Arab Electric Cooperative Inc
- Assets
- $58.2m
- Revenue
- $38.6m
- Investments
- $0.0
- Employees
- 37
- Location
- Arab, AL
- Founding
- 02/1955
- Data as of
- 06/2022
- EIN
- 63-0264087
Organization Overview
Arab Electric Cooperative Inc is located in Arab, AL. The organization was established in 1955. 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, Arab Electric Cooperative Inc employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Arab Electric Cooperative Inc 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, Arab Electric Cooperative Inc generated $38.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $38.6m during the year ending 06/2022. While expenses have increased by 2.7% 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
ARAB ELECTRIC COOPERATIVE'S MOST SIGNIFICANT ACTIVITIES AND MISSION INCLUDE THE SALE OF ELECTRICITY AT THE LOWEST FEASIBLE RATES FOR ITS MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ARAB ELECTRIC COOPERATIVE NOW SERVES 13,390 RESIDENTIAL ACCOUNTS 2,495 SMALL COMMERCIAL ACCOUNTS 166 LARGE COMMERCIAL ACCOUNTS AS WELL AS 151 LIGHTING ACCOUNTS FOR A TOTAL NUMBER OF 16,202 ACCOUNTS. ARAB ELECTRIC COOPERATIVE INC. HAS 1,237 MILES OF DISTRIBUTION LINE THAT DELIVERS POWER PURCHASED FROM THE TENNESSEE VALLEY AUTHORITY TO ITS MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stacey White General Manager | Officer | 40 | $131,253 |
Nathan Clark Trustee | Trustee | 1 | $6,000 |
Tyler Barnes Trustee | Trustee | 1 | $6,000 |
Dianne Prestridge Trustee | Trustee | 1 | $6,000 |
Christopher Hemphill Trustee | Trustee | 1 | $6,000 |
Janet Bright Trustee | Trustee | 1 | $6,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Corbitt Power And Light Llc Electrical Contractors And Right - Of - Way Clearing | 6/29/22 | $1,890,483 |
Service Electric Company Substation Construction | 6/29/22 | $1,741,877 |
Landis Gyr Technology Inc Advanced Metering Infrastructure And Technology | 6/29/22 | $547,285 |
Central Service Association It & Software Support | 6/29/22 | $183,732 |
Fisher & Arnold Inc Engineering Consultants | 6/29/22 | $359,845 |
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 | $37,712,119 |
| Investment income | $5,076 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $830,371 |
| 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 | $38,555,130 |
| 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 | $2,794,126 |
| Compensation of current officers, directors, key employees. | $231,981 |
| 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 | $176,574 |
| 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 | $15,137 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,260,095 |
| Insurance | $0 |
| All other expenses | $773,001 |
| Total functional expenses | $38,555,130 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,697,798 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,848,749 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,289,850 |
| Inventories for sale or use | $1,320,814 |
| Prepaid expenses and deferred charges | $2,427,324 |
| Net Land, buildings, and equipment | $36,627,516 |
| Investments—publicly traded securities | $1,062,583 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,888,777 |
| Total assets | $58,163,411 |
| Accounts payable and accrued expenses | $6,064,907 |
| 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 | $0 |
| Other liabilities | $8,976,721 |
| Total liabilities | $15,041,628 |
| 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 | $43,121,783 |
| Total liabilities and net assets/fund balances | $58,163,411 |
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 |
Choctawhatchee Electric Cooperative Inc Defuniak Springs, FL | $360,891,875 | $124,274,504 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Northcentral Electric Cooperative Olive Branch, MS | $185,941,805 | $125,968,963 |
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 |
Peace River Electric Cooperative Inc Wauchula, FL | $298,485,094 | $110,943,049 |