Fort Loudoun Electric Cooperative
- Assets
- $118.2m
- Revenue
- $82.8m
- Investments
- $0.0
- Employees
- 83
- Location
- Vonore, TN
- Founding
- 04/1942
- Data as of
- 06/2024
- 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 06/2024, Fort Loudoun Electric Cooperative employed 83 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 06/2024, Fort Loudoun Electric Cooperative generated $82.8m 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 $81.6m during the year ending 06/2024. While expenses have increased by 3.0% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRICITY TO RURAL AREAS OF MONROE, LOUDON, AND BLOUNT COUNTIES IN EAST TENNESSEE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO 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 |
|---|---|---|---|
Denny Stephens Director | Trustee | 5 | $10,500 |
Vernon Davis Director | Trustee | 5 | $8,550 |
Lewis Jones Director | Trustee | 5 | $8,700 |
Ben Ward Director | Trustee | 5 | $11,100 |
Jr Pugh Director | Trustee | 5 | $9,600 |
Angela Tallent Director | Trustee | 5 | $8,250 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Strickland Tree Service Right Of Way Cutting | 6/29/24 | $1,546,876 |
Real Tree Right Of Way Cutting | 6/29/24 | $1,422,062 |
Blount Excavating Excavating Contractor | 6/29/24 | $547,968 |
Service Electric Line Crew Contract | 6/29/24 | $2,526,694 |
Brian Coada Urd Contractor | 6/29/24 | $829,487 |
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 | $79,897,081 |
| Investment income | $623,572 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,275,990 |
| 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 | $82,796,643 |
| 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. | $932,772 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,636,248 |
| 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 | $108,453 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,154,353 |
| Insurance | $0 |
| All other expenses | -$4,652,180 |
| Total functional expenses | $81,568,069 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,682,599 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,369,752 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $33,963 |
| Inventories for sale or use | $3,125,263 |
| Prepaid expenses and deferred charges | $138,268 |
| Net Land, buildings, and equipment | $97,435,242 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,397,120 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $118,182,207 |
| Accounts payable and accrued expenses | $12,359,233 |
| 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 | $2,221,393 |
| Other liabilities | $4,353,275 |
| Total liabilities | $18,933,901 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $180,440 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $99,067,866 |
| Total liabilities and net assets/fund balances | $118,182,207 |