Marlboro Electric Cooperative Inc
- Assets
- $62.0m
- Revenue
- $78.6m
- Investments
- $20.2m
- Employees
- 0
- Location
- Bennettsville, SC
- Founding
- 02/1943
- Data as of
- 12/2022
- 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. 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 12/2022, Marlboro Electric Cooperative Inc generated $78.6m 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 $78.6m during the year ending 12/2022. While expenses have increased by 0.1% 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 |
|---|---|---|---|
Donald J Quick Sec Treasurer | OfficerTrustee | 10 | $40,604 |
Sam P Mcinnis Jr Chairman | OfficerTrustee | 10 | $40,117 |
Edgar M Gordon Trustee | Trustee | 10 | $24,503 |
William M Carabo Trustee | Trustee | 10 | $22,378 |
John M Alford Vice Chairman | OfficerTrustee | 10 | $21,953 |
Janelle C Sauls Trustee | Trustee | 10 | $21,953 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Southeastern Limb And Tree Clearing Services | 12/30/22 | $322,371 |
Mcgowan Rogers Law Firm Legal Services | 12/30/22 | $256,447 |
Wheeler Trigg Odonnel Llp Legal Services | 12/30/22 | $106,869 |
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 | $79,766,133 |
| Investment income | $97,172 |
| 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 | $78,601,633 |
| 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 | $4,216,271 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $544,684 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,169,073 |
| Insurance | $0 |
| All other expenses | $1,047,045 |
| Total functional expenses | $78,601,633 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,953,278 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,237,750 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $80,625 |
| Prepaid expenses and deferred charges | $708,686 |
| Net Land, buildings, and equipment | $4,005,703 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $20,246,250 |
| Investments—program-related | $5,710,719 |
| Intangible assets | $0 |
| Other assets | $22,356 |
| Total assets | $61,965,367 |
| Accounts payable and accrued expenses | $5,817,038 |
| 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 | $4,273,842 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,031,250 |
| Total liabilities | $21,122,130 |
| 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 | $40,843,237 |
| Total liabilities and net assets/fund balances | $61,965,367 |