Pennyrile Rural Electric Cooperative Corporation
- Assets
- $272.2m
- Revenue
- $141.7m
- Investments
- $2.1m
- Employees
- 122
- Location
- Hopkinsville, KY
- Founding
- 06/1965
- Data as of
- 06/2022
- 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 06/2022, Pennyrile Rural Electric Cooperative Corporation employed 122 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 06/2022, Pennyrile Rural Electric Cooperative Corporation generated $141.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $135.8m during the year ending 06/2022. While expenses have increased by 1.8% 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
2022
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
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Gates President/ceo | Officer | 65 | $273,147 |
Robert C Standard Line Foreman | 83 | $205,999 | |
Sandy Grogan Vice President Finance & Accounting | Officer | 60 | $151,839 |
Brent Gilkey Vice President Member Services & Communication | Officer | 60 | $145,895 |
William Stokes VP Operations | Officer | 60 | $136,406 |
Philip Adler Lineman | 58 | $134,698 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiberrise Communications Inc Fiber Contractors | 6/29/22 | $5,174,439 |
Beaver Tree Service Right Of Way | 6/29/22 | $665,439 |
Broadband Of Indiana Broadband | 6/29/22 | $613,700 |
Davis Elliot Company Inc Line Constr. Contractors | 6/29/22 | $3,922,931 |
A And G Tree Service Right Of Way | 6/29/22 | $4,980,299 |
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 | $138,638,165 |
| Investment income | $732,739 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,084,557 |
| 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 | $141,666,611 |
| 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. | $792,766 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,283,552 |
| Pension plan accruals and contributions | $1,415,015 |
| Other employee benefits | $1,235,105 |
| Payroll taxes | $446,888 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $67,882 |
| Fees for services: Accounting | $32,745 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $155,462 |
| Office expenses | $522,400 |
| Information technology | $322,894 |
| Royalties | $0 |
| Occupancy | $6,037,183 |
| Travel | $138,808 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,339 |
| Interest | $3,210,023 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,754,402 |
| Insurance | $467,721 |
| All other expenses | $0 |
| Total functional expenses | $135,839,174 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $234,774 |
| Savings and temporary cash investments | $54,695,463 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,572,827 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,394,380 |
| Inventories for sale or use | $10,296,583 |
| Prepaid expenses and deferred charges | $5,289,250 |
| Net Land, buildings, and equipment | $184,050,147 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,085,919 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,606,025 |
| Total assets | $272,225,368 |
| Accounts payable and accrued expenses | $33,056,409 |
| 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 | $100,834,171 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,815,458 |
| Total liabilities | $137,706,038 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,213,070 |
| Paid-in or capital surplus, or land, building, or equipment fund | $4,770,986 |
| Retained earnings, endowment, accumulated income, or other funds | $128,535,274 |
| Total liabilities and net assets/fund balances | $272,225,368 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
East Kentucky Power Cooperative Inc Winchester, KY | $3,550,114,968 | $954,101,068 |
Middle Tennessee Electric Membership Corporation Murfreesboro, TN | $972,885,002 | $816,151,968 |
Old Dominion Electric Cooperative Glen Allen, VA | $2,169,039,010 | $801,442,287 |
Buckeye Power Inc Columbus, OH | $1,739,976,540 | $814,420,643 |
Wabash Valley Power Association Inc Indianapolis, IN | $1,308,025,251 | $757,452,533 |
Northern Virginia Electric Co-Op Manassas, VA | $1,071,859,351 | $676,666,779 |
Kenergy Corp Henderson, KY | $260,651,880 | $473,591,627 |
Rappahannock Electric Cooperative Fredericksburg, VA | $1,043,159,165 | $419,807,187 |
Midcontinent Independent System Operator Inc Carmel, IN | $2,446,006,704 | $407,489,988 |
South Central Power Company Lancaster, OH | $695,490,462 | $352,992,911 |
Cumberland Electric Membership Corp Clarksville, TN | $559,882,187 | $327,722,843 |
Volunteer Energy Cooperative Decatur, TN | $369,462,846 | $270,037,507 |