Civic Intelligence

Newberry Electric Cooperative Inc

EIN 57-0216285 • 501(c)12 • Newberry, SC

Profile

To provide the best electric service to all who desire it within the system area at the lowest price consistent with highest standards of service.

PO Box 477Newberry, SC 29108

www.nec.coop

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.74x

Higher debt load relative to assets than 93% of similar nonprofits.

501(c)12 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

55th percentile

1.55x

Higher debt load relative to revenue than 55% of similar nonprofits.

501(c)12 • $100M-$250M nonprofits • Source year 2024

Net Margin

48th percentile

0.0%

Higher net margin than 48% of similar nonprofits.

501(c)12 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

73rd percentile

$470,830

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

501(c)12 • $100M-$250M nonprofits • Source year 2024

Asset Growth

87th percentile

12%

Faster asset growth than 87% of similar nonprofits.

501(c)12 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

85th percentile

11%

Faster revenue growth than 85% of similar nonprofits.

501(c)12 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Assets

Up

$112,606,084

Up $12,018,158 (+12%) from 2023

Liabilities

Up

$83,301,701

Up $10,403,751 (+14%) from 2023

Net Assets

Up

$29,304,383

Up $1,614,407 (+5.8%) from 2023

Revenue

Up

$53,742,395

Up $5,183,037 (+11%) from 2023

Expenses

Up

$53,742,395

Up $5,183,037 (+11%) from 2023

Net Income

Flat

$0

Flat from 2023

Trend Graphs

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $50,916,278Liabilities 2010: $34,846,649Net Assets 2010: $16,069,6292010Assets 2011: $50,539,215Liabilities 2011: $33,366,720Net Assets 2011: $17,172,4952011Assets 2012: $50,030,818Liabilities 2012: $33,104,176Net Assets 2012: $16,926,6422012Assets 2013: $53,765,432Liabilities 2013: $36,804,487Net Assets 2013: $16,960,9452013Assets 2014: $58,095,223Liabilities 2014: $40,734,478Net Assets 2014: $17,360,7452014Assets 2015: $58,556,276Liabilities 2015: $41,085,102Net Assets 2015: $17,471,1742015Assets 2016: $67,070,496Liabilities 2016: $48,465,116Net Assets 2016: $18,605,3802016Assets 2017: $69,535,129Liabilities 2017: $49,813,168Net Assets 2017: $19,721,9612017Assets 2018: $77,021,825Liabilities 2018: $55,360,641Net Assets 2018: $21,661,1842018Assets 2019: $78,497,024Liabilities 2019: $58,070,798Net Assets 2019: $20,426,2262019Assets 2020: $82,349,560Liabilities 2020: $59,973,419Net Assets 2020: $22,376,1412020Assets 2021: $89,309,961Liabilities 2021: $64,062,202Net Assets 2021: $25,247,7592021Assets 2022: $94,155,817Liabilities 2022: $67,873,209Net Assets 2022: $26,282,6082022Assets 2023: $100,587,926Liabilities 2023: $72,897,950Net Assets 2023: $27,689,9762023Assets 2024: $112,606,084Liabilities 2024: $83,301,701Net Assets 2024: $29,304,3832024

Highlighted filing

2024

Assets$112,606,084
Liabilities$83,301,701
Net Assets$29,304,383

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $30,458,7582010Expenses 2011: $32,329,7392011Expenses 2012: $30,772,3712012Revenue 2013: $31,392,783Expenses 2013: $31,392,783Net Income 2013: $02013Revenue 2014: $35,651,914Expenses 2014: $35,651,914Net Income 2014: $02014Revenue 2015: $33,736,151Expenses 2015: $33,736,151Net Income 2015: $02015Revenue 2016: $35,109,859Expenses 2016: $35,109,859Net Income 2016: $02016Revenue 2017: $35,516,481Expenses 2017: $35,516,481Net Income 2017: $02017Revenue 2018: $39,280,652Expenses 2018: $39,280,652Net Income 2018: $02018Revenue 2019: $38,703,710Expenses 2019: $39,846,026Net Income 2019: -$1,142,3162019Revenue 2020: $41,242,289Expenses 2020: $40,715,786Net Income 2020: $526,5032020Revenue 2021: $42,292,630Expenses 2021: $41,676,814Net Income 2021: $615,8162021Revenue 2022: $45,705,196Expenses 2022: $45,705,196Net Income 2022: $02022Revenue 2023: $48,559,358Expenses 2023: $48,559,358Net Income 2023: $02023Revenue 2024: $53,742,395Expenses 2024: $53,742,395Net Income 2024: $02024

Highlighted filing

2024

Revenue$53,742,395
Expenses$53,742,395
Net Income$0

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$113$83.3$29.3$53.7$53.7$0.00
2023Detailed filing. Detailed filing data is available for this year.$101$72.9$27.7$48.6$48.6$0.00
2022Detailed filing. Detailed filing data is available for this year.$94.2$67.9$26.3$45.7$45.7$0.00
2021Detailed filing. Detailed filing data is available for this year.$89.3$64.1$25.2$42.3$41.7$0.62
2020Detailed filing. Detailed filing data is available for this year.$82.3$60.0$22.4$41.2$40.7$0.53
2019Detailed filing. Detailed filing data is available for this year.$78.5$58.1$20.4$38.7$39.8$1.14
2018Detailed filing. Detailed filing data is available for this year.$77.0$55.4$21.7$39.3$39.3$0.00
2017Summary only. Only limited summary data is available for this year.$69.5$49.8$19.7$35.5$35.5$0.00
2016Detailed filing. Detailed filing data is available for this year.$67.1$48.5$18.6$35.1$35.1$0.00
2015Detailed filing. Detailed filing data is available for this year.$58.6$41.1$17.5$33.7$33.7$0.00
2014Detailed filing. Detailed filing data is available for this year.$58.1$40.7$17.4$35.7$35.7$0.00
2013Detailed filing. Detailed filing data is available for this year.$53.8$36.8$17.0$31.4$31.4$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$50.0$33.1$16.9$30.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$50.5$33.4$17.2$32.3
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$50.9$34.8$16.1$30.5
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Feb 21, 2025
Return Version
2024v5.0
Gross Receipts
$53,742,395
Mission and Program Overview

Mission

To provide the best electric service to all who desire it within the system area at the lowest price consistent with highest standards of service.

To provide the best electric service to all who desire it within the system at the lowest price consistent with the highest standards of service.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$88,628,152$93,769,418▲ $5,141,266
Rtn Earn Endowment Incm Other Fnds$27,640,586$29,254,623▲ $1,614,037
Investments Program Related$5,271,125$5,734,177▲ $463,052
Prepaid Expenses and Deferred Charges$68,227$5,481,010▲ $5,412,783
Accounts Receivable$3,516,881$3,585,932▲ $69,051
Cash and Non-Interest-Bearing Accounts$1,543,025$2,281,198▲ $738,173
Inventories for Sale or Use$1,555,773$1,685,229▲ $129,456
Savings and Temporary Cash Investments-$64,377-
Cap Stk Tr Prin Current Funds$49,390$49,760▲ $370
Total Assets$100,587,926$112,606,084▲ $12,018,158
Other Assets Total$4,743$4,743→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$66,151,609$75,719,292▲ $9,567,683
Accounts Payable and Accrued Expenses$3,539,906$3,865,642▲ $325,736
Other Liabilities$3,206,435$3,716,767▲ $510,332
Total Liabilities$72,897,950$83,301,701▲ $10,403,751
Net Assets / Fund Balance
Total Net Assets Fund Balance$27,689,976$29,304,383▲ $1,614,407
Total Liabilities and Net Assets / Fund Balance$100,587,926$112,606,084▲ $12,018,158

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$88,865,546$40,333,218$129,198,764
Buildings$4,402,559$2,357,484$6,760,043
Land$501,313-$501,313
Investment Program Related Org$379--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
George Keith AveryPresident anFT$345,909$124,921$470,830
George Keith AveryPresident and CEO-$317,262$153,568$470,830
Kevin ShullVP-engineeriFT$197,098$76,935$274,033
Kevin ShullVP-engineering-$186,111$87,922$274,033
Arthur GuyCFOFT$160,253$87,880$248,133
Leann HuttoVP-human ResFT$146,934$61,620$208,554
Leann HuttoVP-human Resources-$138,342$70,212$208,554
Stephanie SullivanVP-operatiosFT$132,914$65,771$198,685
Stephanie SullivanVP-operatios Support-$122,638$76,047$198,685
Robert ShealyVP-operationFT$126,767$66,946$193,713
Robert ShealyVP-operations-$118,313$75,400$193,713
Johnnie L DickertChairmanPT$44,055-$44,055
J Craig KeslerDirectorPT$42,747-$42,747
Barbara C BishopDirector-$38,566-$38,566
Melanie B HawkinsDirectorPT$38,472-$38,472
John Wayne NicholsSecretary/trPT$36,954-$36,954
Douglas E HippDirectorPT$35,134-$35,134
Blake BrigmanDirectorPT$29,922-$29,922
William B Lominick SrVice ChairmaFT$27,847-$27,847
Leon Fulmer JrDirectorPT$27,104-$27,104

Highest Paid Contractors

ContractorServicesLocationCompensation
Lee Electrical Construction INCConstruction12828 HWY 15 501 SOUTH, Aberdeen, NC 28315$3,154,652
Ellason Grading And LandscapeRight Of WayPO BOX 947, Simpsonville, SC 29681$1,732,065
Southeast Utilities Of GeorgiaFiber1020 FRANKE INDUSTRIAL DR, Augusta, GA 30909$836,705
Peach Tree UtilitiesFiber140 CORLEY TRL, Monetta, SC 29105$496,227
Jacksons Global Solutions LLCFiber403 FURYS FERRY RD SUITE 100, Martinez, GA 30907$261,555
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$53,633,554
Investment Income
$69,341
Other Revenue
$39,500
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$53,742,395
Revenue Not Reported on Form 990
$-800,000
Total Revenue per Audited Statements
$52,942,395
Total Revenue per Form 990
$53,742,395
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$50,063,925
Salaries, Compensation, and Employee Benefits$791,630
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$3,724,301
Interest---$3,082,615
Benefits to Members---$2,886,840
All Other Expenses---$2,352,714
Other Expenses---$2,122,239
Current Officers, Directors, Trustees, and Key Employees---$791,630
Total Functional Expenses$0$0$0$53,742,395

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$53,742,395
Expenses per Audited Statements$50,855,555
Total Expenses per Audited Statements$50,855,555
Expenses Not Reported on Financial Statements$2,886,840
Other Expense Adjustments$2,886,840
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
Political Expenditures$4,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Asc 980 Regulatory Liability$1,698,000
Consumer Deposits$973,902
Deferred Credits$608,965
Apbo$435,900
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 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 the 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 the board policy that is included as a part of this return.

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

The executive committee meets annually to review the performance of the president and ceo. They utilize nreca salary data for comparison and make recommendations to the board of directors. The board of directors discusses and votes on the recommendations of the executive committee.

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

Compensation for key employees is reviewed and approved through the use of a wage and salary plan administered by the ceo and approved by the member elected board.

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.

Form 990, Part VII

South carolina state law ( 33-49-615) requires south carolina electric cooperatives to make specific compensation disclosures available to the public. These disclosures are in excess of the compensation disclosures required by form 990. The corporation will make the disclosures required by state law available to the public on or before may 15, 2025.

Filing and Contact Details

Filer

Filer Name
Newberry Electric Cooperative Inc
EIN
57-0216285
Phone
8032761121
Address
PO BOX 477, NEWBERRY, SC 29108

Signing Officer

Name
George Keith Avery
Title
President and CEO
Phone
8032761121
Signed
2025-02-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
George Keith Avery
Formed
1940
Legal Domicile
Sc
Voting Board Members
9
Independent Board Members
9
Employees
50

Preparer

Firm
Mcnair Mclemore Middlebrooks & Co LLC
Address
POST OFFICE BOX ONE, MACON, GA 31202-0001
Preparer
William R Rountree
Phone
4787466277
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Patronage capital assigned to members 2,886,840 change in membership fees 370 change in other equities 38,205 retirement of capital credits -401,982 deferred revenue - asc 980 -800,000 other comprehensive income -109,026 total 1,614,407

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

Deferred revenue - asc 980 -800,000

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

Benefits paid to members 2,886,840

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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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0DEFERRED REVENUE - ASC 980 -800,000
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1BENEFITS PAID TO MEMBERS 2,886,840
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XII, LINE 4B
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount27688
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount36179

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