Choptank Electric Corp
- Assets
- $487.3m
- Revenue
- $164.5m
- Investments
- $6.5m
- Employees
- 172
- Location
- Denton, MD
- Founding
- 03/1941
- Data as of
- 12/2022
- 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 12/2022, Choptank Electric Corp employed 172 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 12/2022, Choptank Electric Corp generated $164.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $161.7m during the year ending 12/2022. While expenses have increased by 2.8% 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
2022
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 93,649,108 DEPRECIATION 16,286,822 OTHER SALARIES AND WAGES 14,169,220
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Micheal E Malandro President & | Officer | 40 | $650,618 |
Timothy Mcgaha VP Tech Serv | Officer | 40 | $249,094 |
Lance Lockerman VP Operation | Officer | 40 | $203,691 |
Lisa Desantis VP & CFO | Officer | 40 | $219,934 |
Leroy Sverduk VP Engineeri | Officer | 40 | $220,461 |
Paula J Bishop VP H.r. | Officer | 40 | $199,408 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Experts Row Clearing | 12/30/22 | $3,013,988 |
Joseph R Smith Inc Line Const. | 12/30/22 | $2,153,311 |
Rgrid Fiber Cont | 12/30/22 | $1,917,494 |
Tuckahoe Underground Line Const. | 12/30/22 | $1,793,803 |
Rock Creek Construction Line Const. | 12/30/22 | $1,741,512 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $9,227 |
| 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 | $9,227 |
| Total Program Service Revenue | $164,415,602 |
| Investment income | $169,903 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $75,881 |
| Net Gain/Loss on Asset Sales | $109,470 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $56,994 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $164,513,922 |
| 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 | $13,312,284 |
| Compensation of current officers, directors, key employees. | $2,907,038 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,169,220 |
| Pension plan accruals and contributions | $2,541,428 |
| Other employee benefits | -$1,564,501 |
| Payroll taxes | $1,306,274 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,886 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $123,417 |
| 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 | $3,131,988 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $267,484 |
| Interest | $9,546,214 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,286,822 |
| Insurance | $0 |
| All other expenses | -$5,413,769 |
| Total functional expenses | $161,680,269 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $884,010 |
| Savings and temporary cash investments | $1,462,646 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $56,636,473 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $12,237,333 |
| Prepaid expenses and deferred charges | $35,053,749 |
| Net Land, buildings, and equipment | $305,571,666 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,534,395 |
| Investments—program-related | $68,769,907 |
| Intangible assets | $0 |
| Other assets | $183,029 |
| Total assets | $487,333,208 |
| Accounts payable and accrued expenses | $21,821,648 |
| 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 | $230,853,276 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $42,650,528 |
| Total liabilities | $295,325,452 |
| 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 | $192,007,756 |
| Total liabilities and net assets/fund balances | $487,333,208 |