Wise Electric Cooperative Incorporated
- Assets
- $177.1m
- Revenue
- $90.7m
- Investments
- $0.0
- Employees
- 73
- Location
- Decatur, TX
- Founding
- 10/1940
- Data as of
- 12/2022
- EIN
- 75-0665517
Organization Overview
Wise Electric Cooperative Incorporated is located in Decatur, 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, Wise Electric Cooperative Incorporated employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wise Electric Cooperative Incorporated 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, Wise Electric Cooperative Incorporated generated $90.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $90.6m during the year ending 12/2022. While expenses have increased by 5.0% 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 SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.
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 25,454 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Coy Cleveland Jan-Feb Director | Trustee | 2.3 | $3,335 |
Bryson Gentry May-Dec Director | Trustee | 2.3 | $31,380 |
Allen Heugatter Feb-Dec Secretary | OfficerTrustee | 3 | $36,341 |
Glenn Hughes Director | Trustee | 3.2 | $47,130 |
Russell Morgan Director | Trustee | 3.2 | $33,905 |
Audie Morris President | OfficerTrustee | 5.6 | $41,138 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fx5 Construction | 12/30/22 | $3,369,777 |
Northeast Services Dba Horton Tree Servi Tree Trimming | 12/30/22 | $1,905,728 |
Higgs Electric Ltd Construction | 12/30/22 | $890,559 |
Vinson & Elkins Llp Attorney | 12/30/22 | $168,870 |
Milsoft Utility Solutions Software | 12/30/22 | $124,495 |
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 | $90,473,391 |
| Investment income | $92,151 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $64,367 |
| Net Gain/Loss on Asset Sales | -$47,981 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $90,702,449 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,621 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $578,536 |
| Compensation of current officers, directors, key employees. | $1,416,626 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,737,652 |
| Pension plan accruals and contributions | $667,509 |
| Other employee benefits | $653,140 |
| Payroll taxes | $302,585 |
| 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 | $2,967,357 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,034,139 |
| Insurance | $0 |
| All other expenses | $93,290 |
| Total functional expenses | $90,593,912 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $550,541 |
| Savings and temporary cash investments | $1,536,595 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,545,575 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $104,412 |
| Prepaid expenses and deferred charges | $735,267 |
| Net Land, buildings, and equipment | $122,556,386 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $39,299,341 |
| Intangible assets | $0 |
| Other assets | $7,793,455 |
| Total assets | $177,121,572 |
| Accounts payable and accrued expenses | $13,220,462 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,452,829 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $70,681,773 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,001,001 |
| Total liabilities | $95,356,065 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $375,733 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $81,389,774 |
| Total liabilities and net assets/fund balances | $177,121,572 |