Sand Mountain Electric Cooperative
- Assets
- $117.8m
- Revenue
- $82.4m
- Investments
- $0.0
- Employees
- 78
- Location
- Rainsville, AL
- Founding
- 10/1942
- Data as of
- 06/2023
- EIN
- 63-0182345
Organization Overview
Sand Mountain Electric Cooperative is located in Rainsville, AL. 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 06/2023, Sand Mountain Electric Cooperative employed 78 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sand Mountain 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 06/2023, Sand Mountain Electric Cooperative generated $82.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $81.7m during the year ending 06/2023. While expenses have increased by 2.1% 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
THE COOPERATIVE PROVIDES ELECTRICITY TO ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRICITY TO ITS 33,003 CUSTOMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Henderson President | Trustee | 5 | $19,805 |
Larry G Godwin Vice-President | Trustee | 4 | $28,911 |
Brad Gilbert Trustee | Trustee | 3 | $29,483 |
Leo Bomian Trustee | Trustee | 3 | $19,507 |
Roland Hendon Trustee | Trustee | 3 | $21,006 |
Raymond Long Secretary/treasurer | Trustee | 4 | $21,163 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Co Right Of Way Clearing | 6/29/23 | $1,625,094 |
Meridian Cooperative Inc Data Processing Services | 6/29/23 | $694,623 |
Osmose Utilities Servinc Pole Testing | 6/29/23 | $131,637 |
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 | $81,020,116 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $164,089 |
| Royalties | $0 |
| Net Rental Income | $1,204,410 |
| 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 | $82,388,615 |
| 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. | $1,186,298 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,846,642 |
| 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 | $1,119,620 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,990,413 |
| Insurance | $0 |
| All other expenses | -$2,097,716 |
| Total functional expenses | $81,734,168 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $637,638 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,143,787 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $990,452 |
| Prepaid expenses and deferred charges | $702,866 |
| Net Land, buildings, and equipment | $105,829,679 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,504,173 |
| Intangible assets | $0 |
| Other assets | $29,622 |
| Total assets | $117,838,217 |
| Accounts payable and accrued expenses | $11,448,584 |
| 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 | $26,402,270 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,657,610 |
| Total liabilities | $43,508,464 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $542,610 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $73,787,143 |
| Total liabilities and net assets/fund balances | $117,838,217 |