Farmers Rural Electric Cooperative Corporation
- Assets
- $129.5m
- Revenue
- $67.4m
- Investments
- $34.8m
- Employees
- 73
- Location
- Glasgow, KY
- Founding
- 08/1940
- Data as of
- 12/2022
- EIN
- 61-0189417
Organization Overview
Farmers Rural Electric Cooperative Corporation is located in Glasgow, KY. 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 12/2022, Farmers Rural Electric Cooperative Corporation employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farmers Rural Electric Cooperative Corporation 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, Farmers Rural Electric Cooperative Corporation generated $67.4m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $67.4m during the year ending 12/2022. While expenses have increased by 3.4% per year over the past 5 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
THE COOPERATIVE IS A RURAL ELECTRIC DISTRIBUTION SYSTEM WITH A MISSION OF PROVIDING RELIABLE ELECTRIC SERVICE TO ITS MEMBER-OWNERS IN A COST EFFECTIVE MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS OF DECEMBER 31, 2021, THE COOPERATIVE DISTRIBUTED ELECTRICITY TO 26,254 CUSTOMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Hawkins Chairman | OfficerTrustee | 7 | $20,200 |
Ronnie Smith Vice Chairman | OfficerTrustee | 5 | $15,700 |
Randy London Secretary | OfficerTrustee | 4 | $16,600 |
Cf Martin Jr Director | Trustee | 4 | $14,350 |
Cornelius Faulkner Director | Trustee | 6 | $16,900 |
Randy Sexton Director | Trustee | 4 | $14,800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Greatsouthwestern Construction Construction Of Electric Plant | 12/30/22 | $685,625 |
Townsend Tree Service Right Of Way Clearing | 12/30/22 | $590,575 |
A&g Tree Service Right Of Way Clearing | 12/30/22 | $415,091 |
Davis-elliot Company Inc Construction Of Electric Plant | 12/30/22 | $311,606 |
Sage Right Of Way Inc Right Of Way Clearing | 12/30/22 | $175,442 |
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 | $65,454,721 |
| Investment income | $21,240 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $24,924 |
| 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 | $67,395,267 |
| 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 | $2,281,606 |
| Compensation of current officers, directors, key employees. | $340,517 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,437,203 |
| Pension plan accruals and contributions | $871,139 |
| Other employee benefits | $968,722 |
| Payroll taxes | $347,624 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $90,541 |
| Fees for services: Accounting | $24,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $201,281 |
| Office expenses | $897,157 |
| 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 | $83,144 |
| Interest | $1,839,544 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,728,106 |
| Insurance | $129,820 |
| All other expenses | $883,692 |
| Total functional expenses | $67,395,267 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,350,180 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,229,444 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,620,998 |
| Prepaid expenses and deferred charges | $316,045 |
| Net Land, buildings, and equipment | $81,202,243 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $34,800,948 |
| Investments—program-related | $0 |
| Intangible assets | $412,247 |
| Other assets | $2,583,134 |
| Total assets | $129,515,239 |
| Accounts payable and accrued expenses | $7,113,666 |
| 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 | $65,534,682 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,491,488 |
| Total liabilities | $75,139,836 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $584,700 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $53,790,703 |
| Total liabilities and net assets/fund balances | $129,515,239 |