Tri-County Electric Cooperative Inc
- Assets
- $118.4m
- Revenue
- $53.5m
- Investments
- $0.0
- Employees
- 73
- Location
- Madison, FL
- Founding
- 04/1942
- Data as of
- 12/2022
- EIN
- 59-0485704
Organization Overview
Tri-County Electric Cooperative Inc is located in Madison, FL. The organization was established in 1942. 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, Tri-County Electric Cooperative Inc employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tri-County Electric Cooperative Inc 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, Tri-County Electric Cooperative Inc generated $53.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $53.5m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE QUALITY-SAFE-AFFORDABLE ELECTRIC SERVICE POWERED BY MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRICITY TO COOPERATIVE MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
H Julius Hackett Chief Executive Officer | Officer | 40 | $263,107 |
Jeff Brewer VP Engineering | Officer | 40 | $128,454 |
John Tuten VP Operations | Officer | 40 | $112,650 |
Wendell Williams VP Finance | Officer | 40 | $106,427 |
Michael S Henderson District Crew Leader | 40 | $103,898 | |
John Nash Cooperative Foreman | 40 | $101,275 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Musgrove Construction Inc Construction Contractor | 12/30/22 | $698,360 |
Bryant Tree Service Inc Right Of Way Tree Cutting | 12/30/22 | $2,123,626 |
Bigham Cable Construction Inc Main Line Fiber Installation | 12/30/22 | $533,559 |
Techserve Consulting Fiber Design/mapping | 12/30/22 | $312,314 |
Lee Electrical Construction Make Ready Construction | 12/30/22 | $215,853 |
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 | $51,961,531 |
| Investment income | $48,216 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $26,273 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $53,542,460 |
| 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 | $1,832,302 |
| Compensation of current officers, directors, key employees. | $1,065,604 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,312,924 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,671,029 |
| Insurance | $0 |
| All other expenses | $1,839,142 |
| Total functional expenses | $53,542,460 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,028,524 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,526,164 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,638,131 |
| Prepaid expenses and deferred charges | $592,953 |
| Net Land, buildings, and equipment | $86,220,079 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $11,598,703 |
| Intangible assets | $0 |
| Other assets | $6,813,503 |
| Total assets | $118,418,057 |
| Accounts payable and accrued expenses | $6,524,648 |
| 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 | $70,706,300 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,237,805 |
| Total liabilities | $78,468,753 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $71,320 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $39,877,984 |
| Total liabilities and net assets/fund balances | $118,418,057 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Satilla Rural Electric Membership Corp Alma, GA | $268,716,625 | $122,190,964 |
Diverse Power Incorporated Lagrange, GA | $239,882,222 | $117,829,336 |
Choctawhatchee Electric Cooperative Inc Defuniak Springs, FL | $360,891,875 | $124,274,504 |
Blue Ridge Mountain Electric Membership Corp 101-10 Irc Young Harris, GA | $245,553,260 | $112,097,199 |
Peace River Electric Cooperative Inc Wauchula, FL | $298,485,094 | $110,943,049 |
Amicalola Electric Membership Corp Jasper, GA | $201,848,786 | $100,500,156 |
Central Alabama Electric Cooperative Prattville, AL | $339,092,082 | $97,489,806 |
Institute Of Nuclear Power Operations Atlanta, GA | $114,402,885 | $104,860,180 |
Hart Electric Membership Corp Hartwell, GA | $227,728,767 | $84,026,536 |
Georgia System Operations Corporation Tucker, GA | $29,189,224 | $80,847,817 |
Okefenoke Rural Electric Membership Corporation Nahunta, GA | $179,241,963 | $74,995,263 |
Sand Mountain Electric Cooperative Rainsville, AL | $117,656,125 | $77,979,953 |