Electric Cooperatives Of South Carolina
- Assets
- $5.3m
- Revenue
- $13.0m
- Investments
- $0.0
- Employees
- 40
- Location
- Cayce, SC
- Founding
- 04/1953
- Data as of
- 12/2021
- EIN
- 57-0308664
Organization Overview
Electric Cooperatives Of South Carolina is located in Cayce, SC. The organization was established in 1953. 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, Electric Cooperatives Of South Carolina employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Electric Cooperatives Of South Carolina is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Electric Cooperatives Of South Carolina generated $13.0m 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 $12.3m during the year ending 12/2021. While expenses have increased by 2.2% 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 ASSIST MEMBERS OF THE CORPORATION IN PROVIDING ELECTRIC ENERGY TO CONSUMERS IN THE MEMBERS' SERVICE AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O ECSC IS A NOT-FOR-PROFIT CORPORATION ORGANIZED TO: -FOSTER, DEVELOP AND ENCOURAGE THE PROGRAM OF RURAL ELECTRIFICATION IN THE STATE OF SOUTH CAROLINA -FURTHER THE GENERAL WELFARE AND TO PROMOTE THE INTEREST OF THE MEMBERS OF ECSC; TO FURTHER THE SAFETY, STABILITY, SECURITY AND PROSPERITY OF ELECTRIC COOPERATIVES; TO AID IN SOLVING THE PROBLEMS COMMON TO ELECTRIC COOPERATIVES -DISSEMINATE INFORMATION RELATING TO THE RURAL ELECTRIFICATION PROGRAM; TO COOPERATE WITH FEDERAL, STATE AND MUNICIPAL AGENCIES IN THE PROMOTION OF RURAL ELECTRIFICATION AND NATIONAL, STATE, COMMUNITY AND RURAL DEVELOPMENT; TO PROVIDE SERVICES AND INFORMATIONAL PROGRAMS THAT WILL STIMULATE LOCAL GROWTH, STABILITY AND SECURITY AND STRENGTHEN THE ELECTRIC COOPERATIVE PROGRAM IN SOUTH CAROLINA -OTHERWISE ASSIST THE MEMBERS OF ECSC TO PROVIDE ELECTRIC ENERGY TO INHABITANTS OF MEMBER SERVICE AREAS AT THE LOWEST POSSIBLE COST CONSISTENT WITH SOUND ECONOMY -OPERATE ALWAYS FOR THE BENEFIT OF ITS MEMBER COOPERATIVES AND THROUGH THEM FOR THE BENEFIT OF THEIR CONSUMERS, DOING THOSE THINGS THROUGH ECSC THAT CAN BE DONE BETTER TOGETHER THAN INDIVIDUALLY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Couick President & | Officer | 50 | $853,016 |
Luther Green Executive VP | 50 | $282,439 | |
John Frick Vp-Govn Rela | 50 | $261,761 | |
Chris Koon Sr Vp-Gen Co | 50 | $260,806 | |
Lindsey Smith Vp-Education | 50 | $190,805 | |
Michael Smith Vp- Business | 50 | $184,623 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wild Dunes Llc Conference | 12/30/21 | $200,552 |
Nexsen Pruet Jacobs & Pollard Legal | 12/30/21 | $135,023 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $613,400 |
| 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 | $613,400 |
| Total Program Service Revenue | $10,981,752 |
| Investment income | $434,798 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $520,729 |
| 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 | $13,048,925 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $1,019,299 |
| 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 | $1,130,999 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $361,185 |
| Total functional expenses | $12,331,835 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $863,043 |
| Savings and temporary cash investments | $41,645 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $319,612 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $33,334 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $64,126 |
| Net Land, buildings, and equipment | $2,249,257 |
| Investments—publicly traded securities | $1,002,960 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $730,750 |
| Total assets | $5,304,727 |
| Accounts payable and accrued expenses | $435,516 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $790,264 |
| Total liabilities | $1,225,780 |
| 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 | $4,078,947 |
| Total liabilities and net assets/fund balances | $5,304,727 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Electric Cooperatives Of South Carolina has recieved totaling $15,800.
| Awarding Organization | Amount |
|---|---|
National Rural Utilities Cooperative Finance Corp Dulles, VA PURPOSE: EDUCATIONAL FUND-EMPLOYEE AND DIRECTOR EDUCATION COURSES | $15,800 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tideland Electric Membership Corp Pantego, NC | $155,003,665 | $49,716,262 |
Tri-County Electric Membership Corp Gray, GA | $134,615,818 | $47,083,595 |
Green Power Emc Tucker, GA | $4,289,905 | $48,321,829 |
Washington Electric Membership Corp Sandersville, GA | $120,334,964 | $48,227,831 |
Pee Dee Electric Membership Corporation Wadesboro, NC | $143,974,115 | $47,288,455 |
Haywood Electric Membership Corporation Waynesville, NC | $163,078,361 | $47,361,396 |
Excelsior Electric Membership Corporation Metter, GA | $119,361,267 | $45,904,608 |
Tri-County Electric Cooperative Inc St Matthews, SC | $138,986,472 | $45,784,852 |
Newberry Electric Cooperative Inc Newberry, SC | $94,155,817 | $45,705,196 |
Grady Electric Membership Corporation Cairo, GA | $133,402,414 | $41,955,759 |
Roanoke Electric Membership Corp Aulander, NC | $130,270,619 | $41,342,380 |
Planters Electric Membership Corp Millen, GA | $111,461,566 | $41,037,655 |