Fort Loudoun Electric Cooperative
- Assets
- $113.2m
- Revenue
- $78.0m
- Investments
- $0.0
- Employees
- 87
- Location
- Vonore, TN
- Founding
- 04/1942
- Data as of
- 06/2022
- EIN
- 62-0204106
Organization Overview
Fort Loudoun Electric Cooperative is located in Vonore, TN. The organization was established in 1942. 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 06/2022, Fort Loudoun Electric Cooperative employed 87 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fort Loudoun Electric Cooperative 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 06/2022, Fort Loudoun Electric Cooperative generated $78.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $72.9m during the year ending 06/2022. While expenses have increased by 2.2% 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
PROVIDE ELECTRICITY TO RURAL AREAS OF MONROE, LOUDON AND BLOUNT COUNTIES IN EAST TENNESSEE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRICITY TO RURAL AREAS OF MONROE, LOUDON AND BLOUNT COUNTIES IN EAST TENNESSEE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jarrod Brackett CEO | Officer | 55 | $181,514 |
Shane Schaffer Spvr/corr-En | 59 | $158,687 | |
Michael C Webb CFO | Officer | 50 | $150,434 |
Chad Kirkpatrick VP Operation | Officer | 50 | $147,124 |
Matthew Matoy Foreman | 50 | $137,798 | |
Phillip Teague Foreman | 50 | $127,865 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mcclures Communications Fiber Connect | 6/29/22 | $421,794 |
Usic Holding Inc Location Contra | 6/29/22 | $140,954 |
Strickland Tree Service Tree Cutting | 6/29/22 | $1,704,599 |
Brian Coada Urd Contractor | 6/29/22 | $584,336 |
Service Electric Company Line Crew Contr | 6/29/22 | $1,170,673 |
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 | $77,616,131 |
| Investment income | $88,462 |
| 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 | $78,018,247 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| 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 | $148,377 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,822,700 |
| Insurance | $0 |
| All other expenses | $4,682,212 |
| Total functional expenses | $72,927,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $639,762 |
| Savings and temporary cash investments | $16,060,602 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,295,188 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $221,189 |
| Inventories for sale or use | $2,396,230 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $84,026,749 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,123,524 |
| Intangible assets | $0 |
| Other assets | $4,470,760 |
| Total assets | $113,234,004 |
| Accounts payable and accrued expenses | $9,490,500 |
| 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 | $3,126,638 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,452,019 |
| Total liabilities | $19,069,157 |
| 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 | $94,164,847 |
| Total liabilities and net assets/fund balances | $113,234,004 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
4-County Electric Power Association Columbus, MS | $315,642,901 | $133,649,967 |
Satilla Rural Electric Membership Corp Alma, GA | $268,716,625 | $122,190,964 |
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Diverse Power Incorporated Lagrange, GA | $239,882,222 | $117,829,336 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Northcentral Electric Cooperative Olive Branch, MS | $185,941,805 | $125,968,963 |
Salt River Electric Bardstown, KY | $187,060,575 | $114,408,015 |
Tombigbee Electric Power Assn Tupelo, MS | $221,161,642 | $118,553,499 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Blue Ridge Mountain Electric Membership Corp 101-10 Irc Young Harris, GA | $245,553,260 | $112,097,199 |
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 |