Franklin Electric Cooperative
- Assets
- $55.0m
- Revenue
- $9.5m
- Investments
- $1.6m
- Employees
- 24
- Location
- Russellville, AL
- Founding
- 09/1964
- Data as of
- 06/2022
- EIN
- 63-0253927
Organization Overview
Franklin Electric Cooperative is located in Russellville, AL. The organization was established in 1964. 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, Franklin Electric Cooperative employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin 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 06/2022, Franklin Electric Cooperative generated $9.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $8.7m during the year ending 06/2022. While expenses have increased by 3.0% 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
RURAL ELECTRICITY DISTRIBUTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELECTRIC UTILITY COOPERATIVE
ELECTRIC UTILITY COOPERATIVE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Stockton General Mana | Officer | 40 | $167,006 |
Doyle Taylor Trustee | Trustee | 1 | $8,420 |
John Shewbert Trustee | Trustee | 1 | $8,300 |
James Mckinney Trustee | Trustee | 1 | $8,300 |
Stanley Holland Trustee | Trustee | 1 | $8,300 |
Roger Boyd Trustee | Trustee | 1 | $8,300 |
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 | $9,397,952 |
| Investment income | $95,658 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $9,493,610 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $291,821 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $812,682 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,425,393 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $8,704,785 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,334,034 |
| Savings and temporary cash investments | $807,387 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,746,297 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $205,259 |
| Prepaid expenses and deferred charges | $748,580 |
| Net Land, buildings, and equipment | $45,633,267 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,557,717 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $55,032,541 |
| Accounts payable and accrued expenses | $7,005,881 |
| 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 | $17,114,464 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,821,127 |
| Total liabilities | $28,941,472 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $33,330 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $26,057,739 |
| Total liabilities and net assets/fund balances | $55,032,541 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Franklin Electric Cooperative has recieved totaling $400.
| Awarding Organization | Amount |
|---|---|
Long Lewis Foundation Inc Muscle Shoals, AL PURPOSE: OPERATIONAL SUPPORT | $400 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Coahoma Electric Power Assn Lyon, MS | $50,480,063 | $20,605,799 |
Middle Georgia Electric Membership Corporation Vienna, GA | $60,693,839 | $19,174,900 |
Tombigbee Electric Cooperative Inc Hamilton, AL | $70,534,555 | $17,768,087 |
Upson Electric Membership Corporation Thomaston, GA | $38,150,316 | $15,452,555 |
Marshall-Dekalb Electric Cooperative Boaz, AL | $96,065,726 | $18,545,582 |
Alcorn County Electric Power Association Corinth, MS | $107,123,733 | $19,179,595 |
Destin Water Users Inc Destin, FL | $116,857,681 | $20,467,236 |
Holley Navarre Water System Navarre, FL | $73,632,093 | $12,282,279 |
Tippah Electric Power Association Ripley, MS | $65,329,925 | $18,280,183 |
Pace Water Systems Inc Pace, FL | $100,740,740 | $12,498,088 |
South Walton Utility Company Inc Miramar Beach, FL | $77,529,965 | $12,379,659 |
Bear Creek Water Association Inc Madison, MS | $98,155,585 | $12,566,846 |