Inter-County Energy Cooperative Corporation
- Assets
- $155.3m
- Revenue
- $70.8m
- Investments
- $3.0m
- Employees
- 65
- Location
- Danville, KY
- Founding
- 12/1937
- Data as of
- 12/2023
- EIN
- 61-0235235
Organization Overview
Inter-County Energy Cooperative Corporation is located in Danville, KY. The organization was established in 1937. 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, Inter-County Energy Cooperative Corporation employed 65 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Inter-County Energy 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 12/2023, Inter-County Energy Cooperative Corporation generated $70.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $70.8m during the year ending 12/2023. While expenses have increased by 3.8% 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 APPROXIMATELY 27,747 CUSTOMERS PER MONTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE APPROXIMATELY 27,747 CONSUMERS PER MONTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Spalding Chairman | OfficerTrustee | 7 | $20,289 |
Jason Todd Vice Chairman | OfficerTrustee | 7 | $25,644 |
James Kevin Preston Sec/treas | OfficerTrustee | 6 | $23,201 |
William Goggin Director | Trustee | 4 | $18,834 |
William Peyton Director | Trustee | 3 | $15,614 |
Louis Kerrick Director | Trustee | 4 | $18,837 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wa Kendall And Co Inc Clear Right Of Way | 12/30/23 | $1,661,397 |
5-star Electric Llc Construction | 12/30/23 | $1,359,782 |
Asplundh Clear Right Of Way | 12/30/23 | $984,558 |
Davis H Elliotts Construction | 12/30/23 | $840,361 |
Phase Iii Construction Construction | 12/30/23 | $222,373 |
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 | $69,053,265 |
| Investment income | $216,602 |
| 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 | $70,820,953 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,200,470 |
| Compensation of current officers, directors, key employees. | $351,808 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,356,701 |
| Pension plan accruals and contributions | $1,100,833 |
| Other employee benefits | $949,054 |
| Payroll taxes | $436,605 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,621 |
| Fees for services: Accounting | $26,975 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $794 |
| Office expenses | $306,740 |
| 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 | $1,990,313 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,987,428 |
| Insurance | $319,641 |
| All other expenses | -$6,370,140 |
| Total functional expenses | $70,820,953 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,699,405 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,409,491 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,104,154 |
| Prepaid expenses and deferred charges | $263,697 |
| Net Land, buildings, and equipment | $103,464,223 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,000,000 |
| Investments—program-related | $34,778,563 |
| Intangible assets | $0 |
| Other assets | $602,386 |
| Total assets | $155,321,919 |
| Accounts payable and accrued expenses | $7,043,167 |
| 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 | $80,976,746 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,683,740 |
| Total liabilities | $94,703,653 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,126,755 |
| Paid-in or capital surplus, or land, building, or equipment fund | -$408,595 |
| Retained earnings, endowment, accumulated income, or other funds | $59,900,106 |
| Total liabilities and net assets/fund balances | $155,321,919 |