Civic Intelligence

Meade County Rural Electric Cooperative Corporation

990 • Fiscal year 2014 • EIN 61-0277343

Jan 01, 2014 to Dec 31, 2014 • Filed on Apr 16, 2015

Organization Profilewww.mcrecc.com
PO Box 489Brandenburg, KY 40108

(270) 422-2162

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

84th percentile

0.66x

Higher debt load relative to assets than 84% of similar nonprofits.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2014

Liabilities / Revenue

52nd percentile

1.31x

Higher debt load relative to revenue than 52% of similar nonprofits.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2014

Net Margin

58th percentile

0.8%

Higher net margin than 58% of similar nonprofits.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2014

Top Officer Pay

44th percentile

$209,255

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2014

Asset Growth

13th percentile

0.2%

Faster asset growth than 13% of similar nonprofits.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Revenue Growth

87th percentile

15%

Faster revenue growth than 87% of similar nonprofits.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$94,749,694

Up $150,863 (+0.2%) from 2013

Net Assets

Up

$32,051,902

Up $1,660,438 (+5.5%) from 2013

Liabilities

Down

$62,697,792

Down $1,509,575 (-2.4%) from 2013

Revenue And Expenses
Liabilities / Revenue52nd percentileNet Margin58th percentile

Revenue

Up

$47,827,369

Up $6,196,304 (+15%) from 2013

Expenses

Up

$47,434,030

Up $6,173,114 (+15%) from 2013

Net Income

Up

$393,339

Up $23,190 (+6.3%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth13th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2010: $83,963,908Liabilities 2010: $58,609,797Net Assets 2010: $25,354,1112010Assets 2011: $89,496,548Liabilities 2011: $62,010,061Net Assets 2011: $27,486,4872011Assets 2012: $90,932,625Liabilities 2012: $62,219,892Net Assets 2012: $28,712,7332012Assets 2013: $94,598,831Liabilities 2013: $64,207,367Net Assets 2013: $30,391,4642013Assets 2014: $94,749,694Liabilities 2014: $62,697,792Net Assets 2014: $32,051,9022014Assets 2015: $97,870,995Liabilities 2015: $65,639,156Net Assets 2015: $32,231,8392015Assets 2016: $101,241,474Liabilities 2016: $68,537,719Net Assets 2016: $32,703,7552016Assets 2017: $100,798,938Liabilities 2017: $66,888,954Net Assets 2017: $33,909,9842017Assets 2018: $115,491,506Liabilities 2018: $79,902,778Net Assets 2018: $35,588,7282018Assets 2019: $117,432,757Liabilities 2019: $81,591,166Net Assets 2019: $35,841,5912019Assets 2020: $116,075,331Liabilities 2020: $79,441,620Net Assets 2020: $36,633,7112020Assets 2021: $114,856,547Liabilities 2021: $76,702,108Net Assets 2021: $38,154,4392021Assets 2022: $116,049,029Liabilities 2022: $77,173,975Net Assets 2022: $38,875,0542022Assets 2023: $114,736,795Liabilities 2023: $73,721,028Net Assets 2023: $41,015,7672023Assets 2024: $114,152,123Liabilities 2024: $72,842,613Net Assets 2024: $41,309,5102024

Highlighted filing

2014

Assets$94,749,694
Liabilities$62,697,792
Net Assets$32,051,902
Open 2014 Filing

Operations Trend

Revenue Growth87th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$100M$50M$0Expenses 2010: $32,884,0342010Revenue 2011: $36,122,913Expenses 2011: $35,937,553Net Income 2011: $185,3602011Expenses 2012: $36,302,9132012Revenue 2013: $41,631,065Expenses 2013: $41,260,916Net Income 2013: $370,1492013Revenue 2014: $47,827,369Expenses 2014: $47,434,030Net Income 2014: $393,3392014Revenue 2015: $47,181,495Expenses 2015: $46,768,345Net Income 2015: $413,1502015Revenue 2016: $50,668,130Expenses 2016: $50,350,387Net Income 2016: $317,7432016Revenue 2017: $54,505,954Expenses 2017: $54,306,991Net Income 2017: $198,9632017Revenue 2018: $59,758,606Expenses 2018: $59,208,333Net Income 2018: $550,2732018Revenue 2019: $55,880,201Expenses 2019: $55,880,201Net Income 2019: $02019Revenue 2020: $52,512,211Expenses 2020: $52,512,211Net Income 2020: $02020Revenue 2021: $56,068,538Expenses 2021: $56,068,538Net Income 2021: $02021Revenue 2022: $68,475,133Expenses 2022: $68,475,133Net Income 2022: $02022Revenue 2023: $74,643,147Expenses 2023: $74,643,147Net Income 2023: $02023Revenue 2024: $86,638,949Expenses 2024: $86,638,949Net Income 2024: $02024

Highlighted filing

2014

Revenue$47,827,369
Expenses$47,434,030
Net Income$393,339
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Apr 16, 2015
Return Version
2014v5.0
Gross Receipts
$47,827,369
Mission and Program Overview

Mission

Provide electric service to member owners on a patronage basis. Serve an average of approximately 29,700 consumers monthly.

Provide electric service to member owners on a patronage basis. Serve an average of approximately 29,000 consumers monthly.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$77,200,309$79,113,086▲ $1,912,777
Rtn Earn Endowment Incm Other Fnds$30,460,067$32,108,955▲ $1,648,888
Accounts Receivable$5,550,992$5,569,311▲ $18,319
Cash and Non-Interest-Bearing Accounts$2,900,912$3,065,391▲ $164,479
Investments Program Related$2,314,205$2,043,772▼ $270,433
Savings and Temporary Cash Investments$3,290,838$1,709,764▼ $1,581,074
Prepaid Expenses and Deferred Charges$718,316$945,097▲ $226,781
Inventories for Sale or Use$896,261$759,551▼ $136,710
Cap Stk Tr Prin Current Funds$86,750$82,942▼ $3,808
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$-155,353$-139,995▲ $15,358
Total Assets$94,598,831$94,749,694▲ $150,863
Other Assets Total$1,726,998$1,543,722▼ $183,276
Liabilities
Mortgage Notes Payable Secured by Investment Property$56,980,946$54,991,938▼ $1,989,008
Other Liabilities$3,641,851$3,916,952▲ $275,101
Accounts Payable and Accrued Expenses$3,584,570$3,788,902▲ $204,332
Total Liabilities$64,207,367$62,697,792▼ $1,509,575
Net Assets / Fund Balance
Total Net Assets Fund Balance$30,391,464$32,051,902▲ $1,660,438
Total Liabilities and Net Assets / Fund Balance$94,598,831$94,749,694▲ $150,863

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$79,113,086$33,719,590$112,832,676
Compensation and Service Providers
Top Officer Pay44th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Burns MercerPresident/CEOFT$195,094$14,161$209,255
Tim GossettVP, Public Relations & MktFT$95,956$49,239$145,195
David PoeVP Engineering & OperationsFT$115,953$11,942$127,895
Karen BrownVP, Admin & FinanceFT$108,827$10,722$119,549
David PaceVP, Public Relations & MktgFT$75,002$26,679$101,681
Darla SipesSec-TreasPT$12,869-$12,869
Robert RhodesChairmanPT$11,119-$11,119
Stephen BarrDirectorPT$10,619-$10,619
Ann Marie WilliamsDirectorPT$9,619-$9,619
Dr James G SillsVice ChairmanPT$9,369-$9,369
Paul Ed ButlerDirectorPT$9,119-$9,119
David T Wilson IIDirectorPT$3,510-$3,510
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$47,086,216
Investment Income
$319,170
Other Revenue
$421,983
Change in Net Assets
$393,339

Audited Revenue Reconciliation

Revenue per Audited Statements
$47,827,369
Total Revenue per Audited Statements
$47,827,369
Total Revenue per Form 990
$47,827,369
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$40,038,015
Salaries, Compensation, and Employee Benefits$5,911,241
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,811,940--$3,811,940
Depreciation Depletion$3,777,113--$3,777,113
Interest$1,654,735--$1,654,735
Other Expenses$1,647,133--$1,647,133
Benefits to Members$1,484,774--$1,484,774
Pension Plan Contributions$667,467--$667,467
Current Officers, Directors, Trustees, and Key Employees$657,054--$657,054
Other Employee Benefits$437,968--$437,968
Payroll Taxes$336,812--$336,812
Insurance$119,747--$119,747
Fees for Services Accounting$10,150--$10,150
Fees for Services Legal$9,250--$9,250
All Other Expenses$-3,935,520--$-3,935,520
Total Functional Expenses$47,434,030$0$0$47,434,030

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$47,434,030
Total Expenses per Audited Statements$47,434,030
Total Expenses per Form 990$47,434,030
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accumulated postretirement benefits$1,491,930
Consumer deposits$945,839
Other current and accrued liabilities$849,629
Consumer advances for construction$629,554
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

“Must be a member to receive electric service. Each member has 1 vote. May have more than 1 service per membership.”

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

“Nominating committee meets every year there is an election to select member to run for director. Member may run for director with petition signed by 100 or more eligible members.”

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“Articles of Incorporation can only be changed by at least a 2/3 majority of membership. By laws may be altered by a majority vote of the board of directors.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Directors are furnished a draft copy of the Form 990 prior to filing. May make inquiries and changes to the information contained in the filing.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Directors and key employees annually complete questionnaire on family and business relationships.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“15a. and b. The Board receives data from both local and national surveys. The Board uses this data, along with performance review for the CEO, to set compensation.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“By laws and Articles of Incorporation are made available to each new member. Each year an annual meeting of members is held, with financial information distributed at this meeting. Financial information is available on Kentucky Public Service Commission website.”

Filing and Contact Details

Filer

Filer Name
Meade County Rural Electric
EIN
61-0277343
Phone
2704222162
Address
PO Box 489, Brandenburg, KY 40108

Signing Officer

Name
Burns E Mercer
Title
President & CEO
Signed
2015-04-16
Discuss with paid preparer
Yes

Organization Details

Formed
1937
Legal Domicile
Ky
Voting Board Members
7
Independent Board Members
7
Employees
72

Preparer

Firm
Alan Zumstein
Address
1032 CHETFORD DRIVE, LEXINGTON, KY 40509
Preparer
Alan Zumstein
Phone
8592647147
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

“Comprehensive income-postretirement ben = $15358”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Margins allocated to members = $1484774”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Memberships issued = -$3808”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Other equities = -$2523”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Refunds of capital credits = -$226702”

Form 990, Part IX, Line 4 -

“Represents patronage capital allocated to members in accordance with the Cooperative's bylaws. This reporting results in a difference between book income and income reported on the Form 990 by the same amount.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt2Sec-Treas
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7President/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt8VP Engineering & Operations
IRS990/Form990PartVIISectionAGrp/TitleTxt9VP, Admin & Finance
IRS990/Form990PartVIISectionAGrp/TitleTxt10VP, Public Relations & Mkt
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP, Public Relations & Mktg
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IRS990/GamingActivitiesInd0false
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IRS990/GrantsToOrganizationsInd0false
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IRS990/InfoInScheduleOPartXIInd0X
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IRS990/InsuranceGrp/ProgramServicesAmt0119747
IRS990/InsuranceGrp/TotalAmt0119747
IRS990/IntangibleAssetsGrp/EOYAmt00
IRS990/InterestGrp/ProgramServicesAmt01654735
IRS990/InterestGrp/TotalAmt01654735
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IRS990/InventoriesForSaleOrUseGrp/EOYAmt0759551
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IRS990/LandBldgEquipCostOrOtherBssAmt0112832676
IRS990/LegalDomicileStateCd0KY
IRS990/LicensedMoreThanOneStateInd0false
IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
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IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0Provide electric service to member owners on a patronage basis. Serve an average of approximately 29,000 consumers monthly.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt056980946
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt054991938
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IRS990/NetAssetsOrFundBalancesEOYAmt032051902
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/TotalAmt00
IRS990/OfficerMailingAddressInd0false
IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
IRS990/OtherAssetsTotalGrp/BOYAmt01726998
IRS990/OtherAssetsTotalGrp/EOYAmt01543722
IRS990/OtherChangesInNetAssetsAmt01267099
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0437968
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0437968
IRS990/OtherExpensesGrp/Desc0Purchase power
IRS990/OtherExpensesGrp/Desc1Distribution - maintenance
IRS990/OtherExpensesGrp/Desc2Distribution - operations
IRS990/OtherExpensesGrp/Desc3Consumer accounts
IRS990/OtherExpensesGrp/ProgramServicesAmt030666194
IRS990/OtherExpensesGrp/ProgramServicesAmt13078800
IRS990/OtherExpensesGrp/ProgramServicesAmt23010413
IRS990/OtherExpensesGrp/ProgramServicesAmt31647133
IRS990/OtherExpensesGrp/TotalAmt030666194
IRS990/OtherExpensesGrp/TotalAmt13078800
IRS990/OtherExpensesGrp/TotalAmt23010413
IRS990/OtherExpensesGrp/TotalAmt31647133
IRS990/OtherLiabilitiesGrp/BOYAmt03641851
IRS990/OtherLiabilitiesGrp/EOYAmt03916952
IRS990/OtherRevenueMiscGrp/BusinessCd0221000
IRS990/OtherRevenueMiscGrp/BusinessCd1221000
IRS990/OtherRevenueMiscGrp/BusinessCd2221000
IRS990/OtherRevenueMiscGrp/Desc0Joint use pole attachment
IRS990/OtherRevenueMiscGrp/Desc1Patronage capital allocat
IRS990/OtherRevenueMiscGrp/Desc2Sale of general plant
IRS990/OtherRevenueMiscGrp/ExclusionAmt0276300
IRS990/OtherRevenueMiscGrp/ExclusionAmt171514
IRS990/OtherRevenueMiscGrp/ExclusionAmt274169
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0276300
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt171514
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt274169
IRS990/OtherRevenueTotalAmt0421983
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt03811940
IRS990/OtherSalariesAndWagesGrp/TotalAmt03811940
IRS990/OtherSourcesGrossIncomeAmt0741153
IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/ProgramServicesAmt0336812
IRS990/PayrollTaxesGrp/TotalAmt0336812
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt0-155353
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt0-139995
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0667467
IRS990/PensionPlanContributionsGrp/TotalAmt0667467
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0718316
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0945097
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0221000
IRS990/ProgramServiceRevenueGrp/Desc0Electric service
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt047086216
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt047086216
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt01529875
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0308393
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt032969237
IRS990/PYOtherRevenueAmt0372753
IRS990/PYProgramServiceRevenueAmt040949919
IRS990/PYRevenuesLessExpensesAmt0370149
IRS990/PYSalariesCompEmpBnftPaidAmt06761804
IRS990/PYTotalExpensesAmt041260916
IRS990/PYTotalRevenueAmt041631065
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0393339
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt030460067
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt032108955
IRS990/SavingsAndTempCashInvstGrp/BOYAmt03290838
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01709764
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt079113086
IRS990ScheduleD/EquipmentGrp/DepreciationAmt033719590
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0112832676
IRS990ScheduleD/ExpensesSubtotalAmt047434030
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01491930
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1629554
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2945839
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt3849629
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Accumulated postretirement benefits
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Consumer advances for construction
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Consumer deposits
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Other current and accrued liabilities
IRS990ScheduleD/RevenueSubtotalAmt047827369
IRS990ScheduleD/TotalBookValueLandBuildingsAmt079113086
IRS990ScheduleD/TotalExpensesPerForm990Amt047434030
IRS990ScheduleD/TotalLiabilityAmt03916952
IRS990ScheduleD/TotalRevenuePerForm990Amt047827369
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt047827369
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt047434030
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/IndependentConsultantInd0X
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0195094
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt014161
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Burns Mercer
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President/CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0209255
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Must be a member to receive electric service. Each member has 1 vote. May have more than 1 service per membership.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Nominating committee meets every year there is an election to select member to run for director. Member may run for director with petition signed by 100 or more eligible members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Articles of Incorporation can only be changed by at least a 2/3 majority of membership. By laws may be altered by a majority vote of the board of directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Directors are furnished a draft copy of the Form 990 prior to filing. May make inquiries and changes to the information contained in the filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Directors and key employees annually complete questionnaire on family and business relationships.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt515a. and b. The Board receives data from both local and national surveys. The Board uses this data, along with performance review for the CEO, to set compensation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6By laws and Articles of Incorporation are made available to each new member. Each year an annual meeting of members is held, with financial information distributed at this meeting. Financial information is available on Kentucky Public Service Commission website.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Comprehensive income-postretirement ben = $15358
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Margins allocated to members = $1484774
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9Memberships issued = -$3808
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10Other equities = -$2523
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11Refunds of capital credits = -$226702
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12Represents patronage capital allocated to members in accordance with the Cooperative's bylaws. This reporting results in a difference between book income and income reported on the Form 990 by the same amount.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 11b: Form 990 Review Process

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$94,749,694
Liabilities
$62,697,792
Net assets
$32,051,902
Revenue
$47,827,369
Expenses
$47,434,030
Net income
$393,339
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$114$72.8$41.3$86.6$86.6$0.00
2023Detailed filing. Detailed filing data is available for this year.$115$73.7$41.0$74.6$74.6$0.00
2022Detailed filing. Detailed filing data is available for this year.$116$77.2$38.9$68.5$68.5$0.00
2021Detailed filing. Detailed filing data is available for this year.$115$76.7$38.2$56.1$56.1$0.00
2020Detailed filing. Detailed filing data is available for this year.$116$79.4$36.6$52.5$52.5$0.00
2019Detailed filing. Detailed filing data is available for this year.$117$81.6$35.8$55.9$55.9$0.00
2018Detailed filing. Detailed filing data is available for this year.$115$79.9$35.6$59.8$59.2$0.55
2017Detailed filing. Detailed filing data is available for this year.$101$66.9$33.9$54.5$54.3$0.20
2016Detailed filing. Detailed filing data is available for this year.$101$68.5$32.7$50.7$50.4$0.32
2015Detailed filing. Detailed filing data is available for this year.$97.9$65.6$32.2$47.2$46.8$0.41
2014Detailed filing. Detailed filing data is available for this year.$94.7$62.7$32.1$47.8$47.4$0.39
2013Detailed filing. Detailed filing data is available for this year.$94.6$64.2$30.4$41.6$41.3$0.37
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$90.9$62.2$28.7$36.3
2011Summary only. Only limited summary data is available for this year.$89.5$62.0$27.5$36.1$35.9$0.19
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$84.0$58.6$25.4$32.9