Farmers Electric Cooperative Inc
- Assets
- $108.6m
- Revenue
- $31.6m
- Investments
- $251.4k
- Employees
- 46
- Location
- Chillicothe, MO
- Founding
- 05/1939
- Data as of
- 12/2021
- EIN
- 44-0241597
Organization Overview
Farmers Electric Cooperative Inc is located in Chillicothe, MO. 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, Farmers Electric Cooperative Inc employed 46 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farmers Electric Cooperative Inc 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, Farmers Electric Cooperative Inc generated $31.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $29.6m during the year ending 12/2021. While expenses have increased by 0.4% 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
TO SAFELY PROVIDE ITS MEMBERS WITH RELIABLE ELECTRICITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION AND SALE OF ELECTRICITY TO COOPERATIVE MEMBER/OWNERS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rodney Cotton General Manager | Officer | 52 | $204,258 |
Troy Hermanson Operations Manager | 50 | $123,791 | |
Kassidy Neuhalfen Substation Serviceman | 46 | $112,117 | |
Gregory Jones Substation Serviceman | 45 | $111,113 | |
Garry Widner Substation Serviceman | 45 | $109,880 | |
Aaron Wagers Lead Lineman | 45 | $108,953 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Apex Row Llc Row Maintenance | 12/30/21 | $295,232 |
Asplundh Tree Expert Co Row Maintenance | 12/30/21 | $410,093 |
Magnum Machine Works Warehouse Const | 12/30/21 | $270,014 |
Kiowa Line Builders Inc Line Construction | 12/30/21 | $702,890 |
Allgeier Martin & Associates Line Construction | 12/30/21 | $100,136 |
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 | $31,566,288 |
| Investment income | $66,165 |
| 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 | $31,632,453 |
| 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 | $1,262,581 |
| Compensation of current officers, directors, key employees. | $560,216 |
| 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 | $1,968,933 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,105,919 |
| Insurance | $0 |
| All other expenses | $797,776 |
| Total functional expenses | $29,638,996 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,938,812 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,511,065 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $307,964 |
| Net Land, buildings, and equipment | $78,451,652 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $251,439 |
| Investments—program-related | $20,162,569 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $108,623,501 |
| Accounts payable and accrued expenses | $2,125,056 |
| Grants payable | $0 |
| Deferred revenue | $4,209,900 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $60,466,080 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $840,700 |
| Total liabilities | $67,641,736 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $282,680 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $40,699,085 |
| Total liabilities and net assets/fund balances | $108,623,501 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Salt River Electric Bardstown, KY | $187,060,575 | $114,408,015 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
Jackson Energy Cooperative Corporat Ion Inc Mckee, KY | $284,949,026 | $109,799,636 |
N W Electric Power Cooperative Inc Cameron, MO | $276,321,789 | $107,924,696 |
Tri-County Electric Cooperative Inc Hooker, OK | $321,398,945 | $100,998,279 |
Gibson Electric Membership Corp Trenton, TN | $199,281,246 | $104,510,085 |
Holston Electric Cooperative Inc Rogersville, TN | $140,432,181 | $97,958,544 |
Northwest Iowa Power Cooperative Le Mars, IA | $209,144,882 | $97,805,529 |
Sequachee Valley Electric Cooperative South Pittsburg, TN | $165,775,520 | $105,669,415 |