Medina Electric Cooperative Inc
- Assets
- $298.6m
- Revenue
- $157.7m
- Investments
- $0.0
- Employees
- 158
- Location
- Hondo, TX
- Founding
- 06/1940
- Data as of
- 12/2022
- EIN
- 74-0779023
Organization Overview
Medina Electric Cooperative Inc is located in Hondo, 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, Medina Electric Cooperative Inc employed 158 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Medina 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, Medina Electric Cooperative Inc generated $157.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $157.0m during the year ending 12/2022. While expenses have increased by 6.3% 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
SALES OF ELECTRIC POWER TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 36,101 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Weynand Director | Trustee | 5.7 | $17,700 |
James Raines Director | Trustee | 5.1 | $15,700 |
Jose Luis Gonzalez Director | Trustee | 6.3 | $18,950 |
Annette Sorrells Secretary/treasurer | OfficerTrustee | 4.9 | $14,300 |
Kenneth G White President | OfficerTrustee | 6.5 | $15,900 |
Larry Huesser Vice President | OfficerTrustee | 6.7 | $15,700 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Linetec Servicesinc Construction Contractor | 12/30/22 | $9,503,579 |
Cooperative Building Solutions Headquarters Contractor | 12/30/22 | $2,293,662 |
Pannell Contracting Llc Clearing Contractor | 12/30/22 | $1,649,345 |
Schneider Engineering Inc Engineering Contractor | 12/30/22 | $1,751,093 |
Cedar Beetle Inc Clearing Contractor | 12/30/22 | $915,632 |
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 | $160,568,424 |
| Investment income | $88,588 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $8,710 |
| Net Gain/Loss on Asset Sales | -$3,222,161 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $53,506 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $157,652,712 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $117,210 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,333,537 |
| Compensation of current officers, directors, key employees. | $1,788,567 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,044,050 |
| Pension plan accruals and contributions | $1,779,981 |
| Other employee benefits | $1,770,577 |
| Payroll taxes | $680,421 |
| 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 | $4,880,211 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,794,001 |
| Insurance | $0 |
| All other expenses | $122,193 |
| Total functional expenses | $157,041,962 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,006,702 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,211,789 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $49,467 |
| Prepaid expenses and deferred charges | $434,361 |
| Net Land, buildings, and equipment | $217,525,761 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $68,004,113 |
| Intangible assets | $0 |
| Other assets | $6,319,246 |
| Total assets | $298,551,439 |
| Accounts payable and accrued expenses | $20,908,861 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,155 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $126,192,147 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $23,455,795 |
| Total liabilities | $170,557,958 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $103,145 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $127,890,336 |
| Total liabilities and net assets/fund balances | $298,551,439 |