First Electric Cooperative Corporation
- Assets
- $572.6m
- Revenue
- $234.4m
- Investments
- $0.0
- Employees
- 251
- Location
- Jacksonville, AR
- Founding
- 07/1941
- Data as of
- 12/2021
- 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 12/2021, First Electric Cooperative Corporation employed 251 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 12/2021, First Electric Cooperative Corporation generated $234.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $234.9m during the year ending 12/2021. While expenses have increased by 3.9% 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 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 99,113 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Don Crabbe President/ceo | Officer | 49 | $823,091 |
Melissa Wood CFO | Officer | 45 | $219,945 |
Daniel Riedel VP - Engineering | Officer | 50 | $217,421 |
Jerry Driskill VP - Operations | Officer | 45 | $203,194 |
Randy Everett Cio | Officer | 45 | $197,303 |
Ashley Garringer VP - Administration | Officer | 45 | $190,298 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Stuart C Irby Inc Ftth Materials And Support | 12/30/21 | $35,130,465 |
Klassmeyer Construction Inc Fiber Backbone Construction Labor | 12/30/21 | $17,476,518 |
Asplundh Tree Expert Co Row | 12/30/21 | $2,225,420 |
Utility Lines Construction Inc Powerline Construction | 12/30/21 | $3,755,820 |
Quanta Telecommunication Services Fiber Backbone Construction Labor | 12/30/21 | $5,611,248 |
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 | $228,470,168 |
| Investment income | $3,130,323 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $2,364 |
| Net Rental Income | $776 |
| Net Gain/Loss on Asset Sales | $620,038 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,134 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $234,356,715 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,213 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $18,248,867 |
| Compensation of current officers, directors, key employees. | $3,114,407 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,994,657 |
| Pension plan accruals and contributions | $2,600,729 |
| Other employee benefits | $3,760,581 |
| Payroll taxes | $395,847 |
| 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 | $8,799,816 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,261,830 |
| Insurance | $0 |
| All other expenses | $386,842 |
| Total functional expenses | $234,850,185 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,569,854 |
| Savings and temporary cash investments | $433,211 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,010,478 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $843,585 |
| Prepaid expenses and deferred charges | $11,570,268 |
| Net Land, buildings, and equipment | $441,894,948 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $83,513,488 |
| Intangible assets | $49,152 |
| Other assets | $10,692,978 |
| Total assets | $572,577,962 |
| Accounts payable and accrued expenses | $20,814,115 |
| 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 | $218,792,384 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $41,345,798 |
| Total liabilities | $280,952,297 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $794,005 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $290,831,660 |
| Total liabilities and net assets/fund balances | $572,577,962 |
Grants Awarded
Over the last fiscal year, First Electric Cooperative Corporation has awarded $24,013 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Jacksonville, AR PURPOSE: TO PAY FOR DIRECT OPERATING EXPENSES FOR THE TRUST. | $14,013 |
Dulles, VA PURPOSE: INTEGRITY FUND DONATION FOR COOPERATIVE SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pedernales Electric Cooperative Inc Johnson City, TX | $2,029,870,184 | $830,415,690 |
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 |
Golden Spread Electric Cooperative Inc Amarillo, TX | $1,251,228,427 | $703,244,105 |
Denton County Electric Cooperative Inc Corinth, TX | $1,535,737,864 | $639,082,515 |
South Texas Electric Cooperative Inc Nursery, TX | $1,458,906,185 | $553,923,230 |
East Texas Electric Cooperative Inc Nacogdoches, TX | $1,118,534,652 | $504,330,746 |
Tri-County Electric Cooperative Inc Aledo, TX | $737,055,460 | $308,529,771 |
Cumberland Electric Membership Corp Clarksville, TN | $559,882,187 | $327,722,843 |
Northeast Texas Electric Coop Inc Longview, TX | $329,483,821 | $288,674,270 |
Magic Valley Electric Cooperative Inc Mercedes, TX | $542,158,549 | $266,758,522 |
Volunteer Energy Cooperative Decatur, TN | $369,462,846 | $270,037,507 |