Southwestern Electric Cooperative Inc
- Assets
- $55.3m
- Revenue
- $25.8m
- Investments
- $0.0
- Employees
- 23
- Location
- Clayton, NM
- Founding
- 12/1962
- Data as of
- 12/2023
- EIN
- 85-0092760
Organization Overview
Southwestern Electric Cooperative Inc is located in Clayton, NM. The organization was established in 1962. 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 12/2023, Southwestern Electric Cooperative Inc employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southwestern 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 12/2023, Southwestern Electric Cooperative Inc generated $25.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (4.0%) each year. All expenses for the organization totaled $25.8m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (4.1%) per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRIC POWER TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRIC POWER TO MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE APPROXIMATELY 2,900 ACTIVE METERS/SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Travis Sullivan General Manager | Officer | 50 | $175,541 |
Joe Reeser Director | Trustee | 2 | $14,299 |
Ron Green Director | Trustee | 2 | $8,704 |
Roy Perschbacher Director | Trustee | 2 | $5,503 |
Joel Gilbert Director | Trustee | 2 | $5,499 |
Jack Chetfield Director | Trustee | 2 | $3,500 |
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 | $25,547,022 |
| Investment income | $203,135 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $77,496 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,825,552 |
| 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 | $594,204 |
| Compensation of current officers, directors, key employees. | $322,056 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $769,897 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,087,118 |
| Insurance | $0 |
| All other expenses | $26,479 |
| Total functional expenses | $25,825,552 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,341,232 |
| Savings and temporary cash investments | $2,150,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,731,344 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,025 |
| Inventories for sale or use | $43,496 |
| Prepaid expenses and deferred charges | $371,243 |
| Net Land, buildings, and equipment | $23,497,770 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $25,162,708 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $55,307,818 |
| Accounts payable and accrued expenses | $2,376,302 |
| 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 | $21,179,147 |
| Unsecured mortgages and notes payable | $870,000 |
| Other liabilities | $0 |
| Total liabilities | $24,425,449 |
| 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 | $30,882,369 |
| Total liabilities and net assets/fund balances | $55,307,818 |