Farmers Electric Cooperative Inc
- Assets
- $111.3m
- Revenue
- $33.4m
- Investments
- $227.4k
- Employees
- 44
- Location
- Chillicothe, MO
- Founding
- 05/1939
- Data as of
- 12/2023
- 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 12/2023, Farmers Electric Cooperative Inc employed 44 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 12/2023, Farmers Electric Cooperative Inc generated $33.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $31.9m during the year ending 12/2023. While expenses have increased by 1.2% per year over the past 9 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
2023
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Troy Hermanson Operations Manager | 50 | $144,944 | |
Aaron Wagers Lead Lineman | 46 | $120,513 | |
Rodney Cotton General Manager | Officer | 60 | $119,500 |
Lacey Capps CFO | Officer | 50 | $115,370 |
Garry Widner Substation Serviceman | 44 | $113,745 | |
Eric Adams Journeyman Lineman | 45 | $111,178 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Co Row Maintenance | 12/30/23 | $607,886 |
Kiowa Line Builders Inc Line Construction | 12/30/23 | $603,508 |
Sellenriek Energy Llc Line Construction | 12/30/23 | $112,995 |
Toth & Associates Inc Engineering | 12/30/23 | $112,236 |
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 | $32,906,603 |
| Investment income | $492,138 |
| 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 | $33,398,741 |
| 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 | $1,641,351 |
| Compensation of current officers, directors, key employees. | $550,613 |
| 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 | $1,958,938 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,227,366 |
| Insurance | $0 |
| All other expenses | $812,234 |
| Total functional expenses | $31,938,367 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,658,341 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,681,972 |
| 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 | $41,563 |
| Net Land, buildings, and equipment | $81,337,056 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $227,422 |
| Investments—program-related | $20,403,480 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $111,349,834 |
| Accounts payable and accrued expenses | $2,450,095 |
| Grants payable | $0 |
| Deferred revenue | $3,442,205 |
| 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 | $58,171,364 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $916,799 |
| Total liabilities | $64,980,463 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $287,591 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $46,081,780 |
| Total liabilities and net assets/fund balances | $111,349,834 |