Wise Electric Cooperative Incorporated
- Assets
- $163.2m
- Revenue
- $65.6m
- Investments
- $0.0
- Employees
- 71
- Location
- Decatur, TX
- Founding
- 10/1940
- Data as of
- 12/2021
- EIN
- 75-0665517
Organization Overview
Wise Electric Cooperative Incorporated is located in Decatur, TX. The organization was established in 1940. 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, Wise Electric Cooperative Incorporated employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wise Electric Cooperative Incorporated 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, Wise Electric Cooperative Incorporated generated $65.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $65.6m during the year ending 12/2021. While expenses have increased by 1.0% 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 SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 24,880 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rayce Cantwell General Manager | Officer | 45 | $238,296 |
Kelly Myers Assistant General Manager | Officer | 45 | $202,823 |
Russell King Line Superintendent | 50 | $158,030 | |
Anna Wallace Manager Of Information Tech. | Officer | 40 | $155,616 |
Chris Walsh Operations Eng/whs Manager | Officer | 40 | $152,623 |
Bill Hood Member Service Manager | 40 | $148,858 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fx5 Construction | 12/30/21 | $4,321,319 |
Northeast Services Dba Horton Tree Servi Tree Trimming | 12/30/21 | $1,894,778 |
Higgs Electric Ltd Construction | 12/30/21 | $300,344 |
Vinson & Elkins Llp Attorney | 12/30/21 | $166,470 |
Prince Computing Corp Consulting | 12/30/21 | $162,538 |
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 | $65,552,071 |
| Investment income | $22,160 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,086 |
| Net Gain/Loss on Asset Sales | -$54,425 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $87 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $65,642,118 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $26,022 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,752,907 |
| Compensation of current officers, directors, key employees. | $1,360,621 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,702,883 |
| Pension plan accruals and contributions | $644,115 |
| Other employee benefits | $646,404 |
| Payroll taxes | $298,300 |
| 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 | $2,625,019 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,780,038 |
| Insurance | $0 |
| All other expenses | $86,494 |
| Total functional expenses | $65,647,571 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $334,441 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,018,071 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $109,788 |
| Prepaid expenses and deferred charges | $1,188,157 |
| Net Land, buildings, and equipment | $116,457,809 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $38,435,128 |
| Intangible assets | $0 |
| Other assets | $4,702,994 |
| Total assets | $163,246,388 |
| Accounts payable and accrued expenses | $7,225,938 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $184,646 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $65,174,316 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,542,496 |
| Total liabilities | $82,127,396 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $360,023 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $80,758,969 |
| Total liabilities and net assets/fund balances | $163,246,388 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Beauregard Electric Cooperative Inc Deridder, LA | $317,710,520 | $130,661,746 |
Mid-South Electric Cooperative Association Navasota, TX | $452,923,341 | $112,304,236 |
Karnes Electric Cooperative Inc Karnes City, TX | $202,970,400 | $101,891,775 |
Tri-County Electric Cooperative Inc Hooker, OK | $321,398,945 | $100,998,279 |
Deep East Texas Electric Co-Operative Inc San Augustine, TX | $258,283,792 | $99,942,050 |
Upshur-Rural Electric Cooperative Corporation Gilmer, TX | $245,628,727 | $98,243,041 |
San Bernard Electric Cooperative Incorporated Bellville, TX | $290,497,219 | $97,543,303 |
Lea County Electric Cooperative Inc Lovington, NM | $232,536,118 | $95,597,033 |
Washington-St Tammany Electric Cooperative Inc 1570 Franklinton, LA | $266,667,290 | $97,380,073 |
Bandera Electric Cooperative Inc Bandera, TX | $290,540,608 | $89,188,257 |
Nueces Electric Cooperative Inc Robstown, TX | $212,095,793 | $88,707,765 |
Wood County Electric Cooperative Quitman, TX | $215,165,812 | $87,928,096 |