2023-11-09T15:08:52-07:00 2022-12-31 990 2022-01-01 590329555 LEE COUNTY ELECTRIC COOPERATIVE INC LEEC 2399952121 PO Box 3455 North Fort Myers FL 33918 Sarah Bullock Director Finance & Accounting / CFO 2396562381 2023-11-09 1 1 11 0 AAL2 X 2022 2023-04-26 12:10:37Z Sarah Bullock 4980 Bayline Drive North Fort Myers FL 33918 626698771 0 X www.lcec.net X 1940 FL Lee County Electric Cooperative, Inc. (LCEC) provides electric transmission and distribution services to residential and business customers within the Cooperative's service territory. 10 10 465 0 0 0 0 0 491463306 619628774 311122 250889 5613298 6347534 497387726 626227197 60000 67500 12015035 13104736 3225810 4075758 0 0 0 463333179 597540815 478634024 614788809 18753702 11438388 850449864 1110507384 479830709 724924869 370619155 385582515 LCEC provides efficient, reliable, cost-competitive electric and emerging energy solutions and excellent service to our customers. 0 0 614788809 67500 UTILIZING APPROXIMATELY 8,850 MILES OF DISTRIBUTION LINES, LEE COUNTY ELECTRIC COOPERATIVE, INC. PROVIDED 4,419,070,926 KILOWATT HOURS OF ELECTRIC ENERGY TO ITS CUSTOMERS LOCATED IN ITS SERVICE TERRITORY. THE SERVICE TERRITORY INCLUDED CAPE CORAL, NORTH FORT MYERS, MARCO ISLAND, SANIBEL AND CAPTIVA ISLANDS, PINE ISLAND, EVERGLADES CITY, IMMOKALEE, AVE MARIA, AND PARTS OF LEHIGH ACRES (ALL IN THE STATE OF FLORIDA). 0 0 0 614788809 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 183 0 1 465 1 0 0 0 0 0 616126103 3707415 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 Sarah Bullock 2396562381 PO Box 3455 North Fort Myers FL 33918 X X Denise M Vidal EVP/CEO 60.0 X 645282 0 82424 Sarah Bullock Director, Finance & Supply Chain/CFO 50.00 X 316695 0 64647 Edward Nagy Director, IT/CIO 40 X 293153 0 71969 Rodney C Hawkins Director, Electric Operatons 60 X 305714 0 55813 Karen Ryan Director, Public Relations 55 X 287845 0 50686 Walter Ruth Manager, Operations Business Support 68 X 255386 0 59849 Eric Scott Director, R&G Chief Risk/CRO 40 X 247311 0 60702 Sandra Thompson Director, Human Resources 45 X 240201 0 56053 Gary Avin Director, Customer Care Operations 52 X 234320 0 52862 Troy Hamilton Lineman 70 X 239905 0 31876 Richard B Lewis Lineman 69 X 219627 0 47129 Ingeborg Kocher Dir, Business Alignment & Governance 40 X 228901 0 37135 Gary Richardson Mgr, System Ops, Substation Operations/Construction, Maintenance & Metering 50.0 X 220949 0 40319 Robert Puchaz Mgr Construction & Maintenance 47 X 217667 0 31489 James Rutowski Journeyman Lineman 66 X 230510 0 17150 Geoffrey Roepstorff Trustee/Treasurer 5 X 28200 0 0 Craig Woodward Trustee 6 X 25850 0 0 Eleanor M Flannery Trustee 4 X 25850 0 0 Richard Pritchett III Trustee 5 X 25850 0 0 Tarik Ayasun Trustee 1.5 X 25850 0 0 Richard Turbeville Trustee 6 X 25850 0 0 Russell Priddy Trustee/President 8 X 25850 0 0 Rick Joyce Trustee 10 X 25850 0 0 Michael Powell Trustee 8.0 X 23500 0 0 David Beam Trustee 4 X 18800 0 0 Gary Lee Jackson Trustee 4 X 9400 0 0 4444316 0 760103 224 0 1 0 Southeast Power Corporation 1805 Hammock Road Titusville FL 327967820 Maintenance & Construction 28961553 Wesco Distribution 225 W Station Square Dr Ste 700 Pittsburgh PA 19219 Electric Distribution 27353837 Stuart C Irby Co 815 Irby Drive Jackson MS 39215 Electric Distribution 18836945 Haugland Energy Group 336 South Service Rd Melville NY 11747 Maintenance & Construction 17444997 Mastec North America Inc 800 S Douglas Road Coral Gables FL 33134 Maintenance & Construction 15899576 93 0 Electric Revenue 221000 616126103 616126103 0 0 Patronage Capital 221000 3502671 3502671 0 0 0 0 0 0 619628774 204744 204744 0 0 0 0 0 0 0 0 0 0 0 6342938 0 0 0 6342938 6342938 0 0 6342938 0 46145 0 0 0 46145 46145 0 0 46145 476170 471574 4596 4596 0 0 0 626227197 619838114 0 6389083 X 67500 67500 0 0 0 0 13104736 13104736 4075758 4075758 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17669857 17669857 0 0 0 0 0 0 35516033 35516033 0 0 0 0 0 0 Cost of Power 465767193 465767193 0 0 All Other Expenses 33868418 33868418 0 0 Distribution Other - Maintenace 27803221 27803221 0 0 Admin & General Expense 16916093 16916093 0 0 614788809 614788809 0 0 226017 2859039 84069083 108987080 13262359 29021634 39251848 33052964 1351897656 492650986 637580803 859246670 76059754 77339997 850449864 1110507384 52890453 99100581 271854334 352031302 87462069 237476001 67623853 36316985 479830709 724924869 X 1026075 1036460 21911 21911 369571169 384524144 370619155 385582515 850449864 1110507384 X 11438388 0 0 0 0 3524972 X 0 1 1 1 1 40000 15062063 15102063 79936 0 79936 0 0 0 0 0 0 1331170131 488450576 842719555 0 5545526 4120474 1425052 859246670 Patronage Capital - Seminole Electric Cooperative 51939461 C Patronage Capital - CoBank Membership 11434348 C Capital Term Certificates - CFC 9399802 C Other Cooperative Patronage Capital 4566386 C 77339997 0 Accrued Pension Liability 15964208 Patronage Capital Payable - LT 7453325 Customer Deposits 8833927 Oth Def Cr-Insurance Other 2369256 Other Post - Retirement Benefits 1696120 Oth Def Cr-Uncl M&D 149 36316985 X 625846420 0 0 0 0 0 625846420 0 380777 380777 626227197 601684073 0 0 0 0 0 601684073 0 13104736 13104736 614788809 Schedule D, Part X, Line 2 LCEC is exempt from federal income taxes under the provisions of Section 501(c)(12) of the Internal Revenue Code. It is also exempt from state income taxes. Accordingly, the accompanying financial statements include no provision for such taxes. Management has evaluated LCEC tax positions and concluded that LCEC has taken no uncertain tax positions that require adjustment to the financial statements. Schedule D, Part XI, Line 4b The net total of $380,377 includes other non-operating loss/income, interest from non-operating margins, non-operating gains/losses on the sale of miscellaneous property and net margins from SurgeSense and Generlink programs. Schedule D, Part XII, Line 4b Patronage Capital Paid to Members $13,104,736. Other expense items included in other income on the financial statements $194,263 1 United Way of Lee County 7275 Concourse Drive Fort Myers FL 33908 591005169 60000 United Way campaign funds stay in the local community to help support the local human services network. United Way partner agencies and initiatives like Alvin A. Dublin Alzheimer's Resource Center, Children's Advocacy Center, Big Brothers Big Sisters, LARC and United Way 211 serve a diverse range of needs in our community, such as nurturing children and youth, strengthening families, meeting critical need such as helping the elderly and disabled live independently, and empowering communities by bringing health and human services to neighborhoods. A portion of the contributions that are made to the United Way helps to fund the "Power to Share" program. This program provides short-term emergency assistance funding for qualifying LCEC customers wo are unable to pay their electric bills due to financial hardship Horizon Foundation Inc 8412800 University Drive Fort Myers FL 33907 650872214 501(c)(3) 7500 The Horizon Foundation, a charitable 501(c)(3) organization, was established to provide a funding vehicle for businesses to invest in the longterm economic development and vitality of Lee County. The Foundation raises private sector money to support the efforts of the Lee County Economic Development Office and the Horizon Council in order to improve the area's business climate. LCEC participates regularly on committees and regional initiatives. Funding is partly in support of the Industry Appreciation of area leaders and companies 1 0 Schedule I, Part I, Line 2 LCEC has representation on the Unite Way (UW) of Lee, Hendry, Glades and Okeechobee Board of Directors and continually monitors the administration and use of funding to area agencies. In addition, multiple LCEC employees hold positions on the annual UW allocation committee. In this role the committee reviews the financial reports, grant applications, results from the previous year's funding allocation and makes site visits for selected agencies. Committee members make recommendations for funding levels to be received from UW which includes the annual contribution from LCEC. 0 0 0 Denise M Vidal EVP/CEO 479155 0 174656 0 2471 0 57332 0 14092 0 727706 0 0 Sarah Bullock Director, Finance & Supply Chain/CFO 273765 0 45201 0 2487 0 39140 0 20749 0 381342 0 0 Edward Nagy Director, IT/CIO 250663 0 49274 0 3973 0 46463 0 14749 0 365122 0 0 Rodney C Hawkins Director, Electric Operatons 242433 0 63379 0 5046 0 45459 0 5211 0 361528 0 0 Karen Ryan Director, Public Relations 222187 0 64527 0 4853 0 40358 0 6605 0 338530 0 0 Walter Ruth Manager, Operations Business Support 206987 0 57171 0 3529 0 36057 0 11493 0 315237 0 0 Eric Scott Director, R&G Chief Risk/CRO 223260 0 35005 0 2415 0 36362 0 10971 0 308013 0 0 Sandra Thompson Director, Human Resources 206547 0 38956 0 3800 0 35943 0 11008 0 296254 0 0 Gary Avin Director, Customer Care Operations 203779 0 33896 0 2602 0 36018 0 10886 0 287181 0 0 Troy Hamilton Lineman 234109 0 4870 0 2306 0 21775 0 8721 0 271781 0 0 Richard B Lewis Lineman 218816 0 4867 0 2202 0 21822 0 19049 0 266756 0 0 Ingeborg Kocher Dir, Business Alignment & Governance 201441 0 31040 0 1712 0 23149 0 8694 0 266036 0 0 Gary Richardson Mgr, System Ops, Substation Operations/Construction, Maintenance & Metering 178769 0 43367 0 5693 0 31718 0 4821 0 264368 0 0 James Rutowski Journeyman Lineman 224890 0 4648 0 2192 0 7021 0 8908 0 247659 0 0 Schedule J, Part II Non-taxable benefit amounts are net of the amount an employee has reimbursed to LCEC for benefits. Form 990, Part VI, Section A, Line 6 Lee County Electric Cooperative, Inc. operates on the cooperative basis in order to provide affordable electric energy to its members Form 990, Part VI, Section A, Line 7a During the 2022 annual trustee election, the membership elected Board of Trustee Members for tour district seats that were up for election during the year. In accordance with Florida Statutes: Title XXXVI, Chapter 607.0707, all customers who are members of the record date of February 9, 2022 received a ballot for the current district seats up for election. There were 205,197 ballots mailed to members and 11,300 returned. Form 990, Part VI, Section A, Line 7b Decisions to dispose of a substantial portion of the Cooperative's assets, the dissolution of the Cooperative, and amendments to the By-Laws must all be approved by the membership. Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by the Manager, Finance & Accounting and staff. It is reviewed by the Director of Finance & Supply Chain/Chief Financial Officer (CFO) and the Executive Vice President EVIP/Chief Executive Officer (CEO),and reviewed with the Board of Trustees. Then approved by the Director of Finance & Supply Chain/CFO. Form 990, Part VI, Section B, Line 12c On an annual basis, all Directors, Managers, and Board of Trustees must complete and sign a conflict of interest statement. The completed and signed statements are reviewed and maintained by the Audit Services department. Form 990, Part VI, Section B, Line 15 The Board of Trustees approved the compensation for the EVP/CEO. The EVP/CFO compensation was based upon compensation survey/study. Compensation for other officers and key employees were based up the Company's standard approach whereby compensation midpoints/ranges are established by the Human Resource department based upon market rates, the individual performance and associated compensation based salary action is determined by the next level of supervision. The incentive pay portion of compensation is determined by the Human Resource department for compliance with the said program. The Board of Trustees approves the incentive compensation program. Form 990, Part VI, Section C, Line 19 The Corporate By-Laws are available on the corporate website and provided electronically or in printed version to members upon request. The conflict of interest policy is not made available to members. The financial statements are available to members upon request. Form 990, Part VII, Section A, Line 1a Estimated amount of other compensation from the organization and related organizations: Non-taxable benefits amounts are net of the amount an employee has reimbursed to LCEC for benefits. Form 990, Part IX, Line 4 The IRS instructions for the 202 version of Form 990 state "Enter the payments made by the organization to provide benefits to members (such as payments made by an organization exempt under section 501(c)(8), 501(c)(9), or 501(c)(17) to obtain insurance benefits for members, or patronage dividends paid by section 501(c)(12) organizations to their members)" into Line 4 Part IX, Statement of Functional Expenses. Line 4 is entitled "Benefits paid to or for members". For the purposes of this Form 990, the amount reported on Line 4 represents the amount reported in the audited Statement of Revenue, Expenses and Changes in Patronage Capital for the year ended December 31, 2022. Form 990, Part XI, Line 9 Form 990, Part XI, Line 9 - Increase in Memberships in 2022 was $10,385. In the accumulated comprehensive gain/loss account, the Pension increased by $513,464, and the Post Retirement Benefits increase was $77,065. Abandoned retirements returned to Equity increased by $2,881,874. The discount on estate retirements increased by 42,184. These items combined netted to an increase in "Other" changes in net assets or fund balances" for 2022 of $3,524,972.