Woodruff Electric Cooperative Corporation
- Assets
- $207.1m
- Revenue
- $54.0m
- Investments
- $17.7m
- Employees
- 75
- Location
- Forrest City, AR
- Founding
- 01/1938
- Data as of
- 12/2021
- EIN
- 71-0195390
Organization Overview
Woodruff Electric Cooperative Corporation is located in Forrest City, 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, Woodruff Electric Cooperative Corporation employed 75 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Woodruff 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, Woodruff Electric Cooperative Corporation generated $54.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $54.0m during the year ending 12/2021. While expenses have increased by 2.1% 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
PROVIDE ELECTRICITY - RURAL AREAS, 24,329 TOTAL SERVICES IN PLACE AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael L Swan President/ce | Officer | 60 | $229,282 |
Ronald L Cockmon Vp-Office Se | 50 | $154,122 | |
Jimmy R Cook Vp-Engineeri | 45 | $144,020 | |
Teddy Little District Man | 40 | $130,249 | |
Glenn M Kelley Vp-Informati | 45 | $130,223 | |
Rodney Kelso VP - Operati | 45 | $128,112 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
West Tree Service Inc Maintenance | 12/30/21 | $1,202,285 |
Ms Tn Transformers Inc Transformer Rep | 12/30/21 | $177,837 |
D & H Contracting Inc Fiber Constr. | 12/30/21 | $1,103,004 |
Toth & Associates Inc Consulting | 12/30/21 | $149,680 |
Stuart C Irby Co Engineering | 12/30/21 | $3,650,880 |
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 | $53,539,163 |
| Investment income | $284,604 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $138,613 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $22,892 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $53,985,272 |
| 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 | $4,862,653 |
| Compensation of current officers, directors, key employees. | $423,911 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,320,510 |
| 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 | $33,790,184 |
| 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 | $3,851,372 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,736,642 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $53,985,272 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,156,151 |
| Savings and temporary cash investments | $24,917,366 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,397,764 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,261,544 |
| Prepaid expenses and deferred charges | $2,240,168 |
| Net Land, buildings, and equipment | $156,314,564 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $17,654,666 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $166,130 |
| Total assets | $207,108,353 |
| Accounts payable and accrued expenses | $2,040,174 |
| 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 | $110,466,905 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,193,699 |
| Total liabilities | $117,700,778 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $206,970 |
| Paid-in or capital surplus, or land, building, or equipment fund | $81,023,864 |
| Retained earnings, endowment, accumulated income, or other funds | $8,176,741 |
| Total liabilities and net assets/fund balances | $207,108,353 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Woodruff Electric Cooperative Corporation has recieved totaling $18,750.
| Awarding Organization | Amount |
|---|---|
Justgive Inc Weston, CT PURPOSE: Pass-through Contribution | $18,750 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
4-County Electric Power Association Columbus, MS | $315,642,901 | $133,649,967 |
Beauregard Electric Cooperative Inc Deridder, LA | $317,710,520 | $130,661,746 |
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Northcentral Electric Cooperative Olive Branch, MS | $185,941,805 | $125,968,963 |
Tombigbee Electric Power Assn Tupelo, MS | $221,161,642 | $118,553,499 |
Mid-South Electric Cooperative Association Navasota, TX | $452,923,341 | $112,304,236 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
N W Electric Power Cooperative Inc Cameron, MO | $276,321,789 | $107,924,696 |
Karnes Electric Cooperative Inc Karnes City, TX | $202,970,400 | $101,891,775 |
Tri-County Electric Cooperative Inc Hooker, OK | $321,398,945 | $100,998,279 |