South Plains Electric Cooperative Inc
- Assets
- $486.2m
- Revenue
- $208.2m
- Investments
- $0.0
- Employees
- 210
- Location
- Lubbock, TX
- Founding
- 02/1943
- Data as of
- 12/2022
- 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 12/2022, South Plains Electric Cooperative Inc employed 210 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 12/2022, South Plains Electric Cooperative Inc generated $208.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $209.5m during the year ending 12/2022. While expenses have increased by 5.9% 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 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 69,941 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lloyd Arthur Director | Trustee | 10.5 | $34,605 |
David Gossett Director | Trustee | 11 | $29,902 |
Rd Mccallister Director | Trustee | 9.6 | $30,260 |
Joe Mcferrin Director | Trustee | 10 | $26,418 |
Benny Nixon Director | Trustee | 9.4 | $27,758 |
Bobby Richey President | OfficerTrustee | 16.9 | $30,194 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Primary Utility Services Llc Construction Contractor | 12/30/22 | $5,244,068 |
Siegel Construction Inc Construction Contractor | 12/30/22 | $4,759,389 |
Meridian Cooperative Inc Software & Technology | 12/30/22 | $1,425,731 |
Echo Powerline Inc Construction Contractor | 12/30/22 | $1,037,474 |
Comdata Corporation Software & It Services | 12/30/22 | $342,448 |
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 | $209,185,784 |
| Investment income | $503,591 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $78,998 |
| Net Gain/Loss on Asset Sales | -$2,021,543 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $358,164 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $208,235,314 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $209,819 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $6,618,295 |
| Compensation of current officers, directors, key employees. | $1,645,163 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,063,951 |
| Pension plan accruals and contributions | $1,430,418 |
| Other employee benefits | $1,786,397 |
| Payroll taxes | $697,224 |
| 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 | $8,574,578 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,467,251 |
| Insurance | $0 |
| All other expenses | $2,700,061 |
| Total functional expenses | $209,462,049 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $12,308,286 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,498,463 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,289,236 |
| Inventories for sale or use | $12,449 |
| Prepaid expenses and deferred charges | $2,684,345 |
| Net Land, buildings, and equipment | $300,264,538 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $133,156,096 |
| Intangible assets | $0 |
| Other assets | $11,988,670 |
| Total assets | $486,202,083 |
| Accounts payable and accrued expenses | $18,677,038 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $255,533 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $241,591,727 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,140,647 |
| Total liabilities | $277,664,945 |
| 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 | $208,537,138 |
| Total liabilities and net assets/fund balances | $486,202,083 |
Grants Awarded
Over the last fiscal year, South Plains Electric Cooperative Inc has awarded $27,775 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
INSIDE OUT FOUNDATION PURPOSE: COMMUNITY AGENCIES | $11,100 |
LUBBOCK AREA UNITED WAY PURPOSE: ANNUAL SUPPORT | $9,500 |
LUBBOCK CHAMBER OF COMMERCE PURPOSE: CHAMBER SUPPORT | $7,175 |