Newberry Electric Cooperative Inc
- Assets
- $100.6m
- Revenue
- $48.6m
- Investments
- $0.0
- Employees
- 47
- Location
- Newberry, SC
- Founding
- 11/1942
- Data as of
- 12/2023
- EIN
- 57-0216285
Organization Overview
Newberry Electric Cooperative Inc is located in Newberry, 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, Newberry Electric Cooperative Inc employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newberry 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, Newberry Electric Cooperative Inc generated $48.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $48.6m during the year ending 12/2023. While expenses have increased by 4.7% 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
TO PROVIDE THE BEST ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AT THE LOWEST PRICE CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Johnnie L Dickert Chairman | OfficerTrustee | 20 | $41,389 |
William B Lominick Sr Vice Chairma | OfficerTrustee | 35 | $28,038 |
John Wayne Nichols Secretary/tr | OfficerTrustee | 30 | $35,229 |
Douglas E Hipp Director | Trustee | 8 | $35,639 |
J Craig Kesler Director | Trustee | 30 | $35,546 |
Leon Fulmer Jr Director | Trustee | 8 | $26,031 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lee Electrical Construction Inc Construction | 12/30/23 | $1,646,645 |
Ellason Grading And Landscape Tree Service | 12/30/23 | $1,567,372 |
Mccall-thomas Engineering Co Eng. Consulting | 12/30/23 | $229,805 |
Southeast Utilities Of Georgia Fiber | 12/30/23 | $1,091,543 |
Survalent Technology Scada | 12/30/23 | $257,645 |
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 | $48,441,249 |
| Investment income | $54,065 |
| 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 | $48,559,358 |
| 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 | $2,255,017 |
| Compensation of current officers, directors, key employees. | $704,020 |
| 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 | $2,669,477 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,563,791 |
| Insurance | $0 |
| All other expenses | $2,666,187 |
| Total functional expenses | $48,559,358 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,543,025 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,516,881 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,555,773 |
| Prepaid expenses and deferred charges | $68,227 |
| Net Land, buildings, and equipment | $88,628,152 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,271,125 |
| Intangible assets | $0 |
| Other assets | $4,743 |
| Total assets | $100,587,926 |
| Accounts payable and accrued expenses | $3,539,906 |
| 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 | $66,151,609 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,206,435 |
| Total liabilities | $72,897,950 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $49,390 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $27,640,586 |
| Total liabilities and net assets/fund balances | $100,587,926 |