Northcentral Electric Cooperative
- Assets
- $228.4m
- Revenue
- $142.3m
- Investments
- $4.2m
- Employees
- 133
- Location
- Olive Branch, MS
- Founding
- 01/1965
- Data as of
- 06/2023
- 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 06/2023, Northcentral Electric Cooperative employed 133 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 06/2023, Northcentral Electric Cooperative generated $142.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $136.8m during the year ending 06/2023. While expenses have increased by 5.2% 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 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 | 34 | $362,382 |
Mark Nichols Director Of | 32 | $203,229 | |
Larry Johnson Director Of | 40 | $195,654 | |
Jonathan Cox Director Of | 40 | $182,843 | |
Jake Bellipanni Director Of | 32 | $177,850 | |
Darin Farley Director Of | 40 | $166,031 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dogwood Tree Service Tree Service | 6/29/23 | $4,547,240 |
Henkels & Mccoy Inc Engineering | 6/29/23 | $3,079,999 |
Mdr Construction Inc Electric Line | 6/29/23 | $2,920,121 |
Vantage Point Soluctions Inc Fiber Design | 6/29/23 | $2,781,796 |
Desoto County Electric Inc Electric Line | 6/29/23 | $1,823,261 |
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 | $140,250,900 |
| Investment income | $605,527 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $589,722 |
| Net Gain/Loss on Asset Sales | $108,004 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $142,343,736 |
| 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 | $4,689,087 |
| Pension plan accruals and contributions | $953,639 |
| 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 | $1,125,797 |
| 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 | $2,412,753 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,336,205 |
| Insurance | $0 |
| All other expenses | $4,397,350 |
| Total functional expenses | $136,760,738 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,744,157 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,562,772 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,322,655 |
| Prepaid expenses and deferred charges | $139,617 |
| Net Land, buildings, and equipment | $171,122,578 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,226,121 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $27,319,080 |
| Total assets | $228,436,980 |
| Accounts payable and accrued expenses | $24,586,987 |
| 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 | $60,073,843 |
| Unsecured mortgages and notes payable | $17,000,000 |
| Other liabilities | $9,206,172 |
| Total liabilities | $110,867,002 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,451,197 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $116,118,781 |
| Total liabilities and net assets/fund balances | $228,436,980 |