Wood County Electric Cooperative
- Assets
- $228.6m
- Revenue
- $94.5m
- Investments
- $0.0
- Employees
- 109
- Location
- Quitman, TX
- Founding
- 12/1942
- Data as of
- 12/2023
- EIN
- 75-0667075
Organization Overview
Wood County Electric Cooperative is located in Quitman, TX. The organization was established in 1942. 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 12/2023, Wood County Electric Cooperative employed 109 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wood County Electric Cooperative 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 12/2023, Wood County Electric Cooperative generated $94.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $94.5m during the year ending 12/2023. While expenses have increased by 2.9% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDED ELECTRIC SERVICE TO AN AVERAGE OF 40,770 METERS DURING THE YEAR ON A COOPERATIVE BASIS AT THE LOWEST COST CONSISTENT WITH SOUND BUSINESS PRINCIPLES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRICITY TO AN AVERAGE OF 40,770 METERS AT COST ON A COOPERATIVE NON-PROFIT BASIS FOR THE MUTUAL BENEFIT OF ITS MEMBERS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Trey Teaff General Manager/ceo | Officer | 42.76 | $205,469 |
Ch Campbell Chief Operating Officer | Officer | 40 | $181,952 |
Steve Gillean Serviceman | 47.77 | $114,547 | |
Lance Shirley Construction Foreman | 44.88 | $110,756 | |
Diana Hall Director Of Human Resources | 46.44 | $106,621 | |
Summer Coleman Director Of Accounting | Officer | 41.41 | $101,894 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Harris Line Service Co Right Of Way Maintenance | 12/30/23 | $1,370,546 |
Rei Utility Services Utility Pole Contacts & Upgrades | 12/30/23 | $4,047,864 |
Northeast Texas Power Inc Distribution Line Construction | 12/30/23 | $2,371,038 |
Roest Construction Underground Boring | 12/30/23 | $804,253 |
Texar Tree And Timber Llc Right Of Way Maintenance | 12/30/23 | $688,700 |
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 | $92,325,545 |
| Investment income | $329,221 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $327,435 |
| 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 | $37,527 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $94,472,029 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $6,565,425 |
| Compensation of current officers, directors, key employees. | $1,912,613 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $3,809,869 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,294,704 |
| Insurance | $0 |
| All other expenses | $577,968 |
| Total functional expenses | $94,472,029 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,149,906 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,435,221 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $809,129 |
| Prepaid expenses and deferred charges | $5,656,131 |
| Net Land, buildings, and equipment | $172,569,749 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $35,979,754 |
| Intangible assets | $60,000 |
| Other assets | $1,984,782 |
| Total assets | $228,644,672 |
| Accounts payable and accrued expenses | $7,758,702 |
| 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 | $94,906,150 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,793,920 |
| Total liabilities | $116,458,772 |
| 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 | $112,185,900 |
| Total liabilities and net assets/fund balances | $228,644,672 |