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Nonprofiteer
← LEE COUNTY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by LEE COUNTY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$626,227,197
Total expenses
$614,788,809
Contributions and grants received
$0
Grants paid
$67,500
Program service revenue
$619,628,774
Investment income
$250,889
Other revenue
$6,347,534
Total assets, end of year
$1,110,507,384
Total liabilities, end of year
$724,924,869
Net assets or fund balances, end of year
$385,582,515
Program services expenses (Part IX)
$614,788,809
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$614,788,809

Program services were 100.0% 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 $616,126,103 · related or exempt $616,126,103 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Patronage Capital

    total $3,502,671 · related or exempt $3,502,671 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $204,744 · related or exempt $204,744 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $6,342,938

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $6,342,938

  • 6d · Net rental income or loss

    total $6,342,938 · related or exempt $0 · unrelated business $0 · excluded $6,342,938

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $46,145

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $46,145

  • 7d · Net gain or loss

    total $46,145 · related or exempt $0 · unrelated business $0 · excluded $46,145

  • 10a · Gross sales of inventory

    $476,170

  • 10b · Cost of goods sold

    $471,574

  • 10c · Net income from sales of inventory

    total $4,596 · related or exempt $4,596 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $67,500 · program services $67,500

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $13,104,736 · program services $13,104,736

  • 5 · Compensation of officers, directors and key employees

    total $4,075,758 · program services $4,075,758 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 20 · Interest

    total $17,669,857 · program services $17,669,857 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $35,516,033 · program services $35,516,033 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: Cost of Power

    total $465,767,193 · program services $465,767,193 · management and general $0 · fundraising $0

  • 24b · Other expenses: All Other Expenses

    total $33,868,418 · program services $33,868,418 · management and general $0 · fundraising $0

  • 24c · Other expenses: Distribution Other - Maintenace

    total $27,803,221 · program services $27,803,221 · management and general $0 · fundraising $0

  • 24d · Other expenses: Admin & General Expense

    total $16,916,093 · program services $16,916,093 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $226,017 · end of year $2,859,039

  • 4 · Accounts receivable

    beginning of year $84,069,083 · end of year $108,987,080

  • 8 · Inventories for sale or use

    beginning of year $13,262,359 · end of year $29,021,634

  • 9 · Prepaid expenses and deferred charges

    beginning of year $39,251,848 · end of year $33,052,964

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

    $1,351,897,656

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

    $492,650,986

  • 10c · Land, buildings and equipment, net

    beginning of year $637,580,803 · end of year $859,246,670

  • 13 · Investments: program-related

    beginning of year $76,059,754 · end of year $77,339,997

  • 17 · Accounts payable and accrued expenses

    beginning of year $52,890,453 · end of year $99,100,581

  • 23 · Secured mortgages and notes payable

    beginning of year $271,854,334 · end of year $352,031,302

  • 24 · Unsecured notes and loans payable

    beginning of year $87,462,069 · end of year $237,476,001

  • 25 · Other liabilities

    beginning of year $67,623,853 · end of year $36,316,985

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,026,075 · end of year $1,036,460

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $21,911 · end of year $21,911

  • 31 · Retained earnings, endowment or other funds

    beginning of year $369,571,169 · end of year $384,524,144

Mission and programs · 2022

Mission

LCEC provides efficient, reliable, cost-competitive electric and emerging energy solutions and excellent service to our customers.

Activities or mission (Part I)

Lee County Electric Cooperative, Inc. (LCEC) provides electric transmission and distribution services to residential and business customers within the Cooperative's service territory.

  • UTILIZING APPROXIMATELY 8,850 MILES OF DISTRIBUTION LINES, LEE COUNTY ELECTRIC COOPERATIVE, INC. PROVIDED 4,419,070,926 KILOWATT HOURS OF ELECTRIC ENERGY TO ITS CUSTOMERS LOCATED IN ITS SERVICE TERRITORY. THE SERVICE TERRITORY INCLUDED CAPE CORAL, NORTH FORT MYERS, MARCO ISLAND, SANIBEL AND CAPTIVA ISLANDS, PINE ISLAND, EVERGLADES CITY, IMMOKALEE, AVE MARIA, AND PARTS OF LEHIGH ACRES (ALL IN THE STATE OF FLORIDA).

    Expenses $614,788,809 · Grants $67,500

As filed on the 2022 return.

Listed in Part VII

  • Denise M Vidal

    EVP/CEO

    Total calculated
    $727,706
    From this org
    $645,282
    From related orgs
    $0
    Other
    $82,424
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $479,155
    Bonus
    $174,656
    Other
    $2,471
    Deferred
    $57,332
    Nontaxable benefits
    $14,092
    Filer's total
    $727,706

  • Sarah Bullock

    Director, Finance & Supply Chain/CFO

    Total calculated
    $381,342
    From this org
    $316,695
    From related orgs
    $0
    Other
    $64,647
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $273,765
    Bonus
    $45,201
    Other
    $2,487
    Deferred
    $39,140
    Nontaxable benefits
    $20,749
    Filer's total
    $381,342

  • Edward Nagy

    Director, IT/CIO

    Total calculated
    $365,122
    From this org
    $293,153
    From related orgs
    $0
    Other
    $71,969
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $250,663
    Bonus
    $49,274
    Other
    $3,973
    Deferred
    $46,463
    Nontaxable benefits
    $14,749
    Filer's total
    $365,122

  • Rodney C Hawkins

    Director, Electric Operatons

    Total calculated
    $361,527
    From this org
    $305,714
    From related orgs
    $0
    Other
    $55,813
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $242,433
    Bonus
    $63,379
    Other
    $5,046
    Deferred
    $45,459
    Nontaxable benefits
    $5,211
    Filer's total
    $361,528

  • Karen Ryan

    Director, Public Relations

    Total calculated
    $338,531
    From this org
    $287,845
    From related orgs
    $0
    Other
    $50,686
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $222,187
    Bonus
    $64,527
    Other
    $4,853
    Deferred
    $40,358
    Nontaxable benefits
    $6,605
    Filer's total
    $338,530

  • Walter Ruth

    Manager, Operations Business Support

    Total calculated
    $315,235
    From this org
    $255,386
    From related orgs
    $0
    Other
    $59,849
    Hours/week
    68

    Schedule J breakdown matched by us

    Base
    $206,987
    Bonus
    $57,171
    Other
    $3,529
    Deferred
    $36,057
    Nontaxable benefits
    $11,493
    Filer's total
    $315,237

  • Eric Scott

    Director, R&G Chief Risk/CRO

    Total calculated
    $308,013
    From this org
    $247,311
    From related orgs
    $0
    Other
    $60,702
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,260
    Bonus
    $35,005
    Other
    $2,415
    Deferred
    $36,362
    Nontaxable benefits
    $10,971
    Filer's total
    $308,013

  • Sandra Thompson

    Director, Human Resources

    Total calculated
    $296,254
    From this org
    $240,201
    From related orgs
    $0
    Other
    $56,053
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $206,547
    Bonus
    $38,956
    Other
    $3,800
    Deferred
    $35,943
    Nontaxable benefits
    $11,008
    Filer's total
    $296,254

  • Gary Avin

    Director, Customer Care Operations

    Total calculated
    $287,182
    From this org
    $234,320
    From related orgs
    $0
    Other
    $52,862
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $203,779
    Bonus
    $33,896
    Other
    $2,602
    Deferred
    $36,018
    Nontaxable benefits
    $10,886
    Filer's total
    $287,181

  • Troy Hamilton

    Lineman

    Total calculated
    $271,781
    From this org
    $239,905
    From related orgs
    $0
    Other
    $31,876
    Hours/week
    70

    Schedule J breakdown matched by us

    Base
    $234,109
    Bonus
    $4,870
    Other
    $2,306
    Deferred
    $21,775
    Nontaxable benefits
    $8,721
    Filer's total
    $271,781

  • Richard B Lewis

    Lineman

    Total calculated
    $266,756
    From this org
    $219,627
    From related orgs
    $0
    Other
    $47,129
    Hours/week
    69

    Schedule J breakdown matched by us

    Base
    $218,816
    Bonus
    $4,867
    Other
    $2,202
    Deferred
    $21,822
    Nontaxable benefits
    $19,049
    Filer's total
    $266,756

  • Ingeborg Kocher

    Dir, Business Alignment & Governance

    Total calculated
    $266,036
    From this org
    $228,901
    From related orgs
    $0
    Other
    $37,135
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,441
    Bonus
    $31,040
    Other
    $1,712
    Deferred
    $23,149
    Nontaxable benefits
    $8,694
    Filer's total
    $266,036

  • Gary Richardson

    Mgr, System Ops, Substation Operations/Construction, Maintenance & Metering

    Total calculated
    $261,268
    From this org
    $220,949
    From related orgs
    $0
    Other
    $40,319
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $178,769
    Bonus
    $43,367
    Other
    $5,693
    Deferred
    $31,718
    Nontaxable benefits
    $4,821
    Filer's total
    $264,368

  • Robert Puchaz

    Mgr Construction & Maintenance

    Total calculated
    $249,156
    From this org
    $217,667
    From related orgs
    $0
    Other
    $31,489
    Hours/week
    47

  • James Rutowski

    Journeyman Lineman

    Total calculated
    $247,660
    From this org
    $230,510
    From related orgs
    $0
    Other
    $17,150
    Hours/week
    66

    Schedule J breakdown matched by us

    Base
    $224,890
    Bonus
    $4,648
    Other
    $2,192
    Deferred
    $7,021
    Nontaxable benefits
    $8,908
    Filer's total
    $247,659

  • Geoffrey Roepstorff

    Trustee/Treasurer

    Total calculated
    $28,200
    From this org
    $28,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Craig Woodward

    Trustee

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Eleanor M Flannery

    Trustee

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Richard Pritchett III

    Trustee

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Tarik Ayasun

    Trustee

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Richard Turbeville

    Trustee

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Russell Priddy

    Trustee/President

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Rick Joyce

    Trustee

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Michael Powell

    Trustee

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • David Beam

    Trustee

    Total calculated
    $18,800
    From this org
    $18,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Gary Lee Jackson

    Trustee

    Total calculated
    $9,400
    From this org
    $9,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part II
Non-taxable benefit amounts are net of the amount an employee has reimbursed to LCEC for benefits.

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

  • United Way of Lee County

    $60,000

    United Way campaign funds stay in the local community to help support the local human services network. United Way partner agencies and initiatives like Alvin A. Dublin Alzheimer's Resource Center, Children's Advocacy Center, Big Brothers Big Sisters, LARC and United Way 211 serve a diverse range of needs in our community, such as nurturing children and youth, strengthening families, meeting critical need such as helping the elderly and disabled live independently, and empowering communities by bringing health and human services to neighborhoods. A portion of the contributions that are made to the United Way helps to fund the "Power to Share" program. This program provides short-term emergency assistance funding for qualifying LCEC customers wo are unable to pay their electric bills due to financial hardship

  • Horizon Foundation Inc

    $7,500

    The Horizon Foundation, a charitable 501(c)(3) organization, was established to provide a funding vehicle for businesses to invest in the longterm economic development and vitality of Lee County. The Foundation raises private sector money to support the efforts of the Lee County Economic Development Office and the Horizon Council in order to improve the area's business climate. LCEC participates regularly on committees and regional initiatives. Funding is partly in support of the Industry Appreciation of area leaders and companies

Provenance

Return type
form_990
Tax year
2022
Filed
9 November 2023
IRS schema version
2022v5.0
Source object
202323139349305417

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