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← LYNCHES RIVER ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by LYNCHES RIVER ELECTRIC COOPERATIVE INC.

What the amendment changed

Compared with the return it replaced , filed 7 November 2024. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Those are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$64,286,476
Total expenses
$62,801,878
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$63,142,532
Investment income
$185,330
Other revenue
$958,614
Total assets, end of year
$143,539,014
Total liabilities, end of year
$90,861,286
Net assets or fund balances, end of year
$52,677,728
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 $62,204,021 · related or exempt $62,204,021

  • 2b · Program service revenue: OTHER CAPITAL CREDITS

    total $554,057 · related or exempt $554,057

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

    total $306,079 · related or exempt $306,079

  • 2d · Program service revenue: POLE RENTAL

    total $78,375 · excluded $78,375

  • 3 · Investment income

    total $185,330 · excluded $185,330

  • 11a · Other revenue: SUB EARNINGS

    total $1,484,600 · related or exempt $1,484,600

  • 11b · Other revenue: OTHER

    total -$525,986 · related or exempt -$525,986

  • 11e · Other revenue, total

    $958,614

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,094,215

  • 5 · Compensation of officers, directors and key employees

    total $535,713

  • 20 · Interest

    total $2,790,459

  • 22 · Depreciation, depletion and amortization

    total $4,792,872

  • 24a · Other expenses: PURCHASED POWER

    total $35,963,007

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $6,322,704

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $4,178,473

  • 24d · Other expenses: ADMIN. & GENERAL EXP.

    total $2,372,489

  • 24e · All other expenses

    total $2,751,946

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $532,501 · end of year $1,516,200

  • 2 · Savings and temporary cash investments

    beginning of year $1,223,362 · end of year $101,083

  • 4 · Accounts receivable

    beginning of year $8,024,635 · end of year $8,057,566

  • 7 · Other notes and loans receivable

    beginning of year $3,651,136 · end of year $4,304,307

  • 8 · Inventories for sale or use

    beginning of year $11,219,821 · end of year $6,913,223

  • 9 · Prepaid expenses and deferred charges

    beginning of year $447,880 · end of year $96,418

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

    $181,241,365

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

    $64,864,129

  • 10c · Land, buildings and equipment, net

    beginning of year $107,798,154 · end of year $116,377,236

  • 13 · Investments: program-related

    beginning of year $2,569,027 · end of year $4,691,974

  • 15 · Other assets

    beginning of year $1,326,366 · end of year $1,481,007

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,800,398 · end of year $6,002,029

  • 23 · Secured mortgages and notes payable

    beginning of year $80,970,673 · end of year $83,553,321

  • 25 · Other liabilities

    beginning of year $2,155,671 · end of year $1,305,936

  • 29 · Capital stock, trust principal or current funds

    beginning of year $109,860 · end of year $110,365

  • 31 · Retained earnings, endowment or other funds

    beginning of year $47,756,280 · end of year $52,567,363

Mission and programs · 2023

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • N/A

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Brian W Broughton

    CEO

    Total calculated
    $338,737
    From this org
    $258,854
    From related orgs
    $0
    Other
    $79,883
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $257,806
    Bonus
    not reported
    Other
    $1,048
    Deferred
    $64,249
    Nontaxable benefits
    $15,634
    Filer's total
    $338,737

  • Dustin Catoe

    CFO

    Total calculated
    $185,424
    From this org
    $133,774
    From related orgs
    $0
    Other
    $51,650
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $133,499
    Bonus
    not reported
    Other
    $275
    Deferred
    $34,447
    Nontaxable benefits
    $17,203
    Filer's total
    $185,424

  • Joseph Wright

    CREW LEADER

    Total calculated
    $166,221
    From this org
    $128,992
    From related orgs
    $0
    Other
    $37,229
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $128,801
    Bonus
    not reported
    Other
    $191
    Deferred
    $20,583
    Nontaxable benefits
    $16,646
    Filer's total
    $166,221

  • Gregory Jordan

    VP ENGINEER/

    Total calculated
    $163,065
    From this org
    $114,253
    From related orgs
    $0
    Other
    $48,812
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $113,070
    Bonus
    not reported
    Other
    $1,183
    Deferred
    $31,712
    Nontaxable benefits
    $17,100
    Filer's total
    $163,065

  • Alex Honeycutt

    LINEMAN FIRS

    Total calculated
    $150,195
    From this org
    $121,477
    From related orgs
    $0
    Other
    $28,718
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $121,286
    Bonus
    not reported
    Other
    $191
    Deferred
    $20,571
    Nontaxable benefits
    $8,147
    Filer's total
    $150,195

  • Thomas Gravitt

    LINEMAN FIRS

    Total calculated
    $133,530
    From this org
    $117,134
    From related orgs
    $0
    Other
    $16,396
    Hours/week
    45

  • Kevin Sims

    TRUSTEE

    Total calculated
    $41,269
    From this org
    $41,269
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9

  • Cindy Vincent

    TRUSTEE

    Total calculated
    $37,769
    From this org
    $29,919
    From related orgs
    $0
    Other
    $7,850
    Hours/week
    10.3

  • Charles M Crawford

    TRUSTEE

    Total calculated
    $25,171
    From this org
    $25,171
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.9

  • Steve Chewning

    TRUSTEE

    Total calculated
    $19,397
    From this org
    $19,397
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.7

  • Harold F Gardner

    VICE CHAIR

    Total calculated
    $18,601
    From this org
    $9,476
    From related orgs
    $0
    Other
    $9,125
    Hours/week
    6.6

  • John T Blackwell

    TRUSTEE

    Total calculated
    $16,854
    From this org
    $16,854
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Theresa S Hicks

    CHAIRMAN

    Total calculated
    $16,350
    From this org
    $16,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    17

  • Mark Bridges

    SECRETARY/TR

    Total calculated
    $13,316
    From this org
    $6,366
    From related orgs
    $0
    Other
    $6,950
    Hours/week
    1.7

  • Myrtle L Faile

    TRUSTEE

    Total calculated
    $5,375
    From this org
    $5,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.9

  • Billy King

    TRUSTEE

    Total calculated
    $2,875
    From this org
    $2,875
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.7

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 · Independent compensation consultant
  • 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.

  • LYNCHES RIVER COMMUNICATIONS INC

    C CORP · INTERNET · SC · 100% owned · share of income $3,845,496 · share of assets $5,140,197

    Directly controlled by LRECI

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.0
Source object
202413209349312451

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