Greenbelt Electric Cooperative Inc
- Assets
- $62.1m
- Revenue
- $23.6m
- Investments
- $0.0
- Employees
- 41
- Location
- Wellington, TX
- Founding
- 12/1939
- Data as of
- 12/2021
- EIN
- 75-0304276
Organization Overview
Greenbelt Electric Cooperative Inc is located in Wellington, 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, Greenbelt Electric Cooperative Inc employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greenbelt 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, Greenbelt Electric Cooperative Inc generated $23.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $23.5m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.4%) per year over the past 7 years. 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 POWER TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC POWER TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 5,497 SERVICES AT YEAR END.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stan Mcclendon General Manager | Officer | 40 | $220,525 |
Randy White Assistant General Manager | 40 | $149,540 | |
Debra Belew Office Manager | 40 | $146,256 | |
Ricky Bond Operations Manager | 40 | $130,082 | |
Mark Lemons Engineer | 40 | $118,446 | |
James Johnson Service Manager | 47 | $113,407 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Arrowhead Line Llc Ice Store Assistance | 12/30/21 | $130,000 |
Hollis Tree Service Tree Trimming | 12/30/21 | $100,818 |
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 | $23,485,458 |
| Investment income | $20,677 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $8,500 |
| Net Gain/Loss on Asset Sales | $10,500 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,569,133 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $33,522 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $889,741 |
| Compensation of current officers, directors, key employees. | $521,260 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,055,215 |
| Pension plan accruals and contributions | $530,545 |
| Other employee benefits | $205,326 |
| Payroll taxes | $133,736 |
| 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 | $1,171,057 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,217,392 |
| Insurance | $0 |
| All other expenses | $173,552 |
| Total functional expenses | $23,546,571 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $309,284 |
| Savings and temporary cash investments | $883,376 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,181,296 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $191,325 |
| Prepaid expenses and deferred charges | $1,114,670 |
| Net Land, buildings, and equipment | $39,902,349 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $17,217,310 |
| Intangible assets | $0 |
| Other assets | $279,844 |
| Total assets | $62,079,454 |
| Accounts payable and accrued expenses | $1,866,220 |
| 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 | $29,783,904 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $217,182 |
| Total liabilities | $31,867,306 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $10,590 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $30,201,558 |
| Total liabilities and net assets/fund balances | $62,079,454 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jemez Mountains Electric Cooperative Inc Espanola, NM | $130,164,432 | $49,848,005 |
Navarro County Electric Cooperative Inc Corsicana, TX | $102,970,554 | $49,278,830 |
Rural Electric Co Op Inc Lindsay, OK | $94,050,768 | $47,989,459 |
Kiamichi Electric Cooperative Inc Wilburton, OK | $118,158,279 | $46,432,215 |
C & L Electric Cooperative Corporation Star City, AR | $139,600,891 | $49,154,793 |
Houston County Electric Cooperative Inc Crockett, TX | $158,669,671 | $45,143,222 |
North Plains Electric Cooperative Incorporated Perryton, TX | $109,565,276 | $41,899,328 |
Concho Valley Electric Cooperative Inc San Angelo, TX | $125,005,347 | $44,400,615 |
Navasota Valley Electric Cooperative Inc Franklin, TX | $102,144,082 | $44,111,524 |
Cooke County Electric Cooperative Association Muenster, TX | $91,559,642 | $43,344,905 |
Red River Valley Rural Electric Association Marietta, OK | $87,688,171 | $43,444,812 |
Farmers Electric Cooperative Inc Of New Mexico Clovis, NM | $139,799,971 | $42,708,107 |