Rio Grande Electric Cooperative Inc
- Assets
- $208.8m
- Revenue
- $68.7m
- Investments
- $92.7k
- Employees
- 192
- Location
- Brackettville, TX
- Founding
- 03/1950
- Data as of
- 12/2022
- EIN
- 74-1062291
Organization Overview
Rio Grande Electric Cooperative Inc is located in Brackettville, TX. The organization was established in 1950. 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, Rio Grande Electric Cooperative Inc employed 192 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rio Grande 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, Rio Grande Electric Cooperative Inc generated $68.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $67.7m during the year ending 12/2022. While expenses have increased by 5.9% 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 RELIABLE ELECTRICAL SERVICE TO MEMBERS AT AFFORDABLE RATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 7,093 MEMBERS OVER 10,022 MILES OF LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Edwards President | OfficerTrustee | 2.4 | $11,100 |
William Foster Vice President | OfficerTrustee | 4.2 | $11,700 |
Priscilla Parsons Secretary | OfficerTrustee | 3.7 | $12,350 |
Jamie Ballew Treasurer | OfficerTrustee | 4.7 | $11,600 |
Jan Metcalf Director | Trustee | 1.5 | $9,600 |
Howard Wakefield Jr Director | Trustee | 5.2 | $12,100 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Powerhouse Energy Llc Construction | 12/30/22 | $685,580 |
Rs Mechanical Llc Construction | 12/30/22 | $507,485 |
3s Services Llc Construction | 12/30/22 | $409,392 |
Mendoza Concrete Construction Llc Construction | 12/30/22 | $358,790 |
Urban Electrical Services Inc Construction | 12/30/22 | $294,287 |
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 | $67,842,116 |
| Investment income | $786,642 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,749 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $15,197 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $68,662,704 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,750 |
| Grants and other assistance to domestic individuals. | $29,992 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $7,889,030 |
| Compensation of current officers, directors, key employees. | $1,054,015 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| 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 | $1,401,500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,825,862 |
| Insurance | $0 |
| All other expenses | $1,160,817 |
| Total functional expenses | $67,692,696 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $26,569,974 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,683,774 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,131,815 |
| Inventories for sale or use | $3,958,940 |
| Prepaid expenses and deferred charges | $4,902,070 |
| Net Land, buildings, and equipment | $126,953,282 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $92,652 |
| Investments—program-related | $31,245,083 |
| Intangible assets | $0 |
| Other assets | $264,707 |
| Total assets | $208,802,297 |
| Accounts payable and accrued expenses | $5,183,995 |
| 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 | $36,935,172 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $71,074,815 |
| Total liabilities | $113,193,982 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $35,465 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $95,572,850 |
| Total liabilities and net assets/fund balances | $208,802,297 |