Civic Intelligence

Marlboro Electric Cooperative Inc

EIN 57-0204115 • 501(c)12 • Florence, SC

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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 100561Florence, SC 29502

www.marlboroelectric.net

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2023

Liabilities / Revenue

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)12 • $50M-$100M nonprofits • Source year 2023

Net Margin

5th percentile

-1.2%

Higher net margin than 5% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

5th percentile

$33,357

Higher top officer pay than 5% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)12 • $50M-$100M nonprofits • Source year 2023

Asset Growth

2nd percentile

-100%

Faster asset growth than 2% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

19th percentile

-1.7%

Faster revenue growth than 19% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $61,965,367 (-100%) from 2022

Liabilities

Down

$0

Down $21,122,130 (-100%) from 2022

Net Assets

Down

$0

Down $40,843,237 (-100%) from 2022

Operations
Liabilities / Revenue2nd percentileNet Margin5th percentile

Revenue

Down

$77,283,101

Down $1,318,532 (-1.7%) from 2022

Expenses

Down

$78,179,445

Down $422,188 (-0.5%) from 2022

Net Income

Down

-$896,344

Down $896,344 from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth2nd percentile

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

$100M$50M$0Assets 2010: $50,542,835Liabilities 2010: $38,090,772Net Assets 2010: $12,452,0632010Assets 2011: $50,337,702Liabilities 2011: $37,202,058Net Assets 2011: $13,135,6442011Assets 2012: $51,272,555Liabilities 2012: $37,803,741Net Assets 2012: $13,468,8142012Assets 2013: $51,655,097Liabilities 2013: $37,831,820Net Assets 2013: $13,823,2772013Assets 2014: $54,342,713Liabilities 2014: $40,018,268Net Assets 2014: $14,324,4452014Assets 2015: $52,956,899Liabilities 2015: $35,935,931Net Assets 2015: $17,020,9682015Assets 2016: $55,018,992Liabilities 2016: $34,425,633Net Assets 2016: $20,593,3592016Assets 2017: $66,434,536Liabilities 2017: $41,787,232Net Assets 2017: $24,647,3042017Assets 2018: $82,049,244Liabilities 2018: $54,283,588Net Assets 2018: $27,765,6562018Assets 2019: $86,991,313Liabilities 2019: $57,715,888Net Assets 2019: $29,275,4252019Assets 2020: $94,217,420Liabilities 2020: $62,655,153Net Assets 2020: $31,562,2672020Assets 2021: $90,877,011Liabilities 2021: $53,948,105Net Assets 2021: $36,928,9062021Assets 2022: $61,965,367Liabilities 2022: $21,122,130Net Assets 2022: $40,843,2372022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2023

Assets$0
Liabilities$0
Net Assets$0
Open 2023 Filing

Operations Trend

Revenue Growth19th percentile

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

$100M$50M$0-$50MRevenue 2010: $66,524,151Expenses 2010: $65,780,382Net Income 2010: $743,7692010Revenue 2011: $72,536,025Expenses 2011: $72,536,025Net Income 2011: $02011Revenue 2012: $74,459,447Expenses 2012: $74,459,447Net Income 2012: $02012Revenue 2013: $75,643,849Expenses 2013: $75,643,849Net Income 2013: $02013Revenue 2014: $74,830,694Expenses 2014: $75,136,591Net Income 2014: -$305,8972014Revenue 2015: $74,233,356Expenses 2015: $74,146,205Net Income 2015: $87,1512015Revenue 2016: $77,483,647Expenses 2016: $77,866,344Net Income 2016: -$382,6972016Revenue 2017: $80,522,463Expenses 2017: $79,787,239Net Income 2017: $735,2242017Revenue 2018: $77,806,324Expenses 2018: $78,352,324Net Income 2018: -$546,0002018Revenue 2019: $75,090,390Expenses 2019: $75,991,861Net Income 2019: -$901,4712019Revenue 2020: $71,184,446Expenses 2020: $70,782,896Net Income 2020: $401,5502020Revenue 2021: $75,330,397Expenses 2021: $72,759,245Net Income 2021: $2,571,1522021Revenue 2022: $78,601,633Expenses 2022: $78,601,633Net Income 2022: $02022Revenue 2023: $77,283,101Expenses 2023: $78,179,445Net Income 2023: -$896,3442023

Highlighted filing

2023

Revenue$77,283,101
Expenses$78,179,445
Net Income-$896,344
Open 2023 Filing

Filings

Most recent year

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

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$77,283,101
Expenses
$78,179,445
Net income
-$896,344
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$77.3$78.2$0.90
2022Detailed filing. Detailed filing data is available for this year.$62.0$21.1$40.8$78.6$78.6$0.00
2021Detailed filing. Detailed filing data is available for this year.$90.9$53.9$36.9$75.3$72.8$2.57
2020Detailed filing. Detailed filing data is available for this year.$94.2$62.7$31.6$71.2$70.8$0.40
2019Detailed filing. Detailed filing data is available for this year.$87.0$57.7$29.3$75.1$76.0$0.90
2018Summary only. Only limited summary data is available for this year.$82.0$54.3$27.8$77.8$78.4$0.55
2017Detailed filing. Detailed filing data is available for this year.$66.4$41.8$24.6$80.5$79.8$0.74
2016Detailed filing. Detailed filing data is available for this year.$55.0$34.4$20.6$77.5$77.9$0.38
2015Summary only. Only limited summary data is available for this year.$53.0$35.9$17.0$74.2$74.1$0.09
2014Summary only. Only limited summary data is available for this year.$54.3$40.0$14.3$74.8$75.1$0.31
2013Summary only. Only limited summary data is available for this year.$51.7$37.8$13.8$75.6$75.6$0.00
2012Summary only. Only limited summary data is available for this year.$51.3$37.8$13.5$74.5$74.5$0.00
2011Summary only. Only limited summary data is available for this year.$50.3$37.2$13.1$72.5$72.5$0.00
2010Summary only. Only limited summary data is available for this year.$50.5$38.1$12.5$66.5$65.8$0.74
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Nov 10, 2023
Signed
May 28, 2024
Return Version
2023v6.0
Gross Receipts
$77,283,101
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
Rtn Earn Endowment Incm Other Fnds$40,843,237--
Accounts Receivable$29,237,750--
Investments Other Securities$20,246,250--
Investments Program Related$5,710,719--
Land, Buildings, and Equipment, Net$4,005,703--
Cash and Non-Interest-Bearing Accounts$1,953,278--
Prepaid Expenses and Deferred Charges$708,686--
Inventories for Sale or Use$80,625--
Total Assets$61,965,367$0▼ $61,965,367
Other Assets Total$22,356--
Liabilities
Other Liabilities$11,031,250--
Accounts Payable and Accrued Expenses$5,817,038--
Mortgage Notes Payable Secured by Investment Property$4,273,842--
Total Liabilities$21,122,130$0▼ $21,122,130
Net Assets / Fund Balance
Total Net Assets Fund Balance$40,843,237$0▼ $40,843,237
Total Liabilities and Net Assets / Fund Balance$61,965,367$0▼ $61,965,367
Compensation and Service Providers
Top Officer Pay5th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Donald J QuickSec./treasurPT$33,357$33,357
Sam P Mcinnis JrChairmanPT$31,963$31,963
Edgar M GordonTrusteePT$19,700$19,700
Charles R SmithTrusteePT$18,000$18,000
Janelle C SaulsTrusteePT$18,000$18,000
John M AlfordVice ChairmaPT$18,000$18,000
William M CaraboTrusteePT$18,000$18,000
William R QuickTrusteePT$18,000$18,000
James T GrantTrusteePT$12,600$12,600

Board Members and Trustees

NameTitle
-CFO
-Counsel
-Pres CEO Mec

Highest Paid Contractors

ContractorServicesLocationCompensation
Womble Bond Dickinson (us) LLPLegalPO BOX 601879, Charlotte, NC 28260$116,536
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$76,531,641
Investment Income
$157,063
Other Revenue
$594,397
Change in Net Assets
$-896,344
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$69,740,375
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$8,439,070
Other Expenses---$4,403,172
All Other Expenses---$905,864
Interest---$290,825
Depreciation Depletion---$149,781
Total Functional Expenses$0$0$0$78,179,445
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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 in 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 president and ceo is paid by the mpd, inc., the cooperative that provides management services.”

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.”

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
Marlboro Electric Cooperative Inc
EIN
57-0204115
Phone
8434793855
Address
PO BOX 100561, FLORENCE, SC 29502

Signing Officer

Name
William L Fleming Jr
Title
Pres CEO Meci
Phone
8434793855
Signed
2024-05-28
Discuss with paid preparer
Yes

Organization Details

Formed
1939
Legal Domicile
Sc
Voting Board Members
9
Independent Board Members
9
Employees
0

Preparer

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

Additional Explanations

Form 990, Page 2, Part III, Line 3

“On 11/10/23, marlboro electric cooperative, inc. Merged (in a statutory merger under irc sec 368(a)) with mpd electric cooperative, inc. Mpd electric cooperative, inc. Was the surviving corporation.”

Form 990, Part XI, Line 9

“Membership fees 125 other comprehensive income 1,563,980 patronage capital credits 3,840,740 2023 capital credit 8,439,070 capital credit retirement -1,140 capital credit retirement - py -4,216,270 assets transferred to mpd electric coop in merger -49,573,398 total -39,946,893”

Raw XML AppendixShowing 400 of 503 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.

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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc2INVENTORY
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc3PREPAID EXPENSES
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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm0MPD ELECTRIC COOP
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm1MPD ELECTRIC COOP
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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm3MPD ELECTRIC COOP
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm4MPD ELECTRIC COOP
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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm6MPD ELECTRIC COOP
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/PersonNm7MPD ELECTRIC COOP
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt0PO BOX 100561
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/USAddress/AddressLine1Txt1PO BOX 100561
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IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0PART I, Q2(A): ALL OF THE DIRECTORS OF MARLBORO ELECTRIC COOPERATIVE, INC. BECAME DIRECTORS OF MPD ELECTRIC COOPERATIVE., THE SUCCESSOR ORGANIZATION. MR. FLEMING, AN OFFICER OF MARLBORO ELECTRIC COOPERATIVE, INC. BECAME AN OFFICER OF MPD ELECTRIC COOPERATIVE. PART II, Q5: ON 11/10/23, MARLBORO ELECTRIC COOPERATIVE, INC. MERGED (IN A STATUTORY MERGER UNDER IRC SEC 368(A)) WITH MPD ELECTRIC COOPERATIVE, INC. MPD ELECTRIC COOPERATIVE, INC. WAS THE SURVIVING CORPORATION. MPD ELECTRIC COOPERATIVE, INC. ABSORBED ALL OF THE ASSETS AND LIABILITIES OF MARLBORO ELECTRIC COOPERATIVE, INC. A COPY OF THE MERGER DOCUMENTS IS ATTACHED.
IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE N
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ON 11/10/23, MARLBORO ELECTRIC COOPERATIVE, INC. MERGED (IN A STATUTORY MERGER UNDER IRC SEC 368(A)) WITH MPD ELECTRIC COOPERATIVE, INC. MPD ELECTRIC COOPERATIVE, INC. WAS THE SURVIVING CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE COOPERATIVE HAS MEMBERS AS PROVIDED FOR IN ITS BYLAWS WHICH ARE INCLUDED AS A PART OF THIS RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CERTAIN 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4FORM 990 IS REVIEWED BY THE BOARD WITH ALL SUPPORTING DOCUMENTATION MADE AVAILABLE TO THEM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6COMPENSATION FOR THE PRESIDENT AND CEO IS PAID BY THE MPD, INC., THE COOPERATIVE THAT PROVIDES MANAGEMENT SERVICES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7COMPENSATION FOR KEY EMPLOYEES IS REVIEWED AND APPROVED THROUGH THE USE OF A PERFORMANCE REVIEW CONDUCTED BY THE CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9MEMBERSHIP FEES 125 OTHER COMPREHENSIVE INCOME 1,563,980 PATRONAGE CAPITAL CREDITS 3,840,740 2023 CAPITAL CREDIT 8,439,070 CAPITAL CREDIT RETIREMENT -1,140 CAPITAL CREDIT RETIREMENT - PY -4,216,270 ASSETS TRANSFERRED TO MPD ELECTRIC COOP IN MERGER -49,573,398 TOTAL -39,946,893
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART XI, LINE 9
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