Adams Electric Cooperative
- Assets
- $62.0m
- Revenue
- $25.0m
- Investments
- $13.3m
- Employees
- 42
- Location
- Camp Point, IL
- Founding
- 08/1939
- Data as of
- 12/2021
- EIN
- 37-0147965
Organization Overview
Adams Electric Cooperative is located in Camp Point, IL. The organization was established in 1939. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Adams Electric Cooperative employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Adams Electric Cooperative is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2021, Adams Electric Cooperative generated $25.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $25.0m during the year ending 12/2021. While expenses have increased by 2.0% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE ELECTRIC SERVICE TO OVER 8,900 MEMBERS ON A COOPERATIVE BASIS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC ENERGY TO COOPERATIVE MEMBERS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Thompson General Manager | Officer | 44 | $227,004 |
Steven Jennings Manager Of Finance | Officer | 50 | $125,003 |
Duane Jones Line Foreman | 46 | $115,560 | |
Austin Aschemann Lineman | 45 | $113,144 | |
Tim Brecht Mgr Eng & Ops | 44 | $109,310 | |
Nathan Smith Line Foreman | 43 | $107,126 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Grizzly Tree & Vegetation Control Row Clearing | 12/30/21 | $342,778 |
Osmose Utilities Pole Inspections | 12/30/21 | $118,951 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $24,922,785 |
| Investment income | $38,047 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,960,832 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,803,893 |
| Compensation of current officers, directors, key employees. | $491,111 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,183,346 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,782,727 |
| Insurance | $0 |
| All other expenses | $357,014 |
| Total functional expenses | $24,960,832 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $390,962 |
| Savings and temporary cash investments | $360,084 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,980,594 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $156,134 |
| Inventories for sale or use | $1,147,092 |
| Prepaid expenses and deferred charges | $112,971 |
| Net Land, buildings, and equipment | $44,528,098 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $13,322,338 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $61,998,273 |
| Accounts payable and accrued expenses | $2,184,945 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $834,839 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $32,146,893 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $698,678 |
| Total liabilities | $35,865,355 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $177,990 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $25,954,928 |
| Total liabilities and net assets/fund balances | $61,998,273 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Black River Electric Cooperative Fredericktown, MO | $138,131,330 | $49,558,459 |
Shelby Energy Cooperative Inc Shelbyville, KY | $128,023,912 | $48,869,118 |
Tri-County Electric Cooperative Mount Vernon, IL | $133,948,921 | $48,522,537 |
Cumberland Valley Electric Co-Op Corp Gray, KY | $124,042,321 | $47,250,559 |
Kosciusko Rural Electric Membership Corporation Warsaw, IN | $103,207,559 | $50,256,556 |
Carroll White Remc Monticello, IN | $77,626,690 | $46,434,460 |
New Mac Electric Cooperative Inc Neosho, MO | $135,294,797 | $45,962,047 |
Rushshelby Energy Rural Electric Cooperative Inc Manilla, IN | $101,755,271 | $47,128,138 |
Utilities District Of Western Ind Rural Electric Membership Corp Bloomfield, IN | $108,840,667 | $45,748,725 |
Bartholomew County Rural Electric Membership Corporation Columbus, IN | $73,524,777 | $45,185,369 |
Three Rivers Electric Cooperative Linn, MO | $111,680,117 | $44,711,641 |
Semo Electric Cooperative Sikeston, MO | $155,297,219 | $43,598,236 |