Tri-County Electric Cooperative Inc
- Assets
- $139.0m
- Revenue
- $45.8m
- Investments
- $0.0
- Employees
- 62
- Location
- St Matthews, SC
- Founding
- 03/1942
- Data as of
- 12/2021
- 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 12/2021, Tri-County Electric Cooperative Inc employed 62 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 12/2021, Tri-County Electric Cooperative Inc generated $45.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $45.8m during the year ending 12/2021. While expenses have increased by 0.6% 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 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 | $221,475 |
Jerrell Furtick COO | 50 | $161,629 | |
Michael Weeks Cao | 50 | $136,194 | |
Billy Shannon Trustee - Fo | 0 | $24,276 | |
Ida L Dixon Vice Preside | OfficerTrustee | 3.71 | $16,036 |
George Wilson Trustee | Trustee | 3.56 | $15,530 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Conexon Llc Broadband Const | 12/30/21 | $3,630,805 |
Sumter Utilities Broadband Const | 12/30/21 | $2,727,224 |
National Ondemand Inc Broadband Const | 12/30/21 | $11,512,896 |
Brothers Tree Company Inc R/w Clearing | 12/30/21 | $984,321 |
Right Way Tree Experts R/w Clearing | 12/30/21 | $585,033 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,266,300 |
| 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 | $1,266,300 |
| Total Program Service Revenue | $44,388,125 |
| Investment income | $130,427 |
| 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 | $45,784,852 |
| 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 | $2,851,708 |
| Compensation of current officers, directors, key employees. | $462,879 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $24,276 |
| 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 | $632,272 |
| 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 | $2,910,753 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,769,217 |
| Insurance | $0 |
| All other expenses | $2,317,668 |
| Total functional expenses | $45,750,458 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,708,918 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,841,449 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,123,388 |
| Inventories for sale or use | $3,116,245 |
| Prepaid expenses and deferred charges | $215,759 |
| Net Land, buildings, and equipment | $110,809,580 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,452,665 |
| Intangible assets | $0 |
| Other assets | -$1,281,532 |
| Total assets | $138,986,472 |
| Accounts payable and accrued expenses | $8,212,202 |
| 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 | $90,093,670 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,577,198 |
| Total liabilities | $107,883,070 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $69,765 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $31,033,637 |
| Total liabilities and net assets/fund balances | $138,986,472 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Tri-County Electric Cooperative Inc has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Central Electric Power Cooperative Inc Columbia, SC PURPOSE: ECONOMIC DEVELOPMENT | $10,000 |
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 |