Southwest Rural Electric Association Inc
- Assets
- $79.3m
- Revenue
- $22.3m
- Investments
- $9.4m
- Employees
- 33
- Location
- Tipton, OK
- Founding
- 04/1940
- Data as of
- 12/2023
- 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 12/2023, Southwest Rural Electric Association Inc employed 33 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 12/2023, Southwest Rural Electric Association Inc generated $22.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $22.3m during the year ending 12/2023. While expenses have increased by 2.9% 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 - 7,727 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 | $204,765 |
Barry Holt Mgr Of Mbr R | 40 | $114,878 | |
Mike Wolfe Mgr Of Opera | 40 | $130,643 | |
Karen Rivet Manager Of F | 40 | $109,298 | |
Dan Lambert Trustee | Trustee | 16 | $49,581 |
Ronnie Swan President | OfficerTrustee | 7 | $47,479 |
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 | $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 | $22,022,724 |
| Investment income | $108,728 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,495 |
| Net Gain/Loss on Asset Sales | $1,140 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $165,112 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,307,199 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $19,451 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,026,372 |
| Compensation of current officers, directors, key employees. | $549,919 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $702,116 |
| 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 | $1,353,926 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,785,333 |
| Insurance | $0 |
| All other expenses | $191,856 |
| Total functional expenses | $22,307,199 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $416,561 |
| Savings and temporary cash investments | $2,848,752 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,144,349 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $84,609 |
| Net Land, buildings, and equipment | $62,439,515 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $9,366,937 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $79,300,723 |
| Accounts payable and accrued expenses | $2,125,216 |
| 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 | $39,046,840 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,173,067 |
| Total liabilities | $44,345,123 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $39,215 |
| Paid-in or capital surplus, or land, building, or equipment fund | $3,449,901 |
| Retained earnings, endowment, accumulated income, or other funds | $31,466,484 |
| Total liabilities and net assets/fund balances | $79,300,723 |