Rural Electric Co Op Inc
- Assets
- $95.5m
- Revenue
- $58.1m
- Investments
- $0.0
- Employees
- 59
- Location
- Lindsay, OK
- Founding
- 00/0000
- Data as of
- 12/2022
- 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 12/2022, Rural Electric Co Op Inc employed 59 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 12/2022, Rural Electric Co Op Inc generated $58.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $58.0m during the year ending 12/2022. While expenses have increased by 5.3% 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 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 12,439 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Anderson Director | Trustee | 8.8 | $20,839 |
Brent Bacon Secretary/treasurer | OfficerTrustee | 11.6 | $41,247 |
Scott Christian Vice-President | OfficerTrustee | 12.6 | $44,534 |
Charles Crawford Director | Trustee | 6.9 | $36,662 |
Mark Finch Director | Trustee | 10.3 | $21,992 |
Randall Griswold Director | Trustee | 9.9 | $25,631 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Davey Tree Surgery Company Tree Trimming | 12/30/22 | $1,654,464 |
Varnell's Powerline Construction Co In Construction Contractor | 12/30/22 | $844,813 |
Apex Row Llc Herbicide Sprayer | 12/30/22 | $256,595 |
Mark's Electric Construction Inc Construction Contractor | 12/30/22 | $220,582 |
Osmose Utilities Services Inc Pole Inspection & Treatment | 12/30/22 | $145,636 |
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 | $57,909,082 |
| Investment income | $91,995 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,638 |
| Net Gain/Loss on Asset Sales | $53,824 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$571 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,095,572 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $22,802 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,477,171 |
| Compensation of current officers, directors, key employees. | $931,245 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,794,486 |
| Pension plan accruals and contributions | $597,537 |
| Other employee benefits | $801,495 |
| Payroll taxes | $217,191 |
| 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 | $1,446,871 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,078,240 |
| Insurance | $0 |
| All other expenses | $371,215 |
| Total functional expenses | $57,955,386 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $403,522 |
| Savings and temporary cash investments | $1,211,051 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,269,320 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $428,854 |
| Inventories for sale or use | $21,731 |
| Prepaid expenses and deferred charges | $84,670 |
| Net Land, buildings, and equipment | $68,122,346 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $18,377,146 |
| Intangible assets | $0 |
| Other assets | $2,548,581 |
| Total assets | $95,467,221 |
| Accounts payable and accrued expenses | $4,603,339 |
| 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 | $35,642,549 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,122,996 |
| Total liabilities | $45,368,884 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $32,335 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $50,066,002 |
| Total liabilities and net assets/fund balances | $95,467,221 |