Chickasaw Electric Cooperative Inc
- Assets
- $67.7m
- Revenue
- $12.4m
- Investments
- $0.0
- Employees
- 80
- Location
- Somerville, TN
- Founding
- 03/1943
- Data as of
- 06/2024
- EIN
- 62-0157827
Organization Overview
Chickasaw Electric Cooperative Inc is located in Somerville, TN. 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 06/2024, Chickasaw Electric Cooperative Inc employed 80 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chickasaw 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 06/2024, Chickasaw Electric Cooperative Inc generated $12.4m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $11.9m during the year ending 06/2024. While expenses have increased by 8.1% per year over the past 4 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO DELIVER SOLID LOW-COST ELECTRICITY TO POWER OUR MEMBERS INTO TOMORROW.
Describe the Organization's Program Activity:
Part 3 - Line 4a
.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Howard Dowdy Director | Trustee | 1 | $7,200 |
Royce Reeves President | OfficerTrustee | 1.5 | $10,750 |
Vip Lewis Vice President | OfficerTrustee | 1.5 | $9,450 |
William Rhea Director | Trustee | 1 | $9,450 |
Mary Lou Thomas Treasurer | OfficerTrustee | 1 | $9,450 |
Gordon Tomlin Secretary | OfficerTrustee | 1 | $8,100 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Progressive Solutions Llc Vegetation Management | 6/29/24 | $131,296 |
Allen & Hoshall Engineering Services | 6/29/24 | $334,118 |
D&h Contraction Utility Construction | 6/29/24 | $1,120,147 |
Mdr Construction Inc Utility Construction | 6/29/24 | $2,636,167 |
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 | $706,577 |
| Investment income | $173,919 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $700,753 |
| Net Gain/Loss on Asset Sales | $160,371 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $10,602,299 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,446,967 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $339,666 |
| Compensation of current officers, directors, key employees. | $339,666 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,786,443 |
| Pension plan accruals and contributions | $646,736 |
| Other employee benefits | $0 |
| Payroll taxes | $327,545 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,556 |
| Fees for services: Accounting | $25,024 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $872 |
| Office expenses | $500,275 |
| 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 | $21,082 |
| Interest | $316,587 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,736,268 |
| Insurance | $35,497 |
| All other expenses | $253,962 |
| Total functional expenses | $11,891,395 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $363,529 |
| Savings and temporary cash investments | $537,950 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,022,926 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,136,249 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $53,959,399 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $345,155 |
| Intangible assets | $0 |
| Other assets | $338,654 |
| Total assets | $67,703,862 |
| Accounts payable and accrued expenses | $5,738,174 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $10,340,000 |
| Other liabilities | $4,264,836 |
| Total liabilities | $20,343,010 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $114,968 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $47,245,884 |
| Total liabilities and net assets/fund balances | $67,703,862 |