Taylor Electric Cooperative Inc
- Assets
- $208.0m
- Revenue
- $72.3m
- Investments
- $0.0
- Employees
- 103
- Location
- Merkel, TX
- Founding
- 03/1943
- Data as of
- 12/2022
- EIN
- 75-0597925
Organization Overview
Taylor Electric Cooperative Inc is located in Merkel, 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 12/2022, Taylor Electric Cooperative Inc employed 103 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Taylor 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, Taylor Electric Cooperative Inc generated $72.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $73.6m during the year ending 12/2022. While expenses have increased by 7.2% 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 POWER TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELECTRIC DIVISION:PROVIDING ELECTRIC ENERGY TO OUR MEMBERS AT COST ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 20,129 ACTIVE SERVICES AT YEAR END.
FIBER INTERNET DIVISION:A SEPARATE DIVISION OF THE COOPERATIVE WAS CREATED TO PROVIDE FIBER INTERNET SERVICE TO ITS MEMBERS THROUGH THE CONSTRUCTION OF A FIBER OPTIC NETWORK. FIBER INTERNET SERVICES ARE PROVIDED TO MEMBERS ON A PATRONAGE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL TO THE EXTENT OF MARGINS FOR SUCH DIVISION. THERE WERE 3,649 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cecil Davis Chairman | OfficerTrustee | 2 | $23,000 |
David Mcfall Secretary/treasurer | OfficerTrustee | 6 | $21,500 |
Garland Carter Director | Trustee | 4 | $21,500 |
Gayla Simmons Director | Trustee | 3 | $21,500 |
Kathryn Rainey Director | Trustee | 4 | $21,500 |
Leland Robinson Vice Chairman | OfficerTrustee | 2 | $21,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Primary Utility Services Llc Construction Contractor | 12/30/22 | $5,509,247 |
Wampole-miller Inc Construction Contractors | 12/30/22 | $941,580 |
Lonestate Fiber Construction Llc Fiber Construction Contractor | 12/30/22 | $1,747,487 |
Re-con Company Of Texas Construction Contractor | 12/30/22 | $843,297 |
Return Mountain Llc Construction Contractors | 12/30/22 | $293,307 |
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 | $71,300,202 |
| Investment income | $191,562 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $207,543 |
| Net Gain/Loss on Asset Sales | -$1,832 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$134,417 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $72,269,537 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $28,516 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $5,688,893 |
| Compensation of current officers, directors, key employees. | $1,557,334 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,466,020 |
| Pension plan accruals and contributions | $1,288,797 |
| Other employee benefits | $946,888 |
| Payroll taxes | $364,583 |
| 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 | $4,617,497 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,277,277 |
| Insurance | $0 |
| All other expenses | $1,247,185 |
| Total functional expenses | $73,639,627 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,417,974 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,806,438 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,064 |
| Prepaid expenses and deferred charges | $2,897,991 |
| Net Land, buildings, and equipment | $160,101,345 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $35,477,463 |
| Intangible assets | $0 |
| Other assets | $1,260,433 |
| Total assets | $207,962,708 |
| Accounts payable and accrued expenses | $5,013,248 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $132,291 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $115,017,133 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,887,239 |
| Total liabilities | $131,049,911 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $134,385 |
| Paid-in or capital surplus, or land, building, or equipment fund | $172,395 |
| Retained earnings, endowment, accumulated income, or other funds | $76,606,017 |
| Total liabilities and net assets/fund balances | $207,962,708 |
Grants Awarded
Over the last fiscal year, Taylor Electric Cooperative Inc has awarded $31,396 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
HENDRICK MEDICAL CENTER FOUNDATION PURPOSE: CHARITABLE EVENT | $10,000 |
DISABILITY RESOURCES INC PURPOSE: CHARITABLE EVENT | $15,500 |
BUTMAN METHODIST CAMP PURPOSE: DONATION OF MATERIALS TO CAMP | $5,896 |