Shelby Energy Cooperative Inc
- Assets
- $128.0m
- Revenue
- $48.9m
- Investments
- $3.4m
- Employees
- 43
- Location
- Shelbyville, KY
- Founding
- 04/1941
- Data as of
- 12/2021
- EIN
- 61-0337665
Organization Overview
Shelby Energy Cooperative Inc is located in Shelbyville, KY. The organization was established in 1941. 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, Shelby Energy Cooperative Inc employed 43 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Shelby Energy 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, Shelby Energy Cooperative Inc generated $48.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $48.9m during the year ending 12/2021. While expenses have increased by 1.0% 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 MEMBER OWNERS ON A PATRONAGE BASIS. PROVIDE ELECTRIC SERVICE TO OVER 17,200 CONSUMERS MONTHLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. PROVIDES ELECTRIC SERVICE TO OVER 17,200 CONSUMERS MONTHLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jack Bragg Jr President & CEO | Officer | 50 | $205,909 |
Michael Nethery Crew Leader | 55 | $140,400 | |
Randy Stevens SVP Power Delivery Services | 50 | $128,588 | |
Kelly Michels Lead Line Technician | 53 | $124,540 | |
Matthew Reide Line Technician | 52 | $121,752 | |
Jason Ginn Operations/contract Resources Mngr | 50 | $119,613 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Davis H Elliot Construction/maintenance | 12/30/21 | $2,042,172 |
Wright Tree Service Row Clearing | 12/30/21 | $1,154,982 |
Power System Engineering Inc Engineering Consultants | 12/30/21 | $238,718 |
Protecterra Llc Row Spraying | 12/30/21 | $170,280 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $927,488 |
| 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 | $927,488 |
| Total Program Service Revenue | $46,361,449 |
| Investment income | $36,385 |
| 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 | $48,869,118 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,046,749 |
| Compensation of current officers, directors, key employees. | $298,853 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,841,117 |
| Pension plan accruals and contributions | $225,213 |
| Other employee benefits | $368,880 |
| Payroll taxes | $176,415 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $36,048 |
| Fees for services: Accounting | $22,350 |
| 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 | $159,379 |
| 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 | $2,067,977 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,703,179 |
| Insurance | $157,759 |
| All other expenses | -$2,271,105 |
| Total functional expenses | $48,869,118 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,482,000 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,325,163 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $593,163 |
| Prepaid expenses and deferred charges | $313,301 |
| Net Land, buildings, and equipment | $85,978,312 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,405,139 |
| Investments—program-related | $29,965,415 |
| Intangible assets | $0 |
| Other assets | $1,961,419 |
| Total assets | $128,023,912 |
| Accounts payable and accrued expenses | $4,261,323 |
| 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 | $66,884,909 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,102,530 |
| Total liabilities | $75,248,762 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $52,775,150 |
| Total liabilities and net assets/fund balances | $128,023,912 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northeastern Rural Electric Membership Corporation Columbia City, IN | $154,005,839 | $126,158,719 |
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Salt River Electric Bardstown, KY | $187,060,575 | $114,408,015 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
Jackson Energy Cooperative Corporat Ion Inc Mckee, KY | $284,949,026 | $109,799,636 |
N W Electric Power Cooperative Inc Cameron, MO | $276,321,789 | $107,924,696 |
Central Virginia Electric Cooperative Lovingston, VA | $375,858,912 | $102,220,456 |
Gibson Electric Membership Corp Trenton, TN | $199,281,246 | $104,510,085 |
Holston Electric Cooperative Inc Rogersville, TN | $140,432,181 | $97,958,544 |
Hendricks County Rural Electric Membership Corporation Danville, IN | $222,904,007 | $97,103,288 |