Fairfield Electric Cooperative Inc
- Assets
- $146.3m
- Revenue
- $83.1m
- Investments
- $0.0
- Employees
- 82
- Location
- Blythewood, SC
- Founding
- 08/1942
- Data as of
- 12/2023
- EIN
- 57-0161235
Organization Overview
Fairfield Electric Cooperative Inc is located in Blythewood, 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 12/2023, Fairfield Electric Cooperative Inc employed 82 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairfield 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 12/2023, Fairfield Electric Cooperative Inc generated $83.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $81.4m during the year ending 12/2023. While expenses have increased by 1.4% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE OUR MEMBERS QUALITY ENERGY SERVICES AT A FAIR AND REASONABLE PRICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE PROVIDED ENERGY SERVICES TO MORE THAN 25,000 MEMBERS ON A COOPERATIVE BASIS IN FAIRFIELD, KERSHAW, RICHLAND, CHESTER AND YORK COUNTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce G Bacon CEO | Officer | 45 | $257,058 |
Thomas S Black VP Of Engineering | 45 | $190,379 | |
Marvin M Price VP Of Information Technology | 45 | $154,014 | |
Brandon M Boone VP Of Operations | 45 | $147,859 | |
Douglas M Payne VP Of Member Services | 45 | $146,248 | |
Erik A Marsha VP Of Finance | 45 | $138,370 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Right Way Tree Experts Llc Tree Cutting Services | 12/30/23 | $1,879,873 |
Lunsford Group Inc Legal Services | 12/30/23 | $284,315 |
Smith Robinson Holler Dubose And Morgan Legal Services | 12/30/23 | $136,550 |
Branhams Landscaping Llc Landscaping Services | 12/30/23 | $282,350 |
A Cut Above Lawn Care Landscaping Services | 12/30/23 | $134,850 |
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 | $82,743,211 |
| Investment income | $395,840 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $10,661 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $83,149,712 |
| 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 | $3,506,162 |
| Compensation of current officers, directors, key employees. | $486,829 |
| 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 | $3,034 |
| 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 | $543,564 |
| Royalties | $0 |
| Occupancy | $334,945 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $352,082 |
| Interest | $2,732,544 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,162,217 |
| Insurance | $0 |
| All other expenses | $2,725,723 |
| Total functional expenses | $81,436,020 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,618,740 |
| Savings and temporary cash investments | $3,917,173 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,310,922 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,516,936 |
| Prepaid expenses and deferred charges | $262,199 |
| Net Land, buildings, and equipment | $119,755,575 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,826,222 |
| Intangible assets | $0 |
| Other assets | $64,321 |
| Total assets | $146,272,088 |
| Accounts payable and accrued expenses | $11,816,180 |
| 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 | $70,542,990 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,576,610 |
| Total liabilities | $91,935,780 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $139,305 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $54,197,003 |
| Total liabilities and net assets/fund balances | $146,272,088 |