Coastal Electric Cooperative Inc
- Assets
- $58.0m
- Revenue
- $26.9m
- Investments
- $0.0
- Employees
- 40
- Location
- Walterboro, SC
- Founding
- 04/1944
- Data as of
- 12/2021
- 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 12/2021, 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 12/2021, Coastal Electric Cooperative Inc generated $26.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $26.9m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 7 years. 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
2021
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 |
|---|---|---|---|
Michael J Hartenburg VP - Member | 50 | $337,279 | |
Lawrence J Hinz CEO - Retire | Officer | 1 | $281,278 |
Mark L Walling President & | Officer | 50 | $247,279 |
Janice F Avant VP - Finance | 50 | $183,903 | |
Matthew Bryan Vp-Eng. & Op | 50 | $157,089 | |
Richard Massey Lead Lineman | 50 | $121,367 |
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 | $26,748,708 |
| Investment income | $187,017 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $12,475 |
| 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 | $26,948,200 |
| 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 | $1,421,629 |
| Compensation of current officers, directors, key employees. | $902,268 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $172,997 |
| 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 | $1,553,879 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,775,473 |
| Insurance | $0 |
| All other expenses | $1,108,229 |
| Total functional expenses | $26,948,200 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $636,006 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,281,383 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,014,161 |
| Inventories for sale or use | $394,424 |
| Prepaid expenses and deferred charges | $197,250 |
| Net Land, buildings, and equipment | $49,234,694 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,929,090 |
| Intangible assets | $0 |
| Other assets | $300,111 |
| Total assets | $57,987,119 |
| Accounts payable and accrued expenses | $2,669,011 |
| 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 | $37,509,132 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,572,276 |
| Total liabilities | $44,750,419 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $48,565 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $13,188,135 |
| Total liabilities and net assets/fund balances | $57,987,119 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Coastal Electric Cooperative Inc has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Central Electric Power Cooperative Inc Columbia, SC PURPOSE: ECONOMIC DEVELOPMENT | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Satilla Rural Electric Membership Corp Alma, GA | $268,716,625 | $122,190,964 |
Diverse Power Incorporated Lagrange, GA | $239,882,222 | $117,829,336 |
Aiken Electric Cooperative Inc Aiken, SC | $337,192,184 | $117,100,131 |
Blue Ridge Mountain Electric Membership Corp 101-10 Irc Young Harris, GA | $245,553,260 | $112,097,199 |
South River Electric Membership Corporation Dunn, NC | $271,179,808 | $105,392,697 |
Wake Electric Membership Corp Wake Forest, NC | $280,486,920 | $101,861,632 |
Amicalola Electric Membership Corp Jasper, GA | $201,848,786 | $100,500,156 |
Four County Electric Membership Corp Burgaw, NC | $229,795,069 | $103,654,934 |
Institute Of Nuclear Power Operations Atlanta, GA | $114,402,885 | $104,860,180 |
Pee Dee Electric Cooperative Inc Darlington, SC | $181,919,242 | $94,464,000 |
Hart Electric Membership Corp Hartwell, GA | $227,728,767 | $84,026,536 |
Georgia System Operations Corporation Tucker, GA | $29,189,224 | $80,847,817 |