Kit Carson Electric Cooperative Inc
- Assets
- $152.6m
- Revenue
- $60.6m
- Investments
- $896.3k
- Employees
- 104
- Location
- Taos, NM
- Founding
- 04/1946
- Data as of
- 12/2021
- 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 12/2021, Kit Carson Electric Cooperative Inc employed 104 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 12/2021, Kit Carson Electric Cooperative Inc generated $60.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $58.7m during the year ending 12/2021. While expenses have increased by 5.0% per year over the past 7 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
2021
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 - 30,041 ACTIVE SERVICES AT YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL.
PROVIDING INTERNET SERVICES TO OUR MEMBERS - 10,495 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 |
|---|---|---|---|
Luis A Reyes Jr Ceo/general Manager | Officer | 70 | $289,867 |
John Shafto CFO | Officer | 50 | $172,704 |
Mark Poche Internet Manager | Officer | 50 | $168,899 |
Richard Martinez COO | 60 | $147,645 | |
Carmella Suazo Assistant Manager | 40 | $120,160 | |
Carlos Rivera Lineman | 40 | $102,913 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Turquoise Mountain Construction Fiber Labor | 12/30/21 | $660,249 |
J & D Electrical Contractors Fiber Labor | 12/30/21 | $565,669 |
Triple R Excavation Fiber Labor | 12/30/21 | $603,347 |
Viam Llc Brokerage Fee | 12/30/21 | $221,663 |
T & D Services Engineering Services | 12/30/21 | $216,187 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,290,900 |
| 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 | $1,290,900 |
| Total Program Service Revenue | $58,870,097 |
| Investment income | $114 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $114,480 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $60,631,894 |
| 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 | $3,406,677 |
| Compensation of current officers, directors, key employees. | $826,706 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,863,284 |
| Pension plan accruals and contributions | $553,907 |
| Other employee benefits | $0 |
| Payroll taxes | $410,260 |
| 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 | $3,766,667 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,193,810 |
| Insurance | $0 |
| All other expenses | $1,627,231 |
| Total functional expenses | $58,682,130 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,133,281 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,629,306 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,077 |
| Inventories for sale or use | $2,122,956 |
| Prepaid expenses and deferred charges | $8,507,833 |
| Net Land, buildings, and equipment | $90,008,643 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $896,342 |
| Investments—program-related | $2,992,500 |
| Intangible assets | $0 |
| Other assets | $35,345,707 |
| Total assets | $152,640,645 |
| Accounts payable and accrued expenses | $10,010,324 |
| Grants payable | $0 |
| Deferred revenue | $41,269 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $10,913 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $102,201,248 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,770,038 |
| Total liabilities | $116,033,792 |
| 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 | $36,606,853 |
| Total liabilities and net assets/fund balances | $152,640,645 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sulphur Springs Valley Electric Cooperative Inc Willcox, AZ | $321,892,538 | $124,995,046 |
Mid-South Electric Cooperative Association Navasota, TX | $452,923,341 | $112,304,236 |
Trico Electric Cooperative Inc Marana, AZ | $268,045,549 | $107,861,208 |
La Plata Electric Association Inc Durango, CO | $287,521,885 | $109,650,926 |
Karnes Electric Cooperative Inc Karnes City, TX | $202,970,400 | $101,891,775 |
Tri-County Electric Cooperative Inc Hooker, OK | $321,398,945 | $100,998,279 |
Deep East Texas Electric Co-Operative Inc San Augustine, TX | $258,283,792 | $99,942,050 |
Upshur-Rural Electric Cooperative Corporation Gilmer, TX | $245,628,727 | $98,243,041 |
San Bernard Electric Cooperative Incorporated Bellville, TX | $290,497,219 | $97,543,303 |
Lea County Electric Cooperative Inc Lovington, NM | $232,536,118 | $95,597,033 |
Bandera Electric Cooperative Inc Bandera, TX | $290,540,608 | $89,188,257 |
Nueces Electric Cooperative Inc Robstown, TX | $212,095,793 | $88,707,765 |