Farmers Electric Cooperative Inc
- Assets
- $432.8m
- Revenue
- $223.8m
- Investments
- $0.0
- Employees
- 191
- Location
- Greenville, TX
- Founding
- 03/1943
- Data as of
- 12/2022
- EIN
- 75-0263046
Organization Overview
Farmers Electric Cooperative Inc is located in Greenville, TX. The organization was established in 1943. 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, Farmers Electric Cooperative Inc employed 191 individuals. This organization is an itermediate organization (such as a geographic headquarters) for a national or regional group of organizations. Farmers 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, Farmers Electric Cooperative Inc generated $223.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $219.7m during the year ending 12/2022. While expenses have increased by 7.0% 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 ELECTRIC SERVICE TO MEMBER-OWNERS AT A REASONABLE COST.
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 88,070 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martin Allain Director | Trustee | 5.4 | $28,062 |
Wayne Douglas Director | Trustee | 3.6 | $27,368 |
Tommy Pulliam Vice President | OfficerTrustee | 5.9 | $29,430 |
Bob Middleton Jr Secretary/treasurer | OfficerTrustee | 6.5 | $31,402 |
Don Phillips Director | Trustee | 3.9 | $27,378 |
Bill Samuels President | OfficerTrustee | 7 | $28,053 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Texas Line Clearance Llc Row Contractor | 12/30/22 | $3,983,145 |
J&l Utility Service Line And Row Contractor | 12/30/22 | $3,503,251 |
Pci Utilities Inc Line Contractor | 12/30/22 | $2,721,698 |
Texas State Utilities Inc Line Contractor | 12/30/22 | $2,655,040 |
Re-con Company Substation Contractor | 12/30/22 | $2,373,414 |
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 | $222,604,716 |
| Investment income | $159,990 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,500 |
| Net Gain/Loss on Asset Sales | $734 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $10 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $223,821,354 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $28,533 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $18,235,475 |
| Compensation of current officers, directors, key employees. | $4,038,733 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,134,156 |
| Pension plan accruals and contributions | $636,281 |
| Other employee benefits | $1,276,749 |
| Payroll taxes | $599,641 |
| 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 | $7,589,360 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,469,750 |
| Insurance | $0 |
| All other expenses | $56,091 |
| Total functional expenses | $219,660,101 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,001,615 |
| Savings and temporary cash investments | $2,486,964 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,605,953 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $119,970 |
| Prepaid expenses and deferred charges | $3,614,318 |
| Net Land, buildings, and equipment | $349,808,960 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $54,194,537 |
| Intangible assets | $0 |
| Other assets | $13,005,852 |
| Total assets | $432,838,169 |
| Accounts payable and accrued expenses | $67,669,203 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $81,025 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $167,561,533 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,183,186 |
| Total liabilities | $244,494,947 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,346,188 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $186,997,034 |
| Total liabilities and net assets/fund balances | $432,838,169 |
Grants Awarded
Over the last fiscal year, Farmers Electric Cooperative Inc has awarded $18,805 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
HUNT COUNTY FAIR & LIVESTOCK SHOW PURPOSE: SUPPORT COMMUNITY YOUTH AT LIVESTOCK SHOW. | $6,294 |
RAINS COUNTY FAIR ASSOCIATION PURPOSE: SUPPORT COMMUNITY YOUTH AT LIVESTOCK SHOW. | $6,495 |
WYLIE SHOW & SALE PURPOSE: SUPPORT COMMUNITY YOUTH AT LIVESTOCK SHOW | $6,016 |