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.
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 |
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 |