Owen Electric Cooperative Inc
- Assets
- $308.5m
- Revenue
- $232.5m
- Investments
- $0.0
- Employees
- 134
- Location
- Owenton, KY
- Founding
- 03/1943
- Data as of
- 12/2022
- EIN
- 61-0299615
Organization Overview
Owen Electric Cooperative Inc is located in Owenton, 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 12/2022, Owen Electric Cooperative Inc employed 134 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Owen 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, Owen Electric Cooperative Inc generated $232.5m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $232.5m during the year ending 12/2022. While expenses have increased by 6.6% per year over the past 4 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 ELECTRIC SERVICE TO MEMBERS ON A PATRONAGE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NOT APPLICABLE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael L Cobb President And CEO | Officer | 60 | $277,433 |
Jennifer Taylor VP Of Engineering | Officer | 50 | $171,870 |
Teresa Hamilton VP Of Accounting | Officer | 50 | $155,119 |
Brian Jones VP Of Operations | Officer | 50 | $146,789 |
Michael Stafford VP Of Member Services | Officer | 50 | $148,829 |
Jim Petreshock VP Of Information Systems | Officer | 50 | $140,401 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bowlin Group Llc Lineman Crews | 12/30/22 | $187,670 |
Apex Row Llc Tree Trimming | 12/30/22 | $100,974 |
Advanced Meter Services Meter Installations | 12/30/22 | $168,648 |
Stellarops Llc It Consultant | 12/30/22 | $149,649 |
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 | $226,825,219 |
| Investment income | $343,804 |
| 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 | $232,534,469 |
| 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 | $9,661,962 |
| Compensation of current officers, directors, key employees. | $2,487,308 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,969,978 |
| Pension plan accruals and contributions | $1,394,462 |
| Other employee benefits | $1,879,715 |
| Payroll taxes | $490,211 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $53,283 |
| Fees for services: Accounting | $82,011 |
| 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 | $3,152,037 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,766,994 |
| Insurance | $0 |
| All other expenses | $58,796 |
| Total functional expenses | $232,534,469 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,043,823 |
| Savings and temporary cash investments | $9,609,797 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,052,191 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,297,059 |
| Prepaid expenses and deferred charges | $7,582,583 |
| Net Land, buildings, and equipment | $165,234,112 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $99,724,161 |
| Total assets | $308,543,726 |
| Accounts payable and accrued expenses | $22,451,718 |
| 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 | $94,203,053 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $27,355,758 |
| Total liabilities | $144,010,529 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,313,185 |
| Paid-in or capital surplus, or land, building, or equipment fund | $8,061,184 |
| Retained earnings, endowment, accumulated income, or other funds | $155,158,828 |
| Total liabilities and net assets/fund balances | $308,543,726 |