Karnes Electric Cooperative Inc
- Assets
- $203.0m
- Revenue
- $101.9m
- Investments
- $291.7k
- Employees
- 91
- Location
- Karnes City, TX
- Founding
- 12/1940
- Data as of
- 12/2021
- EIN
- 74-0720615
Organization Overview
Karnes Electric Cooperative Inc is located in Karnes City, TX. 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, Karnes Electric Cooperative Inc employed 91 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Karnes 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 12/2021, Karnes Electric Cooperative Inc generated $101.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $101.4m during the year ending 12/2021. While expenses have increased by 3.9% 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
TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC POWER TO OUR MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 21,801 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bradley Bierstedt General Manager | Officer | 55 | $233,151 |
Patrick Janysek Operations Superintendent | 50 | $162,511 | |
Joe Escandon Construction Foreman | 50 | $142,144 | |
William Wilson It Manager | 50 | $136,190 | |
Rudolfo Torres Construction Foreman | 50 | $136,107 | |
Quint Woelfel Shop Foreman | 50 | $129,079 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cooperative Building Solutions New Office Construction | 12/30/21 | $11,061,950 |
James Power Line Construction Inc Utility Construction | 12/30/21 | $1,704,042 |
Schneider Engineering Engineering | 12/30/21 | $568,762 |
Ivm Solutions Row Clearing | 12/30/21 | $2,327,687 |
Sendero Power Line Construction Inc Utility Construction | 12/30/21 | $3,019,776 |
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 | $101,665,758 |
| Investment income | $94,628 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $94,040 |
| 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 | $101,891,775 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $56,206 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,748,162 |
| Compensation of current officers, directors, key employees. | $516,442 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,804,713 |
| Pension plan accruals and contributions | $405,321 |
| Other employee benefits | $1,079,988 |
| Payroll taxes | $312,738 |
| 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 | $721,690 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,111,241 |
| Insurance | $0 |
| All other expenses | $3,784,379 |
| Total functional expenses | $101,351,775 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,907,933 |
| Savings and temporary cash investments | $5,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,104,390 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,708,196 |
| Prepaid expenses and deferred charges | $210,879 |
| Net Land, buildings, and equipment | $121,541,719 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $291,673 |
| Investments—program-related | $50,633,842 |
| Intangible assets | $0 |
| Other assets | $8,571,768 |
| Total assets | $202,970,400 |
| Accounts payable and accrued expenses | $7,447,156 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $8,694 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $22,014,982 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,547,051 |
| Total liabilities | $42,017,883 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $89,080 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $160,863,437 |
| Total liabilities and net assets/fund balances | $202,970,400 |
Grants Awarded
Over the last fiscal year, Karnes Electric Cooperative Inc has awarded $30,475 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF PLEASANTON PURPOSE: TREE MITIGATION - CITY OF PLEASANTON/NEW OFFICE. | $12,975 |
Runge, TX PURPOSE: DONATION TOWARDS NEW BARN. | $10,000 |
Karnes City, TX PURPOSE: MATCHING DONATION WITH COBANK. | $7,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pedernales Electric Cooperative Inc Johnson City, TX | $2,029,870,184 | $830,415,690 |
Golden Spread Electric Cooperative Inc Amarillo, TX | $1,251,228,427 | $703,244,105 |
Denton County Electric Cooperative Inc Corinth, TX | $1,535,737,864 | $639,082,515 |
South Texas Electric Cooperative Inc Nursery, TX | $1,458,906,185 | $553,923,230 |
East Texas Electric Cooperative Inc Nacogdoches, TX | $1,118,534,652 | $504,330,746 |
Tri-County Electric Cooperative Inc Aledo, TX | $737,055,460 | $308,529,771 |
Northeast Texas Electric Coop Inc Longview, TX | $329,483,821 | $288,674,270 |
Magic Valley Electric Cooperative Inc Mercedes, TX | $542,158,549 | $266,758,522 |
Electric Reliability Council Of Texas Inc 10-10-90 Austin, TX | $3,229,605,813 | $252,635,175 |
Dixie Electric Membership Corporation Baton Rouge, LA | $725,178,434 | $239,155,259 |
Bluebonnet Electric Cooperative Inc Bastrop, TX | $657,902,626 | $247,741,918 |
Southwest Louisiana Electric Lafayette, LA | $508,237,761 | $245,337,577 |