Verdigris Valley Electric Cooperative Incorporated
- Assets
- $225.0m
- Revenue
- $86.2m
- Investments
- $0.0
- Employees
- 101
- Location
- Collinsville, OK
- Founding
- 05/1940
- Data as of
- 12/2023
- 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 12/2023, Verdigris Valley Electric Cooperative Incorporated employed 101 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 12/2023, Verdigris Valley Electric Cooperative Incorporated generated $86.2m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $86.2m during the year ending 12/2023. While expenses have increased by 4.0% per year over the past 5 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 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 - 38,937 ACTIVE SERVICES (44,317 TOTAL SERVICES IN PLACE - 5,380 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 | $345,378 |
Michael Hall COO / Cao | Officer | 40 | $306,121 |
Randy Riddle Dir Operatio | Officer | 45 | $201,160 |
Kimberly Loffer Exc Secr./me | 40 | $179,654 | |
Marlin Barnhart Purchasing A | 40 | $178,070 | |
Danny Bement Dir Operatio | 45 | $175,412 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Capital Electric Powerline Const | 12/30/23 | $2,830,248 |
Hardin Tree Service Right Of Way | 12/30/23 | $2,476,010 |
Mid-con Energy Service Inc Powerline Const | 12/30/23 | $907,901 |
Baker Trenching Trenching | 12/30/23 | $481,127 |
Usic Locating Locating Servic | 12/30/23 | $268,929 |
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 | $85,735,417 |
| Investment income | $199,559 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $196,551 |
| Net Gain/Loss on Asset Sales | $95,659 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $86,227,186 |
| 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 | $6,535,050 |
| Compensation of current officers, directors, key employees. | $1,535,409 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,834,336 |
| 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 | $3,215,997 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,390,227 |
| Insurance | $0 |
| All other expenses | $436 |
| Total functional expenses | $86,227,186 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,850,748 |
| Savings and temporary cash investments | $59,509 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,062,159 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,695,364 |
| Prepaid expenses and deferred charges | $96,743 |
| Net Land, buildings, and equipment | $164,082,067 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $48,176,737 |
| Intangible assets | $0 |
| Other assets | $11,648 |
| Total assets | $225,034,975 |
| Accounts payable and accrued expenses | $16,676,009 |
| 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 | $102,575,874 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,096,311 |
| Total liabilities | $128,348,194 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $906,700 |
| Paid-in or capital surplus, or land, building, or equipment fund | $4,844,588 |
| Retained earnings, endowment, accumulated income, or other funds | $90,935,493 |
| Total liabilities and net assets/fund balances | $225,034,975 |