Swisher Electric Cooperative Inc
- Assets
- $71.3m
- Revenue
- $25.4m
- Investments
- $0.0
- Employees
- 47
- Location
- Tulia, TX
- Founding
- 10/1942
- Data as of
- 12/2022
- EIN
- 75-0594971
Organization Overview
Swisher Electric Cooperative Inc is located in Tulia, TX. 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, Swisher Electric Cooperative Inc employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Swisher 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, Swisher Electric Cooperative Inc generated $25.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $25.2m during the year ending 12/2022. While expenses have increased by 1.8% 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 QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.
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 7,973 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Harrell Director | Trustee | 1.4 | $26,325 |
Dwain Strange President | OfficerTrustee | 2 | $26,317 |
Ralph Frost Director | Trustee | 1.3 | $26,308 |
Mace Middleton Vice President | OfficerTrustee | 1 | $26,296 |
Billy Cogdell Assistant Secretary/treasurer | OfficerTrustee | 1.4 | $13,765 |
Brad Sharp Director | Trustee | 1.2 | $13,762 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
National Information Solutions Cooperati Software | 12/30/22 | $127,722 |
Current Utility Services Llc Maintenance On Overhead Lines | 12/30/22 | $103,270 |
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 | $25,204,535 |
| Investment income | $179,773 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,780 |
| Net Gain/Loss on Asset Sales | $11,618 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$603 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,409,868 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,755 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $501,576 |
| Compensation of current officers, directors, key employees. | $606,350 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,796,789 |
| Pension plan accruals and contributions | $369,977 |
| Other employee benefits | $406,790 |
| Payroll taxes | $137,393 |
| 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 | $949,405 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,931,336 |
| Insurance | $0 |
| All other expenses | $111,473 |
| Total functional expenses | $25,195,462 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $701,365 |
| Savings and temporary cash investments | $2,264,635 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,765,463 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $700,328 |
| Prepaid expenses and deferred charges | $3,097,946 |
| Net Land, buildings, and equipment | $38,032,002 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $24,747,310 |
| Intangible assets | $0 |
| Other assets | $16,331 |
| Total assets | $71,325,380 |
| Accounts payable and accrued expenses | $1,694,348 |
| Grants payable | $0 |
| Deferred revenue | $105,733 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $66,006 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $26,059,005 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,302,004 |
| Total liabilities | $31,227,096 |
| 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 | $40,098,284 |
| Total liabilities and net assets/fund balances | $71,325,380 |