Choctaw Electric Cooperative Inc
- Assets
- $143.1m
- Revenue
- $63.0m
- Investments
- $28.7k
- Employees
- 71
- Location
- Hugo, OK
- Founding
- 08/1941
- Data as of
- 12/2022
- EIN
- 73-0182325
Organization Overview
Choctaw Electric Cooperative Inc is located in Hugo, OK. 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, Choctaw Electric Cooperative Inc employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Choctaw Electric Cooperative Inc 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, Choctaw Electric Cooperative Inc generated $63.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $63.0m during the year ending 12/2022. While expenses have increased by 3.9% 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
PROVIDE RELIABLE, SAFE AND AFFORDABLE ENERGY SERVICES TO THE MEMBERS WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 20,934 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Woolsey Trustee | Trustee | 3.3 | $6,750 |
Jackson Ferguson Trustee (sept-Dec) | Trustee | 3.4 | $2,200 |
Douglas Franks President | OfficerTrustee | 3.8 | $7,150 |
Deborah Cody Trustee | Trustee | 6.6 | $6,800 |
Perry Thompson Jr Secretary/treasurer | OfficerTrustee | 2.4 | $6,700 |
Stacy Nichols Trustee | Trustee | 2.9 | $6,150 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Texar Line Clearance Row Clearing | 12/30/22 | $1,023,669 |
C&m Electric Llc Pole Change Out/system Maintenance Const | 12/30/22 | $1,071,229 |
Jcl Power Llc Construction | 12/30/22 | $1,368,745 |
D&h Electrical Contractors Construction | 12/30/22 | $262,633 |
Canyon Power Solutions Construction | 12/30/22 | $175,959 |
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 | $62,756,412 |
| Investment income | $45,362 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,523 |
| Net Gain/Loss on Asset Sales | $131,229 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $44,166 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $62,989,544 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,713 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $5,782,057 |
| Compensation of current officers, directors, key employees. | $408,139 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,290,622 |
| Pension plan accruals and contributions | $894,030 |
| Other employee benefits | $358,751 |
| Payroll taxes | $262,342 |
| 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 | $1,760,095 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,429,786 |
| Insurance | $0 |
| All other expenses | $231,453 |
| Total functional expenses | $62,989,544 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,097,493 |
| Savings and temporary cash investments | $5,929 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,173,042 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $183,704 |
| Inventories for sale or use | $3,256,342 |
| Prepaid expenses and deferred charges | $4,580,157 |
| Net Land, buildings, and equipment | $98,252,685 |
| Investments—publicly traded securities | $5,523,711 |
| Investments—other securities | $28,744 |
| Investments—program-related | $23,877,802 |
| Intangible assets | $0 |
| Other assets | $3,092,186 |
| Total assets | $143,071,795 |
| Accounts payable and accrued expenses | $5,439,046 |
| 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 | $46,266,163 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,325,899 |
| Total liabilities | $61,031,108 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $77,150 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $81,963,537 |
| Total liabilities and net assets/fund balances | $143,071,795 |