Pennyrile Rural Electric Cooperative Corporation
- Assets
- $293.7m
- Revenue
- $153.0m
- Investments
- $2.1m
- Employees
- 116
- Location
- Hopkinsville, KY
- Founding
- 06/1965
- Data as of
- 06/2023
- EIN
- 61-0305525
Organization Overview
Pennyrile Rural Electric Cooperative Corporation is located in Hopkinsville, KY. The organization was established in 1965. 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 06/2023, Pennyrile Rural Electric Cooperative Corporation employed 116 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pennyrile 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 06/2023, Pennyrile Rural Electric Cooperative Corporation generated $153.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $147.4m during the year ending 06/2023. While expenses have increased by 2.7% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SALE OF ELECTRICITY TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UTILITY SYSTEMS PROGRAMS: SALE OF ELECTRICITY TO MEMBERS
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Gates President/ceo | Officer | 65 | $337,721 |
Robert C Standard Line Foreman | 91 | $232,462 | |
Sandy Grogan Vice President Finance & Accounting | Officer | 60 | $158,416 |
Brent Gilkey Vice President Member Services & Communication | 60 | $151,876 | |
William Stokes VP Operations | 60 | $141,199 | |
Mark Giltner Vice President Human Resources | 60 | $135,541 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Five Star Electric Llc Fiber | 6/29/23 | $4,193,216 |
A And G Tree Service Right Of Way | 6/29/23 | $5,422,084 |
Fiberrise Communications Inc Fiber Contractors | 6/29/23 | $18,341,840 |
Davis Elliot Company Inc Line Constr. Contractors | 6/29/23 | $2,745,030 |
Beaver Tree Service Right Of Way | 6/29/23 | $1,221,047 |
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 | $147,590,012 |
| Investment income | $2,293,629 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,042,285 |
| 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 | $153,031,041 |
| 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. | $856,460 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,658,645 |
| Pension plan accruals and contributions | $1,377,056 |
| Other employee benefits | $1,257,465 |
| Payroll taxes | $458,626 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $58,524 |
| Fees for services: Accounting | $38,985 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $149,910 |
| Office expenses | $576,141 |
| Information technology | $360,877 |
| Royalties | $0 |
| Occupancy | $4,828,993 |
| Travel | $150,835 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,449 |
| Interest | $3,601,468 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,502,996 |
| Insurance | $487,888 |
| All other expenses | $0 |
| Total functional expenses | $147,431,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $184,224 |
| Savings and temporary cash investments | $45,860,329 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,043,341 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,521,519 |
| Inventories for sale or use | $13,505,228 |
| Prepaid expenses and deferred charges | $3,557,880 |
| Net Land, buildings, and equipment | $211,705,856 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,109,592 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,257,603 |
| Total assets | $293,745,572 |
| Accounts payable and accrued expenses | $35,313,967 |
| 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 | $114,207,194 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,734,690 |
| Total liabilities | $153,255,851 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,252,381 |
| Paid-in or capital surplus, or land, building, or equipment fund | $4,770,986 |
| Retained earnings, endowment, accumulated income, or other funds | $134,466,354 |
| Total liabilities and net assets/fund balances | $293,745,572 |