Tri-County Electric Cooperative Inc
- Assets
- $173.4m
- Revenue
- $53.1m
- Investments
- $0.0
- Employees
- 65
- Location
- St Matthews, SC
- Founding
- 03/1942
- Data as of
- 12/2023
- EIN
- 57-0263136
Organization Overview
Tri-County Electric Cooperative Inc is located in St Matthews, 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, Tri-County Electric Cooperative Inc employed 65 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tri-County 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, Tri-County Electric Cooperative Inc generated $53.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $51.9m during the year ending 12/2023. While expenses have increased by 2.0% 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 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.
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 |
|---|---|---|---|
Chad Lowder CEO | Officer | 50 | $245,725 |
Michael Weeks CFO | 50 | $185,871 | |
Jerrell Furtick COO | 50 | $180,186 | |
John Arant Contract Sup | 50 | $108,461 | |
Airfineil Whitmore Super. Syste | 50 | $105,435 | |
Matt Wiles Constr. Crew | 50 | $105,344 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sumter Utilities Inc Construction | 12/30/23 | $1,784,954 |
Brothers Tree Company Inc Right Of Way | 12/30/23 | $1,059,200 |
Right Way Tree Experts Llc Right Of Way | 12/30/23 | $1,055,624 |
National Ondemand Inc Fiber Install | 12/30/23 | $1,045,467 |
R&s Communications Fiber Install | 12/30/23 | $931,841 |
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 | $52,269,495 |
| Investment income | $798,155 |
| 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 | $53,067,650 |
| 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 | $2,697,330 |
| Compensation of current officers, directors, key employees. | $535,379 |
| 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 | $667,658 |
| 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 | $5,026,323 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,262,301 |
| Insurance | $0 |
| All other expenses | $2,632,447 |
| Total functional expenses | $51,881,148 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,014,597 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,759,828 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,263,515 |
| Inventories for sale or use | $2,930,722 |
| Prepaid expenses and deferred charges | $443,821 |
| Net Land, buildings, and equipment | $134,858,325 |
| Investments—publicly traded securities | -$2,127,787 |
| Investments—other securities | $0 |
| Investments—program-related | $14,259,919 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $173,402,940 |
| Accounts payable and accrued expenses | $18,806,766 |
| 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 | $110,332,296 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,215,884 |
| Total liabilities | $135,354,946 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $70,095 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $37,977,899 |
| Total liabilities and net assets/fund balances | $173,402,940 |