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Nonprofiteer
← LYNCHES RIVER ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by LYNCHES RIVER ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$59,003,883
Total expenses
$59,725,393
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$59,576,007
Investment income
$149,384
Other revenue
-$721,508
Total assets, end of year
$136,792,882
Total liabilities, end of year
$88,926,742
Net assets or fund balances, end of year
$47,866,140
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 $58,024,991 · related or exempt $58,024,991

  • 2b · Program service revenue: FIBER ACCESS REVENUE

    total $901,644 · related or exempt $901,644

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

    total $311,018 · related or exempt $311,018

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $283,744 · related or exempt $283,744

  • 2e · Program service revenue: POLE RENTAL

    total $54,610 · excluded $54,610

  • 3 · Investment income

    total $149,384 · excluded $149,384

  • 11a · Other revenue: SUBSIDARY EARNINGS

    total -$721,508 · related or exempt -$721,508

  • 11e · Other revenue, total

    -$721,508

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,419,964

  • 5 · Compensation of officers, directors and key employees

    total $490,334

  • 20 · Interest

    total $2,287,956

  • 22 · Depreciation, depletion and amortization

    total $4,521,343

  • 24a · Other expenses: PURCHASED POWER

    total $35,318,983

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $5,618,720

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $4,209,564

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

    total $2,608,284

  • 24e · All other expenses

    total $3,250,245

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $322,696 · end of year $532,501

  • 2 · Savings and temporary cash investments

    beginning of year $524,976 · end of year $1,223,362

  • 4 · Accounts receivable

    beginning of year $6,969,009 · end of year $8,024,635

  • 7 · Other notes and loans receivable

    beginning of year $2,508,101 · end of year $3,651,136

  • 8 · Inventories for sale or use

    beginning of year $6,882,727 · end of year $11,219,821

  • 9 · Prepaid expenses and deferred charges

    beginning of year $480,385 · end of year $447,880

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

    $168,159,841

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

    $60,361,687

  • 10c · Land, buildings and equipment, net

    beginning of year $97,746,276 · end of year $107,798,154

  • 13 · Investments: program-related

    beginning of year $2,922,063 · end of year $2,569,027

  • 15 · Other assets

    beginning of year $1,309,122 · end of year $1,326,366

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,471,359 · end of year $5,800,398

  • 23 · Secured mortgages and notes payable

    beginning of year $64,763,642 · end of year $80,970,673

  • 25 · Other liabilities

    beginning of year $4,758,559 · end of year $2,155,671

  • 29 · Capital stock, trust principal or current funds

    beginning of year $107,845 · end of year $109,860

  • 31 · Retained earnings, endowment or other funds

    beginning of year $45,563,950 · end of year $47,756,280

Mission and programs · 2022

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 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Brian W Broughton

    CEO

    Total calculated
    $347,810
    From this org
    $273,934
    From related orgs
    $0
    Other
    $73,876
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $272,116
    Bonus
    not reported
    Other
    $1,818
    Deferred
    $66,466
    Nontaxable benefits
    $7,410
    Filer's total
    $347,810

  • Dustin Catoe

    CFO/VP OF FI

    Total calculated
    $183,351
    From this org
    $122,190
    From related orgs
    $0
    Other
    $61,161
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $119,988
    Bonus
    not reported
    Other
    $2,202
    Deferred
    $34,421
    Nontaxable benefits
    $26,740
    Filer's total
    $183,351

  • Gregory Jordan

    VP ENGINEER/

    Total calculated
    $178,311
    From this org
    $122,319
    From related orgs
    $0
    Other
    $55,992
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $119,321
    Bonus
    not reported
    Other
    $2,998
    Deferred
    $29,252
    Nontaxable benefits
    $26,740
    Filer's total
    $178,311

  • Richard Stacks

    CREW LEADER

    Total calculated
    $162,003
    From this org
    $120,874
    From related orgs
    $0
    Other
    $41,129
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $119,097
    Bonus
    not reported
    Other
    $1,777
    Deferred
    $23,435
    Nontaxable benefits
    $17,694
    Filer's total
    $162,003

  • Phillip C Deason

    NETWORK ENGI

    Total calculated
    $161,070
    From this org
    $109,899
    From related orgs
    $0
    Other
    $51,171
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $108,157
    Bonus
    not reported
    Other
    $1,742
    Deferred
    $24,431
    Nontaxable benefits
    $26,740
    Filer's total
    $161,070

  • Russell Hovis

    CREW FORMAN

    Total calculated
    $153,358
    From this org
    $110,663
    From related orgs
    $0
    Other
    $42,695
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $108,964
    Bonus
    not reported
    Other
    $1,699
    Deferred
    $23,697
    Nontaxable benefits
    $18,998
    Filer's total
    $153,358

  • Cindy Vincent

    TRUSTEE

    Total calculated
    $30,123
    From this org
    $30,123
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.8

  • Charles M Crawford

    TRUSTEE

    Total calculated
    $24,705
    From this org
    $24,705
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.7

  • Mark Bridges

    SECRETARY/TR

    Total calculated
    $21,279
    From this org
    $21,279
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6

  • Steve Chewning

    TRUSTEE

    Total calculated
    $18,593
    From this org
    $18,593
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.5

  • Theresa S Hicks

    CHAIRMAN

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • John T Blackwell

    TRUSTEE

    Total calculated
    $13,340
    From this org
    $13,340
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.4

  • Harold F Gardner

    VICE CHAIR

    Total calculated
    $11,007
    From this org
    $11,007
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Gary Sowell

    TRUSTEE

    Total calculated
    $10,969
    From this org
    $10,969
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kevin Sims

    TRUSTEE

    Total calculated
    $6,815
    From this org
    $6,815
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.4

  • Myrtle L Faile

    TRUSTEE

    Total calculated
    $5,775
    From this org
    $5,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.45

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 · 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.

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 $2,035,853 · share of assets $2,301,784

    Directly controlled by LRECI

Provenance

Return type
form_990
Tax year
2022
Filed
14 January 2023
IRS schema version
2022v5.0
Source object
202303199349302195

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