Lee County Electric Cooperative Inc
- Assets
- $850.4m
- Revenue
- $497.4m
- Investments
- $0.0
- Employees
- 462
- Location
- North Fort Myers, FL
- Founding
- 05/1945
- Data as of
- 12/2021
- EIN
- 59-0329555
Organization Overview
Lee County Electric Cooperative Inc is located in North Fort Myers, FL. The organization was established in 1945. 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, Lee County Electric Cooperative Inc employed 462 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lee 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 12/2021, Lee County Electric Cooperative Inc generated $497.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $478.6m during the year ending 12/2021. While expenses have increased by 2.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
LEE COUNTY ELECTRIC COOPERATIVE, INC. (LCEC) PROVIDES ELECTRIC TRANSMISSION AND DISTRIBUTION SERVICES TO RESIDENTIAL AND BUSINESS CUSTOMERS WITHIN THE COOPERATIVE'S SERVICE TERRITORY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UTILIZING APPROXIMATELY 8,700 MILES OF DISTRIBUTION LINES, LEE COUNTY ELECTRIC COOPERATIVE, INC. PROVIDED 4,308,256,708 KILOWATT HOURS OF ELECTRIC ENERGY TO ITS CUSTOMERS LOCATED IN ITS SERVICE TERRITORY. THE SERVICE TERRITORY INCLUDED CAPE CORAL, NORTH FORT MYERS, MARCO ISLAND, SANIBEL AND CAPTIVA ISLANDS, PINE ISLAND, EVERGLADES CITY, IMMOKALEE, AVE MARIA, AND PARTS OF LEHIGH ACRES (ALL IN THE STATE OF FLORIDA).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Denise M Vidal Evp/ceo | Officer | 55 | $548,045 |
Sarah Bullock Director, Finance & Supply Chain/cfo | Officer | 55 | $264,128 |
Edward Nagy Director, It/cio | Officer | 50 | $243,069 |
Rodney C Hawkins Director, Electric Operations | Officer | 55 | $242,835 |
Eric Scott Director, R&g Chief Risk/cro/interim CFO | Officer | 55 | $222,911 |
Ingeborg Kocher Director, Business Alignment & Governance | Officer | 60 | $216,264 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Stuart C Irby Co Electric Distribution | 12/30/21 | $10,748,857 |
Pike Electric Inc Maintenance & Construction | 12/30/21 | $8,949,547 |
Mastec North America Inc Maintenance & Construction | 12/30/21 | $8,883,887 |
Wesco Distribution Electric Distribution | 12/30/21 | $8,741,429 |
Southeast Power Corporation Maintenance & Construction | 12/30/21 | $4,512,278 |
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 | $491,463,306 |
| Investment income | $204,744 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,615,667 |
| Net Gain/Loss on Asset Sales | $106,378 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$2,369 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $497,387,726 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $60,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $12,015,035 |
| Compensation of current officers, directors, key employees. | $3,225,810 |
| 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 | $13,935,180 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,730,164 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $478,634,024 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $226,017 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $84,069,083 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $13,262,359 |
| Prepaid expenses and deferred charges | $39,251,848 |
| Net Land, buildings, and equipment | $637,580,803 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $76,059,754 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $850,449,864 |
| Accounts payable and accrued expenses | $52,890,453 |
| 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 | $271,854,334 |
| Unsecured mortgages and notes payable | $87,462,069 |
| Other liabilities | $67,623,853 |
| Total liabilities | $479,830,709 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,026,075 |
| Paid-in or capital surplus, or land, building, or equipment fund | $21,911 |
| Retained earnings, endowment, accumulated income, or other funds | $369,571,169 |
| Total liabilities and net assets/fund balances | $850,449,864 |
Grants Awarded
Over the last fiscal year, Lee County Electric Cooperative Inc has awarded $107,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Fort Myers, FL PURPOSE: United Way campaign funds stay in the local community to help support the locak human services network. United Way partner agencies and initiatives like Alvin A. Dublin Alzheimer's Resource Center, Childern's Advocacy Center, Big Brothers Big Sisters, LARC, and United Way 211 serve a diverse range of needs in our community such as nurturing children and youth, strengthening families, meeting critical needs such as helping the elderly and disabled live independently, and empowering communities by bringing health and human services to neighborhoods. A portion of the contributions that are made to the United Way helps to fund the "Power to Share" program. The "Power to Share" program provides short-term emergency assistance funding for qualifying LCEC customers who are unable to pay their electric bills due to financial hardship. | $100,000 |
Fort Myers, FL PURPOSE: The Horizon Foundation, a charitable 501(c)(3) organization, was established to provide a funding vehicle for businesses to invest in the long-term economic development and vitality of Lee County. The Foundation raises private sector money to support the efforts of the Lee County Economic Development Office and the Horizon Council in order to improve the area's business climate. LCEC participates regularly on committees and regional initiatives. Funding is partly in support of the Industry Appreciation of area leaders and companies. | $7,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Powersouth Energy Cooperative Andalusia, AL | $2,439,100,863 | $643,376,000 |
Jackson Electric Membership Corp Jefferson, GA | $1,224,303,203 | $616,720,445 |
Lee County Electric Cooperative Inc North Fort Myers, FL | $850,449,864 | $497,387,726 |
Withlacoochee River Electric Cooperative Inc Dade City, FL | $1,217,179,383 | $476,736,829 |
Cobb Electric Membership Corporation Marietta, GA | $1,101,529,853 | $448,648,839 |
Sumter Electric Cooperative Inc Sumterville, FL | $962,585,573 | $440,111,118 |
Sawnee Electric Membership Corp Cumming, GA | $881,772,713 | $421,763,531 |
Georgia Transmission Corporation Tucker, GA | $2,954,026,800 | $380,617,270 |
Clay Electric Cooperative Inc Keystone Heights, FL | $801,967,548 | $374,561,378 |
Walton Emc Monroe, GA | $527,402,332 | $323,280,272 |
Greystone Power Corporation An Electric Membership Corporation Douglasville, GA | $623,308,885 | $319,065,747 |
Flint Electric Membership Corporation Reynolds, GA | $439,600,941 | $250,834,907 |