Grayson Rural Electric Cooperative Corporation
- Assets
- $92.6m
- Revenue
- $41.1m
- Investments
- $0.0
- Employees
- 47
- Location
- Grayson, KY
- Founding
- 03/1953
- Data as of
- 12/2023
- EIN
- 61-0447602
Organization Overview
Grayson Rural Electric Cooperative Corporation is located in Grayson, KY. The organization was established in 1953. 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 12/2023, Grayson Rural Electric Cooperative Corporation employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grayson Rural Electric Cooperative Corporation 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 12/2023, Grayson Rural Electric Cooperative Corporation generated $41.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $41.1m during the year ending 12/2023. While expenses have increased by 2.6% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 15,576 CUSTOMERS PER MONTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 15,576 CUSTOMERS PER MONTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim Bentley Vice Chairman | OfficerTrustee | 1.75 | $12,000 |
Danny Mabry Director | Trustee | 2.83 | $14,200 |
Harold Dupuy Chairman | OfficerTrustee | 2.19 | $12,000 |
Jimmy Whitt Director | Trustee | 3.42 | $14,000 |
Kayla Webb Secretary/treasurer | OfficerTrustee | 2.35 | $12,400 |
Bradley Cherry President/ceo | Officer | 40 | $124,126 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Smith Tree Service Row Clearing | 12/30/23 | $454,700 |
Wa Kendall & Co Inc Row Clearing | 12/30/23 | $1,674,735 |
5 Star Electric Llc Electric Contractor | 12/30/23 | $749,017 |
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 | $39,388,755 |
| Investment income | $412,515 |
| 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 | $41,054,365 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $10,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,072,245 |
| Compensation of current officers, directors, key employees. | $188,726 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,291,907 |
| Pension plan accruals and contributions | $723,678 |
| Other employee benefits | $1,558,182 |
| Payroll taxes | $248,640 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,785 |
| Fees for services: Accounting | $99,433 |
| 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 | $163,262 |
| 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 | $2,089,332 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,106,122 |
| Insurance | $0 |
| All other expenses | -$4,953,026 |
| Total functional expenses | $41,054,365 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $268,677 |
| Savings and temporary cash investments | $6,417,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,473,123 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,315,491 |
| Prepaid expenses and deferred charges | $77,146 |
| Net Land, buildings, and equipment | $58,667,132 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $20,037,872 |
| Intangible assets | $0 |
| Other assets | $372,683 |
| Total assets | $92,629,124 |
| Accounts payable and accrued expenses | $2,663,332 |
| 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 | $43,950,242 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,706,396 |
| Total liabilities | $52,319,970 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $161,535 |
| Paid-in or capital surplus, or land, building, or equipment fund | $1,208,473 |
| Retained earnings, endowment, accumulated income, or other funds | $38,939,146 |
| Total liabilities and net assets/fund balances | $92,629,124 |