Garkane Energy Cooperative Inc
- Assets
- $100.5m
- Revenue
- $30.7m
- Investments
- $0.0
- Employees
- 77
- Location
- Loa, UT
- Founding
- 12/1942
- Data as of
- 12/2022
- EIN
- 87-0133588
Organization Overview
Garkane Energy Cooperative Inc is located in Loa, UT. The organization was established in 1942. 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, Garkane Energy Cooperative Inc employed 77 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Garkane Energy 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, Garkane Energy Cooperative Inc generated $30.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $28.9m during the year ending 12/2022. While expenses have increased by 3.7% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
GARKANE ENERGY IS A MEMBER-OWNED RURAL ELECTRIC COOPERATIVE AND PROVIDES ELECTRICITY TO COOPERATIVE MEMBER/CONSUMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE TAXPAYER DID NOT HAVE SEPARATE PROGRAM SERVICE EXPENSES. ALL EXPENSES LISTED IN PART IX - STATEMENT OF FUNCTIONAL EXPENSES WERE LISTED UNDER COLUMN C, MANAGEMENT AND GENERAL EXPENSES. THERE WERE NO EXPENSES LISTED IN COLUMN B, PROGRAM SERVICE EXPENSES. THE TOTAL FOR PART IX - STATEMENT OF FUNCTIONAL EXPENSES, COLUMN B, PROGRAM SERVICE EXPENSES AND THE TOTAL FOR PART III - STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS EQUAL AND ARE BOTH ZERO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Mcclendon Ceo/general Manager | 40 | $242,286 | |
Bryant Shakespear Coo/engineering Manager | 40 | $171,317 | |
Marcus V Lewis CFO | 40 | $149,018 | |
Daniel Thompson Subst. Engineer | 40 | $130,463 | |
Robert C Wolfley Garfield Area Mngr | 40 | $128,646 | |
Jeffery J Vaughn Kane Area Mngr | 40 | $125,070 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Coleman Hydro Power Inc Operations Contract | 12/30/22 | $185,730 |
Fremont Irrigation Company Electricity | 12/30/22 | $162,820 |
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 | $29,310,491 |
| Investment income | $44,546 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $92,347 |
| Net Gain/Loss on Asset Sales | $131,122 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,678,665 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $1,418,266 |
| Compensation of current officers, directors, key employees. | $1,418,266 |
| Compensation to disqualified persons | $1,970,928 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $1,840,898 |
| Other employee benefits | $196,886 |
| Payroll taxes | $509,884 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $79,442 |
| Fees for services: Accounting | $14,075 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $61,256 |
| Advertising and promotion | $565,171 |
| Office expenses | $711,302 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $126,392 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $948,101 |
| Interest | $1,299,608 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,089,967 |
| Insurance | $248,070 |
| All other expenses | $332,300 |
| Total functional expenses | $28,850,541 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,300,078 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,744,749 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,954,008 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $80,104,671 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,357,907 |
| Total assets | $100,461,413 |
| Accounts payable and accrued expenses | $3,488,757 |
| 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 | $35,742,489 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,445,775 |
| Total liabilities | $45,677,021 |
| 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 | $54,784,392 |
| Total liabilities and net assets/fund balances | $100,461,413 |