2024-04-18T07:18:51-05:00 2023-12-31 570381582 ELLIOTT DAVIS LLCPLLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2023-01-01 570161235 FAIRFIELD ELECTRIC COOPERATIVE INC FAIR 8037540153 PO BOX 2500 BLYTHEWOOD SC 29016 BRUCE G BACON CEO 8037540153 2024-04-15 1 BRUCE BACON 999009999 0 JANICE A RATICA P00358837 7043338881 2024-04-15 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z BRUCE G BACON PO BOX 2500 BLYTHEWOOD SC 29016 83150451 0 X WWW.FAIRFIELD.COOP X 1939 SC PROVIDE OUR MEMBERS QUALITY ENERGY SERVICES AT A FAIR AND REASONABLE PRICE. 11 11 82 0 0 0 0 0 79358148 82743211 308462 406501 0 0 79666610 83149712 0 0 1597893 3506162 436530 486829 0 0 0 76598291 77443029 78632714 81436020 1033896 1713692 145854723 146272088 92892902 91935780 52961821 54336308 TO SERVE OUR MEMBERS AND OUR COMMUNITY BY PROVIDING SAFE, RELIABLE, AND INNOVATIVE ENERGY SERVICES. 0 0 THE COOPERATIVE PROVIDED ENERGY SERVICES TO MORE THAN 25,000 MEMBERS ON A COOPERATIVE BASIS IN FAIRFIELD, KERSHAW, RICHLAND, CHESTER AND YORK COUNTIES. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 77 0 1 82 1 0 0 0 0 0 80804815 1022051 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X ERIK MARSHA 8037540153 701 BLYTHEWOOD RD BLYTHEWOOD SC 29016 BRUCE G BACON CEO 45.00 X 257058 19852 140281 THOMAS S BLACK VP OF ENGINEERING 45.00 X 190379 0 113803 MARVIN M PRICE VP OF INFORMATION TECHNOLOGY 45.00 X 154014 0 90668 BRANDON M BOONE VP OF OPERATIONS 45.00 X 147859 0 86552 DOUGLAS M PAYNE VP OF MEMBER SERVICES 45.00 X 146248 0 77045 ERIK A MARSHA VP OF FINANCE 45.00 X 138370 0 69158 ROBERT ENTZMINGER VICE PRESIDENT 7.00 X X 36794 0 0 MITCHELL D RABON PRESIDENT 7.00 X X 33003 12762 0 ROBERT KENNETH MILES SECRETARY 7.00 X X 28710 0 0 DERIAL L OGBURN TRUSTEE 7.00 X 25300 0 0 WILLIAM M GOOD TRUSTEE 7.00 X 23350 0 0 PEGGY D SWEARINGEN TRUSTEE 7.00 X 19668 0 0 CYNTHIA ABLE TRUSTEE 7.00 X 16000 0 0 BRUCE E HONEYCUTT TRUSTEE 7.00 X 14700 0 0 TIMOTHY L HOPKINS TRUSTEE 7.00 X 14200 0 0 JOHN E ROBERTS III TREASURER 7.00 X X 9948 0 0 KEITH LEWIS TRUSTEE 7.00 X 8098 0 0 1263699 32614 577507 6 0 1 0 RIGHT WAY TREE EXPERTS LLC 8377 WASH DAVIS RD SUMMERTON SC 29148 TREE CUTTING SERVICES 1879873 LUNSFORD GROUP INC 14 OLD CHARLOTTE HWY ASHEVILLE NC 28803 LEGAL SERVICES 284315 BRANHAMS LANDSCAPING LLC 968 PINEVIEW LAKES RD CHESTER SC 29706 LANDSCAPING SERVICES 282350 SMITH ROBINSON HOLLER DUBOSE AND MORGAN PO DRAWER 39 CAMDEN SC 29021 LEGAL SERVICES 136550 A CUT ABOVE LAWN CARE 428 TAYLOR RD LUGOFF SC 29078 LANDSCAPING SERVICES 134850 5 ELECTRIC REVENUE 221000 80644019 80644019 POLE RENTAL 221000 1077141 1077141 OTHER CAPITAL CREDITS 221000 605451 605451 G&T CAPITAL CREDITS 221000 416600 416600 82743211 395840 395840 11400 739 10661 10661 10661 83149712 81666070 0 1483642 X 3506162 486829 3034 543564 334945 352082 2732544 6162217 PURCHASED POWER 51169578 DISTRIBUTION OPERATIONS 5866778 DISTRIBUTION MAINTENANC 5784179 CONSUMER ACCOUNTS 1768385 2725723 81436020 5570330 5618740 8815366 3917173 4822102 6310922 1335917 1516936 262378 262199 196689442 76933867 117060660 119755575 7949978 8826222 37992 64321 145854723 146272088 12277702 11816180 73025664 70542990 7589536 9576610 92892902 91935780 X 135125 139305 0 0 52826696 54197003 52961821 54336308 145854723 146272088 X 1713692 -339205 X X 0 1 X 1 0 2295902 2295902 10925870 3409234 7516636 183467670 73524633 109943037 119755575 INVESTMENTS IN ASSOCIATED ORGANIZATIONS 7636166 C CFC CTC'S 646082 C EQUITY INVESTMETN IN FES 543974 C 8826222 REGULATORY LIABILITIES - ASC 980 7500000 CONSUMER DEPOSITS 1645050 UNCLAIMED CAPITAL CREDITS 431560 9576610 X 81622513 172801 172801 81449712 1700000 1700000 83149712 77929858 0 77929858 3506162 3506162 81436020 PART X, LINE 2: FECI IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE (IRC) WHICH PROVIDES, IN PART, THAT THE CORPORATION DERIVE AT LEAST 85 PERCENT OF ITS ANNUAL GROSS INCOME FROM MEMBERS TO RETAIN THE EXEMPTION. THE CORPORATION WILL MEET THE REQUIREMENTS FOR THE TAX YEAR ENDED DECEMBER 31, 2023. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE WHOLLY OWNED SUBSIDIARY, FESC, IS A TAXABLE ENTITY, AND ANY TAXES RESULTING FROM OPERATIONS ARE NOT CONSIDERED TO BE SIGNIFICANT. PART XI, LINE 2D - OTHER ADJUSTMENTS: POST RETIREMENT BENEFIT PLAN LOSS 172,801. PART XI, LINE 4B - OTHER ADJUSTMENTS: ASC 980 REGULATORY LIABILITY 1,700,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL CREDITS - PAID TO MEMBERS 3,506,162. X X X X 0 0 0 BRUCE G BACON CEO 257058 19852 0 0 0 0 95289 0 44992 0 397339 19852 0 0 THOMAS S BLACK VP OF ENGINEERING 190379 0 0 0 0 0 73108 0 40695 0 304182 0 0 0 MARVIN M PRICE VP OF INFORMATION TECHNOLOGY 154014 0 0 0 0 0 58259 0 32409 0 244682 0 0 0 BRANDON M BOONE VP OF OPERATIONS 147859 0 0 0 0 0 50163 0 36389 0 234411 0 0 0 DOUGLAS M PAYNE VP OF MEMBER SERVICES 146248 0 0 0 0 0 54787 0 22258 0 223293 0 0 0 ERIK A MARSHA VP OF FINANCE 138370 0 0 0 0 0 46501 0 22657 0 207528 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE IS ORGANIZED WITHOUT CAPITAL STOCK AND THERE IS ONLY ONE CLASS OF MEMBERS WITH RESPECT TO VOTING RIGHTS. ALL PATRONS WHO RECEIVE ELECTRIC SERVICE FROM THE COOPERATIVE, COMPLY WITH THE BYLAWS AND PAY THE MEMBERSHIP FEE ARE VOTING MEMBERS. EACH MEMBER IS ENTITLED TO ONE VOTE. MEMBERS RECEIVE A SHARE OF THE COOPERATIVE'S MARGINS THROUGH AN ALLOCATION AND APPROVED RETIREMENT OF PATRONAGE CAPITAL. FORM 990, PART VI, SECTION A, LINE 7A THE COOPERATIVE IS DIVIDED INTO NINE SINGLE-MEMBER DISTRICTS. IN ADDITION THERE ARE TWO DISTRICTS AT-LARGE WITH ONE TRUSTEE EACH. MEMBERS CAN ONLY VOTE FOR TRUSTEES IN THEIR RESPECTIVE DISTRICT AS WELL AS THE DISTRICTS AT-LARGE. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN DECISIONS REQUIRE THE APPROVAL OF MEMBERS, SUCH AS (A) MAKING CHANGES IN THE BYLAWS OR ARTICLES OF INCORPORATION, (B) CONSOLIDATION, MERGER, OR SALE/LEASE/EXCHANGE OF SUBSTANTIALLY ALL OF THE COOPERATIVE'S PROPERTY NOT IN THE ORDINARY COURSE OF BUSINESS, AND (C) DISSOLUTION OF THE COOPERATIVE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE BOARD WITH ALL SUPPORTING DOCUMENTATION MADE AVAILABLE TO THEM. FORM 990, PART VI, SECTION B, LINE 12C THE COOPERATIVE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THEIR CONFLICT OF INTEREST POLICY. THE CEO ASSISTS THE BOARD OF TRUSTEES TO ENSURE COMPLIANCE WITH THIS POLICY. IN THE EVENT OF A POTENTIAL CONFLICT OF INTEREST, THE BOARD CHAIR WILL COUNSEL THE TRUSTEE AS REQUIRED TO ENSURE COMPLIANCE. GENERAL COUNSEL WILL ADVISE INDIVIDUAL TRUSTEES AND OR THE BOARD OF TRUSTEES REGARDING COMPLIANCE WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE CEO IS REVIEWED AND APPROVED THROUGH THE USE OF FORM 990 INFORMATION OF OTHER COOPERATIVES, A COMPENSATION SURVEY, AND A PERFORMANCE REVIEW CONDUCTED BY THE MEMBER-ELECTED BOARD. COMPENSATION FOR KEY EMPLOYEES IS REVIEWED AND APPROVED THROUGH THE USE OF AN ANNUAL PERFORMANCE EVALUATION PERFORMED BY THE CEO AND IN ACCORDANCE WITH THE BOARD APPROVED WAGE AND SALARY STUDY. ALL DECISIONS ARE DOCUMENTED FORM 990, PART VI, SECTION C, LINE 19 THE COOPERATIVE MAKES ITS BYLAWS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PART IX, LINE 4: THE IRS INSTRUCTIONS STATE THAT PATRONAGE DIVIDENDS PAID BY A SECTION 512(C)12 ORGANIZATION TO THEIR MEMBERS SHOULD BE REPORTED ON LINE 4. THE ORGANIZATION HAS INTERPRETED "PATRONAGE DIVIDENDS PAID" TO MEAN PATRONAGE DIVIDEND ALLOCATED OR TO BE ALLOCATED (I.E. NET MARGINS ASSIGNED OR ASSIGNABLE) TO ITS MEMBERS FOR THE CURRENT YEAR. SINCE THIS ALLOCATION IS NOT A CURRENT PERIOD EXPENSE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) BUT RATHER REPORTED IN THE AUDITED FINANCIAL STATEMENTS AS AN INCREASE IN EQUITY, THIS HAS RESULTED IN A RECONCILING ITEM TO NET ASSETS IN PART XI, PAGE 12, LINE 9 OF FORM 990. FORM 990, PART XI, LINE 9: MEMBERSHIPS 4,180. PATRONAGE CAPITAL CREDITS 3,506,160. RETIREMENT OF PATRONAGE CAPITAL -2,167,187. ASC DEFERRED REVENUE ACTIVITY -1,700,000. POST RETIREMENT BENEFIT PLAN LOSS 17,642. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FOOTNOTE REGARDING MEMBERSHIP IN CERTAIN ORGANIZATIONS FAIRFIELD ELECTRIC COOPERATIVE (FEC) IS A MEMBER OF A NUMBER OF ORGANIZATIONS WHERE A FEC OFFICER OR TRUSTEE MAY SERVE AS FEC'S REPRESENTATIVE ON THE BOARD OF TRUSTEES. THESE INDIVIDUALS SERVE AT THE PLEASURE OF FEC AND CAN SERVE ONLY AS LONG AS THEY REPRESENT FEC. THE FOLLOWING INDIVIDUALS SERVED IN SUCH POSITIONS: 1. BRUCE BACON (CEO): BRUCE IS A TRUSTEE OF COOPERATIVE ELECTRIC ENERGY UTILITY SUPPLY AND ITS WHOLLY OWNED SUBSIDIARY LINE EQUIPMENT SALES COMPANY (CEEUS) AND DID NOT RECEIVE COMPENSATION FROM THIS ORGANIZATION. BRUCE IS A TRUSTEE OF THE ELECTRIC COOPERATIVES OF SOUTH CAROLINA (ECSC) AND DID NOT RECEIVE COMPENSATION FROM THIS ORGANIZATION. BRUCE IS A TRUSTEE OF CENTRAL ELECTRIC COOPERATIVE, INC. (CENTRAL) AND RECEIVED COMPENSATION IN THE AMOUNT OF $19,852 DURING 2023 FROM THIS ORGANIZATION. 2. MITCHELL RABON (PRESIDENT): MITCH IS A TRUSTEE OF CENTRAL ELECTRIC AND RECEIVED COMPENSATION IN THE AMOUNT OF $12,762 DURING 2023 FROM THIS ORGANIZATION. 3. ROBERT ENTZMINGER (VICE PRESIDENT): ROBERT IS A TRUSTEE OF CEE-US AND DID NOT RECEIVE COMPENSATION FROM THIS ORGANIZATION. 4. DERIAL OGBURN (TRUSTEE): DERIAL IS A TRUSTEE OF ECSC AND DID NOT RECEIVE COMPENSATION FROM THIS ORGANIZATION. COOPERATIVE ELECTRIC ENERGY UTILITY SUPPLY (CEEUS): CEEUS IS A CORPORATION ORGANIZED TO FOSTER, DEVELOP AND ENCOURAGE PROGRAMS OF RURAL ELECTRIFICATION IN SOUTH CAROLINA AND ELSEWHERE BY PROVIDING A NONPROFIT DISTRIBUTOR FOR ELECTRICAL SUPPLIES, EQUIPMENT, FUEL AND ENERGY. IN ADDITION, CEEUS HAS ESTABLISHED A UNIFORM PRICE AND CONSTANT SUPPLY THROUGHOUT ITS SERVICE AREAS BY THE METHOD OF MASS PURCHASING, MANUFACTURING AND OTHERWISE. FEC PAID $6,413,260 FOR GOODS PURCHASED FROM CEEUS DURING 2023. THE ELECTRIC COOPERATIVES OF SOUTH CAROLINA (ECSC): ECSC IS A NOT-FOR-PROFIT CORPORATION TO 1) FOSTER, DEVELOP AND ENCOURAGE THE PROGRAM OF RURAL ELECTRIFICATION IN THE STATE OF SOUTH CAROLINA, 2) FURTHER THE GENERAL WELFARE AND TO PROMOTE THE INTEREST OF THE MEMBERS OF ECSC; TO FURTHER THE SAFETY, STABILITY, SECURITY AND PROSPERITY OF ELECTRIC COOPERATIVES; TO AID IN SOLVING THE PROBLEMS COMMON TO ELECTRIC COOPERATIVES, 3) DISSEMINATE INFORMATION RELATING TO THE RURAL ELECTRIFICATION PROGRAM; TO COOPERATE WITH FEDERAL, STATE AND MUNICIPAL AGENCIES IN THE PROMOTION OF RURAL ELECTRIFICATION AND NATIONAL, STATE, COMMUNITY AND RURAL DEVELOPMENT; TO PROVIDE SERVICES AND INFORMATIONAL PROGRAMS THAT WILL STIMULATE LOCAL GROWTH, STABILITY AND SECURITY AND STRENGHTEN THE ELECTRIC COOPERATIVE PROGRAM IN SOUTH CAROLINA, 4) OTHERWISE ASSIST THE MEMBERS OF ECSC TO PROVIDE ELECTRIC ENERGY TO INHABITANTS OF MEMBER SERVICE AREAS AT THE LOWEST POSSIBLE COST CONSISTENT WITH SOUND ECONOMY, AND 5) OPERATE ALWAYS FOR THE BENEFIT OF ITS MEMBER COOPERATIVES AND THROUGH THEM FOR THE BENEFIT OF THEIR CONSUMERS, DOING THOSE THINGS THROUGH ECSC THAT CAN BE DONE BETTER THAN INDIVIDUALLY. FEC PAID $501,321 FOR SERVICES PROVIDED BY ECSC DURING 2023. CENTRAL ELECTRIC COOPERATIVE, INC. (CENTRAL): CENTRAL IS A GENERATION AND TRANSMISSION COOPERATIVE THAT EXISTS SOLELY FOR THE BENEFIT OF ITS MEMBERS. CENTRAL PROVIDES A RELIABLE, LONG-TERM AND STABLE SUPPLY OF POWER WHICH ACCOMODATES GROWTH AT THE LOWEST POSSIBLE COST CONSISTENT WITH GOOD UTILITY PRACTICE. CENTRAL PROVIDES FOR RELIABLE DELIVERY OF POWER WHEN AND WHERE DESIRED, CONSISTENT WITH APPLICABLE GUIDELINES. CENTRAL PROVIDES ADDITIONAL ENERGY-RELATED OR DELIVERY-RELATED SERVICES, AS DIRECTED BY ITS BOARD OF TRUSTEES. FEC PAID $51,169,578 FOR SERVICES PROVIDED BY CENTRAL DURING 2023. FAIRFIELD ELECTRIC DEVELOPMENT CORPORATION PO BOX 2500 BLYTHEWOOD SC 29016 570936151 ECONOMIC DEVELOPMENT SC FAIRFIELD ELECTRIC SERVICES CORPORATION C 1.00000 0 FAIRFIELD ELECTRIC SERVICES CORPORATION PO BOX 2500 BLYTHEWOOD SC 29016 570936152 SECURITY SYSTEMS SC FAIRFIELD ELECTRIC COOPERATIVE C 13689 543974 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 FAIRFIELD ELECTRIC SERVICES CORPORATION N 0 FAIRFIELD ELECTRIC SERVICES CORPORATION L 0