Marlboro Electric Cooperative Inc
- Assets
- $90.9m
- Revenue
- $75.3m
- Investments
- $1.8m
- Employees
- 30
- Location
- Bennettsville, SC
- Founding
- 02/1943
- Data as of
- 12/2021
- EIN
- 57-0204115
Organization Overview
Marlboro Electric Cooperative Inc is located in Bennettsville, SC. The organization was established in 1943. 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, Marlboro Electric Cooperative Inc employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Marlboro 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, Marlboro Electric Cooperative Inc generated $75.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $72.8m during the year ending 12/2021. 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 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 |
|---|---|---|---|
William L Fleming Jr Mgt Co Pres 3 1 - 12 31 | Officer | 50 | $0 |
Donald J Quick Sec Treasurer | OfficerTrustee | 10 | $38,285 |
Sam P Mcinnis Chairman | OfficerTrustee | 12 | $37,289 |
Edgar M Gordon Trustee | Trustee | 10 | $25,195 |
William M Carabo Trustee | Trustee | 10 | $24,426 |
Charles R Smith Trustee | Trustee | 10 | $23,010 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wheeler Trigg Odonnell Llp Legal Services | 12/30/21 | $1,054,947 |
Connect Discovery Legal Services | 12/30/21 | $145,885 |
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 | $72,743,636 |
| Investment income | $15,609 |
| 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 | $75,330,397 |
| 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 | $3,190,682 |
| Compensation of current officers, directors, key employees. | $329,270 |
| 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 | $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 | $1,476,812 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,512,367 |
| Insurance | $0 |
| All other expenses | $1,005,971 |
| Total functional expenses | $72,759,245 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,172,045 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,848,748 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $390,230 |
| Prepaid expenses and deferred charges | $776,065 |
| Net Land, buildings, and equipment | $66,950,143 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,839,493 |
| Investments—program-related | $4,900,287 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $90,877,011 |
| Accounts payable and accrued expenses | $8,509,273 |
| 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 | $41,214,254 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,224,578 |
| Total liabilities | $53,948,105 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $36,928,906 |
| Total liabilities and net assets/fund balances | $90,877,011 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Marlboro 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 |
|---|---|---|
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 |