Lea County Electric Cooperative Inc
- Assets
- $261.0m
- Revenue
- $110.6m
- Investments
- $767.1k
- Employees
- 81
- Location
- Lovington, NM
- Founding
- 10/1951
- Data as of
- 12/2023
- EIN
- 85-0096243
Organization Overview
Lea County Electric Cooperative Inc is located in Lovington, NM. The organization was established in 1951. 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, Lea County Electric Cooperative Inc employed 81 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lea County 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, Lea County Electric Cooperative Inc generated $110.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $111.5m during the year ending 12/2023. While expenses have increased by 2.9% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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 ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRIC POWER TO OUR MEMBERS AT COST ON COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 16,400 CONNECTED MEMBERS AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Graham President | OfficerTrustee | 11.2 | $29,445 |
Charles Garner Jr Trustee | Trustee | 7 | $25,625 |
Robert Caudle Vice President | OfficerTrustee | 2.8 | $25,423 |
Charles Kinsolving Trustee | Trustee | 4.7 | $30,646 |
Kenny Wallace Trustee | Trustee | 3.4 | $22,580 |
Jason Swann Trustee | Trustee | 2.9 | $24,075 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Arc Powerline Construction Distribution Engineering | 12/30/23 | $1,165,246 |
Gwc Construction Inc Demolition Contractor | 12/30/23 | $566,537 |
Jts Tower Communication Contractor | 12/30/23 | $387,970 |
Utility Crane & Equipment Plant Construction Contractor | 12/30/23 | $313,914 |
Burns & Mcdonnell Engineering Firm | 12/30/23 | $381,105 |
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 | $108,335,221 |
| Investment income | $2,037,021 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $8,630 |
| Net Gain/Loss on Asset Sales | -$10,454 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $239 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $110,564,018 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $36,580 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $9,502,205 |
| Compensation of current officers, directors, key employees. | $779,738 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,552,046 |
| Pension plan accruals and contributions | $715,910 |
| Other employee benefits | $914,606 |
| Payroll taxes | $360,973 |
| 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 | $947,068 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,113,028 |
| Insurance | $0 |
| All other expenses | $1,863,466 |
| Total functional expenses | $111,537,451 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $434,775 |
| Savings and temporary cash investments | $23,818,259 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,131,969 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $6,435,102 |
| Prepaid expenses and deferred charges | $861,250 |
| Net Land, buildings, and equipment | $117,998,126 |
| Investments—publicly traded securities | $49,114,129 |
| Investments—other securities | $767,097 |
| Investments—program-related | $42,200,496 |
| Intangible assets | $0 |
| Other assets | $11,270,869 |
| Total assets | $261,032,072 |
| Accounts payable and accrued expenses | $9,434,895 |
| Grants payable | $0 |
| Deferred revenue | $707 |
| 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 | $83,336,017 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $61,473,604 |
| Total liabilities | $154,245,223 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $36,360 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $106,750,489 |
| Total liabilities and net assets/fund balances | $261,032,072 |