Salt River Electric
- Assets
- $187.1m
- Revenue
- $114.4m
- Investments
- $0.0
- Employees
- 73
- Location
- Bardstown, KY
- Founding
- 12/1957
- Data as of
- 12/2021
- 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 12/2021, Salt River Electric employed 73 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 12/2021, Salt River Electric generated $114.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $114.4m during the year ending 12/2021. While expenses have increased by 0.9% 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
DISTRIBUTION SALES OF ELECTRICITY ON A PATRONAGE BASIS TO AN AVERAGE OF APPROXIMATELY 54,465 CONSUMERS MONTHLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE DISTRIBUTION SALES OF ELECTRICITY TO AN AVERAGE OF APPROXIMATELY 54,465 CONSUMERS MONTHLY ON A PATRONAGE BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Sharp President & CEO | Officer | 45 | $296,440 |
Nicky Rapier Chief Info Officer | 45 | $158,921 | |
William Tucker Lineman | 45 | $153,301 | |
William Clements Lineman | 45 | $150,932 | |
James Thornsberry Lineman | 45 | $148,181 | |
Richard Hoops Lineman | 45 | $145,066 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hamilton Power Line Line Construction | 12/30/21 | $886,649 |
A&g Tree Service Tree Trimming | 12/30/21 | $867,727 |
David Elliot Constuction Line Construction | 12/30/21 | $318,149 |
Allied Underground Underground Services | 12/30/21 | $223,154 |
Redbird Construction Bldg Renovations | 12/30/21 | $187,461 |
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 | $111,790,400 |
| Investment income | $109,532 |
| 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 | $114,408,015 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $4,549,157 |
| Compensation of current officers, directors, key employees. | $376,171 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,867,961 |
| Pension plan accruals and contributions | $2,223,128 |
| Other employee benefits | $1,689,062 |
| Payroll taxes | $471,083 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,030 |
| Fees for services: Accounting | $15,950 |
| 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 | $548,382 |
| 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 | $1,033,350 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,585,922 |
| Insurance | $157,445 |
| All other expenses | -$6,236,808 |
| Total functional expenses | $114,408,015 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,706,213 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,697,932 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $383,575 |
| Inventories for sale or use | $1,426,400 |
| Prepaid expenses and deferred charges | $160,393 |
| Net Land, buildings, and equipment | $70,126,234 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $74,380,540 |
| Intangible assets | $0 |
| Other assets | $11,179,288 |
| Total assets | $187,060,575 |
| Accounts payable and accrued expenses | $10,872,135 |
| 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 | $47,807,436 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,986,460 |
| Total liabilities | $64,666,031 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,530,390 |
| Paid-in or capital surplus, or land, building, or equipment fund | -$3,578,193 |
| Retained earnings, endowment, accumulated income, or other funds | $123,442,347 |
| Total liabilities and net assets/fund balances | $187,060,575 |
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 |