Prince George Electric Cooperative
- Assets
- $95.0m
- Revenue
- $41.9m
- Investments
- $0.0
- Employees
- 60
- Location
- Waverly, VA
- Founding
- 02/1941
- Data as of
- 12/2021
- 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 12/2021, Prince George Electric Cooperative employed 60 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 12/2021, Prince George Electric Cooperative generated $41.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $40.2m during the year ending 12/2021. While expenses have increased by 1.1% 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
2021
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 |
|---|---|---|---|
Casey Jerome Logan Jr President And CEO | Officer | 55 | $338,647 |
Sarat Yellepeddi Vice President Of Informat | Officer | 40 | $200,013 |
Robert Howard Hall Vice President And Chief F | Officer | 40 | $187,164 |
Walter Lee Chappell Vice President Of Operatio | Officer | 40 | $174,947 |
Crystal R Johnson-Smith Vice President Of Human Re | Officer | 40 | $134,864 |
Paul H Brown Chairman | OfficerTrustee | 8 | $22,596 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pike Electric Llc Energy Solutions Provider | 12/30/21 | $1,791,419 |
Pike Engineering Llc Fiber Infrastructure | 12/30/21 | $1,347,682 |
Mid Atlantic Fiber Optics Services Open-access Fiber Networks | 12/30/21 | $830,248 |
Xylem Water Solutions And Testing | 12/30/21 | $829,282 |
Coggin Electrical Specialists Fiber Installs | 12/30/21 | $139,281 |
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 | $41,392,570 |
| Investment income | $25,719 |
| 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 | $41,941,155 |
| 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 | $943,090 |
| Compensation of current officers, directors, key employees. | $1,191,767 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $400,719 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $266,350 |
| Fees for services: Accounting | $25,560 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,900 |
| Advertising and promotion | $0 |
| Office expenses | $162,289 |
| Information technology | $830,576 |
| Royalties | $0 |
| Occupancy | $76,691 |
| Travel | $12,977 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,439 |
| Interest | $2,129,230 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,557,761 |
| Insurance | $30,364 |
| All other expenses | $587,452 |
| Total functional expenses | $40,174,865 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,708,083 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,802,506 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,505,075 |
| Prepaid expenses and deferred charges | $1,325,846 |
| Net Land, buildings, and equipment | $64,660,913 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $16,996,088 |
| Intangible assets | $0 |
| Other assets | $22,809 |
| Total assets | $95,021,320 |
| Accounts payable and accrued expenses | $3,963,478 |
| 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 | $50,669,173 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,257,766 |
| Total liabilities | $59,890,417 |
| 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 | $35,130,903 |
| Total liabilities and net assets/fund balances | $95,021,320 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Prince George Electric Cooperative has recieved totaling $30,094.
| Awarding Organization | Amount |
|---|---|
United Way Of Greater Richmond Richmond, VA PURPOSE: DONOR DIRECTS FUNDS(DESIGNATIONS) FOR ENERGY SHARE | $30,094 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Salt River Electric Bardstown, KY | $187,060,575 | $114,408,015 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
Jackson Energy Cooperative Corporat Ion Inc Mckee, KY | $284,949,026 | $109,799,636 |
South River Electric Membership Corporation Dunn, NC | $271,179,808 | $105,392,697 |
Central Virginia Electric Cooperative Lovingston, VA | $375,858,912 | $102,220,456 |
Wake Electric Membership Corp Wake Forest, NC | $280,486,920 | $101,861,632 |
Gibson Electric Membership Corp Trenton, TN | $199,281,246 | $104,510,085 |
Four County Electric Membership Corp Burgaw, NC | $229,795,069 | $103,654,934 |
Holston Electric Cooperative Inc Rogersville, TN | $140,432,181 | $97,958,544 |