Edisto Electric Cooperative Inc
- Assets
- $118.3m
- Revenue
- $54.0m
- Investments
- $0.0
- Employees
- 77
- Location
- Bamberg, SC
- Founding
- 09/1942
- Data as of
- 12/2022
- EIN
- 57-0158355
Organization Overview
Edisto Electric Cooperative Inc is located in Bamberg, SC. The organization was established in 1942. 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, Edisto Electric Cooperative Inc employed 77 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Edisto 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, Edisto Electric Cooperative Inc generated $54.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $54.0m during the year ending 12/2022. While expenses have increased by 3.0% 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 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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David E Felkel President & | Officer | 50 | $288,645 |
Richard C Stephenson VP Of Financ | 40 | $152,988 | |
Lawrence C Smoak III VP Of Operat | 40 | $147,828 | |
Daniel C Eubanks VP Of Engine | 40 | $140,312 | |
Brian C Hefner VP Of Member | 40 | $124,842 | |
Robert D Bessinger VP Of Human | 40 | $120,991 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Brothers Tree Company Right Of Way | 12/30/22 | $1,164,328 |
Lee Electrical Construction Construction | 12/30/22 | $625,579 |
Carroll Enterprises Construction | 12/30/22 | $443,594 |
Southeast Woodland Services Forestry | 12/30/22 | $193,887 |
Master-tek Utility Construction | 12/30/22 | $145,681 |
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 | $53,696,366 |
| Investment income | $336,377 |
| 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 | $54,032,743 |
| 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 | $2,215,501 |
| Compensation of current officers, directors, key employees. | $678,217 |
| 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 | $181,185 |
| 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 | $1,846,251 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,178,719 |
| Insurance | $0 |
| All other expenses | $2,912,114 |
| Total functional expenses | $54,032,743 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,649,348 |
| Savings and temporary cash investments | $14,638,739 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,395,318 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,572,833 |
| Prepaid expenses and deferred charges | $49,893 |
| Net Land, buildings, and equipment | $87,639,665 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,237,090 |
| Intangible assets | $0 |
| Other assets | $81,405 |
| Total assets | $118,264,291 |
| Accounts payable and accrued expenses | $7,388,991 |
| Grants payable | $0 |
| Deferred revenue | $1,113,285 |
| 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 | $60,992,388 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,283,885 |
| Total liabilities | $78,778,549 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $82,757 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $39,402,985 |
| Total liabilities and net assets/fund balances | $118,264,291 |