Franklin Electric Cooperative
- Assets
- $54.4m
- Revenue
- $10.0m
- Investments
- $1.6m
- Employees
- 24
- Location
- Russellville, AL
- Founding
- 09/1964
- Data as of
- 06/2023
- EIN
- 63-0253927
Organization Overview
Franklin Electric Cooperative is located in Russellville, AL. The organization was established in 1964. 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, Franklin Electric Cooperative employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin 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, Franklin Electric Cooperative generated $10.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $9.4m during the year ending 06/2023. While expenses have increased by 3.6% 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
RURAL ELECTRICITY DISTRIBUTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELECTRIC UTILITY COOPERATIVE
ELECTRIC UTILITY COOPERATIVE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Stockton General Mana | Officer | 40 | $182,756 |
Bobby Hooper Trustee | Trustee | 1 | $8,390 |
John Shewbert Trustee | Trustee | 1 | $8,390 |
Steve Mcguire Trustee | Trustee | 1 | $8,320 |
Roger Boyd Trustee | Trustee | 1 | $8,300 |
Stanley Holland Trustee | Trustee | 1 | $8,300 |
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 | $9,874,553 |
| Investment income | $110,605 |
| 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 | $9,985,158 |
| 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 | $286,080 |
| 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 | $790,934 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,461,498 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $9,426,652 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,110,979 |
| Savings and temporary cash investments | $2,222,321 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,249,622 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $200,855 |
| Prepaid expenses and deferred charges | $744,737 |
| Net Land, buildings, and equipment | $45,324,381 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,593,972 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $54,446,867 |
| Accounts payable and accrued expenses | $6,724,205 |
| 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 | $16,004,479 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,327,013 |
| Total liabilities | $27,055,697 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $33,430 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $27,357,740 |
| Total liabilities and net assets/fund balances | $54,446,867 |