Rural Electric Co Op Inc
- Assets
- $94.1m
- Revenue
- $48.0m
- Investments
- $0.0
- Employees
- 58
- Location
- Lindsay, OK
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 73-0431276
Organization Overview
Rural Electric Co Op Inc is located in Lindsay, OK. The organization was established in 0000. 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, Rural Electric Co Op Inc employed 58 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rural Electric Co Op 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 12/2021, Rural Electric Co Op Inc generated $48.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $46.7m during the year ending 12/2021. While expenses have increased by 2.9% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRIC POWER TO MEMBERS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 12,282 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Freddy Ricks CEO | Officer | 40 | $242,938 |
Linda Ray CFO | Officer | 40 | $182,425 |
Alton Brown Lineman | 54 | $116,257 | |
S J Mays Operations Manager | 40 | $110,010 | |
David Crull Line Superintendent | 40 | $105,762 | |
Jason Brown Saftey Manager | 43 | $104,490 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Varnell's Powerline Construction Co In Construction Contractor | 12/30/21 | $816,389 |
Davey Resource Group Utility Consulting Services | 12/30/21 | $827,010 |
Mark's Electric Construction Inc Construction Contractor | 12/30/21 | $241,473 |
Apex Row Llc Herbicide Sprayer | 12/30/21 | $268,042 |
Davey Tree Surgery Company Tree Trimming | 12/30/21 | $1,182,063 |
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 | $46,683,859 |
| Investment income | $69,120 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,576 |
| Net Gain/Loss on Asset Sales | $18,821 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$52 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $47,989,459 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,789 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,353,065 |
| Compensation of current officers, directors, key employees. | $868,744 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,610,947 |
| Pension plan accruals and contributions | $619,332 |
| Other employee benefits | $826,700 |
| Payroll taxes | $205,296 |
| 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 | $1,443,588 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,972,597 |
| Insurance | $0 |
| All other expenses | $360,051 |
| Total functional expenses | $46,710,371 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $451,172 |
| Savings and temporary cash investments | $512,028 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,891,476 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $502,023 |
| Inventories for sale or use | $29,658 |
| Prepaid expenses and deferred charges | $1,270,613 |
| Net Land, buildings, and equipment | $67,270,906 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $17,921,060 |
| Intangible assets | $0 |
| Other assets | $2,201,832 |
| Total assets | $94,050,768 |
| Accounts payable and accrued expenses | $4,557,462 |
| 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 | $38,027,886 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,715,188 |
| Total liabilities | $47,300,536 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $31,985 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $46,718,247 |
| Total liabilities and net assets/fund balances | $94,050,768 |
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 |