy L Hopkins

    TRUSTEE

    Total calculated
    $14,200
    From this org
    $14,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • John E Roberts III

    TREASURER

    Total calculated
    $9,948
    From this org
    $9,948
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Keith Lewis

    TRUSTEE

    Total calculated
    $8,098
    From this org
    $8,098
    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 · ECONOMIC DEVELOPMENT · SC · 100% owned

    Directly controlled by FAIRFIELD ELECTRIC SERVICES CORPORATION

  • FAIRFIELD ELECTRIC SERVICES CORPORATION

    C · SECURITY SYSTEMS · SC · 100% owned · share of income $13,689 · share of assets $543,974

    Directly controlled by FAIRFIELD ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
15 April 2024
IRS schema version
2023v5.0
Source object
202431099349300608

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