Golden Spread Electric Cooperative Inc
- Assets
- $1.3b
- Revenue
- $703.2m
- Investments
- $0.0
- Employees
- 101
- Location
- Amarillo, TX
- Founding
- 01/1991
- Data as of
- 12/2021
- EIN
- 75-1941060
Organization Overview
Golden Spread Electric Cooperative Inc is located in Amarillo, TX. The organization was established in 1991. 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, Golden Spread Electric Cooperative Inc employed 101 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Golden Spread 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, Golden Spread Electric Cooperative Inc generated $703.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 20.5% each year . All expenses for the organization totaled $720.1m during the year ending 12/2021. While expenses have increased by 23.6% per year over the past 6 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.
Since 2017, Golden Spread Electric Cooperative Inc has awarded 11 individual grants totaling $320,873. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS A CONSUMER-OWNED WHOLESALE ELECTRIC POWER SUPPLIER COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES WHOLESALE ELECTRIC ENERGY UNDER LONG-TERM POWER PURCHASE AGREEMENTS WITH ITS 16 ELECTRIC DISTRIBUTION COOPERATIVE MEMBERS. WHOLESALE POWER IS PROVIDED ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kari Hollandsworth President & CEO | Officer | 45 | $646,231 |
William Harrelson General Counsel | Officer | 46 | $436,739 |
Darla Blackmore VP - Human Resources | Officer | 44.5 | $361,082 |
Michael Wise Senior VP - Reg/mkt Strate | 46 | $355,796 | |
John Eichelmann VP - Member Svcs & Power D | Officer | 45 | $353,076 |
Stephen Cross Dir - Power Supply | 40 | $338,176 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
General Electric International Construction & Material | 12/30/21 | $33,173,911 |
Aces Power Marketing Llc Purchase Power Services | 12/30/21 | $3,979,438 |
Wartsila North America Inc Maintenance & Materail | 12/30/21 | $3,368,589 |
Nrg Energy Services Llc Construction & Material | 12/30/21 | $11,371,772 |
Siemens Energy Inc Maintenance & Materail | 12/30/21 | $7,468,551 |
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 | $700,899,667 |
| Investment income | $2,512,118 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$221,485 |
| Net Gain/Loss on Asset Sales | $53,805 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $703,244,105 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $259,346 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,437,188 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,842,086 |
| Pension plan accruals and contributions | $2,815,184 |
| Other employee benefits | $1,457,900 |
| Payroll taxes | $869,858 |
| 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 | $27,424,909 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,713,060 |
| Insurance | $0 |
| All other expenses | $44,635,122 |
| Total functional expenses | $720,095,326 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,014,488 |
| Savings and temporary cash investments | $169,913,885 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,160,647 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $48,484,888 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $183,970,015 |
| Net Land, buildings, and equipment | $779,062,725 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $36,621,779 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,251,228,427 |
| Accounts payable and accrued expenses | $79,422,402 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $643,826,555 |
| Unsecured mortgages and notes payable | $4,204,904 |
| Other liabilities | $61,069,211 |
| Total liabilities | $788,523,072 |
| 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 | $9,773,525 |
| Retained earnings, endowment, accumulated income, or other funds | $452,931,830 |
| Total liabilities and net assets/fund balances | $1,251,228,427 |
Grants Awarded
Over the last fiscal year, Golden Spread Electric Cooperative Inc has awarded $191,642 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Cambridge, MA PURPOSE: RESEARCH SCHOLARSHIPS | $165,000 |
Canyon, TX PURPOSE: SCHOLARSHIPS | $18,250 |
Amarillo, TX PURPOSE: TO ASSIST IN FUNDING CHARITABLE ORGANIZATIONS AND PROGRAMS SUPPORTED BY THE FOUNDATION | $8,392 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pedernales Electric Cooperative Inc Johnson City, TX | $2,029,870,184 | $830,415,690 |
Golden Spread Electric Cooperative Inc Amarillo, TX | $1,251,228,427 | $703,244,105 |
Denton County Electric Cooperative Inc Corinth, TX | $1,535,737,864 | $639,082,515 |
South Texas Electric Cooperative Inc Nursery, TX | $1,458,906,185 | $553,923,230 |
East Texas Electric Cooperative Inc Nacogdoches, TX | $1,118,534,652 | $504,330,746 |
Tri-County Electric Cooperative Inc Aledo, TX | $737,055,460 | $308,529,771 |
Northeast Texas Electric Coop Inc Longview, TX | $329,483,821 | $288,674,270 |
Magic Valley Electric Cooperative Inc Mercedes, TX | $542,158,549 | $266,758,522 |
Electric Reliability Council Of Texas Inc 10-10-90 Austin, TX | $3,229,605,813 | $252,635,175 |
Dixie Electric Membership Corporation Baton Rouge, LA | $725,178,434 | $239,155,259 |
Bluebonnet Electric Cooperative Inc Bastrop, TX | $657,902,626 | $247,741,918 |
Southwest Louisiana Electric Lafayette, LA | $508,237,761 | $245,337,577 |