2022-03-04T15:33:10-06:00 2021-12-31 570381582 ELLIOTT DAVIS LLCPLLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2021-01-01 570161235 FAIRFIELD ELECTRIC COOPERATIVE INC FAIR 8037540153 PO BOX 2500 BLYTHEWOOD SC 29016 BRUCE G BACON CEO 8037540153 2022-03-03 1 BRUCE BACON 999009999 JANICE A RATICA P00358837 7043338881 2022-03-03 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z BRUCE G BACON PO BOX 2500 BLYTHEWOOD SC 29016 76049327 0 X WWW.FAIRFIELD.COOP X 1939 SC PROVIDE OUR MEMBERS QUALITY ENERGY SERVICES AT A FAIR AND REASONABLE PRICE. 10 10 79 0 0 0 825410 347310 73268526 75357289 297538 159995 0 0 74391474 75864594 0 0 4553004 2656675 429117 484805 0 0 0 69009350 70907985 73991471 74049465 400003 1815129 138749434 136717721 86794613 83761899 51954821 52955822 PROVIDE OUR MEMBERS QUALITY ENERGY SERVICES AT A FAIR AND REASONABLE PRICE. 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 1 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 1 1 0 0 0 0 1 1 0 0 1 51 0 1 79 1 0 0 0 0 0 74784342 474506 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X VICKY MELVIN 8037540153 701 BLYTHEWOOD RD BLYTHEWOOD SC 29016 BRUCE G BACON CEO 45.00 X 197059 0 108129 THOMAS S BLACK VP OF ENGINEERING 45.00 X 178287 0 103619 STEVEN G DAVIDSON IT DIRECTOR 45.00 X 142430 0 88025 KEVIN B SHULL VP OF OPERATIONS 45.00 X 139279 0 71437 DOUGLAS M PAYNE VP MEMBER SERVICES 45.00 X 133367 0 77475 PATRA H MASON DIRECTOR OF ADMIN SERVICES 45.00 X 124017 0 73636 MITCHELL D RABON PRESIDENT 7.00 X X 39517 0 0 ROBERT ENTZMINGER VICE PRESIDENT 7.00 X X 37416 0 0 KEITH LEWIS TRUSTEE 7.00 X 33716 0 0 DERIAL L OGBURN TRUSTEE 7.00 X 32700 0 0 ROBERT KENNETH MILES SECRETARY 7.00 X X 27517 0 0 PEGGY D SWEARINGEN TRUSTEE 7.00 X 26196 0 0 CYNTHIA ABLE TRUSTEE 7.00 X 21100 0 0 W C GOOD TRUSTEE THROUGH 05/2/2021 7.00 X 9255 0 0 TIMOTHY L HOPKINS TRUSTEE 7.00 X 18300 0 0 JOSEPH E SHARPE TRUSTEE THROUGH 06/18/2021 7.00 X 18219 0 0 JOHN E ROBERTS III TREASURER AS OF 05/21/2021 7.00 X X 12470 0 0 WILLIAM M GOOD TRUSTEE AS OF 5/21/2021 7.00 X 11340 0 0 1202185 0 522321 6 0 1 0 SOUTHEASTERN LIMB AND TREE PO BOX 1872 RIDGELAND SC 29936 TREE CUTTING 981780 LEE ELECTRICAL CONSTRUCTION LLC PO BOX 55 ABERDEEN NC 28315 CONSTRUCTION SERVICES 883095 JOHN LUCAS TREE EXPERT CO PO BOX 958 PORTLAND ME 04104 TREE CUTTING 571504 3 347310 347310 347310 ELECTRIC REVENUE 221000 74611296 74611296 OTHER CAPITAL CREDITS 221000 318475 318475 POLE RENTAL 221000 271486 271486 G&T CAPITAL CREDITS 221000 156032 156032 75357289 160706 160706 184022 184733 -711 -711 -711 75864594 75085803 0 431481 X 2656675 484805 104 886 468669 502789 402319 1052170 5684410 PURCHASED POWER 48146208 DISTRIBUTION OPERATIONS 5461612 DISTRIBUTION MAINTENANC 4776183 CONSUMER ACCOUNTS 1807014 2605621 74049465 4156240 3971038 14809616 8713519 4624011 4526698 1130918 1074615 282093 208644 179152910 68157643 106894362 110995267 6837313 7216431 14881 11509 138749434 136717721 11333491 10186594 0 1061686 70866462 66060211 4594660 6453408 86794613 83761899 X 126855 130820 0 0 51827966 52825002 51954821 52955822 138749434 136717721 X 1815129 -814128 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2295902 2295902 9608290 2972885 6635405 167248718 65184758 102063960 110995267 INVESTMENTS IN ASSOCIATED ORGANIZATIONS 6070936 C CFC CTC'S 649107 C EQUITY INVESTMETN IN FES 496388 C 7216431 REGULATORY LIABILITIES - ASC 980 4800000 CONSUMER DEPOSITS 1480572 UNCLAIMED CAPITAL CREDITS 172836 6453408 X 74029180 15130 15130 74014050 1850544 1850544 75864594 71392789 0 71392789 2656676 2656676 74049465 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 REQUIREMENT FOR THE TAX YEAR ENDED DECEMBER 31, 2021. 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: EQUITY REPORTED ON SEPARATE FORM 1120 15,130. PART XI, LINE 4B - OTHER ADJUSTMENTS: ASC 980 REGULATORY LIABILITY 1,800,000. POST RETIREMENT BENEFIT PLAN LOSS 50,544. PART XII, LINE 4B - OTHER ADJUSTMENTS: PATRONAGE CAPITAL CREDITS - PAID TO MEMBERS 2,656,676. X X X X 0 0 0 BRUCE G BACON CEO 197059 0 0 0 0 0 66733 0 41396 0 305188 0 0 0 THOMAS S BLACK VP OF ENGINEERING 178287 0 0 0 0 0 63402 0 40217 0 281906 0 0 0 STEVEN G DAVIDSON IT DIRECTOR 142430 0 0 0 0 0 50993 0 37032 0 230455 0 0 0 KEVIN B SHULL VP OF OPERATIONS 139279 0 0 0 0 0 50030 0 21407 0 210716 0 0 0 DOUGLAS M PAYNE VP MEMBER SERVICES 133367 0 0 0 0 0 46418 0 31057 0 210842 0 0 0 PATRA H MASON DIRECTOR OF ADMIN SERVICES 124017 0 0 0 0 0 43588 0 30048 0 197653 0 0 0 BLYTHEWOOD OIL COMPANY OWNED BY BROTHER OF JOE SHARPE, BOARD MEMBER 128896 FAIRFIELD ELECTRIC COOPERATIVE PURCHASES FUEL OIL FROM BLYTHEWOOD OIL COMPANY IN THE NORMAL COURSE OF BUSINESS. 0 X LAND 2 347310 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 MEMBERS ELECT THE BOARD OF DIRECTORS BASED ON CANDIDATES SELECTED BY THE NOMINATING COMMITTEE. THE COOPERATIVE IS DIVIDED INTO THREE DISTRICTS, EACH WITH THREE BOARD MEMBER SEATS. IN ADDITION, THERE IS AN ATLARGE DISTRICT WITH TWO BOARD MEMBER SEATS. THE MEMBERS HAVE VOTING RIGHTS IN EACH OF THE DISTRICTS. 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. 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 24E OTHER ADMIN EXPENSE 1,687,411. CONSUMER SERVICE & INFORMATION 634,009. OUTSIDE SERVICES 284,201. 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 3,964. PATRONAGE CAPITAL CREDITS 2,656,675. RETIREMENT OF PATRONAGE CAPITAL -1,800,431. ASC DEFERRED REVENUE ACTIVITY -1,800,000. POST RETIREMENT BENEFIT PLAN LOSS 125,664. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM 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 $16,307 DURING 2021 FROM THIS ORGANIZATION. 2. MITCHELL RABON (PRESIDENT): MITCH IS A TRUSTEE OF CENTRAL ELECTRIC AND RECEIVED COMPENSATION IN THE AMOUNT OF $11,699 DURING 2021 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 $4,860,999 FOR GOODS PURCHASED FROM CEEUS DURING 2021. 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 $439,045 FOR SERVICES PROVIDED BY ECSC DURING 2021. 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 $48,146,208 FOR SERVICES PROVIDED BY CENTRAL DURING 2021. 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 15130 496388 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