Craig-Botetourt Electric Co-Operative
- Assets
- $41.3m
- Revenue
- $15.7m
- Investments
- $0.0
- Employees
- 30
- Location
- New Castle, VA
- Founding
- 03/1938
- Data as of
- 12/2022
- EIN
- 54-0183175
Organization Overview
Craig-Botetourt Electric Co-Operative is located in New Castle, VA. The organization was established in 1938. 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, Craig-Botetourt Electric Co-Operative employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Craig-Botetourt Electric Co-Operative 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, Craig-Botetourt Electric Co-Operative generated $15.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $15.3m during the year ending 12/2022. While expenses have increased by 2.0% per year over the past 8 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
SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER: 7,946,948 SALARIES & WAGES: 1,761,835 DEPRECIATION: 1,583,457
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff M Ahearn CEO | Officer | 40 | $163,077 |
Tim Kaczmarski Director Of | Officer | 40 | $90,008 |
Jc Winstead Director | Trustee | 4.96 | $7,870 |
Frank R Garman Jr President | OfficerTrustee | 4.47 | $7,800 |
Everette J Harlow Director | Trustee | 2.31 | $6,600 |
Patrick J Ryan Secretary/tr | OfficerTrustee | 3.47 | $6,550 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Clearing | 12/30/22 | $862,259 |
Davis H Elliot Elec Maint | 12/30/22 | $647,310 |
Meridian Serv. Provider | 12/30/22 | $215,675 |
Campbells Underground Construction | 12/30/22 | $127,856 |
Weed Control Inc Weed Mgmt | 12/30/22 | $114,162 |
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 | $15,120,236 |
| Investment income | $57,004 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $331,273 |
| 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 | $15,725,716 |
| 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 | $133,512 |
| Compensation of current officers, directors, key employees. | $370,749 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,761,835 |
| Pension plan accruals and contributions | $281,704 |
| Other employee benefits | $0 |
| Payroll taxes | $161,195 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $39,099 |
| 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 | $34,997 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,115 |
| Interest | $788,013 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,583,457 |
| Insurance | $0 |
| All other expenses | -$520,146 |
| Total functional expenses | $15,306,059 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,265,700 |
| Savings and temporary cash investments | $47,377 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,181,494 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $787,795 |
| Prepaid expenses and deferred charges | $217,128 |
| Net Land, buildings, and equipment | $36,120,242 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $702,124 |
| Intangible assets | $0 |
| Other assets | $7,021 |
| Total assets | $41,328,881 |
| Accounts payable and accrued expenses | $2,282,204 |
| 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 | $24,894,294 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $583,350 |
| Total liabilities | $27,759,848 |
| 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 | $13,569,033 |
| Total liabilities and net assets/fund balances | $41,328,881 |