Wells Rural Electric Co
- Assets
- $65.6m
- Revenue
- $46.1m
- Investments
- $0.0
- Employees
- 67
- Location
- Wells, NV
- Founding
- 04/1966
- Data as of
- 12/2021
- EIN
- 88-0086059
Organization Overview
Wells Rural Electric Co is located in Wells, NV. The organization was established in 1966. 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, Wells Rural Electric Co employed 67 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wells Rural Electric Co 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, Wells Rural Electric Co generated $46.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $45.2m during the year ending 12/2021. While expenses have increased by 1.2% 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 ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 6,296 ACTIVE SERVICES AT YEAR END.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Clay R Fitch CEO | Officer | 40 | $299,029 |
Jeffery R Cromie Director Member Services | Officer | 40 | $142,889 |
Kyle Murphy Line Foreman | 40 | $138,752 | |
Zane Peters Lineman | 40 | $134,616 | |
Jacob Manning Line Foreman | 40 | $130,869 | |
James Wines Line Foreman | 40 | $130,837 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Power Engineers Engineering/environmental Consulting | 12/30/21 | $276,008 |
Efficiency Services Various Services | 12/30/21 | $257,275 |
Navco Construction Excavation Services | 12/30/21 | $183,200 |
Western Line Builders Line Construction | 12/30/21 | $176,045 |
High Energy Engineering Consulting/engineering Services | 12/30/21 | $147,978 |
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 | $45,122,468 |
| Investment income | $42,833 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $46,093,733 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $42,188 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,057,721 |
| Compensation of current officers, directors, key employees. | $1,641,997 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,327,644 |
| Pension plan accruals and contributions | $211,956 |
| Other employee benefits | $1,183,312 |
| Payroll taxes | $238,056 |
| 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 | $599,497 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,407,279 |
| Insurance | $0 |
| All other expenses | $431,804 |
| Total functional expenses | $45,197,497 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,476,900 |
| Savings and temporary cash investments | $7,504,540 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,434,359 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,096,117 |
| Prepaid expenses and deferred charges | $1,336,285 |
| Net Land, buildings, and equipment | $44,314,419 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,917,376 |
| Intangible assets | $0 |
| Other assets | $565,858 |
| Total assets | $65,645,854 |
| Accounts payable and accrued expenses | $4,976,396 |
| 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 | $18,101,917 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $18,126,129 |
| Total liabilities | $41,204,442 |
| 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 | $24,441,412 |
| Total liabilities and net assets/fund balances | $65,645,854 |
Peer Organizations
| 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 |
Moon Lake Electric Association Inc Roosevelt, UT | $157,473,371 | $84,270,268 |
Mohave Electric Cooperative Inc Bullhead City, AZ | $252,184,313 | $80,080,972 |
Central Electric Cooperative Inc Redmond, OR | $242,542,165 | $105,052,324 |
Navopache Electric Cooperative Incorporated Lakeside, AZ | $154,873,942 | $59,797,465 |
Oregon Trail Electric Consumers Cooperative Inc Baker City, OR | $131,875,952 | $59,383,158 |
Kootenai Electric Cooperative Inc Hayden, ID | $200,587,122 | $58,518,255 |
Dixie Escalante Rural Beryl, UT | $171,660,221 | $52,285,597 |
Wells Rural Electric Co Wells, NV | $65,645,854 | $46,093,733 |
Consumers Power Inc Philomath, OR | $143,908,796 | $44,110,626 |
Coos-Curry Electric Cooperative Inc Port Orford, OR | $114,567,418 | $40,713,862 |