Lighthouse Electric Cooperative Inc
- Assets
- $102.3m
- Revenue
- $36.7m
- Investments
- $0.0
- Employees
- 48
- Location
- Floydada, TX
- Founding
- 10/1940
- Data as of
- 12/2022
- EIN
- 75-0273171
Organization Overview
Lighthouse Electric Cooperative Inc is located in Floydada, 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 12/2022, Lighthouse Electric Cooperative Inc employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lighthouse 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, Lighthouse Electric Cooperative Inc generated $36.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $36.7m during the year ending 12/2022. While expenses have increased by 4.1% 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 ELECTRIC ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRIC POWER TO MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 9,462 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Appling President | OfficerTrustee | 3.1 | $21,730 |
Wd Thornberry Secretary/treasurer | OfficerTrustee | 1.7 | $21,170 |
John Dunlap Vice President | OfficerTrustee | 2.5 | $21,380 |
Ronald Mullin Director | Trustee | 1.5 | $21,170 |
Ron Graves Director | Trustee | 1.3 | $21,660 |
Dean Yarbrough Director | Trustee | 2.4 | $21,240 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Re-con Company Electric Contractor | 12/30/22 | $661,922 |
B&b Trucking Trucking/concrete | 12/30/22 | $312,693 |
Accurate Construction General Contractor | 12/30/22 | $268,128 |
Hi Range Electric Inc Electric Construction | 12/30/22 | $132,236 |
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 | $36,561,124 |
| Investment income | $78,474 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$79 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$15,296 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $36,666,400 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $31,205 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $812,290 |
| Compensation of current officers, directors, key employees. | $459,186 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,258,754 |
| Pension plan accruals and contributions | $230,857 |
| Other employee benefits | $784,111 |
| Payroll taxes | $178,197 |
| 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 | $1,637,250 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,102,356 |
| Insurance | $0 |
| All other expenses | $290,563 |
| Total functional expenses | $36,666,400 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $365,682 |
| Savings and temporary cash investments | $626,060 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $997,819 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,659,131 |
| Prepaid expenses and deferred charges | $5,467,624 |
| Net Land, buildings, and equipment | $62,103,771 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $31,101,226 |
| Intangible assets | $0 |
| Other assets | $12,286 |
| Total assets | $102,333,599 |
| Accounts payable and accrued expenses | $1,631,015 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $116,375 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $43,789,717 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,766,829 |
| Total liabilities | $47,303,936 |
| 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 | $55,029,663 |
| Total liabilities and net assets/fund balances | $102,333,599 |