First Electric Cooperative Corporation
- Assets
- $665.3m
- Revenue
- $273.2m
- Investments
- $0.0
- Employees
- 259
- Location
- Jacksonville, AR
- Founding
- 07/1941
- Data as of
- 12/2022
- EIN
- 71-0056715
Organization Overview
First Electric Cooperative Corporation is located in Jacksonville, AR. The organization was established in 1941. 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 12/2022, First Electric Cooperative Corporation employed 259 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First 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 12/2022, First Electric Cooperative Corporation generated $273.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $276.8m during the year ending 12/2022. While expenses have increased by 5.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE QUALITY, RELIABLE AND AFFORDABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 100,788 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Hasty Jr Director | Trustee | 7.6 | $39,375 |
Robert Hill Director (jan-June) | Trustee | 3.9 | $21,701 |
Tracy Hudspeth Vice Chairman | OfficerTrustee | 9 | $39,160 |
David Luebke Director | Trustee | 9 | $39,560 |
Rick Love Chairman | OfficerTrustee | 12.4 | $41,961 |
Robert Maertens Director | Trustee | 10.4 | $18,769 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Stuart C Irby Inc Ftth Materials And Support | 12/30/22 | $37,017,659 |
Klassmeyer Construction Inc Fiber Construction Labor | 12/30/22 | $16,423,389 |
Quanta Telecommunication Services Fiber Construction Labor | 12/30/22 | $11,670,136 |
Itg Communications Llc Fiber Construction Labor | 12/30/22 | $6,274,855 |
Utility Lines Construction Inc Powerline Construction | 12/30/22 | $6,027,661 |
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 | $257,131,614 |
| Investment income | $3,337,397 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $5,073 |
| Net Rental Income | $776 |
| Net Gain/Loss on Asset Sales | $4,289,662 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $192,870 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $273,232,530 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $27,595 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $18,817,879 |
| Compensation of current officers, directors, key employees. | $3,190,703 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,739,039 |
| Pension plan accruals and contributions | $2,608,426 |
| Other employee benefits | $4,011,621 |
| Payroll taxes | $1,175,588 |
| 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 | $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 | $11,181,727 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,572,759 |
| Insurance | $0 |
| All other expenses | $86,403 |
| Total functional expenses | $276,779,380 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,680,014 |
| Savings and temporary cash investments | $6,550,668 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,433,375 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $934,379 |
| Prepaid expenses and deferred charges | $11,050,339 |
| Net Land, buildings, and equipment | $517,052,365 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $82,595,193 |
| Intangible assets | $101,876 |
| Other assets | $21,872,129 |
| Total assets | $665,270,338 |
| Accounts payable and accrued expenses | $26,778,251 |
| 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 | $293,614,186 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $37,588,497 |
| Total liabilities | $357,980,934 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $805,070 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $306,484,334 |
| Total liabilities and net assets/fund balances | $665,270,338 |
Grants Awarded
Over the last fiscal year, First Electric Cooperative Corporation has awarded $26,524 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FIRST ELECTRIC TRUST PURPOSE: TO PAY FOR DIRECT OPERATING EXPENSES FOR THE TRUST. | $16,524 |
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP PURPOSE: INTEGRITY FUND DONATION FOR COOPERATIVE SUPPORT | $10,000 |