Socorro Electric Cooperative Inc
- Assets
- $82.0m
- Revenue
- $24.8m
- Investments
- $0.0
- Employees
- 46
- Location
- Socorro, NM
- Founding
- 04/1953
- Data as of
- 12/2022
- 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 12/2022, Socorro Electric Cooperative Inc employed 46 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 12/2022, Socorro Electric Cooperative Inc generated $24.8m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $24.8m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.3%) per year over the past 8 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
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 13,085 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anne Dorough Jan Trustee | Trustee | 2.8 | $162 |
Paul Bustamante Jan-April Trustee | Trustee | 3.7 | $2,851 |
James Nelson President | OfficerTrustee | 7 | $6,287 |
Luis Aguilar Vice President | OfficerTrustee | 4 | $3,278 |
Donald Wolberg Secretary/treasurer | OfficerTrustee | 20 | $10,865 |
Leroy Anaya Trustee | Trustee | 20.7 | $6,633 |
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 | $24,480,288 |
| Investment income | $33,556 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $203,063 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,844,761 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $370 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,304,332 |
| Compensation of current officers, directors, key employees. | $482,440 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,529,145 |
| Pension plan accruals and contributions | $273,138 |
| Other employee benefits | $517,171 |
| Payroll taxes | $142,945 |
| 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 | $1,403,729 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,578,321 |
| Insurance | $0 |
| All other expenses | $185,613 |
| Total functional expenses | $24,825,374 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,900,767 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,133,559 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $31,104 |
| Inventories for sale or use | $571,736 |
| Prepaid expenses and deferred charges | $3,227,822 |
| Net Land, buildings, and equipment | $52,573,579 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $12,941,212 |
| Intangible assets | $0 |
| Other assets | $626,023 |
| Total assets | $82,005,802 |
| Accounts payable and accrued expenses | $1,793,359 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $430,707 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $45,116,234 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,632,753 |
| Total liabilities | $48,973,053 |
| 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 | $33,032,749 |
| Total liabilities and net assets/fund balances | $82,005,802 |