Indian Electric Cooperative Inc
- Assets
- $185.5m
- Revenue
- $66.1m
- Investments
- $0.0
- Employees
- 96
- Location
- Cleveland, OK
- Founding
- 09/1942
- Data as of
- 12/2023
- EIN
- 73-0297135
Organization Overview
Indian Electric Cooperative Inc is located in Cleveland, OK. The organization was established in 1942. 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, Indian Electric Cooperative Inc employed 96 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Indian 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 12/2023, Indian Electric Cooperative Inc generated $66.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $66.1m during the year ending 12/2023. While expenses have increased by 3.8% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRICITY TO OUR MEMBERS - 20,467 ACTIVE SERVICES (24,698 TOTAL SERVICES IN PLACE - 4,231 IDLE SERVICES) AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Schroeder General Mana | Officer | 40 | $270,726 |
Don Lawrence VP Of It & B | 40 | $159,284 | |
Kimberly Lay Mgr Finance | Officer | 40 | $139,887 |
James Garrison VP Of Operat | 40 | $139,492 | |
David Wilson Assistant Gm | 40 | $147,660 | |
Kenneth Morgan Line Foreman | 49.86 | $143,618 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cooperative Building Solutions Construction | 12/30/23 | $7,697,516 |
Trans-tel Central Llc Fiber Contracto | 12/30/23 | $3,432,470 |
Davis H Elliott Corporation Elec Distr Srvc | 12/30/23 | $3,195,662 |
247 Inc Right Of Way | 12/30/23 | $2,082,041 |
Application Specialties Row Spraying | 12/30/23 | $149,734 |
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 | $65,022,637 |
| Investment income | $823,234 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $237,270 |
| 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 | -$155,879 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $66,119,356 |
| 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 | $5,905,026 |
| Compensation of current officers, directors, key employees. | $683,809 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,030,784 |
| 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 | $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 | $3,048,986 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,683,180 |
| Insurance | $0 |
| All other expenses | $1,167,684 |
| Total functional expenses | $66,119,356 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,313,963 |
| Savings and temporary cash investments | $17,203,357 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,811,189 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,246,679 |
| Prepaid expenses and deferred charges | $215,933 |
| Net Land, buildings, and equipment | $122,684,193 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $35,047,901 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $185,523,215 |
| Accounts payable and accrued expenses | $7,050,949 |
| 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 | $84,036,358 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,431,218 |
| Total liabilities | $102,518,525 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $465,025 |
| Paid-in or capital surplus, or land, building, or equipment fund | $9,106,413 |
| Retained earnings, endowment, accumulated income, or other funds | $73,433,252 |
| Total liabilities and net assets/fund balances | $185,523,215 |