Civic Intelligence

Broad River Electric Cooperative

990 • Fiscal year 2019 • EIN 57-0128696

Jan 01, 2019 to Dec 31, 2019 • Filed on Oct 20, 2020

Organization ProfileWWW.BROADRIVERELECTRIC.COM
PO Box 2269Gaffney, SC 29342

(864) 489-5737

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

96th percentile

0.71x

Higher debt load relative to assets than 96% of similar nonprofits.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2019

Liabilities / Revenue

66th percentile

1.55x

Higher debt load relative to revenue than 66% of similar nonprofits.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2019

Net Margin

52nd percentile

0.0%

Higher net margin than 52% of similar nonprofits.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2019

Top Officer Pay

74th percentile

$381,799

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2019

Asset Growth

3rd percentile

-2.7%

Faster asset growth than 3% of similar nonprofits.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Revenue Growth

33rd percentile

-1.9%

Faster revenue growth than 33% of similar nonprofits.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$116,957,976

Down $3,229,425 (-2.7%) from 2018

Net Assets

Up

$33,446,555

Up $4,244,561 (+15%) from 2018

Liabilities

Down

$83,511,421

Down $7,473,986 (-8.2%) from 2018

Revenue And Expenses
Liabilities / Revenue66th percentileNet Margin52nd percentile

Revenue

Down

$53,801,845

Down $1,048,097 (-1.9%) from 2018

Expenses

Down

$53,801,845

Down $1,048,097 (-1.9%) from 2018

Net Income

Flat

$0

Flat from 2018

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200M$150M$100M$50M$0Assets 2011: $90,223,976Liabilities 2011: $70,976,615Net Assets 2011: $19,247,3612011Assets 2012: $92,322,335Liabilities 2012: $72,677,094Net Assets 2012: $19,645,2412012Assets 2013: $94,253,995Liabilities 2013: $73,180,074Net Assets 2013: $21,073,9212013Assets 2014: $95,311,387Liabilities 2014: $72,697,944Net Assets 2014: $22,613,4432014Assets 2015: $101,428,986Liabilities 2015: $76,763,616Net Assets 2015: $24,665,3702015Assets 2016: $103,887,257Liabilities 2016: $77,046,701Net Assets 2016: $26,840,5562016Assets 2017: $107,882,731Liabilities 2017: $80,469,879Net Assets 2017: $27,412,8522017Assets 2018: $120,187,401Liabilities 2018: $90,985,407Net Assets 2018: $29,201,9942018Assets 2019: $116,957,976Liabilities 2019: $83,511,421Net Assets 2019: $33,446,5552019Assets 2020: $128,066,587Liabilities 2020: $91,210,159Net Assets 2020: $36,856,4282020Assets 2021: $130,407,724Liabilities 2021: $89,502,615Net Assets 2021: $40,905,1092021Assets 2022: $143,703,578Liabilities 2022: $99,198,417Net Assets 2022: $44,505,1612022Assets 2023: $150,291,473Liabilities 2023: $103,430,756Net Assets 2023: $46,860,7172023Assets 2024: $166,687,542Liabilities 2024: $116,320,413Net Assets 2024: $50,367,1292024

Highlighted filing

2019

Assets$116,957,976
Liabilities$83,511,421
Net Assets$33,446,555
Open 2019 Filing

Operations Trend

Revenue Growth33rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$80M$60M$40M$20M$0-$20MRevenue 2011: $43,009,701Expenses 2011: $43,009,701Net Income 2011: $02011Revenue 2012: $41,953,400Expenses 2012: $41,953,400Net Income 2012: $02012Revenue 2013: $45,290,572Expenses 2013: $45,290,572Net Income 2013: $02013Revenue 2014: $47,301,723Expenses 2014: $47,301,723Net Income 2014: $02014Revenue 2015: $47,868,069Expenses 2015: $47,868,069Net Income 2015: $02015Revenue 2016: $51,128,500Expenses 2016: $51,128,500Net Income 2016: $02016Revenue 2017: $49,171,074Expenses 2017: $49,171,074Net Income 2017: $02017Revenue 2018: $54,849,942Expenses 2018: $54,849,942Net Income 2018: $02018Revenue 2019: $53,801,845Expenses 2019: $53,801,845Net Income 2019: $02019Revenue 2020: $51,857,121Expenses 2020: $51,857,121Net Income 2020: $02020Revenue 2021: $54,952,591Expenses 2021: $54,061,373Net Income 2021: $891,2182021Revenue 2022: $56,431,065Expenses 2022: $56,571,901Net Income 2022: -$140,8362022Revenue 2023: $56,236,315Expenses 2023: $56,298,661Net Income 2023: -$62,3462023Revenue 2024: $62,308,340Expenses 2024: $62,397,364Net Income 2024: -$89,0242024

Highlighted filing

2019

Revenue$53,801,845
Expenses$53,801,845
Net Income$0
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Oct 20, 2020
Return Version
2019v5.0
Gross Receipts
$53,809,418
Mission and Program Overview

Mission

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$94,839,306$99,528,843▲ $4,689,537
Rtn Earn Endowment Incm Other Fnds$29,201,994$33,446,555▲ $4,244,561
Cash and Non-Interest-Bearing Accounts$14,009,632$6,215,628▼ $7,794,004
Investments Program Related$5,691,252$5,938,111▲ $246,859
Accounts Receivable$5,205,409$4,811,245▼ $394,164
Prepaid Expenses and Deferred Charges$176,630$240,334▲ $63,704
Inventories for Sale or Use$244,609$208,512▼ $36,097
Other Notes and Loans Receivable, Net$9,961$4,701▼ $5,260
Total Assets$120,187,401$116,957,976▼ $3,229,425
Other Assets Total$10,602$10,602→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$71,001,455$64,140,095▼ $6,861,360
Other Liabilities$12,597,824$11,530,478▼ $1,067,346
Accounts Payable and Accrued Expenses$7,386,128$7,840,848▲ $454,720
Total Liabilities$90,985,407$83,511,421▼ $7,473,986
Net Assets / Fund Balance
Total Net Assets Fund Balance$29,201,994$33,446,555▲ $4,244,561
Total Liabilities and Net Assets / Fund Balance$120,187,401$116,957,976▼ $3,229,425

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$98,237,523$27,436,337$125,673,860
Land$1,291,320-$1,291,320
Investment Program Related Org$5,938,111--
Compensation and Service Providers
Top Officer Pay74th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Terry W MallardPresident &FT$276,666$105,133$381,799
Terry W MallardPresident & CEO-$262,945$118,854$381,799
John B FowlerVP-member SeFT$108,864$55,314$164,178
John B FowlerVP-member Services-$105,560$58,618$164,178
Jeffery S HumphriesVP- EngineerFT$104,752$55,061$159,813
Jeffery S HumphriesVP- Engineering-$103,149$56,664$159,813
Cary JohnsonVP-operationFT$125,478$25,340$150,818
Cary JohnsonVP-operations-$122,134$28,684$150,818
Clarence J RogersVP-financeFT$101,655$37,722$139,377
Norris R FowlerChairmanPT$25,717-$25,717
Anita P WhitneyVice ChairmaPT$22,236-$22,236
R Wayne WestTrusteePT$18,630-$18,630
Mark PattersonTrusteePT$16,062-$16,062
Decole GallmanSec/treasPT$14,977-$14,977
E Dewitt MccrawTrusteePT$14,582-$14,582
Kevin MossTrusteePT$13,262-$13,262
William PeelerTrusteePT$10,030-$10,030
Bobby FosterTrusteePT$9,262-$9,262

Highest Paid Contractors

ContractorServicesLocationCompensation
Asplundh Tree Expert CoRow Clearing351 ORCHARD CIRCLE, Charlotte, NC 28217$1,456,694
Lewis Tree Service INCRow Clearing3034 STATE RD S-15-233, Walterboro, SC 29488$529,292
Pike Electric INCConstruction6624 LAKEVIEW RD, Charlotte, NC 28269$393,240
Caldwell Landscaping ClearingRow Clearing1247 PATTERSON PLANT ROAD, Enoree, SC 29335$279,457
Aubrey Silvey EnterprisesConstruction371 HAMP JONES RD, Carrollton, GA 30117$251,988
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$52,923,485
Investment Income
$786,932
Other Revenue
$91,428
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$54,176,845
Revenue Not Reported on Financial Statements
$-375,000
Other Revenue Adjustments
$-375,000
Total Revenue per Audited Statements
$54,176,845
Total Revenue per Form 990
$53,801,845
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$49,314,130
Salaries, Compensation, and Employee Benefits$526,557
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members$3,961,158--$3,961,158
Depreciation Depletion$3,564,820--$3,564,820
Interest$2,836,899--$2,836,899
Other Expenses$2,506,901--$2,506,901
All Other Expenses$2,374,640--$2,374,640
Current Officers, Directors, Trustees, and Key Employees$526,557--$526,557
Total Functional Expenses$53,801,845$0$0$53,801,845

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$53,801,845
Expenses per Audited Statements$49,840,687
Total Expenses per Audited Statements$49,840,687
Expenses Not Reported on Financial Statements$3,961,158
Other Expense Adjustments$3,961,158
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Post Retirement Benefits$5,809,702
Asc 980 Regulatory Liabillity$3,950,000
Consumer Deposits$1,770,776
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“The cooperative has members as provided for its bylaws which are included as a part of this return.”

Form 990, Page 6, Part VI, Line 7A

“The cooperative has members who elect members of the governing body as provided for in its bylaws which are included as a part of this return.”

Form 990, Page 6, Part VI, Line 7B

“Certain decisions of the governing body are subject to approval by members as provided for in its bylaws which are included as a part of this return.”

Form 990, Page 6, Part VI, Line 11B

“Form 990 is reviewed by the board with all supporting documentation made available to them.”

Form 990, Page 6, Part VI, Line 12C

“The cooperative regularly and consistently monitors and enforces compliance with their conflict of interest policy as provided for in its policy which is included as a part of this return.”

Form 990, Page 6, Part VI, Line 15A

“Compensation for the ceo is reviewed and approved through the use of a compensation survey and performance review conducted by the member-elected board.”

Form 990, Page 6, Part VI, Line 15B

“Compensation for key employees is reviewed and approved through the use of a board policy administered by the ceo.”

Form 990, Page 6, Part VI, Line 19

“The cooperative makes its bylaws, conflict of interest policy, and financial statements available to the public as part of its form 990. The form 990 is available upon request as reflected in part vi section c line 18.”

Filing and Contact Details

Filer

Filer Name
Broad River Electric Cooperative
EIN
57-0128696
Phone
8644895737
Address
PO BOX 2269, GAFFNEY, SC 29342

Signing Officer

Name
Terry W Mallard
Title
President & CEO
Phone
8434895737
Signed
2020-10-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Terry W Mallard
Formed
1940
Legal Domicile
Sc
Voting Board Members
9
Independent Board Members
9
Employees
56

Preparer

Firm
Mcnair Mclemore Middlebrooks & Co LLC
Address
POST OFFICE BOX ONE, MACON, GA 31202-0001
Preparer
Bryan a Isgett
Phone
4787466277
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Membership fees 1,755 patronage capital retirements -361,825 other comprehensive income 261,916 donated capital 6,560 benefits paid to members 3,961,155 asc 980-regulated liability 375,000 total 4,244,561”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 4B

“Asc 980-regulated liability -375,000”

Schedule D, Page 4, Part XII, Line 4B

“Patronage capital credits 3,961,158”

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0POST RETIREMENT BENEFITS
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2CONSUMER DEPOSITS
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IRS990ScheduleD/RevenueSubtotalAmt054176845
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ASC 980-REGULATED LIABILITY -375,000
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1PATRONAGE CAPITAL CREDITS 3,961,158
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XII, LINE 4B
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0TERRY W MALLARD
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1JOHN B FOWLER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2CARY JOHNSON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3JEFFERY S HUMPHRIES
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT & CEO
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$116,957,976
Liabilities
$83,511,421
Net assets
$33,446,555
Revenue
$53,801,845
Expenses
$53,801,845
Net income
$0
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$167$116$50.4$62.3$62.4$0.09
2023Detailed filing. Detailed filing data is available for this year.$150$103$46.9$56.2$56.3$0.06
2022Detailed filing. Detailed filing data is available for this year.$144$99.2$44.5$56.4$56.6$0.14
2021Detailed filing. Detailed filing data is available for this year.$130$89.5$40.9$55.0$54.1$0.89
2020Detailed filing. Detailed filing data is available for this year.$128$91.2$36.9$51.9$51.9$0.00
2019Detailed filing. Detailed filing data is available for this year.$117$83.5$33.4$53.8$53.8$0.00
2018Detailed filing. Detailed filing data is available for this year.$120$91.0$29.2$54.8$54.8$0.00
2017Detailed filing. Detailed filing data is available for this year.$108$80.5$27.4$49.2$49.2$0.00
2016Detailed filing. Detailed filing data is available for this year.$104$77.0$26.8$51.1$51.1$0.00
2015Summary only. Only limited summary data is available for this year.$101$76.8$24.7$47.9$47.9$0.00
2014Summary only. Only limited summary data is available for this year.$95.3$72.7$22.6$47.3$47.3$0.00
2013Summary only. Only limited summary data is available for this year.$94.3$73.2$21.1$45.3$45.3$0.00
2012Summary only. Only limited summary data is available for this year.$92.3$72.7$19.6$42.0$42.0$0.00
2011Summary only. Only limited summary data is available for this year.$90.2$71.0$19.2$43.0$43.0$0.00