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Nonprofiteer
← FORT LOUDOUN ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by FORT LOUDOUN ELECTRIC COOPERATIVE.

Totals

Total revenue
$82,796,643
Total expenses
$81,568,069
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$79,897,081
Investment income
$623,572
Other revenue
$2,275,990
Total assets, end of year
$118,182,207
Total liabilities, end of year
$18,933,901
Net assets or fund balances, end of year
$99,248,306
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$81,568,069

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 SALES

    total $79,897,081 · related or exempt $79,897,081

  • 3 · Investment income

    total $623,572 · excluded $623,572

  • 6a · Gross rents

    personal property $2,275,990

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $2,275,990

  • 6d · Net rental income or loss

    total $2,275,990 · related or exempt $2,275,990

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $932,772

  • 7 · Other salaries and wages

    total $5,636,248

  • 20 · Interest

    total $108,453

  • 22 · Depreciation, depletion and amortization

    total $6,154,353

  • 24a · Other expenses: COST OF POWER

    total $59,989,524

  • 24b · Other expenses: DISTRIBUTION - MAINTENA

    total $6,641,419

  • 24c · Other expenses: DISTRIBUTION - OPERATIO

    total $4,053,469

  • 24d · Other expenses: GENERAL AND ADMINISTRAT

    total $2,704,011

  • 24e · All other expenses

    total -$4,652,180

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $777,028 · end of year $7,682,599

  • 2 · Savings and temporary cash investments

    beginning of year $16,535,394

  • 4 · Accounts receivable

    beginning of year $7,722,104 · end of year $8,369,752

  • 7 · Other notes and loans receivable

    beginning of year $88,388 · end of year $33,963

  • 8 · Inventories for sale or use

    beginning of year $3,157,290 · end of year $3,125,263

  • 9 · Prepaid expenses and deferred charges

    beginning of year $136,901 · end of year $138,268

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

    $177,290,744

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

    $79,855,502

  • 10c · Land, buildings and equipment, net

    beginning of year $87,880,890 · end of year $97,435,242

  • 13 · Investments: program-related

    beginning of year $1,210,885 · end of year $1,397,120

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,161,939 · end of year $12,359,233

  • 24 · Unsecured notes and loans payable

    beginning of year $2,682,000 · end of year $2,221,393

  • 25 · Other liabilities

    beginning of year $4,853,624 · end of year $4,353,275

  • 29 · Capital stock, trust principal or current funds

    beginning of year $176,675 · end of year $180,440

  • 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 $97,634,642 · end of year $99,067,866

Mission and programs · 2023

Mission

TO PROVIDE ELECTRICITY TO RURAL AREAS OF MONROE, LOUDON, AND BLOUNT COUNTIES IN EAST TENNESSEE.

  • TO PROVIDE ELECTRICITY TO RURAL AREAS OF MONROE, LOUDON, AND BLOUNT COUNTIES IN EAST TENNESSEE.

    Expenses $81,568,069 · Revenue $82,173,071

As filed on the 2023 return.

Listed in Part VII

  • Denny Stephens

    DIRECTOR

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Vernon Davis

    DIRECTOR

    Total calculated
    $8,550
    From this org
    $8,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Lewis Jones

    DIRECTOR

    Total calculated
    $8,700
    From this org
    $8,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ben Ward

    DIRECTOR

    Total calculated
    $11,100
    From this org
    $11,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jr Pugh

    DIRECTOR

    Total calculated
    $9,600
    From this org
    $9,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Angela Tallent

    DIRECTOR

    Total calculated
    $8,250
    From this org
    $8,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mike Wiggins

    DIRECTOR

    Total calculated
    $11,310
    From this org
    $11,310
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Tom Greene

    DIRECTOR

    Total calculated
    $10,050
    From this org
    $10,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Lisa Lingerfelt

    VP

    Total calculated
    $168,034
    From this org
    $132,462
    From related orgs
    $0
    Other
    $35,572
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $132,462
    Bonus
    $0
    Other
    $0
    Deferred
    $25,877
    Nontaxable benefits
    $9,695
    Filer's total
    $168,034

  • Sheila Montooth

    VP

    Total calculated
    $152,973
    From this org
    $123,319
    From related orgs
    $0
    Other
    $29,654
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $123,319
    Bonus
    $0
    Other
    $0
    Deferred
    $23,990
    Nontaxable benefits
    $5,664
    Filer's total
    $152,973

  • Jarrod Brackett

    CEO

    Total calculated
    $234,482
    From this org
    $191,437
    From related orgs
    $0
    Other
    $43,045
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $191,437
    Bonus
    $0
    Other
    $0
    Deferred
    $35,883
    Nontaxable benefits
    $7,162
    Filer's total
    $234,482

  • Michael C Webb

    CFO

    Total calculated
    $206,308
    From this org
    $166,528
    From related orgs
    $0
    Other
    $39,780
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $166,528
    Bonus
    $0
    Other
    $0
    Deferred
    $32,959
    Nontaxable benefits
    $6,821
    Filer's total
    $206,308

  • Leland Chad Kirkpatrick

    VP

    Total calculated
    $211,779
    From this org
    $169,471
    From related orgs
    $0
    Other
    $42,308
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $169,471
    Bonus
    $0
    Other
    $0
    Deferred
    $31,530
    Nontaxable benefits
    $10,778
    Filer's total
    $211,779

  • Shane Schaffer

    SUPERVISOR

    Total calculated
    $204,105
    From this org
    $165,324
    From related orgs
    $0
    Other
    $38,781
    Hours/week
    56

    Schedule J breakdown matched by us

    Base
    $165,324
    Bonus
    $0
    Other
    $0
    Deferred
    $23,115
    Nontaxable benefits
    $15,666
    Filer's total
    $204,105

  • Jordan Best

    FOREMAN

    Total calculated
    $165,142
    From this org
    $130,339
    From related orgs
    $0
    Other
    $34,803
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $130,339
    Bonus
    $0
    Other
    $0
    Deferred
    $19,956
    Nontaxable benefits
    $14,847
    Filer's total
    $165,142

  • Eric Gibson

    FOREMAN

    Total calculated
    $167,417
    From this org
    $146,977
    From related orgs
    $0
    Other
    $20,440
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $146,977
    Bonus
    $0
    Other
    $0
    Deferred
    $11,033
    Nontaxable benefits
    $9,407
    Filer's total
    $167,417

  • Robert Hunt

    FOREMAN

    Total calculated
    $191,092
    From this org
    $174,555
    From related orgs
    $0
    Other
    $16,537
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $174,555
    Bonus
    $0
    Other
    $0
    Deferred
    $11,033
    Nontaxable benefits
    $5,504
    Filer's total
    $191,092

  • Aaron Reagan

    JOURNEYMAN LINEMAN

    Total calculated
    $135,024
    From this org
    $118,476
    From related orgs
    $0
    Other
    $16,548
    Hours/week
    48

  • Phillip Teague

    FOREMAN

    Total calculated
    $180,857
    From this org
    $149,191
    From related orgs
    $0
    Other
    $31,666
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $149,191
    Bonus
    $0
    Other
    $0
    Deferred
    $22,213
    Nontaxable benefits
    $9,453
    Filer's total
    $180,857

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 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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.

Provenance

Return type
form_990
Tax year
2023
Filed
10 October 2024
IRS schema version
2023v5.1
Source object
202412849349301496

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