Karnes Electric Cooperative Inc
- Assets
- $218.7m
- Revenue
- $131.9m
- Investments
- $293.0k
- Employees
- 93
- Location
- Karnes City, TX
- Founding
- 12/1940
- Data as of
- 12/2022
- EIN
- 74-0720615
Organization Overview
Karnes Electric Cooperative Inc is located in Karnes City, TX. 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 12/2022, Karnes Electric Cooperative Inc employed 93 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Karnes Electric Cooperative 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, Karnes Electric Cooperative Inc generated $131.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $129.4m during the year ending 12/2022. While expenses have increased by 6.6% 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 QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC POWER TO OUR MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 22,276 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Brysch Jr President | OfficerTrustee | 5.2 | $32,032 |
Frank Geyer Jr Asst Secretary/treasurer | OfficerTrustee | 7.4 | $29,702 |
Clif Royal Vice President | OfficerTrustee | 2.5 | $26,941 |
Ross Nieschwitz Director | Trustee | 0.8 | $26,041 |
Larry Schendel Secretary/treasurer | OfficerTrustee | 3.7 | $15,980 |
Shirley Hofmann Director | Trustee | 3.8 | $14,755 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sendero Power Line Construction Inc Utility Construction | 12/30/22 | $3,238,733 |
Ivm Solutions Row Clearing | 12/30/22 | $2,192,931 |
James Power Line Construction Inc Utility Construction | 12/30/22 | $1,875,735 |
Schneider Engineering Engineering | 12/30/22 | $458,093 |
Higher Resolutionschris Murphy Tech Support | 12/30/22 | $201,840 |
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 | $130,245,697 |
| Investment income | $140,604 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $383,317 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,103,573 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $131,910,540 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $38,591 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $7,239,197 |
| Compensation of current officers, directors, key employees. | $510,165 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,201,159 |
| Pension plan accruals and contributions | $487,960 |
| Other employee benefits | $1,174,786 |
| Payroll taxes | $342,470 |
| 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 | $712,958 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,283,543 |
| Insurance | $0 |
| All other expenses | $393,713 |
| Total functional expenses | $129,360,540 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,084,647 |
| Savings and temporary cash investments | $3,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,243,458 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $6,716,212 |
| Prepaid expenses and deferred charges | $231,792 |
| Net Land, buildings, and equipment | $121,449,730 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $292,971 |
| Investments—program-related | $53,567,478 |
| Intangible assets | $0 |
| Other assets | $11,143,019 |
| Total assets | $218,729,307 |
| Accounts payable and accrued expenses | $9,526,349 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $89,856 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $21,708,227 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $18,122,663 |
| Total liabilities | $49,447,095 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $90,530 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $169,191,682 |
| Total liabilities and net assets/fund balances | $218,729,307 |
Grants Awarded
Over the last fiscal year, Karnes Electric Cooperative Inc has awarded $30,475 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF PLEASANTON PURPOSE: TREE MITIGATION - CITY OF PLEASANTON/NEW OFFICE. | $12,975 |
KARNES COUNTY YOUTH SHOW PURPOSE: DONATION TOWARDS NEW BARN. | $10,000 |
KARNES CITY VOLUNTEER FIRE DEPARTMENT PURPOSE: MATCHING DONATION WITH COBANK. | $7,500 |