Choptank Electric Corp
- Assets
- $432.5m
- Revenue
- $137.2m
- Investments
- $5.9m
- Employees
- 167
- Location
- Denton, MD
- Founding
- 03/1941
- Data as of
- 12/2021
- EIN
- 52-0271943
Organization Overview
Choptank Electric Corp is located in Denton, MD. The organization was established in 1941. 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, Choptank Electric Corp employed 167 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Choptank Electric Corp 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, Choptank Electric Corp generated $137.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $137.6m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.4%) per year over the past 7 years. 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
CHOPTANK ELECTRIC COOPERATIVE ("CEC") EXISTS TO PROVIDE RELIABLE AND COST EFFECTIVE ELECTRICITY THAT IMPROVES THE QUALITY OF LIFE FOR OUR MEMBER- OWNERS. CEC IS COMMITTED TO SERVICE EXCELLENCE GUIDED BY THE SEVEN COOPERATIVE PRINCIPLES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CEC EXISTS TO PROVIDE RELIABLE AND COST EFFECTIVE ELECTRICITY THAT IMPROVES THE QUALITY OF LIFE FOR OUR MEMBER-OWNERS. CEC IS COMMITTED TO SERVICE EXCELLENCE GUIDED BY THE SEVEN COOPERATIVE PRINCIPLES. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, ARE AS FOLLOWS: COST OF POWER 73,963,170 DEPRECIATION 16,274,863 OTHER SALARIES AND WAGES 13,387,783
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Micheal E Malandro President & | Officer | 40 | $535,471 |
Thomas Tyndall III VP Member Se | Officer | 40 | $220,998 |
Lisa Desantis CFO & VP Co | Officer | 40 | $212,248 |
Timothy Mcgaha VP Tech Serv | Officer | 40 | $211,568 |
Valerie Connelly VP Gov. Affa | Officer | 40 | $205,094 |
Lance Lockerman VP Operation | Officer | 40 | $202,054 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Experts Row Clearing | 12/30/21 | $2,695,106 |
Rgrid Fiber Cont | 12/30/21 | $914,286 |
Joseph R Smith Inc Line Const. | 12/30/21 | $464,109 |
Tuckahoe Underground Line Const. | 12/30/21 | $377,502 |
Aqua Pro Row Clearing | 12/30/21 | $168,673 |
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 | $136,989,515 |
| Investment income | $88,836 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $78,429 |
| Net Gain/Loss on Asset Sales | -$710,793 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $33,359 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $137,215,364 |
| 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 | $10,028,582 |
| Compensation of current officers, directors, key employees. | $2,920,766 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,387,783 |
| Pension plan accruals and contributions | $2,690,732 |
| Other employee benefits | -$1,388,743 |
| Payroll taxes | $1,242,311 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,445 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $118,509 |
| 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 | $2,663,458 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $139,841 |
| Interest | $8,922,193 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,274,863 |
| Insurance | $0 |
| All other expenses | -$5,025,585 |
| Total functional expenses | $137,631,953 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,737,846 |
| Savings and temporary cash investments | $1,302,299 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,903,185 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $9,306,344 |
| Prepaid expenses and deferred charges | $10,708,495 |
| Net Land, buildings, and equipment | $296,949,739 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,872,436 |
| Investments—program-related | $68,546,688 |
| Intangible assets | $0 |
| Other assets | $123,831 |
| Total assets | $432,450,863 |
| Accounts payable and accrued expenses | $8,337,039 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $231,355,184 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $26,305,485 |
| Total liabilities | $265,997,708 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $166,453,155 |
| Total liabilities and net assets/fund balances | $432,450,863 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Old Dominion Electric Cooperative Glen Allen, VA | $2,169,039,010 | $801,442,287 |
Northern Virginia Electric Co-Op Manassas, VA | $1,071,859,351 | $676,666,779 |
Southern Maryland Electric Cooperative Inc Hughesville, MD | $1,114,931,504 | $461,053,058 |
Rappahannock Electric Cooperative Fredericksburg, VA | $1,043,159,165 | $419,807,187 |
Shenandoah Valley Electric Cooperative Inc Rockingham, VA | $571,380,010 | $240,751,246 |
Delaware Electric Cooperative Inc Greenwood, DE | $392,759,569 | $189,130,063 |
Choptank Electric Corp Denton, MD | $432,450,863 | $137,215,364 |
Southside Electric Cooperative Incorporated Crewe, VA | $354,447,330 | $138,281,216 |
Central Virginia Electric Cooperative Lovingston, VA | $375,858,912 | $102,220,456 |
A & N Electric Cooperative Tasley, VA | $203,944,683 | $76,232,163 |
Adams Electric Cooperative Inc Gettysburg, PA | $218,291,432 | $70,869,610 |
Mecklenburg Electric Cooperative Chase City, VA | $225,505,928 | $70,294,200 |