Civic Intelligence

Pee Dee Electric Cooperative Inc

990 • Fiscal year 2019 • EIN 57-0223728

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

Organization ProfilePEEDEEELECTRIC.COM

View Organization Page

PO Box 491Darlington, SC 29540

(843) 665-4070

Siviq Scores

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

Liabilities / Assets

51st percentile

0.55x

Higher debt load relative to assets than 51% of similar nonprofits.

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

Liabilities / Revenue

31st percentile

1.10x

Higher debt load relative to revenue than 31% 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

76th percentile

$394,855

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

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

Asset Growth

56th percentile

4.0%

Faster asset growth than 56% of similar nonprofits.

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

Revenue Growth

44th percentile

-0.2%

Faster revenue growth than 44% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets51st percentile

Assets

Up

$172,210,910

Up $6,553,961 (+4.0%) from 2018

Net Assets

Up

$77,359,081

Up $3,176,175 (+4.3%) from 2018

Liabilities

Up

$94,851,829

Up $3,377,786 (+3.7%) from 2018

Revenue And Expenses
Liabilities / Revenue31st percentileNet Margin52nd percentile

Revenue

Down

$86,449,654

Down $213,860 (-0.2%) from 2018

Expenses

Down

$86,449,654

Down $213,860 (-0.2%) from 2018

Net Income

Flat

$0

Flat from 2018

Historical Trend

Balance Sheet Trend

Asset Growth56th percentile

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

$200M$150M$100M$50M$0Assets 2010: $141,126,893Liabilities 2010: $84,031,003Net Assets 2010: $57,095,8902010Assets 2011: $138,021,695Liabilities 2011: $79,727,932Net Assets 2011: $58,293,7632011Assets 2012: $138,583,431Liabilities 2012: $77,328,695Net Assets 2012: $61,254,7362012Assets 2013: $147,384,862Liabilities 2013: $81,010,393Net Assets 2013: $66,374,4692013Assets 2014: $151,649,753Liabilities 2014: $82,632,844Net Assets 2014: $69,016,9092014Assets 2015: $148,923,704Liabilities 2015: $78,296,345Net Assets 2015: $70,627,3592015Assets 2016: $155,097,142Liabilities 2016: $83,517,562Net Assets 2016: $71,579,5802016Assets 2017: $163,841,906Liabilities 2017: $90,146,577Net Assets 2017: $73,695,3292017Assets 2018: $165,656,949Liabilities 2018: $91,474,043Net Assets 2018: $74,182,9062018Assets 2019: $172,210,910Liabilities 2019: $94,851,829Net Assets 2019: $77,359,0812019Assets 2020: $173,569,454Liabilities 2020: $92,027,052Net Assets 2020: $81,542,4022020Assets 2021: $181,919,242Liabilities 2021: $83,697,800Net Assets 2021: $98,221,4422021Assets 2022: $120,633,873Liabilities 2022: $18,981,410Net Assets 2022: $101,652,4632022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2019

Assets$172,210,910
Liabilities$94,851,829
Net Assets$77,359,081
Open 2019 Filing

Operations Trend

Revenue Growth44th percentile

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

$100M$50M$0-$50MExpenses 2010: $77,469,2142010Expenses 2011: $80,978,6492011Revenue 2012: $79,718,449Expenses 2012: $79,718,449Net Income 2012: $02012Revenue 2013: $81,811,013Expenses 2013: $81,811,013Net Income 2013: $02013Revenue 2014: $84,764,058Expenses 2014: $84,764,058Net Income 2014: $02014Revenue 2015: $80,108,204Expenses 2015: $80,108,204Net Income 2015: $02015Revenue 2016: $81,127,850Expenses 2016: $81,127,850Net Income 2016: $02016Revenue 2017: $80,507,780Expenses 2017: $80,507,780Net Income 2017: $02017Revenue 2018: $86,663,514Expenses 2018: $86,663,514Net Income 2018: $02018Revenue 2019: $86,449,654Expenses 2019: $86,449,654Net Income 2019: $02019Revenue 2020: $82,592,809Expenses 2020: $82,592,809Net Income 2020: $02020Revenue 2021: $94,464,000Expenses 2021: $92,779,085Net Income 2021: $1,684,9152021Revenue 2022: $97,590,031Expenses 2022: $96,608,403Net Income 2022: $981,6282022Revenue 2023: $76,610,172Expenses 2023: $77,306,139Net Income 2023: -$695,9672023

Highlighted filing

2019

Revenue$86,449,654
Expenses$86,449,654
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
$86,449,654
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$106,712,843$109,272,929▲ $2,560,086
Rtn Earn Endowment Incm Other Fnds$74,055,116$77,230,686▲ $3,175,570
Savings and Temporary Cash Investments$12,642,008$16,248,503▲ $3,606,495
Prepaid Expenses and Deferred Charges$14,184,616$13,202,393▼ $982,223
Investments Program Related$10,676,198$11,677,882▲ $1,001,684
Accounts Receivable$9,315,021$8,408,629▼ $906,392
Other Notes and Loans Receivable, Net$3,521,880$3,162,236▼ $359,644
Inventories for Sale or Use$1,441,451$1,464,610▲ $23,159
Cash and Non-Interest-Bearing Accounts$1,411,245$1,357,497▼ $53,748
Cap Stk Tr Prin Current Funds$127,790$128,395▲ $605
Total Assets$165,656,949$172,210,910▲ $6,553,961
Other Assets Total$5,751,687$7,416,231▲ $1,664,544
Liabilities
Mortgage Notes Payable Secured by Investment Property$79,530,955$82,275,574▲ $2,744,619
Accounts Payable and Accrued Expenses$8,689,443$9,263,104▲ $573,661
Other Liabilities$3,253,645$3,313,151▲ $59,506
Total Liabilities$91,474,043$94,851,829▲ $3,377,786
Net Assets / Fund Balance
Total Net Assets Fund Balance$74,182,906$77,359,081▲ $3,176,175
Total Liabilities and Net Assets / Fund Balance$165,656,949$172,210,910▲ $6,553,961

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$104,707,103$73,430,724$178,137,827
Buildings$3,788,274$5,949,303$9,737,577
Land$777,552-$777,552
Investment Program Related Org$2,100--
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael S FullerPresident &FT$251,445$143,410$394,855
Michael S FullerPresident & CEO-$244,025$150,830$394,855
Jack R Dearhart IiiVP OperationFT$135,598$90,199$225,797
Jack R Dearhart IiiVP Operations-$129,972$95,825$225,797
Lori StuckeyVP Member SeFT$131,405$89,628$221,033
Lori StuckeyVP Member Services-$130,310$90,723$221,033
Jeffery SingletaryVP MarketingFT$125,076$94,408$219,484
Jessica MasonVP AccountinFT$128,883$90,221$219,104
Jessica MasonVP Accounting-$128,210$90,894$219,104
Michael RallingsVP EngineeriFT$137,916$76,515$214,431
Michael RallingsVP Engineering-$132,074$82,357$214,431
Lee WhiteTrusteePT$32,891-$32,891
Hamer ParnellTrusteePT$32,605-$32,605
Don TealTrusteePT$29,348-$29,348
James a Goodson JrChairmanPT$28,055-$28,055
David HowellTrusteePT$27,512-$27,512
Preston GaineyVice ChairmaPT$15,554-$15,554
Frederick Lashon SellersTrusteePT$14,854-$14,854
William F Rogers JrTrusteePT$14,711-$14,711
Robert NortonTrusteePT$14,204-$14,204
Patricia Thomas-toneySec./treasPT$4,279$4,825$9,104

Highest Paid Contractors

ContractorServicesLocationCompensation
Fvs LLC-817 PHILLIPS ROAD, Walterboro, SC 29488$109,112
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$84,853,762
Investment Income
$846,998
Other Revenue
$748,894
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$86,449,654
Total Revenue per Audited Statements
$86,449,654
Total Revenue per Form 990
$86,449,654
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$80,784,201
Salaries, Compensation, and Employee Benefits$613,693
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$5,756,252--$5,756,252
Benefits to Members$5,051,760--$5,051,760
Other Expenses$3,998,465--$3,998,465
All Other Expenses$3,475,414--$3,475,414
Interest$2,128,603--$2,128,603
Current Officers, Directors, Trustees, and Key Employees$613,693--$613,693
Total Functional Expenses$86,449,654$0$0$86,449,654

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$86,449,654
Expenses per Audited Statements$81,397,894
Total Expenses per Audited Statements$81,397,894
Expenses Not Reported on Financial Statements$5,051,760
Other Expense Adjustments$5,051,760
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$1,804,056
Regulatory Liabilites - Asc 980$1,500,000
Deferred Credits$9,095
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
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 included as a part of this return.”

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

“The cooperative has members who elect fellow 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 approved through the use of a systematic wage and salary plan as well as a performance review conducted by the member-elected board.”

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

“Compensation review and approval for other key employees is conducted by the president and ceo within the limitations of the wage and salary plan and policy and budget 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 upon request along with its 990 as reflected in part vi section c line 18.”

Filing and Contact Details

Filer

Filer Name
Pee Dee Electric Cooperative Inc
EIN
57-0223728
Phone
8436654070
Address
PO BOX 491, DARLINGTON, SC 29540

Signing Officer

Name
James a Goodson Jr
Title
Chairman
Phone
8436654070
Signed
2020-10-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James a Goodson Jr
Formed
1939
Legal Domicile
Sc
Voting Board Members
10
Independent Board Members
10
Employees
90

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

“Patronage capital credit retirements 130,586 membership fees 605 other comprehensive income 1,221,774 patronage capital credits 5,051,760 patronage capital retirements -3,228,550 total 3,176,175”

Financial Statement Notes

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

“Patronage capital credits 5,051,760”

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IRS990/Form990PartVIISectionAGrp/TitleTxt12VP MARKETING
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP ACCOUNTIN
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IRS990/OtherExpensesGrp/TotalAmt16493390
IRS990/OtherExpensesGrp/TotalAmt24629924
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IRS990/OtherSourcesGrossIncomeAmt01045023
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt03162236
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IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt014184616
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt013202393
IRS990/PrincipalOfficerNm0JAMES A GOODSON JR
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/Desc0ELECTRIC REVENUE
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IRS990/ProgramServiceRevenueGrp/Desc2POLE RENTAL
IRS990/ProgramServiceRevenueGrp/Desc3MISCESCELLAENOUS REVENUE
IRS990/ProgramServiceRevenueGrp/ExclusionAmt0205522
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt084202983
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1418582
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt226675
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1418582
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IRS990/PYBenefitsPaidToMembersAmt05382772
IRS990/PYInvestmentIncomeAmt0983149
IRS990/PYOtherExpensesAmt080645975
IRS990/PYOtherRevenueAmt0-126296
IRS990/PYProgramServiceRevenueAmt085806661
IRS990/PYSalariesCompEmpBnftPaidAmt0634767
IRS990/PYTotalExpensesAmt086663514
IRS990/PYTotalRevenueAmt086663514
IRS990/ReconcilationRevenueExpnssAmt00
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IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0true
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt077230686
IRS990/SavingsAndTempCashInvstGrp/BOYAmt012642008
IRS990/SavingsAndTempCashInvstGrp/EOYAmt016248503
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt03788274
IRS990ScheduleD/BuildingsGrp/DepreciationAmt05949303
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt09737577
IRS990ScheduleD/EquipmentGrp/BookValueAmt0104707103
IRS990ScheduleD/EquipmentGrp/DepreciationAmt073430724
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0178137827
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt05051760
IRS990ScheduleD/ExpensesSubtotalAmt081397894
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt03465397
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt13374067
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt21616022
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt31529904
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt4610641
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt5474503
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt6390360
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt7189653
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt822286
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt92949
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt102100
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0ACCUMULATED EQUITY - ELECTRICOM
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1CENTRAL
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2CFC CTC'S
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3CEE US
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc4COBANK
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc5FEDERATED
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc6CFC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc7NISC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc8CRC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc9NRTC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc10OTHER
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd3C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd4C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd5C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd6C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd7C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd8C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd9C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd10C
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0777552
IRS990ScheduleD/OtherExpensesNotIncludedAmt05051760
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01804056
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11500000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt29095
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CONSUMER DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1REGULATORY LIABILITES - ASC 980
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2DEFERRED CREDITS
IRS990ScheduleD/RevenueSubtotalAmt086449654
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PATRONAGE CAPITAL CREDITS 5,051,760
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XII, LINE 4B
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt429935

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$172,210,910
Liabilities
$94,851,829
Net assets
$77,359,081
Revenue
$86,449,654
Expenses
$86,449,654
Net income
$0
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.00$0.00$76.6$77.3$0.70
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$121$19.0$102$97.6$96.6$0.98
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$182$83.7$98.2$94.5$92.8$1.68
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$174$92.0$81.5$82.6$82.6$0.00
2019Detailed filing. Detailed filing data is available for this year.$172$94.9$77.4$86.4$86.4$0.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$166$91.5$74.2$86.7$86.7$0.00
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$164$90.1$73.7$80.5$80.5$0.00
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$155$83.5$71.6$81.1$81.1$0.00
2015Detailed filing. Detailed filing data is available for this year.$149$78.3$70.6$80.1$80.1$0.00
2014Detailed filing. Detailed filing data is available for this year.$152$82.6$69.0$84.8$84.8$0.00
2013Detailed filing. Detailed filing data is available for this year.$147$81.0$66.4$81.8$81.8$0.00
2012Summary only. Only limited summary data is available for this year.$139$77.3$61.3$79.7$79.7$0.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$138$79.7$58.3$81.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$141$84.0$57.1$77.5