Fairfield Electric Cooperative Inc
- Assets
- $145.9m
- Revenue
- $79.7m
- Investments
- $0.0
- Employees
- 88
- Location
- Blythewood, SC
- Founding
- 08/1942
- Data as of
- 12/2022
- 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 12/2022, Fairfield Electric Cooperative Inc employed 88 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 12/2022, Fairfield Electric Cooperative Inc generated $79.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $78.6m during the year ending 12/2022. While expenses have increased by 0.8% 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
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 | $214,575 |
Thomas S Black VP Of Engineering | 45 | $184,945 | |
Douglas M Payne VP Member Services | 45 | $140,743 | |
Steven G Davidson It Director | 45 | $138,535 | |
Patra H Mason Director Of Admin Services | 45 | $128,526 | |
Earnest E Talford Service Technician | 45 | $117,751 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Southeastern Limb And Tree Tree Cutting | 12/30/22 | $1,102,768 |
Lee Electrical Construction Llc Construction Services | 12/30/22 | $358,577 |
Smith Robinson Holler Dubose And Morgan Legal Services | 12/30/22 | $187,128 |
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 | $79,358,148 |
| Investment income | $282,012 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $26,450 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $79,666,610 |
| 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 | $1,597,893 |
| Compensation of current officers, directors, key employees. | $436,530 |
| 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 | $4,369 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $745 |
| Information technology | $443,608 |
| Royalties | $0 |
| Occupancy | $358,621 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $336,051 |
| Interest | $1,543,946 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,877,616 |
| Insurance | $0 |
| All other expenses | $2,661,404 |
| Total functional expenses | $78,632,714 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,570,330 |
| Savings and temporary cash investments | $8,815,366 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,822,102 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,335,917 |
| Prepaid expenses and deferred charges | $262,378 |
| Net Land, buildings, and equipment | $117,060,660 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,949,978 |
| Intangible assets | $0 |
| Other assets | $37,992 |
| Total assets | $145,854,723 |
| Accounts payable and accrued expenses | $12,277,702 |
| 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 | $73,025,664 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,589,536 |
| Total liabilities | $92,892,902 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $135,125 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $52,826,696 |
| Total liabilities and net assets/fund balances | $145,854,723 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Fairfield Electric Cooperative Inc has recieved totaling $30,000.
| Awarding Organization | Amount |
|---|---|
Central Electric Power Cooperative Inc Columbia, SC PURPOSE: ECONOMIC DEVELOPMENT | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jackson Electric Membership Corp Jefferson, GA | $1,224,303,203 | $616,720,445 |
Cobb Electric Membership Corporation Marietta, GA | $1,101,529,853 | $448,648,839 |
Sawnee Electric Membership Corp Cumming, GA | $881,772,713 | $421,763,531 |
Berkeley Electric Cooperative Inc Moncks Corner, SC | $676,271,341 | $408,085,738 |
Georgia Transmission Corporation Tucker, GA | $2,954,026,800 | $380,617,270 |
Walton Emc Monroe, GA | $527,402,332 | $323,280,272 |
Greystone Power Corporation An Electric Membership Corporation Douglasville, GA | $623,308,885 | $319,065,747 |
Energyunited Electric Membership Corporation Statesville, NC | $513,896,783 | $280,523,963 |
Flint Electric Membership Corporation Reynolds, GA | $439,600,941 | $250,834,907 |
Snapping Shoals Electric Membership Corp Covington, GA | $296,699,406 | $211,884,091 |
Brunswick Electric Membership Corp Shallotte, NC | $489,243,089 | $201,275,080 |
Coweta Fayette Electric Membership Palmetto, GA | $416,915,682 | $186,432,980 |