Barc Electric Cooperative
- Assets
- $141.9m
- Revenue
- $35.6m
- Investments
- $135.0k
- Employees
- 98
- Location
- Millboro, VA
- Founding
- 08/1940
- Data as of
- 12/2021
- EIN
- 54-0130127
Organization Overview
Barc Electric Cooperative is located in Millboro, VA. The organization was established in 1940. 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 12/2021, Barc Electric Cooperative employed 98 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Barc Electric Cooperative 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 12/2021, Barc Electric Cooperative generated $35.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $31.0m during the year ending 12/2021. While expenses have increased by 3.8% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SAFE AND RELIABLE POWER TO THE MEMBERS OF BARC ELECTRIC COOPERATIVE LOCATED IN THE COUNTIES OF ALLEGHANY, AUGUSTA, BATH, HIGHLAND, AND ROCKBRIDGE IN THE COMMONWEALTH OF VIRGINIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE THREE LARGEST PROGRAM SERVICES RELATED TO THE COOPERATIVE'S MISSION, AS MEASURED BY EXPENSES, WERE AS FOLLOWS: COST OF POWER 11,153,259 BARCONNECT EXPENSES 4,813,798 OTHER SALARIES AND WAGES 4,522,011
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Keyser CEO & Gen Mg | Officer | 30 | $469,259 |
Chris Botulinski COO | Officer | 34 | $145,826 |
Gregory Cook Retired CFO | Officer | 23 | $121,981 |
Courtney Perdue CFO | Officer | 36 | $117,212 |
Shay Mcmullen Line Crew Fo | 45 | $114,956 | |
Stephen Clark Line Crew Fo | 43 | $107,441 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Thayer Power And Communication Fiber Const. | 12/30/21 | $11,369,171 |
Lee Electrical Construction Construction | 12/30/21 | $2,448,257 |
Vantage Point Fiber Engineer | 12/30/21 | $2,904,118 |
Henkels & Mccoy Inc Fiber Const. | 12/30/21 | $1,598,777 |
Asplundh Tree Expert Llc Row Clearing | 12/30/21 | $1,461,464 |
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 | $3,329,123 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,329,123 |
| Total Program Service Revenue | $24,532,629 |
| Investment income | $397,206 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $526,534 |
| Net Gain/Loss on Asset Sales | $110,043 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $35,646,972 |
| 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 | $2,506,209 |
| Compensation of current officers, directors, key employees. | $1,118,649 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,522,011 |
| Pension plan accruals and contributions | $469,284 |
| Other employee benefits | $0 |
| Payroll taxes | $430,103 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $193,637 |
| 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 | $327,145 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,450 |
| Interest | $1,757,290 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,870,397 |
| Insurance | $0 |
| All other expenses | -$2,373,599 |
| Total functional expenses | $30,954,169 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,923,651 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,855,163 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,946,880 |
| Inventories for sale or use | $3,067,677 |
| Prepaid expenses and deferred charges | $1,134,424 |
| Net Land, buildings, and equipment | $118,226,702 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $135,000 |
| Investments—program-related | $10,185,329 |
| Intangible assets | $0 |
| Other assets | $463,224 |
| Total assets | $141,938,050 |
| Accounts payable and accrued expenses | $6,532,951 |
| 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 | $97,277,024 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,347,408 |
| Total liabilities | $107,157,383 |
| 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 | $34,780,667 |
| Total liabilities and net assets/fund balances | $141,938,050 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Barc Electric Cooperative has recieved totaling $48,806.
| Awarding Organization | Amount |
|---|---|
United Way Of Greater Richmond Richmond, VA PURPOSE: DONOR DIRECTS FUNDS(DESIGNATIONS) FOR ENERGY SHARE | $48,806 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Salt River Electric Bardstown, KY | $187,060,575 | $114,408,015 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
Jackson Energy Cooperative Corporat Ion Inc Mckee, KY | $284,949,026 | $109,799,636 |
South River Electric Membership Corporation Dunn, NC | $271,179,808 | $105,392,697 |
Central Virginia Electric Cooperative Lovingston, VA | $375,858,912 | $102,220,456 |
Wake Electric Membership Corp Wake Forest, NC | $280,486,920 | $101,861,632 |
Gibson Electric Membership Corp Trenton, TN | $199,281,246 | $104,510,085 |
Four County Electric Membership Corp Burgaw, NC | $229,795,069 | $103,654,934 |
Holston Electric Cooperative Inc Rogersville, TN | $140,432,181 | $97,958,544 |