Nolin Rural Electric Cooperative Corporation
- Assets
- $169.1m
- Revenue
- $81.0m
- Investments
- $0.0
- Employees
- 107
- Location
- Elizabethtown, KY
- Founding
- 10/1940
- Data as of
- 12/2021
- EIN
- 61-0294540
Organization Overview
Nolin Rural Electric Cooperative Corporation is located in Elizabethtown, 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 12/2021, Nolin Rural Electric Cooperative Corporation employed 107 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nolin 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 12/2021, Nolin Rural Electric Cooperative Corporation generated $81.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $81.0m during the year ending 12/2021. 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
PROVIDE ELECTRIC SERVICE ON A PATRONAGE BASIS TO A MONTHLY AVERAGE OF 36,406 CONSUMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE ON A PATRONAGE BASIS TO A MONTHLY AVERAGE OF 36,406 CONSUMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Lee President/ceo | Officer | 40.4 | $233,071 |
Sara Roberson Vp, Administration/finance | 41.6 | $147,727 | |
Joshua Sanders Crew Leader | 53.66 | $140,124 | |
Anthony Huff Sr Line Tech | 54.7 | $136,393 | |
David Cox VP Information Technology | 40.6 | $132,314 | |
Andrew Patterson Mgr Of Operations | 41.1 | $131,467 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Russmar Utility Management Natural Gas Maint | 12/30/21 | $1,231,233 |
Envision Energy Services Power Solutions | 12/30/21 | $720,753 |
Delta Star Power Solutions | 12/30/21 | $1,301,448 |
Asplundh Tree Expert Company Row Clearing | 12/30/21 | $391,099 |
Whayne Supply Company Equipment | 12/30/21 | $263,060 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,371,947 |
| 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 | $2,371,947 |
| Total Program Service Revenue | $76,522,199 |
| Investment income | $619,106 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $41,731 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $80,995,142 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $12,300 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $7,805,879 |
| Compensation of current officers, directors, key employees. | $355,981 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,487,630 |
| Pension plan accruals and contributions | $1,893,762 |
| Other employee benefits | $977,275 |
| Payroll taxes | $2,250,435 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $30,464 |
| Fees for services: Accounting | $48,350 |
| 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 | $154,301 |
| 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 | $2,051,013 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,705,661 |
| Insurance | $361,205 |
| All other expenses | -$11,677,125 |
| Total functional expenses | $80,995,142 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,943,856 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,845,789 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $17,986,961 |
| Inventories for sale or use | $1,071,959 |
| Prepaid expenses and deferred charges | $100,636 |
| Net Land, buildings, and equipment | $75,293,770 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $51,418,367 |
| Intangible assets | $0 |
| Other assets | $398,903 |
| Total assets | $169,060,241 |
| Accounts payable and accrued expenses | $7,725,624 |
| 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 | $66,021,894 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,784,279 |
| Total liabilities | $84,531,797 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $256,145 |
| Paid-in or capital surplus, or land, building, or equipment fund | -$1,550,338 |
| Retained earnings, endowment, accumulated income, or other funds | $85,822,637 |
| Total liabilities and net assets/fund balances | $169,060,241 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
East Kentucky Power Cooperative Inc Winchester, KY | $3,550,114,968 | $954,101,068 |
Middle Tennessee Electric Membership Corporation Murfreesboro, TN | $972,885,002 | $816,151,968 |
Old Dominion Electric Cooperative Glen Allen, VA | $2,169,039,010 | $801,442,287 |
Buckeye Power Inc Columbus, OH | $1,739,976,540 | $814,420,643 |
Wabash Valley Power Association Inc Indianapolis, IN | $1,308,025,251 | $757,452,533 |
Northern Virginia Electric Co-Op Manassas, VA | $1,071,859,351 | $676,666,779 |
Kenergy Corp Henderson, KY | $260,651,880 | $473,591,627 |
Rappahannock Electric Cooperative Fredericksburg, VA | $1,043,159,165 | $419,807,187 |
Midcontinent Independent System Operator Inc Carmel, IN | $2,446,006,704 | $407,489,988 |
South Central Power Company Lancaster, OH | $695,490,462 | $352,992,911 |
Cumberland Electric Membership Corp Clarksville, TN | $559,882,187 | $327,722,843 |
Volunteer Energy Cooperative Decatur, TN | $369,462,846 | $270,037,507 |