Northcentral Electric Cooperative
- Assets
- $185.9m
- Revenue
- $126.0m
- Investments
- $3.5m
- Employees
- 127
- Location
- Olive Branch, MS
- Founding
- 01/1965
- Data as of
- 06/2022
- EIN
- 64-0300045
Organization Overview
Northcentral Electric Cooperative is located in Olive Branch, MS. The organization was established in 1965. 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, Northcentral Electric Cooperative employed 127 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northcentral 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 06/2022, Northcentral Electric Cooperative generated $126.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $116.5m during the year ending 06/2022. While expenses have increased by 3.6% 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
TO BRING SAFE, RELIABLE, AND AFFORDABLE POWER TO CUSTOMERS IN A COURTEOUS AND TIMELY MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRIC POWER SERVICE TO MEMBERS OF THE ASSOCIATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William K Doddridge General Mana | Officer | 32 | $336,620 |
Mark Nichols Director Of | 32 | $190,057 | |
Larry Johnson Director Of | 40 | $182,689 | |
Jonathan Cox Director Of | 40 | $163,993 | |
Jake Bellipanni Director Of | 32 | $159,773 | |
Darin Farley Director Of | 40 | $151,530 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Vantage Point Soluctions Inc Fiber Design | 6/29/22 | $2,107,256 |
Mdr Construction Inc Electric Line | 6/29/22 | $2,670,019 |
Cable Tel Services Inc Fiber Design | 6/29/22 | $2,872,952 |
West Tree Service Inc Row Contractor | 6/29/22 | $1,837,615 |
Desoto County Electric Inc Electric Line | 6/29/22 | $888,107 |
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 | $125,072,563 |
| Investment income | $294,517 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $273,579 |
| 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 | $125,968,963 |
| 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 | $3,753,678 |
| Pension plan accruals and contributions | $817,117 |
| 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 | $1,034,222 |
| 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 | $1,285,086 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,041,117 |
| Insurance | $0 |
| All other expenses | $2,056,581 |
| Total functional expenses | $116,458,816 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,706,641 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,422,701 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,917,644 |
| Prepaid expenses and deferred charges | $400,367 |
| Net Land, buildings, and equipment | $140,734,908 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,502,314 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,257,230 |
| Total assets | $185,941,805 |
| Accounts payable and accrued expenses | $22,326,654 |
| 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 | $38,210,240 |
| Unsecured mortgages and notes payable | $3,000,000 |
| Other liabilities | $7,731,865 |
| Total liabilities | $71,268,759 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,421,247 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $113,251,799 |
| Total liabilities and net assets/fund balances | $185,941,805 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Middle Tennessee Electric Membership Corporation Murfreesboro, TN | $972,885,002 | $816,151,968 |
Cooperative Energy A Mississippi Electric Cooperative Hattiesburg, MS | $2,085,034,483 | $800,776,225 |
Powersouth Energy Cooperative Andalusia, AL | $2,439,100,863 | $643,376,000 |
Cumberland Electric Membership Corp Clarksville, TN | $559,882,187 | $327,722,843 |
Volunteer Energy Cooperative Decatur, TN | $369,462,846 | $270,037,507 |
Dixie Electric Membership Corporation Baton Rouge, LA | $725,178,434 | $239,155,259 |
Southwest Louisiana Electric Lafayette, LA | $508,237,761 | $245,337,577 |
Carroll Electric Cooperative Corporation Berryville, AR | $756,571,061 | $239,227,342 |
First Electric Cooperative Corporation Jacksonville, AR | $572,577,962 | $234,356,715 |
Duck River Electric Membership Corporation Shelbyville, TN | $294,861,810 | $219,371,768 |
Mississippi County Electric Cooperative Inc Blytheville, AR | $148,581,171 | $213,607,546 |
Southern Pine Electric Cooperative Taylorsville, MS | $504,001,420 | $209,731,652 |