Civic Intelligence

Laurens Electric Cooperative Inc

EIN 57-0196563 • 501(c)12 • Laurens, SC

View Organization Page

Profile

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.

PO Box 700Laurens, SC 29360

www.laurenselectric.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

60th percentile

0.65x

Higher debt load relative to assets than 60% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

38th percentile

1.33x

Higher debt load relative to revenue than 38% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Net Margin

49th percentile

0.0%

Higher net margin than 49% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

85th percentile

13%

Faster asset growth than 85% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

76th percentile

9.5%

Faster revenue growth than 76% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets60th percentile

Assets

Up

$335,703,725

Up $38,571,543 (+13%) from 2023

Liabilities

Up

$217,024,907

Up $32,818,964 (+18%) from 2023

Net Assets

Up

$118,678,818

Up $5,752,579 (+5.1%) from 2023

Operations
Liabilities / Revenue38th percentileNet Margin49th percentile

Revenue

Up

$163,057,774

Up $14,134,967 (+9.5%) from 2023

Expenses

Up

$163,057,774

Up $14,134,967 (+9.5%) from 2023

Net Income

Flat

$0

Flat from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth85th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$400M$300M$200M$100M$0Assets 2010: $188,659,485Liabilities 2010: $148,247,443Net Assets 2010: $40,412,0422010Assets 2011: $192,340,044Liabilities 2011: $149,133,744Net Assets 2011: $43,206,3002011Assets 2012: $184,518,018Liabilities 2012: $141,984,917Net Assets 2012: $42,533,1012012Assets 2013: $193,851,978Liabilities 2013: $147,177,250Net Assets 2013: $46,674,7282013Assets 2014: $201,133,418Liabilities 2014: $148,520,239Net Assets 2014: $52,613,1792014Assets 2015: $215,294,979Liabilities 2015: $156,953,936Net Assets 2015: $58,341,0432015Assets 2016: $210,674,750Liabilities 2016: $150,040,097Net Assets 2016: $60,634,6532016Assets 2017: $217,398,156Liabilities 2017: $151,924,493Net Assets 2017: $65,473,6632017Assets 2018: $225,319,700Liabilities 2018: $153,295,486Net Assets 2018: $72,024,2142018Assets 2019: $242,377,887Liabilities 2019: $167,451,285Net Assets 2019: $74,926,6022019Assets 2020: $266,679,590Liabilities 2020: $176,168,967Net Assets 2020: $90,510,6232020Assets 2021: $287,933,244Liabilities 2021: $182,970,756Net Assets 2021: $104,962,4882021Assets 2022: $289,764,029Liabilities 2022: $185,387,810Net Assets 2022: $104,376,2192022Assets 2023: $297,132,182Liabilities 2023: $184,205,943Net Assets 2023: $112,926,2392023Assets 2024: $335,703,725Liabilities 2024: $217,024,907Net Assets 2024: $118,678,8182024

Highlighted filing

2024

Assets$335,703,725
Liabilities$217,024,907
Net Assets$118,678,818
Open 2024 Filing

Operations Trend

Revenue Growth76th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$200M$150M$100M$50M$0Revenue 2010: $121,628,718Expenses 2010: $115,548,068Net Income 2010: $6,080,6502010Revenue 2011: $115,789,200Expenses 2011: $115,789,200Net Income 2011: $02011Revenue 2012: $113,985,534Expenses 2012: $113,985,534Net Income 2012: $02012Revenue 2013: $119,720,642Expenses 2013: $119,720,642Net Income 2013: $02013Revenue 2014: $128,485,033Expenses 2014: $128,485,033Net Income 2014: $02014Revenue 2015: $128,133,067Expenses 2015: $128,133,067Net Income 2015: $02015Revenue 2016: $131,794,573Expenses 2016: $131,794,573Net Income 2016: $02016Revenue 2017: $133,088,013Expenses 2017: $133,088,013Net Income 2017: $02017Revenue 2018: $144,879,548Expenses 2018: $144,879,548Net Income 2018: $02018Revenue 2019: $142,209,408Expenses 2019: $142,209,408Net Income 2019: $02019Revenue 2020: $139,112,722Expenses 2020: $139,112,722Net Income 2020: $02020Revenue 2021: $144,172,807Expenses 2021: $144,172,807Net Income 2021: $02021Revenue 2022: $148,035,106Expenses 2022: $148,035,106Net Income 2022: $02022Revenue 2023: $148,922,807Expenses 2023: $148,922,807Net Income 2023: $02023Revenue 2024: $163,057,774Expenses 2024: $163,057,774Net Income 2024: $02024

Highlighted filing

2024

Revenue$163,057,774
Expenses$163,057,774
Net Income$0
Open 2024 Filing

Filings

Most recent year

2024 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$335,703,725
Liabilities
$217,024,907
Net assets
$118,678,818
Revenue
$163,057,774
Expenses
$163,057,774
Net income
$0
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$336$217$119$163$163$0.00
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$297$184$113$149$149$0.00
2022Detailed filing. Detailed filing data is available for this year.$290$185$104$148$148$0.00
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$288$183$105$144$144$0.00
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$267$176$90.5$139$139$0.00
2019Detailed filing. Detailed filing data is available for this year.$242$167$74.9$142$142$0.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$225$153$72.0$145$145$0.00
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$217$152$65.5$133$133$0.00
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$211$150$60.6$132$132$0.00
2015Detailed filing. Detailed filing data is available for this year.$215$157$58.3$128$128$0.00
2014Detailed filing. Detailed filing data is available for this year.$201$149$52.6$128$128$0.00
2013Detailed filing. Detailed filing data is available for this year.$194$147$46.7$120$120$0.00
2012Summary only. Only limited summary data is available for this year.$185$142$42.5$114$114$0.00
2011Summary only. Only limited summary data is available for this year.$192$149$43.2$116$116$0.00
2010Summary only. Only limited summary data is available for this year.$189$148$40.4$122$116$6.08
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 2, 2023
Return Version
2022v5.0
Gross Receipts
$149,244,306
Mission and Program Overview

Mission

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$222,326,628$230,884,409▲ $8,557,781
Rtn Earn Endowment Incm Other Fnds$104,632,383$104,041,809▼ $590,574
Accounts Receivable$14,467,765$17,992,632▲ $3,524,867
Investments Program Related$14,002,245$14,708,262▲ $706,017
Savings and Temporary Cash Investments$22,191,033$13,596,024▼ $8,595,009
Cash and Non-Interest-Bearing Accounts$6,565,472$7,407,647▲ $842,175
Inventories for Sale or Use$2,375,183$3,074,838▲ $699,655
Prepaid Expenses and Deferred Charges$865,194$756,071▼ $109,123
Cap Stk Tr Prin Current Funds$330,105$334,410▲ $4,305
Total Assets$287,933,244$289,764,029▲ $1,830,785
Other Assets Total$5,139,724$1,344,146▼ $3,795,578
Liabilities
Mortgage Notes Payable Secured by Investment Property$158,291,484$158,356,533▲ $65,049
Accounts Payable and Accrued Expenses$16,726,370$21,115,740▲ $4,389,370
Other Liabilities$7,952,902$5,915,537▼ $2,037,365
Total Liabilities$182,970,756$185,387,810▲ $2,417,054
Net Assets / Fund Balance
Total Net Assets Fund Balance$104,962,488$104,376,219▼ $586,269
Total Liabilities and Net Assets / Fund Balance$287,933,244$289,764,029▲ $1,830,785

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$221,095,421$96,997,516$318,092,937
Land$9,788,988-$9,788,988
Investment Program Related Org$1,117--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
J David WassonPresident &FT$493,435$180,285$673,720
J David WassonPresident & CEO-$426,683$247,037$673,720
Nathan BrownVP-engineer&FT$219,040$97,644$316,684
Nathan BrownVP-engineer&oper-$202,241$114,443$316,684
Matthew D StanleyVP & CFOFT$194,966$112,534$307,500
Jim DonahooVP MarketingFT$193,211$90,972$284,183
Jim DonahooVP Marketing and Bus-$178,510$105,673$284,183
Chad ArmstrongVP of HumanFT$191,773$90,372$282,145
Chad ArmstrongVP of Human Resour-$176,614$105,531$282,145
Christopher J MiersVP,member SeFT$183,206$87,929$271,135
Christopher J MiersVP,member Services-$168,948$102,187$271,135
Marcus CookTrusteePT$54,804-$54,804
Joe T NicholsonTrusteePT$35,819-$35,819
Charles E AdairChairmanPT$34,496-$34,496
William HendrixVice ChairmaPT$28,866-$28,866
Mitchell PowersSecretary/trPT$28,739-$28,739
Eddie AbramsTrusteePT$26,672-$26,672
Jimmie PerryTrusteePT$25,288-$25,288
Willie Belle BlakelyTrustee/direPT$24,407-$24,407
Reid FisherTrusteePT$18,176-$18,176

Highest Paid Contractors

ContractorServicesLocationCompensation
Brightview Landscapes LLCLandscapingPO BOX 740655, Atlanta, GA 30374$114,847
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$146,459,615
Investment Income
$90,576
Other Revenue
$1,484,915
Change in Net Assets
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$144,123,146
Salaries, Compensation, and Employee Benefits$950,987
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$9,229,919--$9,229,919
Depreciation Depletion$8,758,009--$8,758,009
All Other Expenses$6,060,869--$6,060,869
Interest$4,917,294--$4,917,294
Benefits to Members$2,960,973--$2,960,973
Current Officers, Directors, Trustees, and Key Employees$950,987--$950,987
Total Functional Expenses$148,035,106$0$0$148,035,106
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

Reported Spending and Taxes

Line ItemAmount
Section 527 Activity Spending$4,750
Total Exempt Function Spending$4,750

Section 527 Organizations

OrganizationLocationAmount
-Columbia, SC$4,250
-Columbia, SC$500
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Regulatory Liability-asc 980$2,999,996
Consumer Deposits$2,862,014
Other$53,527
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 it 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 performance review conducted by the member-elected board as well as market data obtained from statewide research and a national survey.”

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

“Compensation for key employees is reviewed and approved through the use of a performance review conducted by the ceo as well as market statistics.”

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
Laurens Electric Cooperative Inc
EIN
57-0196563
Phone
8646823141
Address
PO BOX 700, LAURENS, SC 29360

Signing Officer

Name
Matthew D Stanley
Title
President & CEO Elec
Phone
8646823141
Signed
2023-11-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
J David Wasson
Formed
1939
Legal Domicile
Sc
Voting Board Members
9
Independent Board Members
9
Employees
161

Preparer

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

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“N/A”

Form 990, Part XI, Line 9

“Book / tax depreciation difference 10,956 membership fees 4,305 retired capital credits gain/other 70,057 benefits paid to members 2,960,973 asc 980 - regulatory liability 2,000,000 capital credit retirements -1,748,469 other comprehensive income -3,884,091 total -586,269”

Raw XML AppendixShowing 400 of 576 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/ActivityOrMissionDesc0TO 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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IRS990/BooksInCareOfDetail/PhoneNum08646823141
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0PO BOX 700
IRS990/BooksInCareOfDetail/USAddress/CityNm0LAURENS
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IRS990/BooksInCareOfDetail/USAddress/ZIPCd029360
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IRS990/EmployeeCnt0161
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IRS990/Form990PartVIISectionAGrp/PersonNm0J DAVID WASSON
IRS990/Form990PartVIISectionAGrp/PersonNm1NATHAN BROWN
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IRS990/Form990PartVIISectionAGrp/PersonNm12JIMMIE PERRY
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT &
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IRS990/Form990PartVIISectionAGrp/TitleTxt2VP & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt3VP MARKETING
IRS990/Form990PartVIISectionAGrp/TitleTxt4VP OF HUMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt5VP,MEMBER SE
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IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt9VICE CHAIRMA
IRS990/Form990PartVIISectionAGrp/TitleTxt10SECRETARY/TR
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
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IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE C, PART I-A, LINE 1
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt253527
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0REGULATORY LIABILITY-ASC 980
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