Farmers Electric Cooperative Inc
- Assets
- $380.7m
- Revenue
- $165.8m
- Investments
- $0.0
- Employees
- 174
- Location
- Greenville, TX
- Founding
- 03/1943
- Data as of
- 12/2021
- EIN
- 75-0263046
Organization Overview
Farmers Electric Cooperative Inc is located in Greenville, TX. The organization was established in 1943. 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, Farmers Electric Cooperative Inc employed 174 individuals. This organization is an itermediate organization (such as a geographic headquarters) for a national or regional group of organizations. Farmers 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, Farmers Electric Cooperative Inc generated $165.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $162.6m during the year ending 12/2021. While expenses have increased by 3.5% 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 ELECTRIC SERVICE TO MEMBER-OWNERS AT A REASONABLE COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 82,289 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Stubbs Ceo/general Manager | Officer | 50 | $500,863 |
Brian Green Director Of Engineering/operations | Officer | 50 | $306,774 |
Samantha Crouch Baxter General Counsel/dir Member Services | Officer | 50 | $275,904 |
Kathy Scroggins Cfo/director Of Finance | Officer | 45 | $246,929 |
David Mark Lyles Director Of Administration | Officer | 50 | $240,329 |
David Earls Manager Of Operations | Officer | 60 | $165,449 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
J&l Utility Service Line And Row Contractor | 12/30/21 | $3,066,694 |
Texas State Utilities Inc Line Contractor | 12/30/21 | $2,845,270 |
Texas Line Clearance Inc Row Contractor | 12/30/21 | $2,801,729 |
Pci Utilities Llc Line Contractor | 12/30/21 | $2,244,144 |
Dcg Construction Llc Line Contractor | 12/30/21 | $1,233,081 |
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 | $162,007,065 |
| Investment income | $125,572 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,500 |
| Net Gain/Loss on Asset Sales | -$30,713 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $70 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $165,790,839 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $18,346 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $15,533,312 |
| Compensation of current officers, directors, key employees. | $3,200,165 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,821,672 |
| Pension plan accruals and contributions | $695,075 |
| Other employee benefits | $1,874,942 |
| Payroll taxes | $546,022 |
| 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 | $7,717,660 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,423,976 |
| Insurance | $0 |
| All other expenses | $30,498 |
| Total functional expenses | $162,577,860 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,790,392 |
| Savings and temporary cash investments | $1,047,315 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,715,753 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $95,296 |
| Prepaid expenses and deferred charges | $4,703,293 |
| Net Land, buildings, and equipment | $310,983,107 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $46,312,245 |
| Intangible assets | $0 |
| Other assets | $9,066,286 |
| Total assets | $380,713,687 |
| Accounts payable and accrued expenses | $39,911,094 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $67,952 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $163,238,657 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,140,704 |
| Total liabilities | $211,358,407 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,236,248 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $168,119,032 |
| Total liabilities and net assets/fund balances | $380,713,687 |
Grants Awarded
Over the last fiscal year, Farmers Electric Cooperative Inc has awarded $11,869 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Emory, TX PURPOSE: SUPPORT COMMUNITY YOUTH AT LIVESTOCK SHOW. | $6,000 |
HUNT COUNTY FAIR & LIVESTOCK SHOW PURPOSE: SUPPORT COMMUNITY YOUTH AT LIVESTOCK SHOW. | $5,869 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Farmers Electric Cooperative Inc has recieved totaling $12,500.
| Awarding Organization | Amount |
|---|---|
Farmers Electric Charitablefoundation Greenville, TX PURPOSE: $7,500 TO PROVIDE FUNDS FOR COLLEGE SCHOLARSHIPS, $2,500 TO RAINS COUNTY GOOD SAMARITANS, AND $2,500 TO COMMUNITY SEEDS. THE FOUNDATION DONATES THE MONEY TO THE COOPERATIVE INSTEAD OF DIRECTLY TO THE CHARITIES BECAUSE THE COOPERATIVE WILL RECEIVE A DOLLAR FOR DOLLAR MATCHING CONTRIBUTION FROM COBANK. BY DOING THIS EACH CHARITY RECEIVES $5,000 INSTEAD OF $2,500. | $12,500 |
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 |