Greenbelt Electric Cooperative Inc
- Assets
- $68.0m
- Revenue
- $25.9m
- Investments
- $0.0
- Employees
- 40
- Location
- Wellington, TX
- Founding
- 12/1939
- Data as of
- 12/2023
- 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 12/2023, Greenbelt Electric Cooperative Inc employed 40 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 12/2023, Greenbelt Electric Cooperative Inc generated $25.9m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $25.8m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 9 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
2023
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 5,671 SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Souder President | OfficerTrustee | 5 | $36,195 |
Stan Shelton Vice President | OfficerTrustee | 2 | $33,745 |
Steve Mathews Secretary/treasurer | OfficerTrustee | 2 | $33,745 |
Jimmie Taylor Director | Trustee | 2 | $37,237 |
Billy Conner Director | Trustee | 1 | $33,737 |
Stephen Martin Director | Trustee | 2.5 | $2,916 |
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 | $25,088,569 |
| Investment income | $43,069 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,522 |
| Net Gain/Loss on Asset Sales | $690,600 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,872,801 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $29,391 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $4,363,525 |
| Compensation of current officers, directors, key employees. | $682,211 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,856,635 |
| Pension plan accruals and contributions | $484,756 |
| Other employee benefits | $211,280 |
| Payroll taxes | $130,503 |
| 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 | $1,403,083 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,535,967 |
| Insurance | $0 |
| All other expenses | $151,108 |
| Total functional expenses | $25,846,706 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $282,306 |
| Savings and temporary cash investments | $807,754 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,947,764 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $936,209 |
| Inventories for sale or use | $163,367 |
| Prepaid expenses and deferred charges | $837,852 |
| Net Land, buildings, and equipment | $43,371,973 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $19,390,939 |
| Intangible assets | $0 |
| Other assets | $304,319 |
| Total assets | $68,042,483 |
| Accounts payable and accrued expenses | $3,156,723 |
| 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 | $32,174,516 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $240,841 |
| Total liabilities | $35,572,080 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $10,815 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $32,459,588 |
| Total liabilities and net assets/fund balances | $68,042,483 |