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Nonprofiteer
← TRI-COUNTY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by TRI-COUNTY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$53,067,650
Total expenses
$51,881,148
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$52,269,495
Investment income
$798,155
Other revenue
$0
Total assets, end of year
$173,402,940
Total liabilities, end of year
$135,354,946
Net assets or fund balances, end of year
$38,047,994
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 ENERGY SALES

    total $47,986,957 · related or exempt $47,986,957

  • 2b · Program service revenue: FIBER ACCESS REVENUE

    total $3,300,000 · related or exempt $3,300,000

  • 2c · Program service revenue: PATRONAGE CAPITAL - ASSOCIATE

    total $941,653 · related or exempt $941,653

  • 2d · Program service revenue: POLE RENTAL REVENUE

    total $40,885 · excluded $40,885

  • 3 · Investment income

    total $798,155 · excluded $798,155

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,697,330

  • 5 · Compensation of officers, directors and key employees

    total $535,379

  • 13 · Office expenses

    total $667,658

  • 20 · Interest

    total $5,026,323

  • 22 · Depreciation, depletion and amortization

    total $4,262,301

  • 24a · Other expenses: PURCHASED POWER

    total $24,090,437

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $5,347,555

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $3,504,499

  • 24d · Other expenses: ADMIN. & GENERAL

    total $3,117,219

  • 24e · All other expenses

    total $2,632,447

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,067,729 · end of year $3,014,597

  • 4 · Accounts receivable

    beginning of year $11,736,969 · end of year $15,759,828

  • 7 · Other notes and loans receivable

    beginning of year $4,633,519 · end of year $4,263,515

  • 8 · Inventories for sale or use

    beginning of year $3,668,177 · end of year $2,930,722

  • 9 · Prepaid expenses and deferred charges

    beginning of year $233,388 · end of year $443,821

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

    $179,529,445

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

    $44,671,120

  • 10c · Land, buildings and equipment, net

    beginning of year $127,918,634 · end of year $134,858,325

  • 11 · Investments: publicly traded securities

    beginning of year -$2,565,732 · end of year -$2,127,787

  • 13 · Investments: program-related

    beginning of year $15,258,596 · end of year $14,259,919

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,630,371 · end of year $18,806,766

  • 23 · Secured mortgages and notes payable

    beginning of year $110,274,897 · end of year $110,332,296

  • 25 · Other liabilities

    beginning of year $7,888,174 · end of year $6,215,884

  • 29 · Capital stock, trust principal or current funds

    beginning of year $69,845 · end of year $70,095

  • 31 · Retained earnings, endowment or other funds

    beginning of year $33,087,993 · end of year $37,977,899

Mission and programs · 2023

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.

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

Listed in Part VII

  • Chad Lowder

    CEO

    Total calculated
    $374,910
    From this org
    $245,725
    From related orgs
    $0
    Other
    $129,185
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $241,850
    Bonus
    $512
    Other
    $3,363
    Deferred
    $103,354
    Nontaxable benefits
    $25,831
    Filer's total
    $374,910

  • Michael Weeks

    CFO

    Total calculated
    $277,604
    From this org
    $185,871
    From related orgs
    $0
    Other
    $91,733
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $179,481
    Bonus
    $552
    Other
    $5,838
    Deferred
    $67,027
    Nontaxable benefits
    $24,706
    Filer's total
    $277,604

  • Jerrell Furtick

    COO

    Total calculated
    $276,806
    From this org
    $180,186
    From related orgs
    $0
    Other
    $96,620
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $170,514
    Bonus
    $541
    Other
    $9,131
    Deferred
    $71,710
    Nontaxable benefits
    $24,910
    Filer's total
    $276,806

  • John Arant

    CONTRACT SUP

    Total calculated
    $165,232
    From this org
    $108,461
    From related orgs
    $0
    Other
    $56,771
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $106,735
    Bonus
    $606
    Other
    $1,120
    Deferred
    $33,107
    Nontaxable benefits
    $23,664
    Filer's total
    $165,232

  • Airfineil Whitmore

    SUPER. SYSTE

    Total calculated
    $154,683
    From this org
    $105,435
    From related orgs
    $0
    Other
    $49,248
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $101,690
    Bonus
    $2,501
    Other
    $1,244
    Deferred
    $36,478
    Nontaxable benefits
    $12,770
    Filer's total
    $154,683

  • Matt Wiles

    CONSTR. CREW

    Total calculated
    $152,065
    From this org
    $105,344
    From related orgs
    $0
    Other
    $46,721
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $103,989
    Bonus
    $1,083
    Other
    $272
    Deferred
    $33,015
    Nontaxable benefits
    $13,706
    Filer's total
    $152,065

  • Ida L Dixon

    VICE PRESIDE

    Total calculated
    $21,830
    From this org
    $21,830
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • George Wilson

    TRUSTEE

    Total calculated
    $20,255
    From this org
    $20,255
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Willie E Jeffries

    TRUSTEE

    Total calculated
    $20,030
    From this org
    $20,030
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Gary F Geiger

    TREASURER

    Total calculated
    $18,764
    From this org
    $18,764
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Barbara Weston

    PRESIDENT

    Total calculated
    $18,230
    From this org
    $18,230
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • James R Dantzler

    TRUSTEE

    Total calculated
    $15,755
    From this org
    $15,755
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Robinson

    TRUSTEE

    Total calculated
    $15,558
    From this org
    $15,558
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jacqueline S Shaw

    SECRETARY

    Total calculated
    $15,305
    From this org
    $15,305
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joe Strickland Jr

    TRUSTEE

    Total calculated
    $14,742
    From this org
    $14,742
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

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 · 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.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • TRICO DEVELOPMENT LLC

    ECON. DEV. · SC · assets $7,987,480

    Directly controlled by TRI-CO ECI

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • TRICOLINK INC

    C CORP · BROADBAND · SC · 100% owned · share of income $8,120,616 · share of assets $12,903,618

    Directly controlled by TRI-CO ECI

Provenance

Return type
form_990
Tax year
2023
Filed
31 March 2024
IRS schema version
2023v5.0
Source object
202401149349301405

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