Farmers Electric Cooperative Corporation
- Assets
- $38.6m
- Revenue
- $11.6m
- Investments
- $0.0
- Employees
- 25
- Location
- Newport, AR
- Founding
- 02/1938
- Data as of
- 12/2021
- EIN
- 71-0054405
Organization Overview
Farmers Electric Cooperative Corporation is located in Newport, AR. The organization was established in 1938. 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 12/2021, Farmers Electric Cooperative Corporation employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farmers Electric Cooperative Corporation 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 12/2021, Farmers Electric Cooperative Corporation generated $11.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $10.9m during the year ending 12/2021. While expenses have increased by 1.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE ELECTRIC ENERGY AVAILABLE TO ITS MEMBERS AT THE LOWEST COST CONSISTENT WITH SOUND ECONOMY AND GOOD MANAGEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PURCHASE OF ELECTRICITY FOR SALE TO OUR MEMBERS. THIS SALE OF LOW COST ELECTRICITY BENEFITS AN AVERAGE OF APPROXIMATELY 5,000 MEMBERS.
INTEREST CHARGED FROM THE FINANCING OF LONG-TERM DEBT AND OTHER INTEREST. FARMERS ELECTRIC BORROWS MONIES AT THE LOWEST RATE POSSIBLE. THIS LOW COST FINANCING HELPS PROVIDE ADEQUATE ELECTRIC SERVICE TO ITS RURAL CUSTOMERS AT THE LOWEST COST POSSIBLE.
DEPRECIATION OF PLANT EQUIPMENT-STRAIGHT-LINE DEPRECIATION-DISTRIBUTION $1,026,741 AND GENERAL PLANT $53,316
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Bright General Manager | Officer | 40 | $152,520 |
Candace Shirley Director | Trustee | 2 | $27,636 |
Scott Mears Director | Trustee | 2 | $26,442 |
Darrell Sam Houston Director | Trustee | 2 | $21,944 |
Michael Honey Director | Trustee | 2 | $21,941 |
Kenny Falwell Director | Trustee | 2 | $20,776 |
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 | $11,034,388 |
| Investment income | $15,192 |
| 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 | $11,561,082 |
| 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. | $133,148 |
| Compensation of current officers, directors, key employees. | $133,148 |
| 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 | $117,992 |
| 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 | $605,820 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,080,057 |
| Insurance | $0 |
| All other expenses | $8,948,540 |
| Total functional expenses | $10,885,557 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $572,654 |
| Savings and temporary cash investments | $2,612,798 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,371,078 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $355,124 |
| Prepaid expenses and deferred charges | $142,645 |
| Net Land, buildings, and equipment | $30,980,374 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,577,508 |
| Intangible assets | $0 |
| Other assets | $2,020 |
| Total assets | $38,614,201 |
| Accounts payable and accrued expenses | $487,568 |
| 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 | $17,156,175 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,404,546 |
| Total liabilities | $19,048,289 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $63,605 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $19,502,307 |
| Total liabilities and net assets/fund balances | $38,614,201 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Black River Electric Cooperative Fredericktown, MO | $138,131,330 | $49,558,459 |
Navarro County Electric Cooperative Inc Corsicana, TX | $102,970,554 | $49,278,830 |
Rural Electric Co Op Inc Lindsay, OK | $94,050,768 | $47,989,459 |
Kiamichi Electric Cooperative Inc Wilburton, OK | $118,158,279 | $46,432,215 |
Pickwick Electric Cooperative Selmer, TN | $93,706,292 | $47,229,186 |
New Mac Electric Cooperative Inc Neosho, MO | $135,294,797 | $45,962,047 |
C & L Electric Cooperative Corporation Star City, AR | $139,600,891 | $49,154,793 |
Houston County Electric Cooperative Inc Crockett, TX | $158,669,671 | $45,143,222 |
North Plains Electric Cooperative Incorporated Perryton, TX | $109,565,276 | $41,899,328 |
Three Rivers Electric Cooperative Linn, MO | $111,680,117 | $44,711,641 |
Concho Valley Electric Cooperative Inc San Angelo, TX | $125,005,347 | $44,400,615 |
Navasota Valley Electric Cooperative Inc Franklin, TX | $102,144,082 | $44,111,524 |