Prince George Electric Cooperative
- Assets
- $106.4m
- Revenue
- $54.4m
- Investments
- $0.0
- Employees
- 69
- Location
- Waverly, VA
- Founding
- 02/1941
- Data as of
- 12/2023
- EIN
- 54-0346866
Organization Overview
Prince George Electric Cooperative is located in Waverly, VA. 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 12/2023, Prince George Electric Cooperative employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prince George 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 12/2023, Prince George Electric Cooperative generated $54.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $48.7m during the year ending 12/2023. While expenses have increased by 3.0% 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
SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul H Brown Chairman | OfficerTrustee | 8 | $23,905 |
James Corl Director | Trustee | 5 | $11,600 |
Herbert R Patrick Secretary - Treasurer | OfficerTrustee | 5 | $18,771 |
Richard B Scott Asst. Secretary-Treasurer | OfficerTrustee | 5 | $17,406 |
John M Brock Jr Director | Trustee | 5 | $18,034 |
Matthew P Carden Director | Trustee | 5 | $17,844 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rivery City Construction Inc Fiber & Electric Engineering & Operation | 12/30/23 | $1,237,152 |
N & S Construction Fiber Drops And Install | 12/30/23 | $631,528 |
Xylem Tree & Right Of Way Services | 12/30/23 | $1,477,451 |
Telics Mainly Fiber Engineering | 12/30/23 | $416,012 |
Cable Protection Services Line Location | 12/30/23 | $118,312 |
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 | $52,294,474 |
| Investment income | $67,282 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,604,145 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $54,391,598 |
| 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 | $755,554 |
| Compensation of current officers, directors, key employees. | $848,091 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,026,166 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $132,159 |
| Fees for services: Accounting | $43,007 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $17,394 |
| Advertising and promotion | $0 |
| Office expenses | $207,240 |
| Information technology | $1,101,583 |
| Royalties | $0 |
| Occupancy | $145,676 |
| Travel | $38,619 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,309 |
| Interest | $2,395,524 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,683,318 |
| Insurance | $30,132 |
| All other expenses | $2,013,599 |
| Total functional expenses | $48,721,481 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,212,738 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,111,890 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,009,925 |
| Prepaid expenses and deferred charges | $1,305,953 |
| Net Land, buildings, and equipment | $72,914,643 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $17,776,606 |
| Intangible assets | $0 |
| Other assets | $22,809 |
| Total assets | $106,354,564 |
| Accounts payable and accrued expenses | $6,340,692 |
| 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 | $52,491,120 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,659,963 |
| Total liabilities | $66,491,775 |
| 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 | $39,862,789 |
| Total liabilities and net assets/fund balances | $106,354,564 |