Powell Valley Electric Cooperative
- Assets
- $117.4m
- Revenue
- $78.2m
- Investments
- $0.0
- Employees
- 83
- Location
- New Tazewell, TN
- Founding
- 07/1940
- Data as of
- 06/2023
- EIN
- 54-0345615
Organization Overview
Powell Valley Electric Cooperative is located in New Tazewell, TN. The organization was established in 1940. 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 06/2023, Powell Valley Electric Cooperative employed 83 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Powell Valley Electric Cooperative 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 06/2023, Powell Valley Electric Cooperative generated $78.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $74.5m during the year ending 06/2023. While expenses have increased by 3.4% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
DISTRIBUTION OF TVA-GENERATED POWER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELECTRIC COOPERATIVE IN CONJUNCTION WITH RUS PROGRAMS, DISTRIBUTION OF TVA GENERATED POWER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Shockley Board Director | Trustee | 1 | $1,200 |
Bill Surber Board Director | Trustee | 2 | $900 |
Tracey Sharp Board Director | Trustee | 2 | $1,950 |
J Allen Parkey Board Director | Trustee | 2 | $1,050 |
Gary L Russell Board Director | Trustee | 1 | $900 |
Lena Short Board Director | Trustee | 2 | $1,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Premier Communication Technologies Construction | 6/29/23 | $1,210,165 |
Dkr Communications Construction | 6/29/23 | $877,060 |
Price Tree And Bobcat Service Tree Cutting | 6/29/23 | $492,370 |
Mona Herberger Construction - Fiber | 6/29/23 | $229,834 |
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 | $75,965,454 |
| Investment income | $2,237,766 |
| 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 | $78,219,772 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $191,666 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,108,575 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,606 |
| Payroll taxes | $0 |
| Fees for services: Management | $69,604 |
| Fees for services: Legal | $25,240 |
| Fees for services: Accounting | $27,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,283 |
| Advertising and promotion | $200,672 |
| Office expenses | $367,364 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $45,788 |
| Travel | $2,281 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $57,487 |
| Interest | $428,373 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,629,028 |
| Insurance | $233,813 |
| All other expenses | $332,410 |
| Total functional expenses | $74,455,002 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,900 |
| Savings and temporary cash investments | $6,787,240 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,651,408 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,505,719 |
| Inventories for sale or use | $4,818,297 |
| Prepaid expenses and deferred charges | $648,222 |
| Net Land, buildings, and equipment | $65,494,376 |
| Investments—publicly traded securities | $1,075,290 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,434,174 |
| Total assets | $117,417,626 |
| Accounts payable and accrued expenses | $13,571,165 |
| Grants payable | $0 |
| Deferred revenue | $9,173,120 |
| 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 | $6,755,118 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $99,751 |
| Total liabilities | $29,599,154 |
| 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 | $127,240 |
| Retained earnings, endowment, accumulated income, or other funds | $87,691,232 |
| Total liabilities and net assets/fund balances | $117,417,626 |