Civic Intelligence

Lynches River Electric

990 • Fiscal year 2023 • EIN 57-0201923

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 07, 2024

Organization ProfileWWW.LYNCHESRIVER.COM

View Organization Page

PO Box 308Pageland, SC 29728

(843) 672-6111

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$143,539,014

Flat from 2023

Net Assets

Flat

$52,677,728

Flat from 2023

Liabilities

Flat

$90,861,286

Flat from 2023

Revenue And Expenses

Revenue

Flat

$64,286,476

Flat from 2023

Expenses

Flat

$62,801,878

Flat from 2023

Net Income

Flat

$1,484,598

Flat from 2023

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2011: $88,665,098Liabilities 2011: $59,205,739Net Assets 2011: $29,459,3592011Assets 2012: $87,594,513Liabilities 2012: $60,872,546Net Assets 2012: $26,721,9672012Assets 2013: $91,112,797Liabilities 2013: $63,958,321Net Assets 2013: $27,154,4762013Assets 2014: $89,246,973Liabilities 2014: $60,789,811Net Assets 2014: $28,457,1622014Assets 2015: $90,541,578Liabilities 2015: $61,722,118Net Assets 2015: $28,819,4602015Assets 2016: $90,804,140Liabilities 2016: $62,212,412Net Assets 2016: $28,591,7282016Assets 2017: $90,090,117Liabilities 2017: $57,535,880Net Assets 2017: $32,554,2372017Assets 2018: $89,826,541Liabilities 2018: $56,557,102Net Assets 2018: $33,269,4392018Assets 2019: $94,304,215Liabilities 2019: $53,329,858Net Assets 2019: $40,974,3572019Assets 2020: $106,674,720Liabilities 2020: $63,417,936Net Assets 2020: $43,256,7842020Assets 2021: $119,665,355Liabilities 2021: $73,993,560Net Assets 2021: $45,671,7952021Assets 2022: $136,792,882Liabilities 2022: $88,926,742Net Assets 2022: $47,866,1402022Assets 2023: $143,539,014Liabilities 2023: $90,861,286Net Assets 2023: $52,677,7282023Assets 2023: $143,539,014Liabilities 2023: $90,861,286Net Assets 2023: $52,677,7282023Assets 2024: $148,702,586Liabilities 2024: $91,108,285Net Assets 2024: $57,594,3012024

Highlighted filing

2023

Assets$143,539,014
Liabilities$90,861,286
Net Assets$52,677,728
Open 2023 Filing

Operations Trend

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

$80M$60M$40M$20M$0-$20MRevenue 2011: $42,530,349Expenses 2011: $42,530,349Net Income 2011: $02011Revenue 2012: $40,720,563Expenses 2012: $41,023,142Net Income 2012: -$302,5792012Revenue 2013: $42,897,883Expenses 2013: $42,674,926Net Income 2013: $222,9572013Revenue 2014: $46,487,493Expenses 2014: $46,413,346Net Income 2014: $74,1472014Revenue 2015: $48,128,828Expenses 2015: $48,128,828Net Income 2015: $02015Revenue 2016: $46,944,689Expenses 2016: $46,944,689Net Income 2016: $02016Revenue 2017: $51,626,223Expenses 2017: $51,626,223Net Income 2017: $02017Revenue 2018: $53,598,921Expenses 2018: $53,598,921Net Income 2018: $02018Revenue 2019: $54,616,104Expenses 2019: $54,616,104Net Income 2019: $02019Revenue 2020: $53,245,164Expenses 2020: $53,786,702Net Income 2020: -$541,5382020Revenue 2021: $53,676,919Expenses 2021: $55,156,733Net Income 2021: -$1,479,8142021Revenue 2022: $59,003,883Expenses 2022: $59,725,393Net Income 2022: -$721,5102022Revenue 2023: $64,286,476Expenses 2023: $62,801,878Net Income 2023: $1,484,5982023Revenue 2023: $64,286,476Expenses 2023: $62,801,878Net Income 2023: $1,484,5982023Revenue 2024: $66,070,281Expenses 2024: $66,317,755Net Income 2024: -$247,4742024

Highlighted filing

2023

Revenue$64,286,476
Expenses$62,801,878
Net Income$1,484,598
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 7, 2024
Return Version
2023v5.0
Gross Receipts
$64,286,476
Mission and Program Overview

Mission

To provide the best possible electric service to all who desire it within the system service area at a reasonable cost consistent with the highest standards of service.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$107,798,154$116,377,236▲ $8,579,082
Rtn Earn Endowment Incm Other Fnds$47,756,280$52,567,363▲ $4,811,083
Accounts Receivable$8,024,635$8,057,566▲ $32,931
Inventories for Sale or Use$11,219,821$6,913,223▼ $4,306,598
Investments Program Related$2,569,027$4,691,974▲ $2,122,947
Other Notes and Loans Receivable, Net$3,651,136$4,304,307▲ $653,171
Cash and Non-Interest-Bearing Accounts$532,501$1,516,200▲ $983,699
Cap Stk Tr Prin Current Funds$109,860$110,365▲ $505
Savings and Temporary Cash Investments$1,223,362$101,083▼ $1,122,279
Prepaid Expenses and Deferred Charges$447,880$96,418▼ $351,462
Total Assets$136,792,882$143,539,014▲ $6,746,132
Other Assets Total$1,326,366$1,481,007▲ $154,641
Liabilities
Mortgage Notes Payable Secured by Investment Property$80,970,673$83,553,321▲ $2,582,648
Accounts Payable and Accrued Expenses$5,800,398$6,002,029▲ $201,631
Other Liabilities$2,155,671$1,305,936▼ $849,735
Total Liabilities$88,926,742$90,861,286▲ $1,934,544
Net Assets / Fund Balance
Total Net Assets Fund Balance$47,866,140$52,677,728▲ $4,811,588
Total Liabilities and Net Assets / Fund Balance$136,792,882$143,539,014▲ $6,746,132

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$116,081,973$64,864,129$180,946,102
Land$295,263-$295,263
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brian W BroughtonCEOFT$257,806$80,931$338,737
Dustin CatoeCFOFT$133,499$51,925$185,424
Joseph WrightCrew LeaderFT$128,801$37,420$166,221
Gregory JordanVP Engineer/FT$114,253$48,812$163,065
Gregory JordanVP Engineer/ops-$113,070$49,995$163,065
Alex HoneycuttLineman FirsFT$121,477$28,718$150,195
Alex HoneycuttLineman First Class-$121,286$28,909$150,195
Thomas GravittLineman FirsFT$117,134$16,396$133,530
Kevin SimsTrusteePT$41,269-$41,269
Cindy VincentTrusteePT$29,919$7,850$37,769
Charles M CrawfordTrustee-$25,171-$25,171
Steve ChewningTrusteePT$19,397-$19,397
Harold F GardnerVice ChairPT$9,476$9,125$18,601
John T BlackwellTrustee-$16,854-$16,854
Theresa S HicksChairmanPT$16,350-$16,350
Mark BridgesSecretary/tr-$6,366$6,950$13,316
Myrtle L FaileTrustee-$5,375-$5,375
Billy KingTrustee-$2,875-$2,875

Highest Paid Contractors

ContractorServicesLocationCompensation
Southeastern Limb And TreeRight Of Way465 FORDVILLE RD, PO BOX 189, Ridgeland, SC 29936$2,859,167
Fiber Optics Solutions LLCFiber InstallPO BOX 2570, Weaverville, NC 28787$1,950,775
Transformer Maintenance And ServiceMaintenance1392 MASSEY ROAD NEWTON GROVE, Newton Grove, NC 28366$531,311
Stella-jones CorporationUtilities1121 DELTA ROAD, Whitmire, SC 29178$222,844
Great Lakes PetroleumUtilities5001 WILKINSON BLVD, Charlotte, NC 28208$175,810
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$63,142,532
Investment Income
$185,330
Other Revenue
$958,614
Change in Net Assets
$1,484,598
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$59,171,950
Salaries, Compensation, and Employee Benefits$535,713
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$4,792,872
Benefits to Members---$3,094,215
Interest---$2,790,459
All Other Expenses---$2,751,946
Other Expenses---$2,372,489
Current Officers, Directors, Trustees, and Key Employees---$535,713
Total Functional Expenses$0$0$0$62,801,878
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
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Consumer Deposits$2,246,896
Deferred Credits$578,175
Accum Prov for Pension & Benefits$-1,519,135
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
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 in its bylaws which are available on the cooperative's website.”

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 available on the cooperative's website.”

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 available on the cooperative's website.”

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 an independent compensation consultant and a performance review conducted by the member-elected board.”

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

“Compensation for other key management positions is reviewed and approved through the use of a compensation survey.”

Form 990, Page 6, Part VI, Line 19

“The cooperative makes its 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. The cooperative's bylaws are available on the cooperative's website.”

Filing and Contact Details

Filer

Filer Name
Lynches River Electric
EIN
57-0201923
Phone
8436726111
Address
PO BOX 308, PAGELAND, SC 29728

Signing Officer

Name
Brian W Broughton
Title
CEO
Phone
8436726111
Signed
2024-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brian W Broughton
Formed
1939
Legal Domicile
Sc
Voting Board Members
9
Independent Board Members
9
Employees
67

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 1, Item B

“To correct inaccurate compensation on part vii.”

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

“N/A”

Form 990, Part XI, Line 9

“Accumulated oci 1,112,006 other equities 121,805 patronage allocations 3,094,215 membership 505 asc 980 deferred revenue 0 patronage capital retirements -1,001,541 total 3,326,990”

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IRS990/OtherExpensesGrp/Desc2DISTRIBUTION OPERATIONS
IRS990/OtherExpensesGrp/Desc3ADMIN. & GENERAL EXP.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0BRIAN W BROUGHTON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1DUSTIN CATOE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2JOSEPH WRIGHT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3GREGORY JORDAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm4ALEX HONEYCUTT
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$143,539,014
Liabilities
$90,861,286
Net assets
$52,677,728
Revenue
$64,286,476
Expenses
$62,801,878
Net income
$1,484,598
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$149$91.1$57.6$66.1$66.3$0.25
2023Detailed filing. Detailed filing data is available for this year.$144$90.9$52.7$64.3$62.8$1.48
2023Detailed filing. Detailed filing data is available for this year.$144$90.9$52.7$64.3$62.8$1.48
2022Detailed filing. Detailed filing data is available for this year.$137$88.9$47.9$59.0$59.7$0.72
2021Detailed filing. Detailed filing data is available for this year.$120$74.0$45.7$53.7$55.2$1.48
2020Detailed filing. Detailed filing data is available for this year.$107$63.4$43.3$53.2$53.8$0.54
2019Detailed filing. Detailed filing data is available for this year.$94.3$53.3$41.0$54.6$54.6$0.00
2018Detailed filing. Detailed filing data is available for this year.$89.8$56.6$33.3$53.6$53.6$0.00
2017Detailed filing. Detailed filing data is available for this year.$90.1$57.5$32.6$51.6$51.6$0.00
2016Detailed filing. Detailed filing data is available for this year.$90.8$62.2$28.6$46.9$46.9$0.00
2015Summary only. Only limited summary data is available for this year.$90.5$61.7$28.8$48.1$48.1$0.00
2014Summary only. Only limited summary data is available for this year.$89.2$60.8$28.5$46.5$46.4$0.07
2013Summary only. Only limited summary data is available for this year.$91.1$64.0$27.2$42.9$42.7$0.22
2012Summary only. Only limited summary data is available for this year.$87.6$60.9$26.7$40.7$41.0$0.30
2011Summary only. Only limited summary data is available for this year.$88.7$59.2$29.5$42.5$42.5$0.00