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Nonprofiteer
← LYNCHES RIVER ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by LYNCHES RIVER ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$66,070,281
Total expenses
$66,317,755
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$66,107,962
Investment income
$190,573
Other revenue
-$228,254
Total assets, end of year
$148,702,586
Total liabilities, end of year
$91,108,285
Net assets or fund balances, end of year
$57,594,301
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 $65,208,518 · related or exempt $65,208,518

  • 2b · Program service revenue: OTHER CAPITAL CREDITS

    total $455,384 · related or exempt $455,384

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

    total $368,623 · related or exempt $368,623

  • 2d · Program service revenue: POLE RENTAL

    total $75,437 · excluded $75,437

  • 3 · Investment income

    total $190,573 · excluded $190,573

  • 11a · Other revenue: OTHER

    total $19,222 · related or exempt $19,222

  • 11b · Other revenue: SUBSIDIARY EARNINGS

    total -$247,476 · related or exempt -$247,476

  • 11e · Other revenue, total

    -$228,254

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,275,107

  • 5 · Compensation of officers, directors and key employees

    total $482,504

  • 20 · Interest

    total $2,928,034

  • 22 · Depreciation, depletion and amortization

    total $5,303,232

  • 24a · Other expenses: PURCHASED POWER

    total $37,342,880

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $6,811,440

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $4,498,149

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

    total $2,383,681

  • 24e · All other expenses

    total $2,292,728

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,516,200 · end of year $1,595,102

  • 2 · Savings and temporary cash investments

    beginning of year $101,083

  • 4 · Accounts receivable

    beginning of year $8,057,566 · end of year $7,369,551

  • 7 · Other notes and loans receivable

    beginning of year $4,304,307 · end of year $4,946,171

  • 8 · Inventories for sale or use

    beginning of year $6,913,223 · end of year $4,540,462

  • 9 · Prepaid expenses and deferred charges

    beginning of year $96,418 · end of year $385,812

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

    $183,169,762

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

    $64,013,057

  • 10c · Land, buildings and equipment, net

    beginning of year $116,377,236 · end of year $119,156,705

  • 13 · Investments: program-related

    beginning of year $4,691,974 · end of year $5,084,794

  • 15 · Other assets

    beginning of year $1,481,007 · end of year $5,623,989

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,002,029 · end of year $6,694,636

  • 23 · Secured mortgages and notes payable

    beginning of year $83,553,321 · end of year $81,473,955

  • 25 · Other liabilities

    beginning of year $1,305,936 · end of year $2,939,694

  • 29 · Capital stock, trust principal or current funds

    beginning of year $110,365 · end of year $112,095

  • 31 · Retained earnings, endowment or other funds

    beginning of year $52,567,363 · end of year $57,482,206

Mission and programs · 2024

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 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Brian W Broughton

    CEO

    Total calculated
    $283,884
    From this org
    $214,284
    From related orgs
    $0
    Other
    $69,600
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $213,659
    Bonus
    not reported
    Other
    $625
    Deferred
    $50,193
    Nontaxable benefits
    $19,407
    Filer's total
    $283,884

  • Dustin Catoe

    CFO

    Total calculated
    $229,000
    From this org
    $168,630
    From related orgs
    $0
    Other
    $60,370
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $168,360
    Bonus
    not reported
    Other
    $270
    Deferred
    $36,701
    Nontaxable benefits
    $23,669
    Filer's total
    $229,000

  • Gregory Jordan

    VP ENGINEER/

    Total calculated
    $180,491
    From this org
    $123,594
    From related orgs
    $0
    Other
    $56,897
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $122,433
    Bonus
    not reported
    Other
    $1,161
    Deferred
    $33,383
    Nontaxable benefits
    $23,514
    Filer's total
    $180,491

  • Joseph Wright

    CREW LEADER

    Total calculated
    $176,855
    From this org
    $125,819
    From related orgs
    $0
    Other
    $51,036
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $125,615
    Bonus
    not reported
    Other
    $204
    Deferred
    $28,202
    Nontaxable benefits
    $22,834
    Filer's total
    $176,855

  • Thomas Gravitt

    STAKING TECH

    Total calculated
    $166,871
    From this org
    $125,442
    From related orgs
    $0
    Other
    $41,429
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $125,220
    Bonus
    not reported
    Other
    $222
    Deferred
    $29,684
    Nontaxable benefits
    $11,745
    Filer's total
    $166,871

  • Alex Honeycutt

    LINEMAN FIRS

    Total calculated
    $164,087
    From this org
    $130,739
    From related orgs
    $0
    Other
    $33,348
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $130,535
    Bonus
    not reported
    Other
    $204
    Deferred
    $21,679
    Nontaxable benefits
    $11,669
    Filer's total
    $164,087

  • Kevin Sims

    TRUSTEE

    Total calculated
    $43,954
    From this org
    $43,954
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.31

  • Cindy Vincent

    VICE CHAIR

    Total calculated
    $36,054
    From this org
    $28,954
    From related orgs
    $0
    Other
    $7,100
    Hours/week
    9.26

  • Mike Crawford

    TRUSTEE

    Total calculated
    $25,820
    From this org
    $25,820
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.68

  • Steve Chewning

    CHAIRMAN

    Total calculated
    $20,924
    From this org
    $20,924
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.48

  • Harold Gardner

    TRUSTEE

    Total calculated
    $17,897
    From this org
    $10,222
    From related orgs
    $0
    Other
    $7,675
    Hours/week
    6.25

  • John T Blackwell

    TRUSTEE

    Total calculated
    $17,345
    From this org
    $17,345
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6

  • Billy King Jr

    TRUSTEE

    Total calculated
    $14,126
    From this org
    $14,126
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.99

  • Theresa S Hicks

    SECRETARY/TR

    Total calculated
    $13,850
    From this org
    $13,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.81

  • Myrtle L Faile

    TRUSTEE JAN-

    Total calculated
    $4,975
    From this org
    $4,975
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.2

  • Lyn Gardner

    TRUSTEE OCT-

    Total calculated
    $3,675
    From this org
    $3,675
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.7

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 · 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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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 $2,543,338 · share of assets $4,437,612

    Directly controlled by LRECI

Provenance

Return type
form_990
Tax year
2024
Filed
29 October 2025
IRS schema version
2024v5.0
Source object
202523049349301717

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