Golden Valley Electric Assn Inc
- Assets
- $748.2m
- Revenue
- $290.5m
- Investments
- $32.0m
- Employees
- 337
- Location
- Fairbanks, AK
- Founding
- 05/1954
- Data as of
- 12/2022
- EIN
- 92-0014712
Organization Overview
Golden Valley Electric Assn Inc is located in Fairbanks, AK. The organization was established in 1954. 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, Golden Valley Electric Assn Inc employed 337 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Golden Valley Electric Assn 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, Golden Valley Electric Assn Inc generated $290.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $286.8m during the year ending 12/2022. While expenses have increased by 4.0% 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC POWER TO APPROXIMATELY 36,302 MEMBERS. ALL MEMBERS WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATIONS OF PATRONAGE CAPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Burns President & CEO | Officer | 60 | $381,092 |
Sarah J Rixie CFO | Officer | 60 | $222,117 |
Peter Sarauer Power Systems Manager | 40 | $205,164 | |
Ian Olesen Lineman Journeymen | 57.4 | $215,742 | |
Benjamin Porter Lineman Journeyman | 57 | $215,195 | |
Marc Dugas Lineman Journeyman | 56 | $207,862 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alpha Aviation Llc Aerial Services | 12/30/22 | $239,489 |
Darla Jean Ward Dba C D Delivery Delivery/courier Svs | 12/30/22 | $188,161 |
Alaska Line Builders Llc Electrical Services | 12/30/22 | $177,978 |
God Defrenchi Dba Top Notch Tree Re Land Clearning | 12/30/22 | $151,030 |
Es Parent Lp Dba Circuit Breaker S Maintenance | 12/30/22 | $142,460 |
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 | $25,750 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,750 |
| Total Program Service Revenue | $286,831,204 |
| Investment income | $919,164 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $692,406 |
| Net Gain/Loss on Asset Sales | $2,049,091 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $52,895 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $290,488,698 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $86,247 |
| Grants and other assistance to domestic individuals. | $25,750 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $14,115,112 |
| Compensation of current officers, directors, key employees. | $3,152,334 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,856,363 |
| Pension plan accruals and contributions | $5,678,948 |
| Other employee benefits | $9,484,282 |
| Payroll taxes | $2,492,479 |
| 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 | $15,661,794 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,900,400 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $286,809,541 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,257,961 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $36,045,046 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,463,866 |
| Inventories for sale or use | $38,077,580 |
| Prepaid expenses and deferred charges | $3,951,240 |
| Net Land, buildings, and equipment | $616,028,980 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $31,996,410 |
| Investments—program-related | $14,334,674 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $748,155,757 |
| Accounts payable and accrued expenses | $29,097,001 |
| Grants payable | $0 |
| Deferred revenue | $4,881,764 |
| Tax-exempt bond liabilities | $41,181,507 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $391,009,779 |
| Unsecured mortgages and notes payable | $300,000 |
| Other liabilities | $12,031,933 |
| Total liabilities | $478,501,984 |
| 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 | $269,653,773 |
| Total liabilities and net assets/fund balances | $748,155,757 |
Grants Awarded
Over the last fiscal year, Golden Valley Electric Assn Inc has awarded $73,003 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
HELPING ALASKA PURPOSE: Charitable Contributions | $50,000 |
UNITED WAY OF THE TANANA VALLEY PURPOSE: Charitable Contributions | $23,003 |