Kay Electric Cooperative Incorporate
- Assets
- $91.8m
- Revenue
- $38.9m
- Investments
- $0.0
- Employees
- 55
- Location
- Blackwell, OK
- Founding
- 04/1941
- Data as of
- 12/2021
- 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 12/2021, 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 12/2021, Kay Electric Cooperative Incorporate generated $38.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $38.7m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.9%) per year over the past 7 years. 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 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 5,866 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jason Boesch Chief Executive Officer | Officer | 55 | $212,280 |
Douglas Worley Director Of Engineering | Officer | 55 | $152,791 |
Joseph Soulek Chief Operating Officer | Officer | 50 | $147,988 |
David Childers Director Of Accounting | 50 | $130,290 | |
Timothy Rodridguez Chief Executive Officer (jan-Mar) | Officer | 50 | $119,190 |
Terry Grace Line Foreman | 48 | $113,939 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Haynes Equipment Company Llc Water Plant Construction | 12/30/21 | $222,955 |
Kc Electric Powerline Construction | 12/30/21 | $1,277,082 |
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 | $38,388,916 |
| Investment income | $109,077 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $19,100 |
| Net Gain/Loss on Asset Sales | $17,441 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$1,155 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,874,872 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $14,203 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,369,033 |
| Compensation of current officers, directors, key employees. | $1,289,961 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,428,398 |
| Pension plan accruals and contributions | $307,143 |
| Other employee benefits | $450,653 |
| Payroll taxes | $166,065 |
| 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 | $1,692,668 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,600,752 |
| Insurance | $0 |
| All other expenses | $1,294,534 |
| Total functional expenses | $38,740,860 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $865,951 |
| Savings and temporary cash investments | $500,143 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,699,799 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $385,424 |
| Inventories for sale or use | $1,243,815 |
| Prepaid expenses and deferred charges | $281,425 |
| Net Land, buildings, and equipment | $62,843,421 |
| Investments—publicly traded securities | $5,288,562 |
| Investments—other securities | $0 |
| Investments—program-related | $16,346,007 |
| Intangible assets | $0 |
| Other assets | $301,600 |
| Total assets | $91,756,147 |
| Accounts payable and accrued expenses | $3,349,487 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $165,848 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $37,818,842 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,202,034 |
| Total liabilities | $46,536,211 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $232,900 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $44,987,036 |
| Total liabilities and net assets/fund balances | $91,756,147 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mid-South Electric Cooperative Association Navasota, TX | $452,923,341 | $112,304,236 |
N W Electric Power Cooperative Inc Cameron, MO | $276,321,789 | $107,924,696 |
La Plata Electric Association Inc Durango, CO | $287,521,885 | $109,650,926 |
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 |
Deep East Texas Electric Co-Operative Inc San Augustine, TX | $258,283,792 | $99,942,050 |
Upshur-Rural Electric Cooperative Corporation Gilmer, TX | $245,628,727 | $98,243,041 |
San Bernard Electric Cooperative Incorporated Bellville, TX | $290,497,219 | $97,543,303 |
Pioneer Electric Cooperative Inc Ulysses, KS | $284,468,248 | $104,061,245 |
Lea County Electric Cooperative Inc Lovington, NM | $232,536,118 | $95,597,033 |
Northeast Missouri Electric Power Cooperative Palmyra, MO | $173,630,221 | $92,260,519 |
Bandera Electric Cooperative Inc Bandera, TX | $290,540,608 | $89,188,257 |