Fort Belknap Electric Cooperative Inc
- Assets
- $40.3m
- Revenue
- $13.2m
- Investments
- $4.2m
- Employees
- 29
- Location
- Olney, TX
- Founding
- 04/1943
- Data as of
- 12/2021
- EIN
- 75-0274876
Organization Overview
Fort Belknap Electric Cooperative Inc is located in Olney, 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, Fort Belknap Electric Cooperative Inc employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fort Belknap 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, Fort Belknap Electric Cooperative Inc generated $13.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $13.2m during the year ending 12/2021. While expenses have increased by 1.2% 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 ELECTRIC POWER 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 AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 6,140 METERS/SERVICES AT YEAR END.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kendall Montgomery Ceo/general Manager | Officer | 40.25 | $141,824 |
Jc Mathiews Director | Trustee | 0.8 | $21,974 |
Rick Ickert President | OfficerTrustee | 1.2 | $21,259 |
Wilson Taack Director | Trustee | 1 | $20,789 |
Bennie Lane Secretary/treasurer | OfficerTrustee | 2.2 | $20,775 |
Kenneth Lowe Director | Trustee | 0.6 | $20,775 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Graham Poleline Ltd Construction | 12/30/14 | $426,598 |
Scarborough Engineering Inc Engineering Services | 12/30/14 | $111,113 |
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 | $13,127,508 |
| Investment income | $29,675 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,400 |
| Net Gain/Loss on Asset Sales | -$396 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,916 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,174,182 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,932 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $711,205 |
| Compensation of current officers, directors, key employees. | $414,746 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,030,650 |
| Pension plan accruals and contributions | $184,129 |
| Other employee benefits | $237,771 |
| Payroll taxes | $84,025 |
| 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 | $176,808 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,158,989 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $13,174,182 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,626,737 |
| Savings and temporary cash investments | $303,992 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,022,976 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $375,605 |
| Prepaid expenses and deferred charges | $183,481 |
| Net Land, buildings, and equipment | $22,898,440 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,167,509 |
| Investments—program-related | $9,300,773 |
| Intangible assets | $0 |
| Other assets | $467,391 |
| Total assets | $40,346,904 |
| Accounts payable and accrued expenses | $1,292,666 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $26,481 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,043,174 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,933,984 |
| Total liabilities | $10,296,305 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $57,895 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $29,992,704 |
| Total liabilities and net assets/fund balances | $40,346,904 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jemez Mountains Electric Cooperative Inc Espanola, NM | $130,164,432 | $49,848,005 |
Navarro County Electric Cooperative Inc Corsicana, TX | $102,970,554 | $49,278,830 |
Rural Electric Co Op Inc Lindsay, OK | $94,050,768 | $47,989,459 |
Kiamichi Electric Cooperative Inc Wilburton, OK | $118,158,279 | $46,432,215 |
C & L Electric Cooperative Corporation Star City, AR | $139,600,891 | $49,154,793 |
Houston County Electric Cooperative Inc Crockett, TX | $158,669,671 | $45,143,222 |
North Plains Electric Cooperative Incorporated Perryton, TX | $109,565,276 | $41,899,328 |
Concho Valley Electric Cooperative Inc San Angelo, TX | $125,005,347 | $44,400,615 |
Navasota Valley Electric Cooperative Inc Franklin, TX | $102,144,082 | $44,111,524 |
Cooke County Electric Cooperative Association Muenster, TX | $91,559,642 | $43,344,905 |
Red River Valley Rural Electric Association Marietta, OK | $87,688,171 | $43,444,812 |
Farmers Electric Cooperative Inc Of New Mexico Clovis, NM | $139,799,971 | $42,708,107 |