Skip to content
Nonprofiteer
← EDISTO ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by EDISTO ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$56,517,224
Total expenses
$56,517,224
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$55,850,686
Investment income
$666,538
Other revenue
$0
Total assets, end of year
$117,150,452
Total liabilities, end of year
$76,193,092
Net assets or fund balances, end of year
$40,957,360
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 SERVICE REVENUE

    total $54,929,217 · related or exempt $54,929,217

  • 2b · Program service revenue: CAPITAL CREDITS

    total $620,265 · related or exempt $620,265

  • 2c · Program service revenue: OTHER REVENUE

    total $180,614 · related or exempt $180,614

  • 2d · Program service revenue: POLE RENTAL

    total $120,590 · excluded $120,590

  • 3 · Investment income

    total $666,538 · excluded $666,538

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,610,813

  • 5 · Compensation of officers, directors and key employees

    total $741,759

  • 13 · Office expenses

    total $171,216

  • 20 · Interest

    total $1,740,542

  • 22 · Depreciation, depletion and amortization

    total $4,310,760

  • 24a · Other expenses: PURCHASED POWER

    total $30,670,642

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $5,268,153

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $4,521,397

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

    total $3,603,571

  • 24e · All other expenses

    total $2,878,371

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,649,348 · end of year $1,143,843

  • 2 · Savings and temporary cash investments

    beginning of year $14,638,739 · end of year $9,505,257

  • 4 · Accounts receivable

    beginning of year $7,395,318 · end of year $7,288,604

  • 8 · Inventories for sale or use

    beginning of year $1,572,833 · end of year $2,156,082

  • 9 · Prepaid expenses and deferred charges

    beginning of year $49,893 · end of year $50,207

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

    $148,409,451

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

    $57,301,556

  • 10c · Land, buildings and equipment, net

    beginning of year $87,639,665 · end of year $91,107,895

  • 13 · Investments: program-related

    beginning of year $5,237,090 · end of year $5,799,287

  • 15 · Other assets

    beginning of year $81,405 · end of year $99,277

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,388,991 · end of year $7,724,904

  • 19 · Deferred revenue

    beginning of year $1,113,285 · end of year $1,108,296

  • 23 · Secured mortgages and notes payable

    beginning of year $60,992,388 · end of year $58,112,836

  • 25 · Other liabilities

    beginning of year $9,283,885 · end of year $9,247,056

  • 29 · Capital stock, trust principal or current funds

    beginning of year $82,757 · end of year $81,786

  • 31 · Retained earnings, endowment or other funds

    beginning of year $39,402,985 · end of year $40,875,574

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.

As filed on the 2023 return.

Listed in Part VII

  • David E Felkel

    PRESIDENT &

    Total calculated
    $459,255
    From this org
    $313,073
    From related orgs
    $0
    Other
    $146,182
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $313,073
    Bonus
    not reported
    Other
    not reported
    Deferred
    $115,757
    Nontaxable benefits
    $30,425
    Filer's total
    $459,255

  • Richard C Stephenson

    VP OF FINANC

    Total calculated
    $260,194
    From this org
    $167,034
    From related orgs
    $0
    Other
    $93,160
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,034
    Bonus
    not reported
    Other
    not reported
    Deferred
    $63,610
    Nontaxable benefits
    $29,550
    Filer's total
    $260,194

  • Lawrence C Smoak III

    VP OF OPERAT

    Total calculated
    $250,076
    From this org
    $160,834
    From related orgs
    $0
    Other
    $89,242
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,834
    Bonus
    not reported
    Other
    not reported
    Deferred
    $59,908
    Nontaxable benefits
    $29,334
    Filer's total
    $250,076

  • Daniel C Eubanks

    VP OF ENGINE

    Total calculated
    $238,748
    From this org
    $152,253
    From related orgs
    $0
    Other
    $86,495
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,253
    Bonus
    not reported
    Other
    not reported
    Deferred
    $56,905
    Nontaxable benefits
    $29,590
    Filer's total
    $238,748

  • Brian C Hefner

    VP OF MEMBER

    Total calculated
    $216,383
    From this org
    $135,967
    From related orgs
    $0
    Other
    $80,416
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,967
    Bonus
    not reported
    Other
    not reported
    Deferred
    $51,060
    Nontaxable benefits
    $29,356
    Filer's total
    $216,383

  • Robert D Bessinger

    VP OF HUMAN

    Total calculated
    $211,387
    From this org
    $131,717
    From related orgs
    $0
    Other
    $79,670
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,717
    Bonus
    not reported
    Other
    not reported
    Deferred
    $50,646
    Nontaxable benefits
    $29,024
    Filer's total
    $211,387

  • Jack G Vallentine III

    TRUSTEE

    Total calculated
    $38,973
    From this org
    $38,973
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Michael T Hollingsworth

    TRUSTEE

    Total calculated
    $36,596
    From this org
    $36,596
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • F Pickens Williams

    SEC./TREASUR

    Total calculated
    $35,549
    From this org
    $35,549
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Christopher P Sandifer

    TRUSTEE

    Total calculated
    $35,543
    From this org
    $35,543
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Stanley M Funchess

    TRUSTEE

    Total calculated
    $34,329
    From this org
    $34,329
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ervin M Mathias III

    TRUSTEE

    Total calculated
    $34,329
    From this org
    $34,329
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Douglas A Reeves

    CHAIRMAN

    Total calculated
    $33,937
    From this org
    $33,937
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Mary F Nimmons

    TRUSTEE

    Total calculated
    $20,395
    From this org
    $20,395
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • R Wayne Welch

    VICE CHAIRMA

    Total calculated
    $7,358
    From this org
    $7,358
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Travis Owens Burbage

    TRUSTEE

    Total calculated
    $5,494
    From this org
    $5,494
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 · 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.

Provenance

Return type
form_990
Tax year
2023
Filed
30 April 2024
IRS schema version
2023v5.0
Source object
202441249349300719

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.