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← LEE COUNTY ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by LEE COUNTY ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$616,115,448
Total expenses
$547,211,131
Contributions and grants received
$0
Grants paid
$67,500
Program service revenue
$607,494,772
Investment income
$621,724
Other revenue
$7,998,952
Total assets, end of year
$1,262,768,758
Total liabilities, end of year
$694,215,248
Net assets or fund balances, end of year
$568,553,510
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 $602,785,229 · related or exempt $602,785,229

  • 2b · Program service revenue: PATRONAGE CAPITAL

    total $4,709,543 · related or exempt $4,709,543

  • 3 · Investment income

    total $205,319 · excluded $205,319

  • 6a · Gross rents

    personal property $8,002,537

  • 6c · Rental income or loss

    personal property $8,002,537

  • 6d · Net rental income or loss

    total $8,002,537 · excluded $8,002,537

  • 7a · Gross sales of assets other than inventory

    other assets $416,405

  • 7c · Gain or loss

    other assets $416,405

  • 7d · Net gain or loss

    total $416,405 · excluded $416,405

  • 10a · Gross sales of inventory

    $773,076

  • 10b · Cost of goods sold

    $776,661

  • 10c · Net income from sales of inventory

    total -$3,585 · related or exempt -$3,585

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $67,500

  • 4 · Benefits paid to or for members

    total $12,378,835

  • 5 · Compensation of officers, directors and key employees

    total $3,753,206

  • 20 · Interest

    total $21,477,528

  • 22 · Depreciation, depletion and amortization

    total $37,943,070

  • 24a · Other expenses: PURCHASED POWER

    total $362,429,242

  • 24b · Other expenses: DISTRIBUTION MAINT AND OP

    total $35,974,027

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

    total $20,160,253

  • 24d · Other expenses: REGULATORY EXPENSE

    total $15,450,495

  • 24e · All other expenses

    total $37,576,975

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,480,592 · end of year $1,671,679

  • 4 · Accounts receivable

    beginning of year $96,465,346 · end of year $96,028,425

  • 8 · Inventories for sale or use

    beginning of year $22,475,546 · end of year $34,618,283

  • 9 · Prepaid expenses and deferred charges

    beginning of year $15,129,374 · end of year $13,630,633

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

    $1,525,618,985

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

    $491,337,197

  • 10c · Land, buildings and equipment, net

    beginning of year $843,184,141 · end of year $1,034,281,788

  • 13 · Investments: program-related

    beginning of year $80,326,387 · end of year $82,537,950

  • 17 · Accounts payable and accrued expenses

    beginning of year $63,980,393 · end of year $137,559,890

  • 23 · Secured mortgages and notes payable

    beginning of year $332,511,026 · end of year $312,924,642

  • 24 · Unsecured notes and loans payable

    beginning of year $112,534,632 · end of year $177,462,338

  • 25 · Other liabilities

    beginning of year $58,896,301 · end of year $66,268,378

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,063,300 · end of year $1,103,320

  • 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 $492,053,823 · end of year $567,428,279

Mission and programs · 2024

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 9,195 MILES OF DISTRIBUTION LINES, LEE COUNTY ELECTRIC COOPERATIVE, INC. PROVIDED 4,588,781,578 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, AVA MARIA, AND PARTS OF LEHIGH ACRES (ALL IN THE STATE OF FLORIDA).

As filed on the 2024 return.

Listed in Part VII

  • Denise M Vidal

    EVP/CEO

    Total calculated
    $813,438
    From this org
    $723,445
    From related orgs
    $0
    Other
    $89,993
    Hours/week
    58

    Schedule J breakdown matched by us

    Base
    $556,123
    Bonus
    $165,000
    Other
    $2,322
    Deferred
    $69,080
    Nontaxable benefits
    $20,913
    Filer's total
    $813,438

  • Sarah Bullock

    DIR OF FINAN

    Total calculated
    $449,205
    From this org
    $379,577
    From related orgs
    $0
    Other
    $69,628
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $322,332
    Bonus
    $50,619
    Other
    $6,626
    Deferred
    $52,257
    Nontaxable benefits
    $17,371
    Filer's total
    $449,205

  • Edward Nagy

    DIRECTOR, IT

    Total calculated
    $376,953
    From this org
    $295,423
    From related orgs
    $0
    Other
    $81,530
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,571
    Bonus
    $39,850
    Other
    $2,002
    Deferred
    $55,128
    Nontaxable benefits
    $26,402
    Filer's total
    $376,953

  • Rodney C Hawkins

    DIRECTOR, EL

    Total calculated
    $356,606
    From this org
    $296,427
    From related orgs
    $0
    Other
    $60,179
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $251,387
    Bonus
    $38,264
    Other
    $6,776
    Deferred
    $49,648
    Nontaxable benefits
    $10,531
    Filer's total
    $356,606

  • Karen Ryan

    DIRECTOR OF

    Total calculated
    $316,411
    From this org
    $260,893
    From related orgs
    $0
    Other
    $55,518
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $222,294
    Bonus
    $33,911
    Other
    $4,688
    Deferred
    $45,014
    Nontaxable benefits
    $10,504
    Filer's total
    $316,411

  • Sandra Thompson

    DIRECTOR OF

    Total calculated
    $311,444
    From this org
    $253,018
    From related orgs
    $0
    Other
    $58,426
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $215,559
    Bonus
    $35,705
    Other
    $1,754
    Deferred
    $37,513
    Nontaxable benefits
    $20,913
    Filer's total
    $311,444

  • Gary Avin

    DIR. MEMB. S

    Total calculated
    $309,063
    From this org
    $253,411
    From related orgs
    $0
    Other
    $55,652
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $217,854
    Bonus
    $35,001
    Other
    $556
    Deferred
    $44,763
    Nontaxable benefits
    $10,889
    Filer's total
    $309,063

  • Derek Holland

    LINEMAN

    Total calculated
    $302,598
    From this org
    $257,398
    From related orgs
    $0
    Other
    $45,200
    Hours/week
    79

    Schedule J breakdown matched by us

    Base
    $252,378
    Bonus
    $4,931
    Other
    $89
    Deferred
    $18,798
    Nontaxable benefits
    $26,402
    Filer's total
    $302,598

  • Walter Ruth

    DIR. OF BUS.

    Total calculated
    $290,901
    From this org
    $231,137
    From related orgs
    $0
    Other
    $59,764
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $204,917
    Bonus
    $24,737
    Other
    $1,483
    Deferred
    $39,050
    Nontaxable benefits
    $20,714
    Filer's total
    $290,901

  • Troy Hamilton

    LINEMAN

    Total calculated
    $286,848
    From this org
    $247,755
    From related orgs
    $0
    Other
    $39,093
    Hours/week
    73

    Schedule J breakdown matched by us

    Base
    $247,494
    Bonus
    not reported
    Other
    $261
    Deferred
    $19,792
    Nontaxable benefits
    $19,301
    Filer's total
    $286,848

  • Amanda Smelker

    DIR, ADMIN S

    Total calculated
    $280,189
    From this org
    $222,053
    From related orgs
    $0
    Other
    $58,136
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $191,229
    Bonus
    $30,569
    Other
    $255
    Deferred
    $33,729
    Nontaxable benefits
    $24,407
    Filer's total
    $280,189

  • Richard B Lewis

    LINEMAN

    Total calculated
    $272,339
    From this org
    $221,967
    From related orgs
    $0
    Other
    $50,372
    Hours/week
    70

    Schedule J breakdown matched by us

    Base
    $216,644
    Bonus
    $5,167
    Other
    $156
    Deferred
    $23,769
    Nontaxable benefits
    $26,603
    Filer's total
    $272,339

  • Shane Leach

    LINEMAN

    Total calculated
    $264,925
    From this org
    $227,320
    From related orgs
    $0
    Other
    $37,605
    Hours/week
    72

    Schedule J breakdown matched by us

    Base
    $225,188
    Bonus
    $1,884
    Other
    $248
    Deferred
    $20,823
    Nontaxable benefits
    $16,782
    Filer's total
    $264,925

  • Myron Martin

    MGR-PROC./SU

    Total calculated
    $262,914
    From this org
    $215,204
    From related orgs
    $0
    Other
    $47,710
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $187,000
    Bonus
    $20,567
    Other
    $7,637
    Deferred
    $30,539
    Nontaxable benefits
    $17,171
    Filer's total
    $262,914

  • Chauncey P Goss

    TRUSTEE

    Total calculated
    $26,850
    From this org
    $26,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • David Beam

    TRUSTEE

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

  • Rick Joyce

    TRUSTEE

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

  • Michael Powell

    TRUSTEE/PRES

    Total calculated
    $25,850
    From this org
    $25,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Richard Turbeville

    TRUSTEE

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

  • Russell Priddy

    TRUSTEE

    Total calculated
    $24,750
    From this org
    $24,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Tarik Ayasun

    TRUSTEE

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Eleanor M Flannery

    TRUSTEE

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Rhichard Pritchett III

    TRUSTEE

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Craig Woodward

    TRUSTEE

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

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 · Written employment contract
  • 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

Provenance

Return type
form_990
Tax year
2024
Filed
5 November 2025
IRS schema version
2024v5.0
Source object
202503109349303735

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