Salt River Electric
- Assets
- $201.7m
- Revenue
- $141.7m
- Investments
- $0.0
- Employees
- 85
- Location
- Bardstown, KY
- Founding
- 12/1957
- Data as of
- 12/2022
- EIN
- 61-0329022
Organization Overview
Salt River Electric is located in Bardstown, KY. The organization was established in 1957. 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, Salt River Electric employed 85 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Salt River Electric 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, Salt River Electric generated $141.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $141.7m during the year ending 12/2022. While expenses have increased by 3.4% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
DISTRIBUTION SALES OF ELECTRICITY ON A PATRONAGE BASIS TO AN AVERAGE OF APPROXIMATELY 55,226 CONSUMERS MONTHLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE DISTRIBUTION SALES OF ELECTRICITY TO AN AVERAGE OF APPROXIMATELY 55,226 CONSUMERS MONTHLY ON A PATRONAGE BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darrell Tingle Treasurer | OfficerTrustee | 5 | $18,800 |
Linda West Chairman | OfficerTrustee | 5 | $17,459 |
David Stevens Vice Chairman | OfficerTrustee | 5 | $17,200 |
George Maddox Secretary | OfficerTrustee | 5 | $18,800 |
John Hutchins Director | Trustee | 5 | $4,100 |
Joseph Osborne Director | Trustee | 5 | $20,041 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
David Elliot Constuction Line Construction | 12/30/22 | $695,085 |
Lewis Tree Service Tree Trimming | 12/30/22 | $599,971 |
A&g Tree Service Tree Trimming | 12/30/22 | $528,812 |
M&m Electrical Line Construction | 12/30/22 | $491,141 |
Moore's Tree Service Tree Trimming | 12/30/22 | $376,014 |
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 | $136,103,627 |
| Investment income | $319,092 |
| 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 | $141,723,833 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $6,900,646 |
| Compensation of current officers, directors, key employees. | $417,357 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,975,019 |
| Pension plan accruals and contributions | $2,221,883 |
| Other employee benefits | $1,745,218 |
| Payroll taxes | $495,664 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,242 |
| Fees for services: Accounting | $24,325 |
| 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 | $583,046 |
| 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 | $1,344,820 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,099,323 |
| Insurance | $162,454 |
| All other expenses | -$9,285,326 |
| Total functional expenses | $141,723,833 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,395,172 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,302,431 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $519,466 |
| Inventories for sale or use | $1,820,006 |
| Prepaid expenses and deferred charges | $166,108 |
| Net Land, buildings, and equipment | $71,670,144 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $76,441,278 |
| Intangible assets | $0 |
| Other assets | $14,378,007 |
| Total assets | $201,692,612 |
| Accounts payable and accrued expenses | $13,260,790 |
| 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 | $53,231,721 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,676,432 |
| Total liabilities | $73,168,943 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,598,040 |
| Paid-in or capital surplus, or land, building, or equipment fund | -$1,802,395 |
| Retained earnings, endowment, accumulated income, or other funds | $127,728,024 |
| Total liabilities and net assets/fund balances | $201,692,612 |