Canadian Valley Electric Cooperative Inc
- Assets
- $211.2m
- Revenue
- $68.5m
- Investments
- $0.0
- Employees
- 100
- Location
- Seminole, OK
- Founding
- 10/1942
- Data as of
- 12/2022
- EIN
- 73-0171526
Organization Overview
Canadian Valley Electric Cooperative Inc is located in Seminole, OK. The organization was established in 1942. 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 12/2022, Canadian Valley Electric Cooperative Inc employed 100 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Canadian Valley Electric Cooperative Inc 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 12/2022, Canadian Valley Electric Cooperative Inc generated $68.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $92.1m during the year ending 12/2022. While expenses have increased by 5.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE RETAIL ELECTRIC UTILITY SERVICE TO COOPERATIVE MEMBERS ON A NOT-FOR-PROFIT BASIS, PRIMARILY IN RURAL AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE RETAIL ELECTRIC UTILITY SERVICE TO COOPERATIVE MEMBERS ON A NOT-FOR-PROFIT BASIS, PRIMARILY IN RURAL AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Highley CEO | Officer | 45 | $266,152 |
Joshua Holt COO | Officer | 48 | $158,617 |
Sheila Allgood General Manager Of Broadband | 43 | $142,021 | |
John Colvin Area Serviceman | 60 | $149,155 | |
Jamie Scott Manager Of Finance | Officer | 43 | $130,882 |
Don Pak Manager Of It & Smart Grid | 44 | $126,390 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Riggs Tree Service Inc Tree Trimming | 12/30/22 | $4,458,146 |
Gulf Coast Business Credit Make Ready Construct | 12/30/22 | $4,516,029 |
Benton Technical Services Inc Fiber Construction | 12/30/22 | $13,989,391 |
Mdr Construction Inc Make Ready Construct | 12/30/22 | $2,437,096 |
Conexon Llc Fiber Construction | 12/30/22 | $2,341,285 |
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 | $90,092,188 |
| Investment income | $395,261 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$23,040,110 |
| Net Gain/Loss on Asset Sales | $147,631 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $45,349 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $68,485,719 |
| 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 | $555,296 |
| Compensation of current officers, directors, key employees. | $827,314 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,039,760 |
| Pension plan accruals and contributions | $25,856 |
| Other employee benefits | $725,635 |
| Payroll taxes | $403,898 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $153,161 |
| Fees for services: Accounting | $96,866 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,059,542 |
| Advertising and promotion | $0 |
| Office expenses | $214,127 |
| Information technology | $614,578 |
| Royalties | $0 |
| Occupancy | $106,890 |
| Travel | $1,038,669 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $103,850 |
| Interest | $3,609,568 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,505,366 |
| Insurance | $1,716,134 |
| All other expenses | $555,516 |
| Total functional expenses | $92,064,449 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $590,456 |
| Savings and temporary cash investments | $9,193 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,462,828 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,852,168 |
| Prepaid expenses and deferred charges | $31,909 |
| Net Land, buildings, and equipment | $144,411,071 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $31,164,914 |
| Intangible assets | $0 |
| Other assets | $12,697,133 |
| Total assets | $211,219,672 |
| Accounts payable and accrued expenses | $13,054,482 |
| 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 | $115,898,840 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,625,165 |
| Total liabilities | $135,578,487 |
| 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 | $75,641,185 |
| Total liabilities and net assets/fund balances | $211,219,672 |