Rita Blanca Electric Cooperative Inc
- Assets
- $130.8m
- Revenue
- $90.5m
- Investments
- $5.7k
- Employees
- 39
- Location
- Dalhart, TX
- Founding
- 06/1950
- Data as of
- 12/2022
- EIN
- 75-0712525
Organization Overview
Rita Blanca Electric Cooperative Inc is located in Dalhart, TX. The organization was established in 1950. 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, Rita Blanca Electric Cooperative Inc employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rita Blanca 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, Rita Blanca Electric Cooperative Inc generated $90.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.4% each year . All expenses for the organization totaled $90.5m during the year ending 12/2022. While expenses have increased by 10.4% 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 POWER TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 8,501 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carl D Finch Chairman | OfficerTrustee | 2.9 | $27,271 |
Brad Green Director | Trustee | 1.6 | $27,421 |
Carl J Kuper Jan-Mar Director | Trustee | 0.6 | $4,725 |
Bradley Mcbryde Vice Chairman | OfficerTrustee | 3.1 | $29,491 |
David Higgins Director | Trustee | 2.3 | $30,280 |
Darren Stallwitz Director | Trustee | 2 | $21,045 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Viz Engineering Llc Engineering | 12/30/22 | $232,145 |
Burns & Mcdonnell Engineering Co Engineering | 12/30/22 | $121,000 |
Mcnabb Enterprises Llc Construction Contractor | 12/30/22 | $1,318,788 |
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 | $90,140,936 |
| Investment income | $146,445 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $237,697 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $438 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $90,529,191 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $23,490 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $10,512,635 |
| Compensation of current officers, directors, key employees. | $1,117,887 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,367,377 |
| Pension plan accruals and contributions | $207,095 |
| Other employee benefits | $493,170 |
| Payroll taxes | $146,294 |
| 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 | $525,607 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,405,304 |
| Insurance | $0 |
| All other expenses | $18,179 |
| Total functional expenses | $90,539,100 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,179,984 |
| Savings and temporary cash investments | $3,439,971 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,804,823 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,542,402 |
| Prepaid expenses and deferred charges | $336,296 |
| Net Land, buildings, and equipment | $80,333,290 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,660 |
| Investments—program-related | $33,976,049 |
| Intangible assets | $0 |
| Other assets | $2,202,904 |
| Total assets | $130,821,379 |
| Accounts payable and accrued expenses | $6,412,798 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $10,135 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $12,973,975 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,149,188 |
| Total liabilities | $26,546,096 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $8,665 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $104,266,618 |
| Total liabilities and net assets/fund balances | $130,821,379 |