Broad River Electric Cooperative Inc
- Assets
- $143.7m
- Revenue
- $56.4m
- Investments
- $0.0
- Employees
- 57
- Location
- Gaffney, SC
- Founding
- 05/1942
- Data as of
- 12/2022
- EIN
- 57-0128696
Organization Overview
Broad River Electric Cooperative Inc is located in Gaffney, 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, Broad River Electric Cooperative Inc employed 57 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Broad River 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, Broad River Electric Cooperative Inc generated $56.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $56.6m during the year ending 12/2022. While expenses have increased by 1.5% 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
YOUR COOPERATIVE IS COMMITTED TO THE PROVISION OF SAFE, RELIABLE AND REASONABLY PRICED ELECTRIC AND OTHER ENERGY RELATED SERVICES WHILE IMPROVING THE COMMUNITIES WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
YOUR COOPERATIVE IS COMMITTED TO THE PROVISION OF SAFE, RELIABLE AND REASONABLY PRICED ELECTRIC AND OTHER ENERGY RELATED SERVICES WHILE IMPROVING THE COMMUNITIES WE SERVE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry W Mallard President & | Officer | 50 | $443,668 |
Cary Johnson Vp-Operation | 40 | $169,120 | |
John B Fowler Vp-Member Se | 40 | $142,923 | |
Jeffery S Humphries Vp-Economic | 40 | $137,829 | |
Kenny Griswold Vp-Informati | 40 | $119,702 | |
Andrew Allsbrook Vp-Engineeri | 40 | $134,795 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mccrory Construction Llc Construction | 12/30/22 | $7,553,418 |
Asplundh Tree Expert Co Row Clearing | 12/30/22 | $1,216,533 |
Utiltity Partners Of America Electric Dist. | 12/30/22 | $610,115 |
Caldwell Landscaping Clearing Row Clearing | 12/30/22 | $286,774 |
Mbm Consulting Llc Consulting | 12/30/22 | $122,694 |
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 | $56,294,145 |
| Investment income | $89,127 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $81,682 |
| 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 | $56,431,065 |
| 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 | $2,919,579 |
| Compensation of current officers, directors, key employees. | $701,742 |
| 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 | $1,974,340 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,839,233 |
| Insurance | $0 |
| All other expenses | $2,720,725 |
| Total functional expenses | $56,571,901 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,449,593 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,641,134 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $213 |
| Inventories for sale or use | $940,799 |
| Prepaid expenses and deferred charges | $3,309,650 |
| Net Land, buildings, and equipment | $120,657,788 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,693,983 |
| Intangible assets | $0 |
| Other assets | $10,418 |
| Total assets | $143,703,578 |
| Accounts payable and accrued expenses | $9,802,696 |
| 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 | $78,082,441 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,313,280 |
| Total liabilities | $99,198,417 |
| 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 | $44,505,161 |
| Total liabilities and net assets/fund balances | $143,703,578 |