Verdigris Valley Electric Cooperative Incorporated
- Assets
- $207.9m
- Revenue
- $78.8m
- Investments
- $0.0
- Employees
- 110
- Location
- Collinsville, OK
- Founding
- 05/1940
- Data as of
- 12/2021
- EIN
- 73-0495962
Organization Overview
Verdigris Valley Electric Cooperative Incorporated is located in Collinsville, 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, Verdigris Valley Electric Cooperative Incorporated employed 110 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Verdigris Valley Electric Cooperative Incorporated 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, Verdigris Valley Electric Cooperative Incorporated generated $78.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $78.8m during the year ending 12/2021. While expenses have increased by 2.8% 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 RELIABLE ELECTRIC SERVICE TO THE MEMBERS/OWNERS AT A REASONABLE COST
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRICITY TO OUR MEMBERS - 38,307 ACTIVE SERVICES (43,580 TOTAL SERVICES IN PLACE - 5,273 IDLE 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 |
|---|---|---|---|
Alice Houston General Mana | Officer | 40 | $318,305 |
Michael Hall COO / Cao | Officer | 40 | $278,739 |
Randy Riddle Dir Operatio | Officer | 45 | $196,535 |
Marlin Barnhart Purchasing A | 40 | $157,910 | |
Boyd Schultheiss Mgr Operatio | 40 | $149,285 | |
Bill Gillespie Safety Coord | 40 | $137,485 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hardin Tree Service Right Of Way | 12/30/21 | $2,574,679 |
Mid-con Energy Service Inc Powerline Const | 12/30/21 | $1,163,499 |
Baker Trenching Trenching | 12/30/21 | $374,478 |
Apex Row Llc Right Of Way | 12/30/21 | $260,965 |
Usic Locating Line Locates | 12/30/21 | $289,779 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,019,813 |
| 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 | $2,019,813 |
| Total Program Service Revenue | $76,361,408 |
| Investment income | $135,643 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $203,624 |
| Net Gain/Loss on Asset Sales | $62,597 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $78,783,085 |
| 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 | $6,395,284 |
| Compensation of current officers, directors, key employees. | $1,395,660 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,446,096 |
| 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 | $2,852,185 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,613,014 |
| Insurance | $0 |
| All other expenses | $329,071 |
| Total functional expenses | $78,783,085 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,100,429 |
| Savings and temporary cash investments | $7,736,082 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,348,174 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,423,651 |
| Prepaid expenses and deferred charges | $74,578 |
| Net Land, buildings, and equipment | $146,748,406 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $42,888,050 |
| Intangible assets | $0 |
| Other assets | $537,745 |
| Total assets | $207,857,115 |
| Accounts payable and accrued expenses | $10,789,317 |
| 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 | $103,411,581 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,787,986 |
| Total liabilities | $122,988,884 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $897,785 |
| Paid-in or capital surplus, or land, building, or equipment fund | $1,800,804 |
| Retained earnings, endowment, accumulated income, or other funds | $82,169,642 |
| Total liabilities and net assets/fund balances | $207,857,115 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pedernales Electric Cooperative Inc Johnson City, TX | $2,029,870,184 | $830,415,690 |
Golden Spread Electric Cooperative Inc Amarillo, TX | $1,251,228,427 | $703,244,105 |
Denton County Electric Cooperative Inc Corinth, TX | $1,535,737,864 | $639,082,515 |
South Texas Electric Cooperative Inc Nursery, TX | $1,458,906,185 | $553,923,230 |
East Texas Electric Cooperative Inc Nacogdoches, TX | $1,118,534,652 | $504,330,746 |
Intermountain Rural Electric Association Sedalia, CO | $1,228,049,117 | $331,307,918 |
Tri-County Electric Cooperative Inc Aledo, TX | $737,055,460 | $308,529,771 |
United Power Inc Brighton, CO | $596,297,380 | $312,195,991 |
Northeast Texas Electric Coop Inc Longview, TX | $329,483,821 | $288,674,270 |
Magic Valley Electric Cooperative Inc Mercedes, TX | $542,158,549 | $266,758,522 |
Electric Reliability Council Of Texas Inc 10-10-90 Austin, TX | $3,229,605,813 | $252,635,175 |
Bluebonnet Electric Cooperative Inc Bastrop, TX | $657,902,626 | $247,741,918 |