Southwest Rural Electric Association Inc
- Assets
- $74.0m
- Revenue
- $20.1m
- Investments
- $8.2m
- Employees
- 31
- Location
- Tipton, OK
- Founding
- 04/1940
- Data as of
- 12/2021
- EIN
- 73-0459033
Organization Overview
Southwest Rural Electric Association Inc is located in Tipton, OK. The organization was established in 1940. 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, Southwest Rural Electric Association Inc employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southwest Rural Electric Association 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, Southwest Rural Electric Association Inc generated $20.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $20.1m during the year ending 12/2021. While expenses have increased by 2.2% 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 ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRICITY TO OUR MEMBERS - 7,718 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 |
|---|---|---|---|
Jeff Simpson CEO | Officer | 40 | $182,915 |
Mike Wolfe Mgr Of Opera | 40 | $125,658 | |
Traci Balderas Manager Of F | 40 | $114,838 | |
Robert Reid Mgr Of It & | 40 | $109,937 | |
Ronnie Swan Vice Preside | OfficerTrustee | 8 | $36,334 |
Dan Lambert Trustee | Trustee | 9 | $30,213 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
5e Powerline Llc Storm Repairs | 12/30/21 | $447,630 |
Scott Pole Line Llc Construction | 12/30/21 | $380,614 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $551,000 |
| 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 | $551,000 |
| Total Program Service Revenue | $19,592,117 |
| Investment income | $32,486 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $15,570 |
| Net Gain/Loss on Asset Sales | -$9,767 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$46,932 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,135,432 |
| 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 | $937,256 |
| Compensation of current officers, directors, key employees. | $482,186 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $569,294 |
| 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 | $1,173,598 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,653,941 |
| Insurance | $0 |
| All other expenses | $12,643 |
| Total functional expenses | $20,135,432 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,164,522 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,004,230 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $509,784 |
| Prepaid expenses and deferred charges | $103,642 |
| Net Land, buildings, and equipment | $57,808,101 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,243,116 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $168,443 |
| Total assets | $74,001,838 |
| Accounts payable and accrued expenses | $3,050,272 |
| 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 | $35,477,087 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,714,441 |
| Total liabilities | $42,241,800 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $40,735 |
| Paid-in or capital surplus, or land, building, or equipment fund | $2,630,716 |
| Retained earnings, endowment, accumulated income, or other funds | $29,088,587 |
| Total liabilities and net assets/fund balances | $74,001,838 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Black River Electric Cooperative Fredericktown, MO | $138,131,330 | $49,558,459 |
Jemez Mountains Electric Cooperative Inc Espanola, NM | $130,164,432 | $49,848,005 |
Navarro County Electric Cooperative Inc Corsicana, TX | $102,970,554 | $49,278,830 |
Y W Electric Association Inc Colorado Rea 38 Akron, CO | $130,403,627 | $47,254,335 |
Rural Electric Co Op Inc Lindsay, OK | $94,050,768 | $47,989,459 |
Kiamichi Electric Cooperative Inc Wilburton, OK | $118,158,279 | $46,432,215 |
New Mac Electric Cooperative Inc Neosho, MO | $135,294,797 | $45,962,047 |
C & L Electric Cooperative Corporation Star City, AR | $139,600,891 | $49,154,793 |
Houston County Electric Cooperative Inc Crockett, TX | $158,669,671 | $45,143,222 |
Morgan County Rural Electric Association Fort Morgan, CO | $104,279,755 | $45,102,816 |
North Plains Electric Cooperative Incorporated Perryton, TX | $109,565,276 | $41,899,328 |
Three Rivers Electric Cooperative Linn, MO | $111,680,117 | $44,711,641 |