Kit Carson Electric Cooperative Inc
- Assets
- $154.9m
- Revenue
- $57.4m
- Investments
- $751.4k
- Employees
- 132
- Location
- Taos, NM
- Founding
- 04/1946
- Data as of
- 12/2022
- EIN
- 85-0081882
Organization Overview
Kit Carson Electric Cooperative Inc is located in Taos, NM. The organization was established in 1946. 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, Kit Carson Electric Cooperative Inc employed 132 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kit Carson 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, Kit Carson Electric Cooperative Inc generated $57.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $57.0m during the year ending 12/2022. While expenses have increased by 4.0% 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 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 - 30,284 ACTIVE SERVICES AT YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL.
PROVIDING INTERNET SERVICES TO OUR MEMBERS - 11,823 ACTIVE SERVICES AT YEAR END WERE PROVIDED INTERNET SERVICE ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Jassman Treasurer | OfficerTrustee | 7 | $9,750 |
Bobby Ortega President | OfficerTrustee | 7 | $16,350 |
David Torres Trustee | Trustee | 3 | $14,100 |
Arthur Rodarte Trustee | Trustee | 3 | $13,800 |
Russ A Coyle Trustee | Trustee | 3 | $11,700 |
Michael H Romero Trustee (until June) | Trustee | 3 | $4,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Triple R Excavation Fiber Labor | 12/30/22 | $759,138 |
J & D Electrical Contractors Fiber Labor | 12/30/22 | $643,545 |
T & D Services Engineering | 12/30/22 | $606,541 |
Crossroad Connections Fiber Labor | 12/30/22 | $402,797 |
T&d Contractors Construction | 12/30/22 | $294,709 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,206,805 |
| 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 | $1,206,805 |
| Total Program Service Revenue | $55,739,820 |
| Investment income | $83,265 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $114,480 |
| Net Gain/Loss on Asset Sales | $63,359 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $57,387,729 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $5,474,949 |
| Compensation of current officers, directors, key employees. | $925,475 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,163,667 |
| Pension plan accruals and contributions | $536,410 |
| Other employee benefits | $0 |
| Payroll taxes | $434,397 |
| 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 | $2,913,132 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,322,615 |
| Insurance | $0 |
| All other expenses | $1,956,572 |
| Total functional expenses | $56,958,123 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $704,751 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,448,865 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,077 |
| Inventories for sale or use | $3,319,060 |
| Prepaid expenses and deferred charges | $5,865,799 |
| Net Land, buildings, and equipment | $89,171,021 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $751,379 |
| Investments—program-related | $3,141,847 |
| Intangible assets | $0 |
| Other assets | $37,491,546 |
| Total assets | $154,898,345 |
| Accounts payable and accrued expenses | $9,703,770 |
| Grants payable | $0 |
| Deferred revenue | $44,854 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $10,114 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $99,921,302 |
| Unsecured mortgages and notes payable | $2,067,558 |
| Other liabilities | $747,503 |
| Total liabilities | $112,495,101 |
| 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 | $42,403,244 |
| Total liabilities and net assets/fund balances | $154,898,345 |