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How One Nonprofit Grows Without Donations
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Dive into the latest episode of the Grow Your Non-Profit Podcast hosted by CEO Tamika Peters, MSM! In this insightful discussion, Tamika interviews Denise Vidal, CMA, Executive Vice President / CEO of LCEC (Lee County Electric Cooperative, Inc.). Discover how, as a nonprofit, LCEC uniquely grows organically through their public service territory as prescribed by the Florida Public Service Commission, and abstaining from donations because of their nonprofit type (Designated as a 501(c)12 which falls under Benevolent life insurance associations, irrigation companies, telephone companies, etc., which have a mutually beneficial nature). Donations to this organization are not tax deductible. The episode delves into the equitable allocation process, detailing how revenues exceeding expenses are distributed annually to members.
Learn about LCEC's financial oversight, with monthly reviews by the Board of Trustees and management. Annually, the Board evaluates the overall fiscal status, determining potential equity retirements for active and inactive members. These retirements, totaling $250 million over the years, can be received as a check or credited to the customer's bill. For more information about LCEC, visit www.lcec.net.
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