Owen Electric Cooperative Inc
- Assets
- $280.7m
- Revenue
- $184.8m
- Investments
- $0.0
- Employees
- 136
- Location
- Owenton, KY
- Founding
- 03/1943
- Data as of
- 12/2021
- 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 12/2021, Owen Electric Cooperative Inc employed 136 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 12/2021, Owen Electric Cooperative Inc generated $184.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $184.8m during the year ending 12/2021. While expenses have increased by 1.2% per year over the past 7 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
2021
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 | $296,611 |
James R Williams Sr. VP Of Operations And Technology | Officer | 50 | $208,232 |
Michael Stafford VP Of Member Services | Officer | 50 | $150,409 |
Teresa Hamilton VP Of Accounting | Officer | 50 | $149,144 |
Brian Jones Manager Of Construction | Officer | 50 | $149,136 |
Larry Richardson Service Technician | 56.6 | $148,516 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bowlin Group Llc Lineman Crews | 12/30/21 | $516,449 |
Apex Row Llc Tree Trimming | 12/30/21 | $3,052,846 |
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 | $182,142,446 |
| Investment income | $77,806 |
| 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 | $184,758,521 |
| 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 | $8,484,972 |
| Compensation of current officers, directors, key employees. | $2,074,994 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,099,952 |
| Pension plan accruals and contributions | $1,525,777 |
| Other employee benefits | $1,801,949 |
| Payroll taxes | $517,402 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $75,071 |
| Fees for services: Accounting | $53,100 |
| 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 | $2,984,915 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,664,380 |
| Insurance | $0 |
| All other expenses | $63,085 |
| Total functional expenses | $184,758,521 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,552,921 |
| Savings and temporary cash investments | $8,004,348 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,778,877 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,741,130 |
| Prepaid expenses and deferred charges | $5,732,448 |
| Net Land, buildings, and equipment | $153,119,667 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $97,731,886 |
| Total assets | $280,661,277 |
| Accounts payable and accrued expenses | $13,043,710 |
| 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 | $89,473,155 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $25,757,479 |
| Total liabilities | $128,274,344 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,292,175 |
| Paid-in or capital surplus, or land, building, or equipment fund | $4,647,451 |
| Retained earnings, endowment, accumulated income, or other funds | $146,447,307 |
| Total liabilities and net assets/fund balances | $280,661,277 |
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 |