Newberry Electric Cooperative Inc
- Assets
- $94.2m
- Revenue
- $45.7m
- Investments
- $0.0
- Employees
- 46
- Location
- Newberry, SC
- Founding
- 11/1942
- Data as of
- 12/2022
- 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 12/2022, Newberry Electric Cooperative Inc employed 46 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 12/2022, Newberry Electric Cooperative Inc generated $45.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $45.7m during the year ending 12/2022. While expenses have increased by 3.9% 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
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 |
|---|---|---|---|
George Keith Avery President An | Officer | 50 | $274,699 |
Arthur Guy CFO | 50 | $149,333 | |
Leann Hutto Vp- Human Re | 50 | $118,468 | |
Debra Shaw Vp- Public R | 50 | $112,836 | |
Robert Shealy Vp- Engineer | 50 | $107,422 | |
Douglas E Hipp Director | Trustee | 3 | $40,587 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Southeast Utilities Of Georgia Fiber | 12/30/22 | $2,736,535 |
Ellason Grading And Landscape Tree Service | 12/30/22 | $1,454,676 |
Mccall-thomas Engineering Co Eng. Consulting | 12/30/22 | $288,264 |
Lee Electrical Construction Inc Construction | 12/30/22 | $1,281,690 |
Landisgyr Technology Inc Electrical Equi | 12/30/22 | $320,778 |
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 | $44,301,094 |
| Investment income | $25,308 |
| 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 | $45,705,196 |
| 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 | $1,499,199 |
| Compensation of current officers, directors, key employees. | $667,767 |
| 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 | $2,275,933 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,457,010 |
| Insurance | $0 |
| All other expenses | $2,470,073 |
| Total functional expenses | $45,705,196 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,861,270 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,231,697 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,497,226 |
| Prepaid expenses and deferred charges | $63,225 |
| Net Land, buildings, and equipment | $82,907,859 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,589,797 |
| Intangible assets | $0 |
| Other assets | $4,743 |
| Total assets | $94,155,817 |
| Accounts payable and accrued expenses | $3,573,659 |
| 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 | $61,382,961 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,916,589 |
| Total liabilities | $67,873,209 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $48,990 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $26,233,618 |
| Total liabilities and net assets/fund balances | $94,155,817 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Newberry Electric Cooperative Inc has recieved totaling $184,450.
| Awarding Organization | Amount |
|---|---|
Central Electric Power Cooperative Inc Columbia, SC PURPOSE: ECONOMIC DEVELOPMENT | $184,450 |
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 |