Lea County Electric Cooperative Inc
- Assets
- $232.5m
- Revenue
- $95.6m
- Investments
- $675.3k
- Employees
- 86
- Location
- Lovington, NM
- Founding
- 10/1951
- Data as of
- 12/2021
- EIN
- 85-0096243
Organization Overview
Lea County Electric Cooperative Inc is located in Lovington, NM. The organization was established in 1951. 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, Lea County Electric Cooperative Inc employed 86 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lea County 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, Lea County Electric Cooperative Inc generated $95.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $95.6m during the year ending 12/2021. While expenses have increased by 1.5% 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 ELECTRIC ENERGY TO RURAL AREAS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRIC POWER TO OUR MEMBERS AT COST ON COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 16,246 CONNECTED MEMBERS AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bobby Ferris General Manager/executive VP | Officer | 60 | $328,240 |
Bobby Kimbro System Operating Manager | 55 | $195,098 | |
Michael Faris Accounting Manager | 50 | $154,211 | |
Douglas Gruenewald Foreman | 55 | $131,479 | |
Arthur Pando Foreman | 55 | $128,104 | |
Manuel Quiroz Stak Tech Superintendent | 50 | $127,912 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Arc Powerline Construction Distribution Engineering | 12/30/21 | $368,676 |
Pro Quality Construction Plumbing | 12/30/21 | $196,053 |
Jomar Electrical Relay Testing | 12/30/21 | $501,206 |
First Choice Construction Office Construction | 12/30/21 | $204,385 |
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 | $95,116,689 |
| Investment income | $285,513 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,100 |
| Net Gain/Loss on Asset Sales | $8,121 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$3,151 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $95,597,033 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $28,221 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,434,004 |
| Compensation of current officers, directors, key employees. | $772,381 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,055,247 |
| Pension plan accruals and contributions | $741,393 |
| Other employee benefits | $594,044 |
| Payroll taxes | $319,574 |
| 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 | $964,270 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,752,580 |
| Insurance | $0 |
| All other expenses | $1,081,009 |
| Total functional expenses | $95,597,033 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $731,420 |
| Savings and temporary cash investments | $6,196,059 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,687,633 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,361,684 |
| Prepaid expenses and deferred charges | $1,489,574 |
| Net Land, buildings, and equipment | $108,399,088 |
| Investments—publicly traded securities | $50,102,732 |
| Investments—other securities | $675,287 |
| Investments—program-related | $34,957,218 |
| Intangible assets | $0 |
| Other assets | $9,935,423 |
| Total assets | $232,536,118 |
| Accounts payable and accrued expenses | $8,286,880 |
| Grants payable | $0 |
| Deferred revenue | $369 |
| 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 | $70,323,715 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $54,733,468 |
| Total liabilities | $133,344,432 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $36,320 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $99,155,366 |
| Total liabilities and net assets/fund balances | $232,536,118 |
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 |
Intermountain Rural Electric Association Sedalia, CO | $1,228,049,117 | $331,307,918 |
Tri-County Electric Cooperative Inc Aledo, TX | $737,055,460 | $308,529,771 |
United Power Inc Brighton, CO | $596,297,380 | $312,195,991 |
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 |
Bluebonnet Electric Cooperative Inc Bastrop, TX | $657,902,626 | $247,741,918 |