Socorro Electric Cooperative Inc
- Assets
- $80.6m
- Revenue
- $25.1m
- Investments
- $0.0
- Employees
- 45
- Location
- Socorro, NM
- Founding
- 04/1953
- Data as of
- 12/2021
- EIN
- 85-0084968
Organization Overview
Socorro Electric Cooperative Inc is located in Socorro, NM. The organization was established in 1953. 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, Socorro Electric Cooperative Inc employed 45 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Socorro 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, Socorro Electric Cooperative Inc generated $25.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $25.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.2%) 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
TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 13,013 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Herrera Ceo/general Manager | Officer | 66 | $196,756 |
Steven B Dettmer Line Superintendent | 40 | $112,308 | |
Tony Lopez Lead Line Foreman | 41 | $101,301 | |
Ernest Torress Line Foreman | 40 | $100,475 | |
Donald Wolberg Trustee | Trustee | 17.5 | $11,155 |
Leroy Anaya Trustee | Trustee | 16.7 | $5,857 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Transmission & Distribution Services Ll Engineering Services | 12/30/19 | $194,184 |
Wiggins Williams And Wiggins Legal Services | 12/30/19 | $177,684 |
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 | $24,596,443 |
| Investment income | $50,150 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,758 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,079,348 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $531 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,504,883 |
| Compensation of current officers, directors, key employees. | $315,803 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,687,678 |
| Pension plan accruals and contributions | $314,923 |
| Other employee benefits | $535,847 |
| Payroll taxes | $144,623 |
| 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 | $1,388,274 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,538,609 |
| Insurance | $0 |
| All other expenses | $135,412 |
| Total functional expenses | $25,111,953 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,041,937 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,832,267 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $30,995 |
| Inventories for sale or use | $667,745 |
| Prepaid expenses and deferred charges | $3,673,385 |
| Net Land, buildings, and equipment | $51,874,011 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $12,935,479 |
| Intangible assets | $0 |
| Other assets | $588,018 |
| Total assets | $80,643,837 |
| Accounts payable and accrued expenses | $1,812,284 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $536,959 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $44,584,686 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,350,725 |
| Total liabilities | $48,284,654 |
| 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 | $32,359,183 |
| Total liabilities and net assets/fund balances | $80,643,837 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Socorro Electric Cooperative Inc has recieved totaling $93,023.
| Awarding Organization | Amount |
|---|---|
National Rural Utilities Cooperative Finance Corp Dulles, VA PURPOSE: INTEGRITY FUND - TERRITORY THREAT | $93,023 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sulphur Springs Valley Electric Cooperative Inc Willcox, AZ | $321,892,538 | $124,995,046 |
Mid-South Electric Cooperative Association Navasota, TX | $452,923,341 | $112,304,236 |
Trico Electric Cooperative Inc Marana, AZ | $268,045,549 | $107,861,208 |
La Plata Electric Association Inc Durango, CO | $287,521,885 | $109,650,926 |
Karnes Electric Cooperative Inc Karnes City, TX | $202,970,400 | $101,891,775 |
Tri-County Electric Cooperative Inc Hooker, OK | $321,398,945 | $100,998,279 |
Deep East Texas Electric Co-Operative Inc San Augustine, TX | $258,283,792 | $99,942,050 |
Upshur-Rural Electric Cooperative Corporation Gilmer, TX | $245,628,727 | $98,243,041 |
San Bernard Electric Cooperative Incorporated Bellville, TX | $290,497,219 | $97,543,303 |
Lea County Electric Cooperative Inc Lovington, NM | $232,536,118 | $95,597,033 |
Bandera Electric Cooperative Inc Bandera, TX | $290,540,608 | $89,188,257 |
Nueces Electric Cooperative Inc Robstown, TX | $212,095,793 | $88,707,765 |