Wells Rural Electric Co
- Assets
- $74.7m
- Revenue
- $50.2m
- Investments
- $0.0
- Employees
- 63
- Location
- Wells, NV
- Founding
- 04/1966
- Data as of
- 12/2023
- 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 12/2023, Wells Rural Electric Co employed 63 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 12/2023, Wells Rural Electric Co generated $50.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $43.6m during the year ending 12/2023. While expenses have increased by 0.5% per year over the past 9 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
2023
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 6,339 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerald Anderson Director | Trustee | 7 | $45,269 |
Kirk Dahl Director | Trustee | 2 | $17,050 |
M Jonathan Dahl Vice President | OfficerTrustee | 7 | $25,950 |
Scott Egbert President | OfficerTrustee | 4 | $48,515 |
Ouida Madison Director | Trustee | 3 | $22,050 |
Alfred Montes DE Oca Director | Trustee | 4 | $17,550 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gnr Enterprises Inc Weatherization Contractor | 12/30/23 | $269,866 |
Efficiency Services Conservation Consulting | 12/30/23 | $228,660 |
Western Line Builders Line Construction | 12/30/23 | $198,219 |
Power Engineers Engineering Services | 12/30/23 | $116,796 |
Mapping Solutions Engineering Services | 12/30/23 | $126,400 |
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 | $43,524,711 |
| Investment income | $382,103 |
| 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 | $50,220,902 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $43,847 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,528,363 |
| Compensation of current officers, directors, key employees. | $1,851,895 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,334,874 |
| Pension plan accruals and contributions | $291,457 |
| Other employee benefits | $1,047,638 |
| Payroll taxes | $258,491 |
| 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 | $596,099 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,700,750 |
| Insurance | $0 |
| All other expenses | $419,994 |
| Total functional expenses | $43,638,774 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,683,517 |
| Savings and temporary cash investments | $14,817,883 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,590,370 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,497,691 |
| Prepaid expenses and deferred charges | $787,116 |
| Net Land, buildings, and equipment | $47,298,353 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,546,298 |
| Intangible assets | $0 |
| Other assets | $481,630 |
| Total assets | $74,702,858 |
| Accounts payable and accrued expenses | $3,551,600 |
| 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 | $16,597,921 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,436,448 |
| Total liabilities | $37,585,969 |
| 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 | $37,116,889 |
| Total liabilities and net assets/fund balances | $74,702,858 |
Grants Awarded
Over the last fiscal year, Wells Rural Electric Co has awarded $19,371 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ELKO COUNTY 4H SALE BOARD PURPOSE: LIVESTOCK SALE | $10,073 |
ELKO COUNTY SCHOOL DISTRICT PURPOSE: 2023 SPONSOR DONATIONS | $9,298 |