Civic Intelligence

Salt River Electric Cooperative

990 • Fiscal year 2015 • EIN 61-0329022

Jan 01, 2015 to Dec 31, 2015 • Filed on May 07, 2016

Organization Profilewww.srelectric.com

View Organization Page

PO Box 609Bardstown, KY 40004

(502) 348-3931

Siviq Scores

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

Liabilities / Assets

23rd percentile

0.47x

Higher debt load relative to assets than 23% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Liabilities / Revenue

11th percentile

0.71x

Higher debt load relative to revenue than 11% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Net Margin

47th percentile

0.0%

Higher net margin than 47% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Top Officer Pay

18th percentile

$215,184

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Asset Growth

53rd percentile

2.9%

Faster asset growth than 53% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Revenue Growth

17th percentile

-6.1%

Faster revenue growth than 17% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets23rd percentile

Assets

Up

$163,001,923

Up $4,660,866 (+2.9%) from 2014

Net Assets

Up

$86,178,657

Up $3,760,577 (+4.6%) from 2014

Liabilities

Up

$76,823,266

Up $900,289 (+1.2%) from 2014

Revenue And Expenses
Liabilities / Revenue11th percentileNet Margin47th percentile

Revenue

Down

$107,686,796

Down $6,990,140 (-6.1%) from 2014

Expenses

Down

$107,686,796

Down $6,990,140 (-6.1%) from 2014

Net Income

Flat

$0

Flat from 2014

Historical Trend

Balance Sheet Trend

Asset Growth53rd percentile

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

$300M$200M$100M$0Assets 2010: $127,494,970Liabilities 2010: $66,736,324Net Assets 2010: $60,758,6462010Assets 2011: $129,787,377Liabilities 2011: $62,734,743Net Assets 2011: $67,052,6342011Assets 2012: $134,686,470Liabilities 2012: $61,684,821Net Assets 2012: $73,001,6492012Assets 2013: $152,762,911Liabilities 2013: $76,736,012Net Assets 2013: $76,026,8992013Assets 2014: $158,341,057Liabilities 2014: $75,922,977Net Assets 2014: $82,418,0802014Assets 2015: $163,001,923Liabilities 2015: $76,823,266Net Assets 2015: $86,178,6572015Assets 2016: $176,192,548Liabilities 2016: $78,078,219Net Assets 2016: $98,114,3292016Assets 2017: $177,492,279Liabilities 2017: $75,587,422Net Assets 2017: $101,904,8572017Assets 2018: $175,358,298Liabilities 2018: $68,704,768Net Assets 2018: $106,653,5302018Assets 2019: $179,433,871Liabilities 2019: $67,225,800Net Assets 2019: $112,208,0712019Assets 2020: $184,280,715Liabilities 2020: $68,429,101Net Assets 2020: $115,851,6142020Assets 2021: $187,060,575Liabilities 2021: $64,666,031Net Assets 2021: $122,394,5442021Assets 2022: $201,692,612Liabilities 2022: $73,168,943Net Assets 2022: $128,523,6692022Assets 2023: $212,048,137Liabilities 2023: $77,762,683Net Assets 2023: $134,285,4542023Assets 2024: $221,022,068Liabilities 2024: $82,225,258Net Assets 2024: $138,796,8102024

Highlighted filing

2015

Assets$163,001,923
Liabilities$76,823,266
Net Assets$86,178,657
Open 2015 Filing

Operations Trend

Revenue Growth17th percentile

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

$150M$100M$50M$0Expenses 2010: $92,594,6222010Expenses 2011: $105,293,6802011Expenses 2012: $105,378,5532012Revenue 2013: $111,605,272Expenses 2013: $111,605,272Net Income 2013: $02013Revenue 2014: $114,676,936Expenses 2014: $114,676,936Net Income 2014: $02014Revenue 2015: $107,686,796Expenses 2015: $107,686,796Net Income 2015: $02015Revenue 2016: $112,388,935Expenses 2016: $112,388,935Net Income 2016: $02016Revenue 2017: $104,296,183Expenses 2017: $104,296,183Net Income 2017: $02017Revenue 2018: $114,365,425Expenses 2018: $114,365,425Net Income 2018: $02018Revenue 2019: $111,692,003Expenses 2019: $111,692,003Net Income 2019: $02019Revenue 2020: $103,102,993Expenses 2020: $103,102,993Net Income 2020: $02020Revenue 2021: $114,408,015Expenses 2021: $114,408,015Net Income 2021: $02021Revenue 2022: $141,723,833Expenses 2022: $141,723,833Net Income 2022: $02022Revenue 2023: $134,671,914Expenses 2023: $134,671,914Net Income 2023: $02023Revenue 2024: $137,832,122Expenses 2024: $137,832,122Net Income 2024: $02024

Highlighted filing

2015

Revenue$107,686,796
Expenses$107,686,796
Net Income$0
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 7, 2016
Return Version
2015v2.0
Gross Receipts
$107,707,726
Mission and Program Overview

Mission

Distribution sales of electricity on a patronage basis to an average of approximately 51,600 consumers monthly.

Distribution sales of electricity on a patronage basis to an average of approximately 49,000 consumers monthly.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$85,995,142$91,686,159▲ $5,691,017
Land, Buildings, and Equipment, Net$77,114,097$75,899,621▼ $1,214,476
Investments Program Related$48,361,257$53,617,001▲ $5,255,744
Savings and Temporary Cash Investments$15,200,987$19,541,327▲ $4,340,340
Accounts Receivable$11,857,802$9,277,730▼ $2,580,072
Cap Stk Tr Prin Current Funds$2,039,040$2,107,765▲ $68,725
Other Notes and Loans Receivable, Net$2,122,202$1,898,500▼ $223,702
Cash and Non-Interest-Bearing Accounts$1,861,239$1,437,539▼ $423,700
Inventories for Sale or Use$624,386$673,255▲ $48,869
Prepaid Expenses and Deferred Charges$288,651$408,588▲ $119,937
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-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$-5,616,102$-7,615,267▼ $1,999,165
Total Assets$158,341,057$163,001,923▲ $4,660,866
Other Assets Total$910,436$248,362▼ $662,074
Liabilities
Mortgage Notes Payable Secured by Investment Property$62,165,384$64,226,428▲ $2,061,044
Accounts Payable and Accrued Expenses$8,467,887$7,348,261▼ $1,119,626
Other Liabilities$5,289,706$5,248,577▼ $41,129
Total Liabilities$75,922,977$76,823,266▲ $900,289
Net Assets / Fund Balance
Total Net Assets Fund Balance$82,418,080$86,178,657▲ $3,760,577
Total Liabilities and Net Assets / Fund Balance$158,341,057$163,001,923▲ $4,660,866

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$75,899,621$73,909,185$149,808,806
Compensation and Service Providers
Top Officer Pay18th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Tim SharpPresident/CEOFT$180,021$35,163$215,184
J Larry HicksPresident & CEOFT$182,747$30,771$213,518
J Edward BooneVP Finance & CFOFT$117,459$29,532$146,991
Gary PileStaff EngineerFT$115,804$28,899$144,703
Nicky RapierVP, Business DevelFT$119,625$23,775$143,400
Randy BurbaVP Customer SvcFT$118,844$17,688$136,532
Don CriglerBullitt Dist SuperFT$102,816$22,722$125,538
Gayle TroutmanTreasurerPT$22,800-$22,800
Jimmie LongmireChairmanPT$20,754-$20,754
Garry MannDirectorPT$20,600-$20,600
Albert CahoeVice ChairmanPT$20,354-$20,354
Darrell TingleDirectorPT$17,200-$17,200
Linda WestSecretaryPT$14,843-$14,843
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$100,474,700
Investment Income
$633,212
Other Revenue
$6,578,884
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$107,686,796
Total Revenue per Audited Statements
$107,686,796
Total Revenue per Form 990
$107,686,796
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$92,129,014
Salaries, Compensation, and Employee Benefits$7,760,919
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members$7,796,863--$7,796,863
Depreciation Depletion$5,915,907--$5,915,907
Other Salaries and Wages$3,968,883--$3,968,883
Other Expenses$2,619,206--$2,619,206
Interest$2,210,496--$2,210,496
Pension Plan Contributions$1,603,454--$1,603,454
Other Employee Benefits$1,170,268--$1,170,268
Current Officers, Directors, Trustees, and Key Employees$596,778--$596,778
Payroll Taxes$421,536--$421,536
Conferences and Meetings$56,300--$56,300
Fees for Services Legal$27,836--$27,836
Fees for Services Accounting$17,175--$17,175
All Other Expenses$-5,404,372--$-5,404,372
Total Functional Expenses$107,686,796$0$0$107,686,796

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$107,686,796
Total Expenses per Audited Statements$107,686,796
Total Expenses per Form 990$107,686,796
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
Consumer deposits$2,603,003
Accumulated postretirement benefits$1,462,026
Accrued expenses$813,581
Consumer advances for construction$369,966
Rounding$1
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 members 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

“The By-Laws may be amended by a majority vote of the Board of Directors at any regular or special meeting.”

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

“Directors are furnished a draft copy of the 990 prior to filing. May make inquiries of information contained in the filing. Additionally, if requested, directors meet with the independent auditor in a closed session and are able to ask question at that time.”

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

“Salt River has a Board Policy addressing conflicts of interest. This is reviewed on an annual basis.”

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

“15.a and b. The Board receives data from both local and national surveys. The Board uses this data, along with a performance review, to set compensation. The Board has used, and occassionally does, use an independent Human Resource Consulting firm to review the compensation and process.”

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

“ByLaws are given to each member. Each year financial statemenets are given to members and an annual meeting of members is held.”

Filing and Contact Details

Filer

Filer Name
Salt River Electric Cooperative
EIN
61-0329022
Phone
5023483931
Address
PO Box 609, Bardstown, KY 40004

Signing Officer

Name
Timothy J Sharp
Title
President & CEO
Signed
2016-05-07
Discuss with paid preparer
Yes

Organization Details

Formed
1936
Legal Domicile
Ky
Voting Board Members
6
Independent Board Members
6
Employees
73

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 Decreases

“Comprehensive income post benefits = -$1999165”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Margins allocated to members = $7796863”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Memberships issued = $68725”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Other equities = $279359”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Refunds of capital credits = -$2385205”

Form 990, Part IX, Line 4 - Benefits paid to or for members

“Represents patronage capital credits allocated to members in accordance with the bylaws of the Cooperative. 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/TitleTxt2Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt6President & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt7President/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt8VP Finance & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt9Staff Engineer
IRS990/Form990PartVIISectionAGrp/TitleTxt10VP Customer Svc
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP, Business Devel
IRS990/Form990PartVIISectionAGrp/TitleTxt12Bullitt Dist Super
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IRS990/MiscellaneousRevenueGrp/UnrelatedBusinessRevenueAmt0130018
IRS990/MissionDesc0Distribution sales of electricity on a patronage basis to an average of approximately 49,000 consumers monthly.
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OrgFiledInLieuOfForm1041Ind0false
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IRS990/OtherAssetsTotalGrp/EOYAmt0248362
IRS990/OtherChangesInNetAssetsAmt03760577
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt01170268
IRS990/OtherEmployeeBenefitsGrp/TotalAmt01170268
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IRS990/OtherExpensesGrp/Desc2Distribution - maintenance
IRS990/OtherExpensesGrp/Desc3Distribution - operations
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IRS990/OtherRevenueMiscGrp/Desc0Capital credits allocated
IRS990/OtherRevenueMiscGrp/Desc1G&T capital credits
IRS990/OtherRevenueMiscGrp/Desc2Joint use pole rentals
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IRS990/OtherRevenueMiscGrp/ExclusionAmt15337751
IRS990/OtherRevenueMiscGrp/ExclusionAmt2639371
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt15337751
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2639371
IRS990/OtherRevenueTotalAmt06593814
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt03968883
IRS990/OtherSalariesAndWagesGrp/TotalAmt03968883
IRS990/OtherSourcesGrossIncomeAmt01874345
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt02122202
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt01898500
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/ProgramServicesAmt0421536
IRS990/PayrollTaxesGrp/TotalAmt0421536
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IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt0-7615267
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt01603454
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IRS990/PoliticalCampaignActyInd0false
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0408588
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/Desc1Electric service
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$163,001,923
Liabilities
$76,823,266
Net assets
$86,178,657
Revenue
$107,686,796
Expenses
$107,686,796
Net income
$0
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$221$82.2$139$138$138$0.00
2023Detailed filing. Detailed filing data is available for this year.$212$77.8$134$135$135$0.00
2022Detailed filing. Detailed filing data is available for this year.$202$73.2$129$142$142$0.00
2021Detailed filing. Detailed filing data is available for this year.$187$64.7$122$114$114$0.00
2020Detailed filing. Detailed filing data is available for this year.$184$68.4$116$103$103$0.00
2019Detailed filing. Detailed filing data is available for this year.$179$67.2$112$112$112$0.00
2018Detailed filing. Detailed filing data is available for this year.$175$68.7$107$114$114$0.00
2017Detailed filing. Detailed filing data is available for this year.$177$75.6$102$104$104$0.00
2016Detailed filing. Detailed filing data is available for this year.$176$78.1$98.1$112$112$0.00
2015Detailed filing. Detailed filing data is available for this year.$163$76.8$86.2$108$108$0.00
2014Detailed filing. Detailed filing data is available for this year.$158$75.9$82.4$115$115$0.00
2013Detailed filing. Detailed filing data is available for this year.$153$76.7$76.0$112$112$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$135$61.7$73.0$105
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$130$62.7$67.1$105
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$127$66.7$60.8$92.6