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Nonprofiteer
← LAURENS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by LAURENS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$163,057,774
Total expenses
$163,057,774
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$161,660,266
Investment income
$182,170
Other revenue
$1,215,338
Total assets, end of year
$335,703,725
Total liabilities, end of year
$217,024,907
Net assets or fund balances, end of year
$118,678,818
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 $159,192,862 · related or exempt $159,192,862

  • 2b · Program service revenue: G&T AND OTHER CAPITAL CREDITS

    total $2,265,021 · related or exempt $2,265,021

  • 2c · Program service revenue: POLE RENTAL

    total $202,383 · excluded $202,383

  • 3 · Investment income

    total $182,170 · excluded $182,170

  • 10a · Gross sales of inventory

    $1,736,787

  • 10b · Cost of goods sold

    $1,212,221

  • 10c · Net income from sales of inventory

    total $524,566 · unrelated business $524,566

  • 11a · Other revenue: OTHER ELECTRIC REVENUE

    total $690,772 · related or exempt $690,772

  • 11e · Other revenue, total

    $690,772

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $7,987,967

  • 5 · Compensation of officers, directors and key employees

    total $722,828

  • 20 · Interest

    total $6,216,731

  • 22 · Depreciation, depletion and amortization

    total $9,319,311

  • 24a · Other expenses: PURCHASED POWER

    total $100,418,787

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $12,484,446

  • 24c · Other expenses: ADMIN & GENERAL EXP

    total $9,823,146

  • 24d · Other expenses: DISTRIBUTION MAINTENANCE

    total $9,538,626

  • 24e · All other expenses

    total $6,545,932

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,999,560 · end of year $4,185,383

  • 2 · Savings and temporary cash investments

    beginning of year $4,610,666 · end of year $209,987

  • 4 · Accounts receivable

    beginning of year $17,900,359 · end of year $19,711,466

  • 8 · Inventories for sale or use

    beginning of year $3,310,863 · end of year $4,640,911

  • 9 · Prepaid expenses and deferred charges

    beginning of year $694,005 · end of year $556,850

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

    $381,778,929

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

    $104,147,091

  • 10c · Land, buildings and equipment, net

    beginning of year $244,005,838 · end of year $277,631,838

  • 13 · Investments: program-related

    beginning of year $16,093,394 · end of year $18,731,268

  • 15 · Other assets

    beginning of year $6,517,497 · end of year $10,036,022

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,435,952 · end of year $20,797,754

  • 23 · Secured mortgages and notes payable

    beginning of year $163,742,187 · end of year $189,198,549

  • 25 · Other liabilities

    beginning of year $3,027,804 · end of year $7,028,604

  • 29 · Capital stock, trust principal or current funds

    beginning of year $340,500 · end of year $347,220

  • 31 · Retained earnings, endowment or other funds

    beginning of year $112,585,739 · end of year $118,331,598

Mission and programs · 2024

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 HIGHTEST 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

  • Matthew D Stanley

    PRES & CEO

    Total calculated
    $441,278
    From this org
    $325,606
    From related orgs
    $0
    Other
    $115,672
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $288,055
    Bonus
    $26,614
    Other
    $10,937
    Deferred
    $93,145
    Nontaxable benefits
    $22,527
    Filer's total
    $441,278

  • Nathan Brown

    VP-ENGINEER&

    Total calculated
    $357,473
    From this org
    $247,383
    From related orgs
    $0
    Other
    $110,090
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $222,434
    Bonus
    $17,000
    Other
    $7,949
    Deferred
    $87,563
    Nontaxable benefits
    $22,527
    Filer's total
    $357,473

  • Jim Donahoo

    VP MARKETING

    Total calculated
    $323,289
    From this org
    $220,340
    From related orgs
    $0
    Other
    $102,949
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $200,942
    Bonus
    $13,114
    Other
    $6,284
    Deferred
    $80,422
    Nontaxable benefits
    $22,527
    Filer's total
    $323,289

  • Chad Armstrong

    VP OF HUMAN

    Total calculated
    $320,449
    From this org
    $218,861
    From related orgs
    $0
    Other
    $101,588
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $197,676
    Bonus
    $15,000
    Other
    $6,185
    Deferred
    $79,061
    Nontaxable benefits
    $22,527
    Filer's total
    $320,449

  • Christopher J Miers

    VP,MEMBER SE

    Total calculated
    $306,772
    From this org
    $208,045
    From related orgs
    $0
    Other
    $98,727
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $189,560
    Bonus
    $12,500
    Other
    $5,985
    Deferred
    $76,200
    Nontaxable benefits
    $22,527
    Filer's total
    $306,772

  • Daniel Ott

    VP OF IT

    Total calculated
    $258,649
    From this org
    $173,559
    From related orgs
    $0
    Other
    $85,090
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $155,884
    Bonus
    $13,041
    Other
    $4,634
    Deferred
    $62,563
    Nontaxable benefits
    $22,527
    Filer's total
    $258,649

  • Marcus Cook

    TRUSTEE

    Total calculated
    $59,893
    From this org
    $59,893
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joe T Nicholson

    TRUSTEE

    Total calculated
    $36,225
    From this org
    $36,225
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mitchell Powers

    SECRETARY/TR

    Total calculated
    $35,038
    From this org
    $35,038
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Charles E Adair

    CHAIRMAN

    Total calculated
    $33,194
    From this org
    $33,194
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Hendrix

    VICE CHAIRMA

    Total calculated
    $29,753
    From this org
    $29,753
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Eddie Abrams

    TRUSTEE

    Total calculated
    $27,698
    From this org
    $27,698
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jimmie Perry

    TRUSTEE

    Total calculated
    $25,948
    From this org
    $25,948
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Reid Fisher

    TRUSTEE

    Total calculated
    $21,848
    From this org
    $21,848
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Janice Cunningham

    TRUSTEE

    Total calculated
    $11,953
    From this org
    $11,953
    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 · 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.

  • ALARM MONITORING CENTER OF SC LLC

    SECURITY A · SC · income -$3,222 · assets $84,352

    Directly controlled by LAURENS EC

  • 1939 LAND MANAGEMENT LLC

    LAND DEVEL · SC · income -$90,990 · assets $10,814,434

    Directly controlled by LAURENS EC

Provenance

Return type
form_990
Tax year
2024
Filed
5 November 2025
IRS schema version
2024v5.0
Source object
202523109349303147

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