Palmetto Electric Cooperative Inc
- Assets
- $253.6m
- Revenue
- $171.9m
- Investments
- $0.0
- Employees
- 149
- Location
- Ridgeland, SC
- Founding
- 03/1944
- Data as of
- 12/2021
- EIN
- 57-0221355
Organization Overview
Palmetto Electric Cooperative Inc is located in Ridgeland, SC. The organization was established in 1944. 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, Palmetto Electric Cooperative Inc employed 149 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmetto 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, Palmetto Electric Cooperative Inc generated $171.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $171.9m during the year ending 12/2021. While expenses have increased by 0.1% 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
TO DELIVER COMPETITIVELY PRICED, RELIABLE ENERGY AND INNOVATIVE RELATED SERVICES TO ITS MEMBERS AND TO PROVIDE LEADERSHIP AND SUPPORT TO THE COMMUNITIES WE SERVE
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 |
|---|---|---|---|
A Berl Davis Jr Pres. & CEO | Officer | 50 | $1,343,053 |
Wilson D Saleeby V.p Engin/op | 45 | $267,870 | |
Tanya K Trull V.p Finance | 50 | $226,984 | |
Georgia Vido V.p Human Re | 45 | $225,236 | |
Richard E Hunter III V.p Marketin | 50 | $213,523 | |
Lewis F Davis V.p Customer | 40 | $203,411 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Infratech Corporation Construction | 12/30/21 | $1,716,333 |
Lee Electrical Construction Inc Construction | 12/30/21 | $693,988 |
Igs Home Warranty Champ | 12/30/21 | $632,801 |
Otc Services Inc Rebuild Tranfor | 12/30/21 | $1,220,897 |
Southeastern Limb And Tree Llc Right Of Way | 12/30/21 | $1,122,897 |
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 | $171,811,358 |
| Investment income | $113,729 |
| 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 | $171,925,087 |
| 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 | $8,222,878 |
| Compensation of current officers, directors, key employees. | $1,946,587 |
| 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 | $3,510,664 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,928,995 |
| Insurance | $0 |
| All other expenses | $12,305,442 |
| Total functional expenses | $171,925,087 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,663,749 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,786,815 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,172,882 |
| Prepaid expenses and deferred charges | $263,754 |
| Net Land, buildings, and equipment | $195,126,146 |
| Investments—publicly traded securities | $3,000,000 |
| Investments—other securities | $0 |
| Investments—program-related | $18,283,601 |
| Intangible assets | $0 |
| Other assets | $11,273,942 |
| Total assets | $253,570,889 |
| Accounts payable and accrued expenses | $25,160,875 |
| 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 | $84,409,158 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $44,977,875 |
| Total liabilities | $154,547,908 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $314,905 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $98,708,076 |
| Total liabilities and net assets/fund balances | $253,570,889 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jackson Electric Membership Corp Jefferson, GA | $1,224,303,203 | $616,720,445 |
Cobb Electric Membership Corporation Marietta, GA | $1,101,529,853 | $448,648,839 |
Sawnee Electric Membership Corp Cumming, GA | $881,772,713 | $421,763,531 |
Berkeley Electric Cooperative Inc Moncks Corner, SC | $676,271,341 | $408,085,738 |
Georgia Transmission Corporation Tucker, GA | $2,954,026,800 | $380,617,270 |
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 |
Energyunited Electric Membership Corporation Statesville, NC | $513,896,783 | $280,523,963 |
Flint Electric Membership Corporation Reynolds, GA | $439,600,941 | $250,834,907 |
Snapping Shoals Electric Membership Corp Covington, GA | $296,699,406 | $211,884,091 |
Brunswick Electric Membership Corp Shallotte, NC | $489,243,089 | $201,275,080 |
Coweta Fayette Electric Membership Palmetto, GA | $416,915,682 | $186,432,980 |