Springer Electric Cooperative Inc
- Assets
- $41.8m
- Revenue
- $21.3m
- Investments
- $13.5m
- Employees
- 18
- Location
- Springer, NM
- Founding
- 08/2001
- Data as of
- 12/2021
- EIN
- 85-0083345
Organization Overview
Springer Electric Cooperative Inc is located in Springer, NM. The organization was established in 2001. 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, Springer Electric Cooperative Inc employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Springer 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 12/2021, Springer Electric Cooperative Inc generated $21.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.4%) each year. All expenses for the organization totaled $21.3m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.4%) per year over the past 7 years. 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
SALE AND DISTRIBUTION OF ELECTRIC ENERGY AT THE LOWEST POSSIBLE PRICE AND IN THE MOST RELIABLE MANNER
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOTAL MEMBERS AS OF 12 31 2021 - 4,933 TOTAL SERVICES IN PLACE AS OF 12 31 2021 - 3,683
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Spradlin CEO | Officer | 40 | $211,425 |
Tim Morrow Director - Vice President | Trustee | 8 | $18,429 |
Gary Shaw Director - Secretary Treasurer | Trustee | 8 | $12,771 |
Russell Hoy Director | Trustee | 5 | $12,232 |
Alfonso Maestas Director | Trustee | 5 | $12,232 |
Gerald Seward Director | Trustee | 5 | $12,232 |
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 | $20,947,079 |
| Investment income | $119,661 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,742 |
| Net Gain/Loss on Asset Sales | $249,284 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,344,782 |
| 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 | $1,255,961 |
| Compensation of current officers, directors, key employees. | $301,522 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,028,634 |
| Pension plan accruals and contributions | $324,818 |
| Other employee benefits | $302,698 |
| Payroll taxes | $90,737 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,870 |
| Fees for services: Accounting | $14,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,203 |
| Advertising and promotion | $6,906 |
| Office expenses | $49,758 |
| Information technology | $40,127 |
| 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 | $8,043 |
| Interest | $442,214 |
| Payments to affiliates | $16,519,415 |
| Depreciation, depletion, and amortization | $704,644 |
| Insurance | $91,597 |
| All other expenses | $99,117 |
| Total functional expenses | $21,344,782 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,777,115 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,819,605 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $475,003 |
| Inventories for sale or use | $105,680 |
| Prepaid expenses and deferred charges | $1,206,054 |
| Net Land, buildings, and equipment | $18,313,296 |
| Investments—publicly traded securities | $2,653,132 |
| Investments—other securities | $13,493,304 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $41,843,189 |
| Accounts payable and accrued expenses | $2,669,786 |
| Grants payable | $0 |
| Deferred revenue | $30,320 |
| 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 | $15,662,171 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $90,112 |
| Total liabilities | $18,452,389 |
| 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 | $23,390,800 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $41,843,189 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jemez Mountains Electric Cooperative Inc Espanola, NM | $130,164,432 | $49,848,005 |
Navarro County Electric Cooperative Inc Corsicana, TX | $102,970,554 | $49,278,830 |
Y W Electric Association Inc Colorado Rea 38 Akron, CO | $130,403,627 | $47,254,335 |
Dixie Escalante Rural Beryl, UT | $171,660,221 | $52,285,597 |
Rural Electric Co Op Inc Lindsay, OK | $94,050,768 | $47,989,459 |
Kiamichi Electric Cooperative Inc Wilburton, OK | $118,158,279 | $46,432,215 |
Houston County Electric Cooperative Inc Crockett, TX | $158,669,671 | $45,143,222 |
Morgan County Rural Electric Association Fort Morgan, CO | $104,279,755 | $45,102,816 |
North Plains Electric Cooperative Incorporated Perryton, TX | $109,565,276 | $41,899,328 |
Concho Valley Electric Cooperative Inc San Angelo, TX | $125,005,347 | $44,400,615 |
Navasota Valley Electric Cooperative Inc Franklin, TX | $102,144,082 | $44,111,524 |
Cooke County Electric Cooperative Association Muenster, TX | $91,559,642 | $43,344,905 |