Lighthouse Electric Cooperative Inc
- Assets
- $103.2m
- Revenue
- $33.3m
- Investments
- $0.0
- Employees
- 53
- Location
- Floydada, TX
- Founding
- 10/1940
- Data as of
- 12/2021
- EIN
- 75-0273171
Organization Overview
Lighthouse Electric Cooperative Inc is located in Floydada, 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 12/2021, Lighthouse Electric Cooperative Inc employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lighthouse 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, Lighthouse Electric Cooperative Inc generated $33.3m 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 $33.3m 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 ELECTRIC ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRIC POWER TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 9,434 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Albert Daniel Executive Vp/general Manager | Officer | 50 | $158,133 |
Billy Harbin Former Executive Vp/general Manager | 0 | $131,634 | |
Chad Buie Director Of Engineering | 55 | $114,650 | |
Danny Nixon Operations Manager | 55 | $109,138 | |
Grant Cage Serviceman | 40 | $104,432 | |
Larry Smith Superintendent | 45 | $103,902 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hi Range Electric Inc Electric Construction Services | 12/30/21 | $822,155 |
Hunt Fencing Llc Electric Construction Services | 12/30/21 | $373,139 |
Arrowhead Line Llc Electric Construction Services | 12/30/21 | $678,563 |
Bird Electric Enterprises Llc Electric Construction Services | 12/30/21 | $287,614 |
Deckard Electric Electric Construction Services | 12/30/21 | $118,950 |
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 | $33,118,037 |
| Investment income | $48,994 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,099 |
| Net Gain/Loss on Asset Sales | $131,289 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$24,969 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,325,892 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $32,857 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,649,404 |
| Compensation of current officers, directors, key employees. | $443,646 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,305,481 |
| Pension plan accruals and contributions | $223,046 |
| Other employee benefits | $636,649 |
| Payroll taxes | $182,168 |
| 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 | $1,551,612 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,861,813 |
| Insurance | $0 |
| All other expenses | $240,387 |
| Total functional expenses | $33,325,892 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,698,435 |
| Savings and temporary cash investments | $600,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,414,914 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,326,962 |
| Prepaid expenses and deferred charges | $6,258,494 |
| Net Land, buildings, and equipment | $58,776,900 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $31,095,006 |
| Intangible assets | $0 |
| Other assets | $12,031 |
| Total assets | $103,182,742 |
| Accounts payable and accrued expenses | $1,378,856 |
| 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 | $45,025,784 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,438,353 |
| Total liabilities | $47,842,993 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $55,339,749 |
| Total liabilities and net assets/fund balances | $103,182,742 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Beauregard Electric Cooperative Inc Deridder, LA | $317,710,520 | $130,661,746 |
Mid-South Electric Cooperative Association Navasota, TX | $452,923,341 | $112,304,236 |
Karnes Electric Cooperative Inc Karnes City, TX | $202,970,400 | $101,891,775 |
Tri-County Electric Cooperative Inc Hooker, OK | $321,398,945 | $100,998,279 |
Deep East Texas Electric Co-Operative Inc San Augustine, TX | $258,283,792 | $99,942,050 |
Upshur-Rural Electric Cooperative Corporation Gilmer, TX | $245,628,727 | $98,243,041 |
San Bernard Electric Cooperative Incorporated Bellville, TX | $290,497,219 | $97,543,303 |
Lea County Electric Cooperative Inc Lovington, NM | $232,536,118 | $95,597,033 |
Washington-St Tammany Electric Cooperative Inc 1570 Franklinton, LA | $266,667,290 | $97,380,073 |
Bandera Electric Cooperative Inc Bandera, TX | $290,540,608 | $89,188,257 |
Nueces Electric Cooperative Inc Robstown, TX | $212,095,793 | $88,707,765 |
Wood County Electric Cooperative Quitman, TX | $215,165,812 | $87,928,096 |