Roosevelt County Electric Cooperative Incorporated
- Assets
- $63.9m
- Revenue
- $20.9m
- Investments
- $0.0
- Employees
- 47
- Location
- Portales, NM
- Founding
- 10/1940
- Data as of
- 12/2022
- EIN
- 85-0065332
Organization Overview
Roosevelt County Electric Cooperative Incorporated is located in Portales, NM. 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 12/2022, Roosevelt County Electric Cooperative Incorporated employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Roosevelt County 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 12/2022, Roosevelt County Electric Cooperative Incorporated generated $20.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $20.9m during the year ending 12/2022. While expenses have increased by 3.7% 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 SAFE, RELIABLE AND AFFORDABLE ELECTRICAL SERVICE TO THE MEMBERS WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALES OF ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 6,156 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wesley Brown Trustee (jan-Mar) | Trustee | 0.5 | $2,230 |
Gene Creighton President | OfficerTrustee | 8 | $12,512 |
Charles Bennett Jr Trustee | Trustee | 9 | $9,429 |
Janet Collins Vice President | OfficerTrustee | 7.4 | $10,030 |
Darrell Caviness Trustee (jan-Mar) | Trustee | 2.6 | $2,230 |
Leon Nall Trustee (april-Dec) | Trustee | 1.7 | $7,878 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Stoven Construction Inc Contractor | 12/30/17 | $658,358 |
Torres And Sons Contractor | 12/30/17 | $113,656 |
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 | $20,773,935 |
| Investment income | $130,844 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,130 |
| 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 | -$956 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,923,843 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,360 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $287,206 |
| Compensation of current officers, directors, key employees. | $600,708 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,600,937 |
| Pension plan accruals and contributions | $318,147 |
| Other employee benefits | $277,139 |
| Payroll taxes | $134,145 |
| 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 | $992,149 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,075,840 |
| Insurance | $0 |
| All other expenses | $70,613 |
| Total functional expenses | $20,906,042 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,111,289 |
| Savings and temporary cash investments | $935,847 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,128,467 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $420,867 |
| Inventories for sale or use | $1,102,297 |
| Prepaid expenses and deferred charges | $638,725 |
| Net Land, buildings, and equipment | $44,550,136 |
| Investments—publicly traded securities | $2,333,289 |
| Investments—other securities | $0 |
| Investments—program-related | $5,872,712 |
| Intangible assets | $0 |
| Other assets | $2,769,318 |
| Total assets | $63,862,947 |
| Accounts payable and accrued expenses | $2,160,565 |
| 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 | $37,328,449 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,723,767 |
| Total liabilities | $43,212,781 |
| 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 | $20,650,166 |
| Total liabilities and net assets/fund balances | $63,862,947 |