Kay Electric Cooperative Incorporate
- Assets
- $96.6m
- Revenue
- $47.0m
- Investments
- $0.0
- Employees
- 55
- Location
- Blackwell, OK
- Founding
- 04/1941
- Data as of
- 12/2022
- EIN
- 73-0308955
Organization Overview
Kay Electric Cooperative Incorporate is located in Blackwell, 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, Kay Electric Cooperative Incorporate employed 55 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kay Electric Cooperative Incorporate 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, Kay Electric Cooperative Incorporate generated $47.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $46.8m during the year ending 12/2022. While expenses have increased by 1.6% 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 RELIABLE ELECTRICITY TO OUR MEMBER/OWNERS AT A REASONABLE COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRIC POWER TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 5,888 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Max Hohmann President | OfficerTrustee | 4 | $30,377 |
Verl Brorsen Vice President | OfficerTrustee | 6.2 | $38,177 |
Ron Shoffner Secretary/treasurer | OfficerTrustee | 3.2 | $30,510 |
Tim Blanton Trustee | Trustee | 4.9 | $29,994 |
Brady Hostetler Trustee | Trustee | 3.6 | $28,639 |
Michael Lebeda Trustee | Trustee | 3.8 | $26,469 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kc Electric Powerline Construction | 12/30/21 | $1,277,082 |
Haynes Equipment Company Llc Water Plant Construction | 12/30/21 | $222,955 |
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 | $46,572,928 |
| Investment income | $131,820 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $8,171 |
| Net Gain/Loss on Asset Sales | $164,891 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$812 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $47,046,293 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $14,007 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,839,984 |
| Compensation of current officers, directors, key employees. | $1,141,734 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,551,284 |
| Pension plan accruals and contributions | $398,905 |
| Other employee benefits | $532,917 |
| Payroll taxes | $169,649 |
| 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 | $1,746,905 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,707,807 |
| Insurance | $0 |
| All other expenses | $982,802 |
| Total functional expenses | $46,816,280 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $136,594 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,609,762 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $416,682 |
| Inventories for sale or use | $2,424,873 |
| Prepaid expenses and deferred charges | $70,046 |
| Net Land, buildings, and equipment | $67,640,026 |
| Investments—publicly traded securities | $4,974,021 |
| Investments—other securities | $0 |
| Investments—program-related | $17,011,124 |
| Intangible assets | $0 |
| Other assets | $346,703 |
| Total assets | $96,629,831 |
| Accounts payable and accrued expenses | $6,126,156 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $149,828 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $37,982,272 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,190,718 |
| Total liabilities | $49,448,974 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $234,895 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $46,945,962 |
| Total liabilities and net assets/fund balances | $96,629,831 |