Golden Valley Electric Assn Inc
- Assets
- $748.5m
- Revenue
- $261.6m
- Investments
- $0.0
- Employees
- 327
- Location
- Fairbanks, AK
- Founding
- 05/1954
- Data as of
- 12/2021
- EIN
- 92-0014712
Organization Overview
Golden Valley Electric Assn Inc is located in Fairbanks, AK. The organization was established in 1954. 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, Golden Valley Electric Assn Inc employed 327 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Golden Valley Electric Assn 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, Golden Valley Electric Assn Inc generated $261.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $257.8m during the year ending 12/2021. While expenses have increased by 3.1% 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC POWER TO APPROXIMATELY 35,268 MEMBERS. ALL MEMBERS WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATIONS OF PATRONAGE CAPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Burns President & CEO | Officer | 60 | $347,027 |
Ronald E Woolf CFO | Officer | 45 | $261,092 |
Frank Perkins VP Operations | Officer | 45 | $248,379 |
Pete Sarauer Power Systems Manager | 45 | $198,442 | |
Richard Lusby Healy Plant Manager | 50 | $193,846 | |
John H Kelly Gas Turbine Plant Manager | 50 | $189,728 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alpha Aviation Llc Aerial Services | 12/30/21 | $206,660 |
Industrial Engineering Llc Engineering Services | 12/30/21 | $154,595 |
Darla Jean Ward Dba C D Delivery Delivery/courier Svs | 12/30/21 | $171,396 |
Magtec Alaska Llc Equipment Services | 12/30/21 | $173,842 |
Stinson Llp Legal Services | 12/30/21 | $199,165 |
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 | $257,292,438 |
| Investment income | $1,331,657 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $478,492 |
| Net Gain/Loss on Asset Sales | $2,345,508 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $261,622,497 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $174,198 |
| Grants and other assistance to domestic individuals. | $28,750 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $13,887,181 |
| Compensation of current officers, directors, key employees. | $1,813,993 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,388,656 |
| Pension plan accruals and contributions | $5,488,461 |
| Other employee benefits | $6,397,836 |
| Payroll taxes | $2,340,927 |
| 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 | $16,168,917 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,500,205 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $257,770,222 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $39,444,591 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,635,096 |
| Inventories for sale or use | $31,795,807 |
| Prepaid expenses and deferred charges | $3,789,543 |
| Net Land, buildings, and equipment | $621,394,462 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,794,826 |
| Intangible assets | $0 |
| Other assets | $36,634,998 |
| Total assets | $748,489,323 |
| Accounts payable and accrued expenses | $41,109,493 |
| Grants payable | $0 |
| Deferred revenue | $148,838 |
| Tax-exempt bond liabilities | $45,633,562 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $377,539,945 |
| Unsecured mortgages and notes payable | $1,143,547 |
| Other liabilities | $27,267,952 |
| Total liabilities | $492,843,337 |
| 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 | $255,645,986 |
| Total liabilities and net assets/fund balances | $748,489,323 |
Grants Awarded
Over the last fiscal year, Golden Valley Electric Assn Inc has awarded $169,372 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Fairbanks, AK PURPOSE: CHARITABLE CONTRIBUTION | $150,000 |
Fairbanks, AK PURPOSE: CHARITABLE CONTRIBUTION TO FUND ACTIVITIES IN THE LOCAL AREA | $19,372 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Golden Valley Electric Assn Inc has recieved totaling $50,750.
| Awarding Organization | Amount |
|---|---|
Alaska Rural Electric Cooperative Association Educational Foundation Anchorage, AK PURPOSE: SCHOLARSHIP PROGRAM | $50,750 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chugach Electric Association Inc Anchorage, AK | $1,796,363,282 | $354,827,268 |
Golden Valley Electric Assn Inc Fairbanks, AK | $748,489,323 | $261,622,497 |
Matanuska Electric Association Inc Palmer, AK | $634,431,622 | $159,633,412 |
Homer Electric Association Inc Homer, AK | $266,114,703 | $113,967,382 |
Inland Power & Light Co Spokane, WA | $298,221,337 | $90,911,502 |
Breakthrough Energy Foundation Kirkland, WA | $272,263,093 | $53,009,802 |
Peninsula Light Company Inc Gig Harbor, WA | $206,412,044 | $64,241,054 |
Alaska Village Electric Cooperative Inc Anchorage, AK | $149,755,137 | $62,136,237 |
Benton Rural Electric Association Prosser, WA | $100,163,870 | $44,244,946 |
Big Bend Electric Cooperative Inc Ritzville, WA | $77,547,194 | $40,611,913 |
Orcas Power & Light Cooperative Eastsound, WA | $113,042,035 | $35,371,006 |
Columbia Rural Electric Association Inc Walla Walla, WA | $105,545,364 | $36,917,429 |