Volunteer Energy Cooperative
- Assets
- $375.8m
- Revenue
- $298.1m
- Investments
- $0.0
- Employees
- 178
- Location
- Decatur, TN
- Founding
- 06/1956
- Data as of
- 06/2023
- EIN
- 62-0395590
Organization Overview
Volunteer Energy Cooperative is located in Decatur, TN. The organization was established in 1956. 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 06/2023, Volunteer Energy Cooperative employed 178 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Volunteer Energy 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 06/2023, Volunteer Energy Cooperative generated $298.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $287.1m during the year ending 06/2023. While expenses have increased by 3.3% per year over the past 8 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
TO PROVIDE ELECTRIC ENERGY AND RELATED SERVICES TO RURAL AREAS. THE COOPERATIVE SERVICES 125,317 CUSTOMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRIC ENERGY AND RELATED SERVICES TO RURAL AREAS. THE COOPERATIVE SERVICES 125,317 CUSTOMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roderick R Blevins Former Offic | 50 | $372,100 | |
Patty Hurley Interim Pres | Officer | 45 | $228,399 |
Stacey Hill Service Fore | 57.45 | $147,148 | |
Mark Verstynen VP Accountin | Officer | 55 | $150,274 |
Matthew Teague VP Of Engine | Officer | 50 | $158,587 |
Michael Bice Lineman | 63.33 | $168,921 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Service Electric Company Line Constructi | 6/29/23 | $6,339,925 |
Wakendall And Company Llc Row Trimming | 6/29/23 | $5,721,367 |
Mps Llc Line Constructi | 6/29/23 | $3,294,396 |
Galloway Construction Llc Fiber Construct | 6/29/23 | $2,343,523 |
Superior Telecom Inc Fiber Construct | 6/29/23 | $612,102 |
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 | $287,508,193 |
| Investment income | $734,937 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,303,442 |
| Net Gain/Loss on Asset Sales | $5,529,052 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $298,075,624 |
| 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. | $934,747 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,280,705 |
| Pension plan accruals and contributions | $761,933 |
| Other employee benefits | $0 |
| Payroll taxes | $841,389 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $176,344 |
| Fees for services: Accounting | $79,001 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $44,271 |
| Advertising and promotion | $82,750 |
| Office expenses | $1,005,765 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,527,564 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $321,325 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,932,091 |
| Insurance | $766,599 |
| All other expenses | $1,028,397 |
| Total functional expenses | $287,051,332 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,095,926 |
| Savings and temporary cash investments | $23,878,583 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,901,587 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,898,662 |
| Inventories for sale or use | $14,099,597 |
| Prepaid expenses and deferred charges | $890,367 |
| Net Land, buildings, and equipment | $275,297,799 |
| Investments—publicly traded securities | $10,598,803 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,160,294 |
| Total assets | $375,821,618 |
| Accounts payable and accrued expenses | $40,038,541 |
| 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 | $6,916,412 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,185,472 |
| Total liabilities | $60,140,425 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $488,735 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $315,192,458 |
| Total liabilities and net assets/fund balances | $375,821,618 |