Laurens Electric Cooperative Inc
100% goes to programs Strong reserves
Laurens Electric Cooperative Inc is a 501(c)(12) organization based in Laurens, South Carolina, registered in 1942, with $163,057,774 in FY2024 revenue. CharityIndex grades it A+, and it directs about 100% of spending to programs.
Po Box 700, Laurens, SC, 29360 EIN 57-0196563 Since 1942
Revenue (FY2024)
$163.1M
▲ 9.5% vs prior year
Public Benefit median: $140K
Expenses (FY2024)
$163.1M
Net assets
$118.7M
Employees
163
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A+
A+Program efficiency40% of the rating100% to programs
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Laurens Electric Cooperative Inc: 100% to programs earns a A+ on this criterion. See the exact thresholds →
AFinancial health25% of the rating9 mo reserves · +0% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Laurens Electric Cooperative Inc: 9 mo reserves · +0% margin earns a A on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Laurens Electric Cooperative Inc: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
ATransparency10% of the rating4 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Laurens Electric Cooperative Inc: 4 of 5 disclosure signals earns a A on this criterion. See the exact thresholds →
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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.
Contact & location
- Address
- Po Box 700, Laurens, SC, 29360
- City
- Laurens
- State
- South Carolina
- Category
- Public & Societal Benefit
- Subcategory
- Public Utilities
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $119.7M (FY2013) to $163.1M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $217.0MNet assets $118.7M
Operating margin
0.0%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$335.7M
Total liabilities
$217.0M
Net assets
$118.7M
Salaries & benefits
$723K
0% of expenses
Board members
9
9 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $163,057,774▲9.5% | $163,057,774▲9.5% | $118,678,818▲5.1% | $335,703,725▲13.0% | 990 |
| 2023 | $148,922,807▲0.6% | $148,922,807▲0.6% | $112,926,239▲8.2% | $297,132,182▲2.5% | 990 |
| 2022 | $148,035,106▲2.7% | $148,035,106▲2.7% | $104,376,219▼0.6% | $289,764,029▲0.6% | 990 |
| 2021 | $144,172,807▲3.6% | $144,172,807▲3.6% | $104,962,488▲16.0% | $287,933,244▲8.0% | 990 |
| 2020 | $139,112,722▼2.2% | $139,112,722▼2.2% | $90,510,623▲20.8% | $266,679,590▲10.0% | 990 |
| 2019 | $142,209,408▼1.8% | $142,209,408▼1.8% | $74,926,602▲4.0% | $242,377,887▲7.6% | 990 |
| 2018 | $144,879,548▲8.9% | $144,879,548▲8.9% | $72,024,214▲10.0% | $225,319,700▲3.6% | 990 |
| 2017 | $133,088,013▲1.0% | $133,088,013▲1.0% | $65,473,663▲8.0% | $217,398,156▲3.2% | 990 |
| 2016 | $131,794,573▲2.9% | $131,794,573▲2.9% | $60,634,653▲3.9% | $210,674,750▼2.1% | 990 |
| 2015 | $128,133,067▼0.3% | $128,133,067▼0.3% | $58,341,043▲10.9% | $215,294,979▲7.0% | 990 |
| 2014 | $128,485,033▲7.3% | $128,485,033▲7.3% | $52,613,179▲12.7% | $201,133,418▲3.8% | 990 |
| 2013 | $119,720,642 | $119,720,642 | $46,674,728 | $193,851,978 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Matthew D Stanley — $325,606 (0.20% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Matthew D Stanley | Pres & Ceo | 50 | $325,606 |
| Nathan Brown | Vp-engineer& | 50 | $247,383 |
| Jim Donahoo | Vp Marketing | 50 | $220,340 |
| Chad Armstrong | Vp of Human | 50 | $218,861 |
| Christopher J Miers | Vp,member Se | 50 | $208,045 |
| Daniel Ott | Vp of It | 50 | $173,559 |
| Marcus Cook | Trustee | 5 | $59,893 |
| Joe T Nicholson | Trustee | 5 | $36,225 |
| Mitchell Powers | Secretary/tr | 5 | $35,038 |
| Charles E Adair | Chairman | 5 | $33,194 |
| William Hendrix | Vice Chairma | 5 | $29,753 |
| Eddie Abrams | Trustee | 5 | $27,698 |
| Jimmie Perry | Trustee | 5 | $25,948 |
| Reid Fisher | Trustee | 5 | $21,848 |
| Janice Cunningham | Trustee | 5 | $11,953 |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Sumter Utilities Inc | System Repair | $3,851,005 |
| Clci Services LLC | Row Clearing | $2,679,619 |
| Spe Unitlity Contractors LLC | Stormwork | $2,131,075 |
| Asplundh LLC | Row Clearing | $1,740,326 |
| Pike Enterprises LLC | System Repair | $1,649,517 |
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Frequently asked questions
- Is Laurens Electric Cooperative Inc a legitimate nonprofit?
- Yes. Laurens Electric Cooperative Inc is a 501(c)(12) organization registered with the U.S. Internal Revenue Service under EIN 57-0196563, based in Laurens, South Carolina.
- What is Laurens Electric Cooperative Inc's EIN?
- Laurens Electric Cooperative Inc's Employer Identification Number (EIN) is 57-0196563.
- How much revenue does Laurens Electric Cooperative Inc report?
- Laurens Electric Cooperative Inc reported $163,057,774 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of Laurens Electric Cooperative Inc's spending goes to programs?
- Laurens Electric Cooperative Inc spends about 100% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Laurens Electric Cooperative Inc have?
- CharityIndex grades Laurens Electric Cooperative Inc A+, based on program efficiency and fundraising cost.
- How much does Laurens Electric Cooperative Inc's highest-paid employee make?
- The highest reported compensation on Laurens Electric Cooperative Inc's latest Form 990 is $325,606, paid to Matthew D Stanley (Pres & Ceo).
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Data for Laurens Electric Cooperative Inc (EIN 57-0196563) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.