Form 990 for tax year 2022
Filed by FAIRFIELD ELECTRIC COOPERATIVE INC.
Totals
- Total revenue
- $79,666,610
- Total expenses
- $78,632,714
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $79,358,148
- Investment income
- $308,462
- Other revenue
- $0
- Total assets, end of year
- $145,854,723
- Total liabilities, end of year
- $92,892,902
- Net assets or fund balances, end of year
- $52,961,821
- 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 $78,174,567 · related or exempt $78,174,567
-
2b · Program service revenue: G&T CAPITAL CREDITS
total $430,560 · related or exempt $430,560
-
2c · Program service revenue: OTHER CAPITAL CREDITS
total $417,429 · related or exempt $417,429
-
2d · Program service revenue: POLE RENTAL
total $335,592 · excluded $335,592
-
3 · Investment income
total $282,012 · excluded $282,012
-
7a · Gross sales of assets other than inventory
other assets $26,450
-
7b · Less cost or other basis and sales expenses
other assets $0
-
7c · Gain or loss
other assets $26,450
-
7d · Net gain or loss
total $26,450 · excluded $26,450
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $1,597,893
-
5 · Compensation of officers, directors and key employees
total $436,530
-
11d · Fees: lobbying
total $4,369
-
13 · Office expenses
total $745
-
14 · Information technology
total $443,608
-
16 · Occupancy
total $358,621
-
19 · Conferences, conventions and meetings
total $336,051
-
20 · Interest
total $1,543,946
-
22 · Depreciation, depletion and amortization
total $5,877,616
-
24a · Other expenses: PURCHASED POWER
total $52,654,155
-
24b · Other expenses: DISTRIBUTION OPERATIONS
total $5,563,586
-
24c · Other expenses: DISTRIBUTION MAINTENANC
total $5,465,764
-
24d · Other expenses: CONSUMER ACCOUNTS
total $1,688,426
-
24e · All other expenses
total $2,661,404
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,971,038 · end of year $5,570,330
-
2 · Savings and temporary cash investments
beginning of year $8,713,519 · end of year $8,815,366
-
4 · Accounts receivable
beginning of year $4,526,698 · end of year $4,822,102
-
8 · Inventories for sale or use
beginning of year $1,074,615 · end of year $1,335,917
-
9 · Prepaid expenses and deferred charges
beginning of year $208,644 · end of year $262,378
-
10a · Land, buildings and equipment: cost or other basis
$190,187,052
-
10b · Land, buildings and equipment: accumulated depreciation
$73,126,392
-
10c · Land, buildings and equipment, net
beginning of year $110,995,267 · end of year $117,060,660
-
13 · Investments: program-related
beginning of year $7,216,431 · end of year $7,949,978
-
15 · Other assets
beginning of year $11,509 · end of year $37,992
-
17 · Accounts payable and accrued expenses
beginning of year $10,186,594 · end of year $12,277,702
-
19 · Deferred revenue
beginning of year $1,061,686 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $66,060,211 · end of year $73,025,664
-
25 · Other liabilities
beginning of year $6,453,408 · end of year $7,589,536
-
29 · Capital stock, trust principal or current funds
beginning of year $130,820 · end of year $135,125
-
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 $52,825,002 · end of year $52,826,696
Mission and programs · 2022
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 2022 return.
Listed in Part VII
-
Bruce G BaconBRUCE G BACON
CEO
- Total calculated
- $343,792
- From this org
- $214,575
- From related orgs
- $17,016
- Other
- $112,201
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $214,575 + $17,016 related
- Bonus
- $0
- Other
- $0
- Deferred
- $72,033
- Nontaxable benefits
- $40,168
- Filer's total
- $326,776 + $17,016 related
-
Thomas S BlackTHOMAS S BLACK
VP OF ENGINEERING
- Total calculated
- $290,853
- From this org
- $184,945
- From related orgs
- $0
- Other
- $105,908
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $184,945
- Bonus
- $0
- Other
- $0
- Deferred
- $67,096
- Nontaxable benefits
- $38,812
- Filer's total
- $290,853
-
Douglas M PayneDOUGLAS M PAYNE
VP MEMBER SERVICES
- Total calculated
- $212,584
- From this org
- $140,743
- From related orgs
- $0
- Other
- $71,841
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $140,743
- Bonus
- $0
- Other
- $0
- Deferred
- $50,626
- Nontaxable benefits
- $21,215
- Filer's total
- $212,584
-
Steven G DavidsonSTEVEN G DAVIDSON
IT DIRECTOR
- Total calculated
- $229,121
- From this org
- $138,535
- From related orgs
- $0
- Other
- $90,586
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $138,535
- Bonus
- $0
- Other
- $0
- Deferred
- $54,831
- Nontaxable benefits
- $35,755
- Filer's total
- $229,121
-
Patra H MasonPATRA H MASON
DIRECTOR OF ADMIN SERVICES
- Total calculated
- $203,587
- From this org
- $128,526
- From related orgs
- $0
- Other
- $75,061
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $128,526
- Bonus
- $0
- Other
- $0
- Deferred
- $46,271
- Nontaxable benefits
- $28,790
- Filer's total
- $203,587
-
Earnest E TalfordEARNEST E TALFORD
SERVICE TECHNICIAN
- Total calculated
- $167,286
- From this org
- $117,751
- From related orgs
- $0
- Other
- $49,535
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $117,751
- Bonus
- $0
- Other
- $0
- Deferred
- $33,329
- Nontaxable benefits
- $16,206
- Filer's total
- $167,286
-
Robert EntzmingerROBERT ENTZMINGER
VICE PRESIDENT
- Total calculated
- $35,688
- From this org
- $35,688
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Mitchell D RabonMITCHELL D RABON
PRESIDENT
- Total calculated
- $45,015
- From this org
- $31,898
- From related orgs
- $13,117
- Other
- $0
- Hours/week
- 7
-
Robert Kenneth MilesROBERT KENNETH MILES
SECRETARY
- Total calculated
- $28,006
- From this org
- $28,006
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
William M GoodWILLIAM M GOOD
TRUSTEE
- Total calculated
- $23,257
- From this org
- $23,257
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Derial L OgburnDERIAL L OGBURN
TRUSTEE
- Total calculated
- $22,100
- From this org
- $22,100
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Peggy D SwearingenPEGGY D SWEARINGEN
TRUSTEE
- Total calculated
- $20,265
- From this org
- $20,265
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Cynthia AbleCYNTHIA ABLE
TRUSTEE
- Total calculated
- $17,000
- From this org
- $17,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Timothy L HopkinsTIMOTHY L HOPKINS
TRUSTEE
- Total calculated
- $14,400
- From this org
- $14,400
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
John E Roberts IIIJOHN E ROBERTS III
TREASURER
- Total calculated
- $12,146
- From this org
- $12,146
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Keith LewisKEITH LEWIS
TRUSTEE
- Total calculated
- $11,195
- From this org
- $11,195
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Bruce E HoneycuttBRUCE E HONEYCUTT
TRUSTEE
- Total calculated
- $6,000
- From this org
- $6,000
- 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 $33,896 · share of assets $530,268
Directly controlled by FAIRFIELD ELECTRIC COOPERATIVE
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 13 April 2023
- IRS schema version
- 2022v5.0
- Source object
- 202301039349301800
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