Coastal Electric Cooperative Inc
- Assets
- $59.7m
- Revenue
- $28.9m
- Investments
- $0.0
- Employees
- 40
- Location
- Walterboro, SC
- Founding
- 04/1944
- Data as of
- 12/2022
- EIN
- 57-0143233
Organization Overview
Coastal Electric Cooperative Inc is located in Walterboro, SC. The organization was established in 1944. 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, Coastal Electric Cooperative Inc employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Coastal 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, Coastal Electric Cooperative Inc generated $28.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $31.5m during the year ending 12/2022. While expenses have increased by 1.9% per year over the past 7 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
TO PROVIDE DIVERSIFIED, INNOVATIVE ENERGY AND RELATED SERVICES TO ITS CUSTOMERS CONSISTENT WITH SOUND BUSINESS PRACTICES, WHILE ALWAYS ACTING IN A COMMUNITY-BUILDING LEADERSHIP ROLE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lavern Polk Chairman | OfficerTrustee | 9.78 | $33,348 |
James M Bunton Jr Vice Chairma | OfficerTrustee | 11.09 | $2,205 |
Ian Padgett Secretary | OfficerTrustee | 7.8 | $1,355 |
Terry Hoff Treasurer | OfficerTrustee | 10.32 | $25,555 |
Johhny Frank Trustee | Trustee | 10.61 | $6,805 |
James H Copeland III Trustee | Trustee | 11.98 | $51,864 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Right Way Tree Experts Llc Right Of Way | 12/30/18 | $261,500 |
Moore Van Allen Pllc Attorney | 12/30/18 | $146,941 |
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 | $28,726,550 |
| Investment income | $191,202 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,929,598 |
| 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 | $1,531,189 |
| Compensation of current officers, directors, key employees. | $657,953 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $176,868 |
| 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 | $125,372 |
| 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 | $1,534,777 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,812,007 |
| Insurance | $0 |
| All other expenses | $1,174,119 |
| Total functional expenses | $31,498,691 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $718,488 |
| Savings and temporary cash investments | $18 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $700,889 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $933,331 |
| Inventories for sale or use | $548,493 |
| Prepaid expenses and deferred charges | $191,931 |
| Net Land, buildings, and equipment | $50,315,829 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,889,520 |
| Intangible assets | $0 |
| Other assets | $2,354,144 |
| Total assets | $59,652,643 |
| Accounts payable and accrued expenses | $3,621,903 |
| 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 | $58,501 |
| Secured mortgages and notes payable | $37,057,321 |
| Unsecured mortgages and notes payable | $655,965 |
| Other liabilities | $5,548,062 |
| Total liabilities | $46,941,752 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $49,215 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $12,661,676 |
| Total liabilities and net assets/fund balances | $59,652,643 |