South Plains Electric Cooperative Inc
- Assets
- $469.9m
- Revenue
- $159.7m
- Investments
- $0.0
- Employees
- 196
- Location
- Lubbock, TX
- Founding
- 02/1943
- Data as of
- 12/2021
- EIN
- 75-0569260
Organization Overview
South Plains Electric Cooperative Inc is located in Lubbock, TX. The organization was established in 1943. 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, South Plains Electric Cooperative Inc employed 196 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. South Plains 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, South Plains Electric Cooperative Inc generated $159.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $161.6m during the year ending 12/2021. While expenses have increased by 2.9% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRIC ENERGY TO MEMBERS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALES OF ELECTRIC ENERGY TO OUR MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 66,578 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Dale Ancell Executive Vp/general Manager | Officer | 42 | $312,995 |
John Randal Bailey Assistant General Manager | Officer | 43 | $272,991 |
Shane Adams Chief Financial Officer | Officer | 44 | $189,309 |
Tahnee Truitt Director Of Human Resources | 40 | $188,615 | |
Lynn Simmons Director Of Communications | 40 | $177,732 | |
Steven Latham Director Of Information Technology | 42 | $167,544 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Siegel Construction Inc Construction Contractor | 12/30/21 | $4,885,011 |
Primary Utility Services Llc Construction Contractor | 12/30/21 | $4,549,610 |
Echo Powerline Inc Construction Contractor | 12/30/21 | $889,482 |
Meridian Cooperative Inc Software & Technology | 12/30/21 | $606,299 |
Sedc Software & Technology | 12/30/21 | $552,175 |
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 | $161,312,126 |
| Investment income | $387,268 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $106,262 |
| Net Gain/Loss on Asset Sales | -$2,464,332 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $252,713 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $159,722,811 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $175,107 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $4,714,250 |
| Compensation of current officers, directors, key employees. | $1,602,722 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,344,895 |
| Pension plan accruals and contributions | $1,103,694 |
| Other employee benefits | $1,805,043 |
| Payroll taxes | $644,033 |
| 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 | $6,942,940 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,728,273 |
| Insurance | $0 |
| All other expenses | $2,931,781 |
| Total functional expenses | $161,612,173 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $13,366,409 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,508,899 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,378,995 |
| Inventories for sale or use | $22,145 |
| Prepaid expenses and deferred charges | $2,916,779 |
| Net Land, buildings, and equipment | $284,319,837 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $126,168,439 |
| Intangible assets | $0 |
| Other assets | $19,261,702 |
| Total assets | $469,943,205 |
| Accounts payable and accrued expenses | $13,493,038 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $229,860 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $240,867,142 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $14,581,767 |
| Total liabilities | $269,171,807 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $200,771,398 |
| Total liabilities and net assets/fund balances | $469,943,205 |
Grants Awarded
Over the last fiscal year, South Plains Electric Cooperative Inc has awarded $20,367 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Lubbock, TX PURPOSE: ANNUAL SUPPORT | $13,725 |
Lubbock, TX PURPOSE: ANNUAL SUPPORT | $6,642 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pedernales Electric Cooperative Inc Johnson City, TX | $2,029,870,184 | $830,415,690 |
Golden Spread Electric Cooperative Inc Amarillo, TX | $1,251,228,427 | $703,244,105 |
Denton County Electric Cooperative Inc Corinth, TX | $1,535,737,864 | $639,082,515 |
South Texas Electric Cooperative Inc Nursery, TX | $1,458,906,185 | $553,923,230 |
East Texas Electric Cooperative Inc Nacogdoches, TX | $1,118,534,652 | $504,330,746 |
Tri-County Electric Cooperative Inc Aledo, TX | $737,055,460 | $308,529,771 |
Northeast Texas Electric Coop Inc Longview, TX | $329,483,821 | $288,674,270 |
Magic Valley Electric Cooperative Inc Mercedes, TX | $542,158,549 | $266,758,522 |
Electric Reliability Council Of Texas Inc 10-10-90 Austin, TX | $3,229,605,813 | $252,635,175 |
Dixie Electric Membership Corporation Baton Rouge, LA | $725,178,434 | $239,155,259 |
Bluebonnet Electric Cooperative Inc Bastrop, TX | $657,902,626 | $247,741,918 |
Southwest Louisiana Electric Lafayette, LA | $508,237,761 | $245,337,577 |