Brazos Electric Rate Payer Hardship Fund
- Assets
- $143.6m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Waco, TX
- Founding
- Data as of
- 12/2023
- EIN
- 88-6793004
Organization Overview
Brazos Electric Rate Payer Hardship Fund is located in Waco, TX. According to its NTEE Classification (Y12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brazos Electric Rate Payer Hardship Fund is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2023, Brazos Electric Rate Payer Hardship Fund generated $2.4m in total revenue. All expenses for the organization totaled $723.1k during the year ending 12/2023.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE PRINCIPAL PURPOSE OF THE TRUST IS TO MITIGATE THE IMPACT OF THE FEBRUARY 2021 WINTER STORM URI-RELATED SECURITIZATION CHARGES ON LOW INCOME COOPERATIVE RATEPAYERS OF THE PARTICIPATING 15 BRAZOS ELECTRIC MEMBER COOPERATIVES IN THIS TRUST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THERE ARE AN ESTIMATED 134,000 POTENTIALLY ELIGIBLE HOUSEHOLDS, BASED ON ELIGIBILITY CRITERIA , IN THE PARTICIPATING MEMBER COOPERATIVES (PMC) SERVICE AREA. CUSTOMERS MAY APPLY FOR THE BENEFITS THROUGH SOLIX, A THIRD PARTY SPECIALIZING IN ELIGIBILITY DETERMINATION, AND THOSE CUSTOMERS DEEMED ELIGIBLE WILL RECEIVE CREDITS FROM THE PMCS ON THEIR MONTHLY INVOICES FOR ELECTRIC SERVICE TO COVER SECURITIZATION CHARGES INCLUDED IN THOSE INVOICES. THE CREDITS ARE FUNDED FROM REIMBURSEMENTS THE HARDSHIP FUND PAYS THE PMCS AFTER THE LOW INCOME CUSTOMERS RECEIVE THE CREDIT ON THEIR BILLS. THE FUND WAS SET UP IN DECEMBER OF 2022 AND BEGAN DISBURSING FUNDS TO THE PMCS IN 2023. DURING 2023 APPROXIMATELY 1,261 PEOPLE RECEIVED BENEFITS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paula Farquhar President | OfficerTrustee | 1 | $0 |
Russell Young Vice President | OfficerTrustee | 1 | $0 |
Jill Sadberry Secretary | OfficerTrustee | 1 | $0 |
Jim Bates Trustee | Trustee | 1 | $0 |
Stephen Meers Trustee | Trustee | 1 | $0 |
Justin Stapleton Trustee | Trustee | 1 | $0 |
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 | $0 |
| Investment income | $2,203,553 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $169,741 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,373,294 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $221,952 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $80,026 |
| Fees for services: Accounting | $31,301 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $362,100 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $27,716 |
| All other expenses | $0 |
| Total functional expenses | $723,095 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,197 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $143,482,847 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $74,993 |
| Total assets | $143,561,037 |
| Accounts payable and accrued expenses | $99,500 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $99,500 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $143,461,537 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $143,561,037 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Brazos Electric Rate Payer Hardship Fund Waco, TX | $143,561,037 | $2,373,294 |
Chaparral Foundation Shreveport, LA | $2,304,964 | $147,971 |
100 Women Of The Hill Country Inc Boerne, TX | $36,884 | $0 |
Friends Of Basketball Rogers, AR | $63,774 | $0 |
Emf Dallas One Grapevine, TX | $0 | $9,237 |
Panhandle Ffa Booster Club Panhandle, TX | $5,712 | $7,576 |