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Nonprofiteer
← EDISTO ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by EDISTO ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$61,524,641
Total expenses
$61,524,641
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$60,363,461
Investment income
$1,161,180
Other revenue
$0
Total assets, end of year
$169,192,038
Total liabilities, end of year
$126,656,957
Net assets or fund balances, end of year
$42,535,081
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 SERVICE REVENUE

    total $59,389,573 · related or exempt $59,389,573

  • 2b · Program service revenue: CAPITAL CREDITS

    total $542,433 · related or exempt $542,433

  • 2c · Program service revenue: OTHER REVENUE

    total $259,716 · related or exempt $259,716

  • 2d · Program service revenue: POLE RENTAL

    total $171,739 · excluded $171,739

  • 3 · Investment income

    total $1,161,180 · excluded $1,161,180

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,388,702

  • 5 · Compensation of officers, directors and key employees

    total $775,310

  • 20 · Interest

    total $2,082,633

  • 22 · Depreciation, depletion and amortization

    total $4,496,821

  • 24a · Other expenses: PURCHASED POWER

    total $32,588,484

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $6,473,702

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $4,898,569

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

    total $3,616,663

  • 24e · All other expenses

    total $3,203,757

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,143,843 · end of year $27,347,753

  • 2 · Savings and temporary cash investments

    beginning of year $9,505,257 · end of year $24,024,594

  • 4 · Accounts receivable

    beginning of year $7,288,604 · end of year $8,174,361

  • 8 · Inventories for sale or use

    beginning of year $2,156,082 · end of year $2,540,159

  • 9 · Prepaid expenses and deferred charges

    beginning of year $50,207 · end of year $38,226

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

    $159,909,754

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

    $60,958,618

  • 10c · Land, buildings and equipment, net

    beginning of year $91,107,895 · end of year $98,951,136

  • 13 · Investments: program-related

    beginning of year $5,799,287 · end of year $6,334,283

  • 15 · Other assets

    beginning of year $99,277 · end of year $1,781,526

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,724,904 · end of year $8,321,183

  • 19 · Deferred revenue

    beginning of year $1,108,296 · end of year $2,607,918

  • 23 · Secured mortgages and notes payable

    beginning of year $58,112,836 · end of year $65,202,245

  • 25 · Other liabilities

    beginning of year $9,247,056 · end of year $50,525,611

  • 29 · Capital stock, trust principal or current funds

    beginning of year $81,786 · end of year $83,258

  • 31 · Retained earnings, endowment or other funds

    beginning of year $40,875,574 · end of year $42,451,823

Mission and programs · 2024

Mission

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

As filed on the 2024 return.

Listed in Part VII

  • David E Felkel

    PRESIDENT &

    Total calculated
    $491,479
    From this org
    $332,678
    From related orgs
    $0
    Other
    $158,801
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $332,678
    Bonus
    not reported
    Other
    not reported
    Deferred
    $126,160
    Nontaxable benefits
    $32,641
    Filer's total
    $491,479

  • Lawrence C Smoak III

    VP OF OPERAT

    Total calculated
    $278,382
    From this org
    $179,324
    From related orgs
    $0
    Other
    $99,058
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,324
    Bonus
    not reported
    Other
    not reported
    Deferred
    $67,426
    Nontaxable benefits
    $31,632
    Filer's total
    $278,382

  • Daniel C Eubanks

    VP OF ENGINE

    Total calculated
    $266,044
    From this org
    $170,096
    From related orgs
    $0
    Other
    $95,948
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,096
    Bonus
    not reported
    Other
    not reported
    Deferred
    $64,070
    Nontaxable benefits
    $31,878
    Filer's total
    $266,044

  • Robert D Bessinger

    VP OF FINANC

    Total calculated
    $249,491
    From this org
    $160,926
    From related orgs
    $0
    Other
    $88,565
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,926
    Bonus
    not reported
    Other
    not reported
    Deferred
    $57,288
    Nontaxable benefits
    $31,277
    Filer's total
    $249,491

  • Brian C Hefner

    VP OF MEMBER

    Total calculated
    $239,545
    From this org
    $151,487
    From related orgs
    $0
    Other
    $88,058
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,487
    Bonus
    not reported
    Other
    not reported
    Deferred
    $56,436
    Nontaxable benefits
    $31,622
    Filer's total
    $239,545

  • Michael C Kinard

    OPS. SUPERVI

    Total calculated
    $205,949
    From this org
    $126,379
    From related orgs
    $0
    Other
    $79,570
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,379
    Bonus
    not reported
    Other
    not reported
    Deferred
    $48,667
    Nontaxable benefits
    $30,903
    Filer's total
    $205,949

  • Jack G Vallentine III

    TRUSTEE

    Total calculated
    $42,328
    From this org
    $42,328
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Christopher P Sandifer

    TRUSTEE

    Total calculated
    $38,595
    From this org
    $38,595
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Douglas A Reeves

    CHAIRMAN

    Total calculated
    $38,210
    From this org
    $38,210
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Michael T Hollingsworth

    TRUSTEE

    Total calculated
    $38,167
    From this org
    $38,167
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ervin M Mathias III

    TRUSTEE

    Total calculated
    $37,981
    From this org
    $37,981
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Stanley M Funchess

    TRUSTEE

    Total calculated
    $37,081
    From this org
    $37,081
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mary F Nimmons

    TRUSTEE

    Total calculated
    $25,310
    From this org
    $25,310
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • F Pickens Williams

    SEC./TREASUR

    Total calculated
    $9,774
    From this org
    $9,774
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • R Wayne Welch

    VICE CHAIRMA

    Total calculated
    $9,430
    From this org
    $9,430
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Travis Owens Burbage

    TRUSTEE

    Total calculated
    $6,955
    From this org
    $6,955
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 · 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
2024
Filed
28 April 2025
IRS schema version
2024v5.0
Source object
202501339349306460

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