Magic Valley Electric Cooperative Inc
- Assets
- $542.2m
- Revenue
- $266.8m
- Investments
- $0.0
- Employees
- 307
- Location
- Mercedes, TX
- Founding
- 07/1939
- Data as of
- 12/2021
- EIN
- 74-0758801
Organization Overview
Magic Valley Electric Cooperative Inc is located in Mercedes, TX. The organization was established in 1939. 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, Magic Valley Electric Cooperative Inc employed 307 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magic Valley 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 12/2021, Magic Valley Electric Cooperative Inc generated $266.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $266.7m during the year ending 12/2021. While expenses have increased by 3.3% 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 QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 139,423 ACTIVE SERVICES AT YEAR END.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John W Herrera General Manager (jan-Nov) | Officer | 50 | $398,599 |
Brian Acosta General Manager (dec) | Officer | 50 | $165,038 |
Dane Hocott Services Division Manager | Officer | 40 | $156,973 |
Atanacio Hinojosa Western Division Manager | 40 | $155,485 | |
Abraham Quiroga Business & Employee Development | 40 | $144,096 | |
Felipe Amaya Technical Services Manager | 40 | $141,035 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Volt Power Construction Contractor | 12/30/21 | $9,704,335 |
Meridian Cooperative Inc Enterprise Software, Financial Services, | 12/30/21 | $3,188,458 |
Abc Professional Tree Services Inc Tree Trimming | 12/30/21 | $1,371,654 |
Axis Power Llc Construction | 12/30/21 | $911,600 |
Cooperative Building Solutions Facility Consulting And Construction Ser | 12/30/21 | $6,951,138 |
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 | $262,147,543 |
| Investment income | $74,536 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,000 |
| Net Gain/Loss on Asset Sales | $57,294 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $266,758,522 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,500 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $15,373,492 |
| Compensation of current officers, directors, key employees. | $1,111,662 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,666,268 |
| Pension plan accruals and contributions | $2,793,331 |
| Other employee benefits | $2,106,469 |
| Payroll taxes | $922,202 |
| 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 | $7,320,415 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,321,251 |
| Insurance | $0 |
| All other expenses | $194,176 |
| Total functional expenses | $266,721,522 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,337,790 |
| Savings and temporary cash investments | $827,378 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,990,762 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $6,156,014 |
| Prepaid expenses and deferred charges | $2,048,713 |
| Net Land, buildings, and equipment | $356,970,327 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $158,528,877 |
| Intangible assets | $0 |
| Other assets | $2,298,688 |
| Total assets | $542,158,549 |
| Accounts payable and accrued expenses | $28,676,619 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $961,789 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $203,535,601 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,874,718 |
| Total liabilities | $245,048,727 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $577,535 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $296,532,287 |
| Total liabilities and net assets/fund balances | $542,158,549 |
Grants Awarded
Over the last fiscal year, Magic Valley Electric Cooperative Inc has awarded $31,200 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
TEXAS ELECTRIC COOPERATIVES PURPOSE: 2020 YOUTH TOUR | $12,200 |
Waco, TX PURPOSE: LINEMAN SCHOLARSHIP PROGRAM | $10,000 |
Mercedes, TX PURPOSE: 2020 SPONSORSHIP | $9,000 |
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 |
Tri-County Electric Cooperative Inc Aledo, TX | $737,055,460 | $308,529,771 |
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 |
Dixie Electric Membership Corporation Baton Rouge, LA | $725,178,434 | $239,155,259 |
Bluebonnet Electric Cooperative Inc Bastrop, TX | $657,902,626 | $247,741,918 |
Southwest Louisiana Electric Lafayette, LA | $508,237,761 | $245,337,577 |