Garkane Energy Cooperative Inc
- Assets
- $96.4m
- Revenue
- $29.6m
- Investments
- $0.0
- Employees
- 75
- Location
- Loa, UT
- Founding
- 12/1942
- Data as of
- 12/2021
- EIN
- 87-0133588
Organization Overview
Garkane Energy Cooperative Inc is located in Loa, UT. The organization was established in 1942. 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, Garkane Energy Cooperative Inc employed 75 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Garkane Energy 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, Garkane Energy Cooperative Inc generated $29.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $25.9m during the year ending 12/2021. While expenses have increased by 2.7% 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
GARKANE ENERGY IS A MEMBER-OWNED RURAL ELECTRIC COOPERATIVE AND PROVIDES ELECTRICITY TO COOPERATIVE MEMBER/CONSUMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE TAXPAYER DID NOT HAVE SEPARATE PROGRAM SERVICE EXPENSES. ALL EXPENSES LISTED IN PART IX - STATEMENT OF FUNCTIONAL EXPENSES WERE LISTED UNDER COLUMN C, MANAGEMENT AND GENERAL EXPENSES. THERE WERE NO EXPENSES LISTED IN COLUMN B, PROGRAM SERVICE EXPENSES. THE TOTAL FOR PART IX - STATEMENT OF FUNCTIONAL EXPENSES, COLUMN B, PROGRAM SERVICE EXPENSES AND THE TOTAL FOR PART III - STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS EQUAL AND ARE BOTH ZERO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Mcclendon Ceo/general Manager | 40 | $229,128 | |
Bryant Shakespear Coo/engineering Manager | 40 | $166,076 | |
Marcus V Lewis CFO | 40 | $149,145 | |
Robert C Wolfley Garfield Area Mngr | 40 | $140,302 | |
Daniel Thompson Subst. Engineer | 40 | $131,381 | |
Phillip K Burr Wayne Area Mngr | 40 | $125,889 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Colman Hydro Power Inc Operations Contract | 12/30/21 | $182,088 |
Transcon Environmental Inc Environmental Studies | 12/30/21 | $202,680 |
Fremont Irrigation Company Electricity | 12/30/21 | $154,321 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,395,800 |
| 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 | $1,395,800 |
| Total Program Service Revenue | $26,792,539 |
| Investment income | $27,220 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $71,465 |
| Net Gain/Loss on Asset Sales | $398,238 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,593,598 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $1,388,773 |
| Compensation of current officers, directors, key employees. | $1,388,773 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,389,012 |
| Pension plan accruals and contributions | $1,837,484 |
| Other employee benefits | $216,072 |
| Payroll taxes | $488,565 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,170 |
| Fees for services: Accounting | $14,675 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $55,786 |
| Advertising and promotion | $368,261 |
| Office expenses | $703,860 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $67,355 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $674,383 |
| Interest | $1,298,142 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,969,791 |
| Insurance | $219,417 |
| All other expenses | $406,637 |
| Total functional expenses | $25,946,102 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,050,010 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,432,460 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,093,074 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $78,391,877 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,468,560 |
| Total assets | $96,435,981 |
| Accounts payable and accrued expenses | $2,416,291 |
| 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 | $33,648,550 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,770,770 |
| Total liabilities | $41,835,611 |
| 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 | $54,600,370 |
| Total liabilities and net assets/fund balances | $96,435,981 |
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| Organization Name | Assets | Revenue |
|---|---|---|
Sulphur Springs Valley Electric Cooperative Inc Willcox, AZ | $321,892,538 | $124,995,046 |
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 |
Lea County Electric Cooperative Inc Lovington, NM | $232,536,118 | $95,597,033 |
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Delta-Montrose Electric Association Montrose, CO | $233,268,073 | $81,764,019 |
Yampa Valley Electric Association Inc Steamboat Springs, CO | $179,531,578 | $73,016,013 |
Central Valley Electric Cooperative Inc Artesia, NM | $226,227,506 | $68,455,177 |
Lower Valley Energy Inc Afton, WY | $312,114,980 | $67,991,433 |
Continental Divide Electric Cooperative Inc Grants, NM | $145,895,673 | $62,421,523 |