Berkeley Electric Cooperative Inc
- Assets
- $676.3m
- Revenue
- $408.1m
- Investments
- $0.0
- Employees
- 332
- Location
- Moncks Corner, SC
- Founding
- 04/1943
- Data as of
- 12/2022
- EIN
- 57-0123093
Organization Overview
Berkeley Electric Cooperative Inc is located in Moncks Corner, SC. The organization was established in 1943. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Berkeley Electric Cooperative Inc employed 332 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Berkeley Electric Cooperative Inc is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2022, Berkeley Electric Cooperative Inc generated $408.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $403.3m during the year ending 12/2022. While expenses have increased by 6.4% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
BERKELEY ELECTRIC COOPERATIVE IS COMMITTED TO PROVIDING SAFE, RELIABLE AND AFFORDABLE ENERGY, WHILE ENHANCING THE LIVES OF THOSE WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SOUTH CAROLINA COUNTIES OF BERKELEY, CHARLESTON AND DORCHESTER COUNTIES AT A REASONABLE COST, CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.
TO PROVIDE AFFORDABLE, SAFE AND RELIABLE ELECTRIC SERVICE TO OUR MEMBER OWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
H Wayne Dewitt Chairman | OfficerTrustee | 12 | $31,287 |
Willis Sanders Vice Chairma | OfficerTrustee | 10 | $27,225 |
Connie P Shuler Secretary/tr | OfficerTrustee | 10 | $36,560 |
Robert Vandross Director | Trustee | 10 | $24,475 |
Sam Gourdine Director | Trustee | 10 | $26,125 |
Henry Chavis Sr Director | Trustee | 10 | $25,025 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Right Way Tree Experts Row Clearing | 12/30/22 | $1,883,816 |
Ampirical Solutions Llc Engineering | 12/30/22 | $195,001 |
Progressive Solutions Row Clearing | 12/30/22 | $170,261 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $396,464,711 |
| Investment income | $484,674 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$124,842 |
| Net Gain/Loss on Asset Sales | $6,276,891 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $408,085,738 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $20,697,508 |
| Compensation of current officers, directors, key employees. | $743,702 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,315,858 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $21,019,282 |
| Insurance | $0 |
| All other expenses | $13,602,469 |
| Total functional expenses | $403,272,407 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,851,894 |
| Savings and temporary cash investments | $19,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,283,148 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $9,619,538 |
| Prepaid expenses and deferred charges | $325,140 |
| Net Land, buildings, and equipment | $578,889,666 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $29,248,966 |
| Intangible assets | $0 |
| Other assets | $52,989 |
| Total assets | $676,271,341 |
| Accounts payable and accrued expenses | $40,996,497 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $379,388,210 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $51,246,649 |
| Total liabilities | $471,631,356 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $508,685 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $204,131,300 |
| Total liabilities and net assets/fund balances | $676,271,341 |