Broad River Electric Cooperative Inc
- Assets
- $130.4m
- Revenue
- $55.0m
- Investments
- $0.0
- Employees
- 57
- Location
- Gaffney, SC
- Founding
- 05/1942
- Data as of
- 12/2021
- 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 12/2021, 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 12/2021, Broad River Electric Cooperative Inc generated $55.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $54.1m during the year ending 12/2021. While expenses have increased by 1.8% 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
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 | $341,584 |
Cary Johnson Vp-Operation | 40 | $141,134 | |
John B Fowler Vp-Member Se | 40 | $128,653 | |
Jeffery S Humphries Vp-Economic | 40 | $121,836 | |
Kenny Griswold Vp-Informati | 40 | $109,021 | |
Jason Bradley Warehouse Ma | 40 | $104,629 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Utiltity Partners Of America Electric Dist. | 12/30/21 | $302,094 |
Caldwell Landscaping Clearing Row Clearing | 12/30/21 | $256,971 |
Asplundh Tree Expert Co Row Clearing | 12/30/21 | $1,214,388 |
Mccrory Construction Llc Construction | 12/30/21 | $4,819,513 |
Lee Electrical Construction Inc Construction | 12/30/21 | $502,198 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $981,589 |
| 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 | $981,589 |
| Total Program Service Revenue | $53,633,848 |
| Investment income | $135,219 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $8,515 |
| 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 | $54,952,591 |
| 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 | $5,340,460 |
| Compensation of current officers, directors, key employees. | $590,363 |
| 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 | $1,805,486 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,721,156 |
| Insurance | $0 |
| All other expenses | $2,745,261 |
| Total functional expenses | $54,061,373 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,337,257 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,980,167 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,828 |
| Inventories for sale or use | $509,012 |
| Prepaid expenses and deferred charges | $212,771 |
| Net Land, buildings, and equipment | $111,066,935 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,288,336 |
| Intangible assets | $0 |
| Other assets | $10,418 |
| Total assets | $130,407,724 |
| Accounts payable and accrued expenses | $7,585,640 |
| 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 | $69,544,570 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,372,405 |
| Total liabilities | $89,502,615 |
| 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 | $40,905,109 |
| Total liabilities and net assets/fund balances | $130,407,724 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Broad River Electric Cooperative Inc has recieved totaling $50,000.
| Awarding Organization | Amount |
|---|---|
Central Electric Power Cooperative Inc Columbia, SC PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
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 |