Cumberland Valley Electric Co-Op Corp
- Assets
- $127.3m
- Revenue
- $59.9m
- Investments
- $0.0
- Employees
- 53
- Location
- Gray, KY
- Founding
- 02/1943
- Data as of
- 12/2023
- EIN
- 61-0169533
Organization Overview
Cumberland Valley Electric Co-Op Corp is located in Gray, KY. The organization was established in 1943. 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, Cumberland Valley Electric Co-Op Corp employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cumberland Valley Electric Co-Op Corp 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, Cumberland Valley Electric Co-Op Corp generated $59.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $59.9m during the year ending 12/2023. While expenses have increased by 2.6% 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
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF 24,131 CONSUMERS MONTHLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF 24,131 CONSUMERS MONTHLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vernon Shelley Chairman | OfficerTrustee | 4 | $12,300 |
James Lewis Director | Trustee | 4 | $12,374 |
Lansford Lay Sec/treas | OfficerTrustee | 3 | $12,600 |
Kevin Moses Director | Trustee | 4 | $15,941 |
Elbert Hampton Vice Chairman | OfficerTrustee | 2 | $12,340 |
Ted Hampton General Manager | Officer | 40 | $205,962 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Phillips Tree Experts Right Of Way Clear | 12/30/23 | $1,734,922 |
Bowlin Group Inc Line Construction | 12/30/23 | $1,504,443 |
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 | $57,000,633 |
| Investment income | $562,638 |
| 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 | $59,924,348 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $712,618 |
| Compensation of current officers, directors, key employees. | $277,657 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,253,613 |
| Pension plan accruals and contributions | $652,414 |
| Other employee benefits | $1,036,835 |
| Payroll taxes | $337,417 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $53,659 |
| Fees for services: Accounting | $18,350 |
| 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 | $244,772 |
| 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 | $2,027,870 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,344,707 |
| Insurance | $273,180 |
| All other expenses | -$5,204,285 |
| Total functional expenses | $59,924,348 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,201,904 |
| Savings and temporary cash investments | $7,504,300 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,625,332 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,011,551 |
| Prepaid expenses and deferred charges | $52,378 |
| Net Land, buildings, and equipment | $73,913,037 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $36,745,710 |
| Intangible assets | $0 |
| Other assets | $274,515 |
| Total assets | $127,328,727 |
| Accounts payable and accrued expenses | $4,747,599 |
| 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 | $51,651,280 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,701,632 |
| Total liabilities | $66,100,511 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $448,630 |
| Paid-in or capital surplus, or land, building, or equipment fund | $305,596 |
| Retained earnings, endowment, accumulated income, or other funds | $60,473,990 |
| Total liabilities and net assets/fund balances | $127,328,727 |