Lamb County Electric Cooperative Inc
- Assets
- $86.7m
- Revenue
- $41.5m
- Investments
- $0.0
- Employees
- 45
- Location
- Littlefield, TX
- Founding
- 12/1938
- Data as of
- 12/2022
- EIN
- 75-0384297
Organization Overview
Lamb County Electric Cooperative Inc is located in Littlefield, TX. The organization was established in 1938. 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, Lamb County Electric Cooperative Inc employed 45 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lamb County 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, Lamb County Electric Cooperative Inc generated $41.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $41.5m during the year ending 12/2022. While expenses have increased by 1.9% 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 ELECTRIC ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALES OF ELECTRIC POWER TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 11,627 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marvin Matthews President | OfficerTrustee | 8.5 | $26,390 |
Kevin Humphreys Secretary/treasurer | OfficerTrustee | 2 | $26,640 |
Doug Criswell Vice-President | OfficerTrustee | 26.9 | $26,915 |
Danny West Director | Trustee | 3.6 | $26,957 |
Paul Pinkert Director | Trustee | 4.2 | $26,873 |
Cole Garner Director | Trustee | 8.3 | $26,390 |
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 | $41,426,677 |
| Investment income | $61,831 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,456 |
| 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 | $1,887 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,506,938 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,483 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,074,045 |
| Compensation of current officers, directors, key employees. | $360,416 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,636,606 |
| Pension plan accruals and contributions | $177,331 |
| Other employee benefits | $694,310 |
| Payroll taxes | $221,248 |
| 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 | $1,121,525 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,624,296 |
| Insurance | $0 |
| All other expenses | $25,666 |
| Total functional expenses | $41,519,640 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $332,045 |
| Savings and temporary cash investments | $3,005,647 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,538,648 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $423,820 |
| Prepaid expenses and deferred charges | $242,026 |
| Net Land, buildings, and equipment | $43,445,422 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $36,689,756 |
| Intangible assets | $0 |
| Other assets | $1,011,093 |
| Total assets | $86,688,457 |
| Accounts payable and accrued expenses | $2,665,365 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $44,351 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $30,940,081 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $968,115 |
| Total liabilities | $34,617,912 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $11,800 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $52,058,745 |
| Total liabilities and net assets/fund balances | $86,688,457 |