Farmers Rural Electric Cooperative Corporation
- Assets
- $124.0m
- Revenue
- $57.1m
- Investments
- $34.2m
- Employees
- 68
- Location
- Glasgow, KY
- Founding
- 08/1940
- Data as of
- 12/2021
- EIN
- 61-0189417
Organization Overview
Farmers Rural Electric Cooperative Corporation is located in Glasgow, KY. 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, Farmers Rural Electric Cooperative Corporation employed 68 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farmers Rural Electric Cooperative Corporation 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, Farmers Rural Electric Cooperative Corporation generated $57.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $57.1m during the year ending 12/2021. While expenses have increased by 1.4% 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
THE COOPERATIVE IS A RURAL ELECTRIC DISTRIBUTION SYSTEM WITH A MISSION OF PROVIDING RELIABLE ELECTRIC SERVICE TO ITS MEMBER-OWNERS IN A COST EFFECTIVE MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS OF DECEMBER 31, 2021, THE COOPERATIVE DISTRIBUTED ELECTRICITY TO 26,254 CUSTOMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Prather President & CEO | Officer | 45 | $216,580 |
Tony Wells Vice President, Member & C | 45 | $195,777 | |
Scott Lester Vice President, Operations | 45 | $119,355 | |
Chuck Bishop Vice President, Engineerin | 45 | $116,470 | |
Jennie Phelps Vice President, Finance & | 45 | $113,065 | |
Steve Morrison Fepp Plant Manager | 45 | $110,867 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
A&g Tree Service Right Of Way Clearing | 12/30/21 | $1,024,478 |
Townsend Tree Service Right Of Way Clearing | 12/30/21 | $768,278 |
Davis-elliot Company Inc Construction Of Electric Plant | 12/30/21 | $642,934 |
Sage Right Of Way Inc Right Of Way Clearing | 12/30/21 | $141,182 |
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 | $1,096,768 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,096,768 |
| Total Program Service Revenue | $55,422,158 |
| Investment income | -$22,166 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $24,624 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $57,120,734 |
| 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 | $2,534,898 |
| Compensation of current officers, directors, key employees. | $319,330 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,314,904 |
| Pension plan accruals and contributions | $893,854 |
| Other employee benefits | $834,250 |
| Payroll taxes | $340,076 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $31,117 |
| Fees for services: Accounting | $23,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $190,561 |
| Office expenses | $826,532 |
| 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 | $68,781 |
| Interest | $1,618,618 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,554,644 |
| Insurance | $128,143 |
| All other expenses | $908,422 |
| Total functional expenses | $57,120,734 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,242,328 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,917,489 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,334,488 |
| Prepaid expenses and deferred charges | $303,181 |
| Net Land, buildings, and equipment | $77,499,744 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $34,216,655 |
| Investments—program-related | $0 |
| Intangible assets | $458,052 |
| Other assets | $3,006,061 |
| Total assets | $123,977,998 |
| Accounts payable and accrued expenses | $6,178,588 |
| 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 | $62,950,190 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,366,041 |
| Total liabilities | $71,494,819 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $575,795 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $51,907,384 |
| Total liabilities and net assets/fund balances | $123,977,998 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Farmers Rural Electric Cooperative Corporation has recieved totaling $8,482.
| Awarding Organization | Amount |
|---|---|
Mountain Association For Community Economic Development Inc Berea, KY PURPOSE: Energy efficient retrofits | $8,482 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northeastern Rural Electric Membership Corporation Columbia City, IN | $154,005,839 | $126,158,719 |
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 |
N W Electric Power Cooperative Inc Cameron, MO | $276,321,789 | $107,924,696 |
Central Virginia Electric Cooperative Lovingston, VA | $375,858,912 | $102,220,456 |
Gibson Electric Membership Corp Trenton, TN | $199,281,246 | $104,510,085 |
Holston Electric Cooperative Inc Rogersville, TN | $140,432,181 | $97,958,544 |
Hendricks County Rural Electric Membership Corporation Danville, IN | $222,904,007 | $97,103,288 |