Navarro County Electric Cooperative Inc
- Assets
- $111.8m
- Revenue
- $69.9m
- Investments
- $0.0
- Employees
- 42
- Location
- Corsicana, TX
- Founding
- 03/1939
- Data as of
- 12/2022
- EIN
- 75-0458545
Organization Overview
Navarro County Electric Cooperative Inc is located in Corsicana, 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 12/2022, Navarro County Electric Cooperative Inc employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Navarro 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, Navarro County Electric Cooperative Inc generated $69.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $69.9m during the year ending 12/2022. While expenses have increased by 7.2% 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 QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRIC POWER TO OUR MEMBERS AT COST ON COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 19,069 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Benny Melton Director | Trustee | 2 | $39,529 |
Billy Southard Director | Trustee | 2 | $39,535 |
Gary Murphy Director | Trustee | 2 | $36,722 |
George Smith Secretary | OfficerTrustee | 2 | $35,849 |
Julie Mraz Director | Trustee | 2 | $39,529 |
Robert Sheffield Vice President | OfficerTrustee | 2 | $39,529 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Northeast Service Inc Tree Trimming | 12/30/22 | $1,707,225 |
S&h Powerline Construction Line Construction | 12/30/22 | $554,894 |
Usic Locating Services Line Location | 12/30/22 | $268,311 |
Osmose Utilities Services Inc Pole Inspection | 12/30/22 | $209,400 |
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 | $69,490,807 |
| Investment income | $327,897 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $69,885,428 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $591 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,442,185 |
| Compensation of current officers, directors, key employees. | $1,246,126 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,828,130 |
| Pension plan accruals and contributions | $305,361 |
| Other employee benefits | $245,319 |
| Payroll taxes | $167,594 |
| 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 | $924,703 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,736,817 |
| Insurance | $0 |
| All other expenses | $9,580 |
| Total functional expenses | $69,885,428 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $96,671 |
| Savings and temporary cash investments | $8,424,417 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,401,984 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,086,205 |
| Prepaid expenses and deferred charges | $279,197 |
| Net Land, buildings, and equipment | $62,151,535 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $30,438,836 |
| Intangible assets | $0 |
| Other assets | $2,929,848 |
| Total assets | $111,808,693 |
| Accounts payable and accrued expenses | $12,875,480 |
| 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 | $23,487,995 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,876,645 |
| Total liabilities | $39,240,120 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $143,945 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $72,424,628 |
| Total liabilities and net assets/fund balances | $111,808,693 |