Farmers Electric Cooperative Corporation
- Assets
- $48.0m
- Revenue
- $11.2m
- Investments
- $0.0
- Employees
- 25
- Location
- Newport, AR
- Founding
- 02/1938
- Data as of
- 12/2023
- 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 12/2023, 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 12/2023, Farmers Electric Cooperative Corporation generated $11.2m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $11.2m during the year ending 12/2023. While expenses have increased by 4.2% per year over the past 5 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 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
THE SALE OF LOW COST ELECTRICITY BENEFITS AN AVERAGE OF APPROXIMATELY 5,000 MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Bright General Mana | Officer | 40 | $153,602 |
Ronald Mark Bowen Const Superi | 50 | $101,550 | |
Candace Shirley Director | Trustee | 2 | $29,701 |
Scott Mears Director | Trustee | 2 | $26,518 |
Sam Houston Vice Preside | Trustee | 2 | $22,036 |
Michael Honey Director | Trustee | 2 | $21,652 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
System Services Broadband Fiber | 12/30/23 | $1,303,510 |
Conexon Fiber | 12/30/23 | $886,632 |
Techserv Consulting & Training Fiber | 12/30/23 | $136,986 |
Riggs Tree Service Llc Row | 12/30/23 | $197,144 |
Elite Solutions Llc Fiber | 12/30/23 | $230,626 |
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 | $10,581,585 |
| Investment income | $616,277 |
| 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 | $11,204,866 |
| 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 | $728,065 |
| Compensation of current officers, directors, key employees. | $433,665 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $133,175 |
| 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 | $7,762,313 |
| 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 | $870,435 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,277,213 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $11,204,866 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $273,051 |
| Savings and temporary cash investments | $1,605,596 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,234,001 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,501,844 |
| Prepaid expenses and deferred charges | $19,753 |
| Net Land, buildings, and equipment | $39,392,560 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,929,600 |
| Intangible assets | $0 |
| Other assets | $11,276 |
| Total assets | $47,967,681 |
| Accounts payable and accrued expenses | $1,084,070 |
| 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 | $24,758,963 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,579,834 |
| Total liabilities | $27,422,867 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $63,915 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $20,480,899 |
| Total liabilities and net assets/fund balances | $47,967,681 |