Northfork Electric Cooperative Inc
- Assets
- $83.8m
- Revenue
- $24.0m
- Investments
- $0.0
- Employees
- 35
- Location
- Sayre, OK
- Founding
- 07/1964
- Data as of
- 12/2023
- EIN
- 73-0375288
Organization Overview
Northfork Electric Cooperative Inc is located in Sayre, OK. The organization was established in 1964. 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, Northfork Electric Cooperative Inc employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northfork 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, Northfork Electric Cooperative Inc generated $24.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $24.0m during the year ending 12/2023. While expenses have increased by 0.8% per year over the past 9 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 - 6,564 ACTIVE 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 |
|---|---|---|---|
Brent Meador General Mana | Officer | 50 | $251,308 |
Thomas Sawyer Director Ope | 40 | $113,446 | |
Ronnie Waldrop Line Superin | 40 | $105,352 | |
Glen Tignor Maintenance | 40 | $109,790 | |
Chad Smith Secretary | Trustee | 6 | $32,448 |
Brad Harrison Trustee | Trustee | 6 | $29,898 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
R&r Powerline Construction Power Line Cont | 12/30/23 | $847,689 |
Asplundh Tree Experts Llc Row Clearing | 12/30/23 | $531,500 |
Ionix It Services | 12/30/23 | $159,712 |
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 | $23,856,374 |
| Investment income | $37,638 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $23 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $57,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $17,496 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,968,531 |
| 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 | $2,453,426 |
| Compensation of current officers, directors, key employees. | $487,233 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $505,095 |
| 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 | $1,613,772 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,068,145 |
| Insurance | $0 |
| All other expenses | $474,975 |
| Total functional expenses | $23,972,340 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,260,685 |
| Savings and temporary cash investments | $1,100,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,926,824 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,325,290 |
| Prepaid expenses and deferred charges | $1,458,125 |
| Net Land, buildings, and equipment | $62,698,270 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $10,978,658 |
| Intangible assets | $2,075,619 |
| Other assets | $0 |
| Total assets | $83,823,471 |
| Accounts payable and accrued expenses | $2,048,818 |
| 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 | $49,890,922 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $446,948 |
| Total liabilities | $52,386,688 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $141,075 |
| Paid-in or capital surplus, or land, building, or equipment fund | $20,551 |
| Retained earnings, endowment, accumulated income, or other funds | $31,275,157 |
| Total liabilities and net assets/fund balances | $83,823,471 |