Springer Electric Cooperative Inc
- Assets
- $43.0m
- Revenue
- $19.8m
- Investments
- $13.5m
- Employees
- 17
- Location
- Springer, NM
- Founding
- 08/2001
- Data as of
- 12/2022
- 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 12/2022, Springer Electric Cooperative Inc employed 17 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 12/2022, Springer Electric Cooperative Inc generated $19.8m in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $19.8m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (2.9%) per year over the past 4 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
2022
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 2022 - 1,937 TOTAL SERVICES IN PLACE AS OF 12 31 2022 - 3,700
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alfonso Maestas Director - Secretary Treasurer | Trustee | 5 | $12,494 |
Don Schutz Director | Trustee | 5 | $10,960 |
Gary Shaw Director - Vice President | Trustee | 8 | $12,225 |
Gerald Seward Director | Trustee | 5 | $11,956 |
Jeff Burton Director | Trustee | 5 | $13,303 |
Russell Hoy Director | Trustee | 5 | $11,767 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Archuleta Construction Construction Remodel | 12/30/22 | $154,953 |
Bird Electric Enterprises Llc Construction | 12/30/22 | $559,246 |
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 | $19,986,898 |
| Investment income | $124,152 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,742 |
| Net Gain/Loss on Asset Sales | -$342,534 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,813,589 |
| 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 | -$58,667 |
| Compensation of current officers, directors, key employees. | $533,622 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $950,883 |
| Pension plan accruals and contributions | $317,801 |
| Other employee benefits | $362,150 |
| Payroll taxes | $102,193 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,748 |
| Fees for services: Accounting | $23,847 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,023 |
| Advertising and promotion | -$1,317 |
| Office expenses | $71,731 |
| Information technology | $29,900 |
| 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 | $14,586 |
| Interest | $453,356 |
| Payments to affiliates | $15,946,366 |
| Depreciation, depletion, and amortization | $739,236 |
| Insurance | $95,586 |
| All other expenses | $165,053 |
| Total functional expenses | $19,813,589 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,505,313 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,966,636 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $394,943 |
| Inventories for sale or use | $127,967 |
| Prepaid expenses and deferred charges | $1,069,058 |
| Net Land, buildings, and equipment | $20,098,235 |
| Investments—publicly traded securities | $2,340,488 |
| Investments—other securities | $13,524,040 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $43,026,680 |
| Accounts payable and accrued expenses | $2,592,904 |
| Grants payable | $0 |
| Deferred revenue | $174,004 |
| 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 | $17,191,697 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $95,692 |
| Total liabilities | $20,054,297 |
| 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 | $22,972,383 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $43,026,680 |