Golden Spread Electric Cooperative Inc
- Assets
- $1.3b
- Revenue
- $772.3m
- Investments
- $0.0
- Employees
- 103
- Location
- Amarillo, TX
- Founding
- 01/1991
- Data as of
- 12/2022
- EIN
- 75-1941060
Organization Overview
Golden Spread Electric Cooperative Inc is located in Amarillo, TX. The organization was established in 1991. 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, Golden Spread Electric Cooperative Inc employed 103 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Golden Spread 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, Golden Spread Electric Cooperative Inc generated $772.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.9% each year . All expenses for the organization totaled $760.5m during the year ending 12/2022. While expenses have increased by 20.9% 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.
Since 2017, Golden Spread Electric Cooperative Inc has awarded 15 individual grants totaling $516,393. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS A CONSUMER-OWNED WHOLESALE ELECTRIC POWER SUPPLIER COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES WHOLESALE ELECTRIC ENERGY UNDER LONG-TERM POWER PURCHASE AGREEMENTS WITH ITS 16 ELECTRIC DISTRIBUTION COOPERATIVE MEMBERS. WHOLESALE POWER IS PROVIDED ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Albert Daniel Director | Trustee | 4.2 | $45,824 |
Ben Franklin Director | Trustee | 3.7 | $39,193 |
Benny Dean Nixon Director | Trustee | 2.2 | $31,327 |
Richard Blake Moore Director | Trustee | 6.3 | $33,486 |
Bobby Fuchs Director | Trustee | 5.6 | $32,794 |
Brent Wheeler Director | Trustee | 8.9 | $44,251 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
General Electric International Construction & Material | 12/30/22 | $18,347,964 |
Nrg Energy Services Llc Construction & Material | 12/30/22 | $12,363,498 |
Wartsila North America Inc Maintenance & Material | 12/30/22 | $9,295,351 |
Aces Power Marketing Llc Purchase Power Services | 12/30/22 | $4,151,453 |
Siemens Energy Inc Maintenance & Material | 12/30/22 | $3,852,273 |
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 | $767,542,523 |
| Investment income | $4,970,033 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$174,281 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $772,338,275 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $253,778 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $21,411,539 |
| Compensation of current officers, directors, key employees. | $4,928,923 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,663,961 |
| Pension plan accruals and contributions | $2,818,473 |
| Other employee benefits | $1,647,240 |
| Payroll taxes | $1,835,282 |
| 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 | $27,154,856 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $44,619,468 |
| Insurance | $0 |
| All other expenses | $44,028,646 |
| Total functional expenses | $760,503,573 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,691,549 |
| Savings and temporary cash investments | $211,966,231 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $33,929,006 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $44,519,635 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $176,120,909 |
| Net Land, buildings, and equipment | $763,336,593 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $38,276,262 |
| Intangible assets | $0 |
| Other assets | $1,970,685 |
| Total assets | $1,273,810,870 |
| Accounts payable and accrued expenses | $86,443,380 |
| 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 | $611,248,946 |
| Unsecured mortgages and notes payable | $12,010,109 |
| Other liabilities | $97,622,658 |
| Total liabilities | $807,325,093 |
| 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 | $9,521,547 |
| Retained earnings, endowment, accumulated income, or other funds | $456,964,230 |
| Total liabilities and net assets/fund balances | $1,273,810,870 |
Grants Awarded
Over the last fiscal year, Golden Spread Electric Cooperative Inc has awarded $195,520 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
OPPORTUNITY PLAN INC PURPOSE: SCHOLARSHIPS | $17,250 |
MASSACHUSETTS INSTITUTE OF TECHNOLOGY PURPOSE: RESEARCH SCHOLARSHIPS | $165,000 |
AMARILLO AREA FOUNDATION PURPOSE: TO ASSIST IN FUNDING CHARITABLE ORGANIZATIONS AND PROGRAMS SUPPORTED BY THE FOUNDATION | $7,770 |
CITY CENTER OF AMARILLO INC PURPOSE: SPONSORSHIP FOR HIGH NOON ON THE SQUARE | $5,500 |