Civic Intelligence

Salt River Electric Cooperative

990 • Fiscal year 2018 • EIN 61-0329022

Jan 01, 2018 to Dec 31, 2018 • Filed on Apr 10, 2019

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

15th percentile

0.39x

Higher debt load relative to assets than 15% of similar nonprofits.

2018 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2018

Liabilities / Revenue

8th percentile

0.60x

Higher debt load relative to revenue than 8% of similar nonprofits.

2018 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2018

Net Margin

52nd percentile

0.0%

Higher net margin than 52% of similar nonprofits.

2018 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2018

Top Officer Pay

37th percentile

$280,272

Higher top officer pay than 37% of similar nonprofits.

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

2018 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2018

Asset Growth

8th percentile

-1.2%

Faster asset growth than 8% of similar nonprofits.

2018 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Revenue Growth

78th percentile

9.7%

Faster revenue growth than 78% of similar nonprofits.

2018 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets15th percentile

Assets

Down

$175,358,298

Down $2,133,981 (-1.2%) from 2017

Net Assets

Up

$106,653,530

Up $4,748,673 (+4.7%) from 2017

Liabilities

Down

$68,704,768

Down $6,882,654 (-9.1%) from 2017

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin52nd percentile

Revenue

Up

$114,365,425

Up $10,069,242 (+9.7%) from 2017

Expenses

Up

$114,365,425

Up $10,069,242 (+9.7%) from 2017

Net Income

Flat

$0

Flat from 2017

Historical Trend

Balance Sheet Trend

Asset Growth8th 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

2018

Assets$175,358,298
Liabilities$68,704,768
Net Assets$106,653,530
Open 2018 Filing

Operations Trend

Revenue Growth78th 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

2018

Revenue$114,365,425
Expenses$114,365,425
Net Income$0
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Apr 10, 2019
Return Version
2018v3.1
Gross Receipts
$114,365,425
Mission and Program Overview

Mission

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$104,516,329$110,749,428▲ $6,233,099
Land, Buildings, and Equipment, Net$72,136,030$70,742,623▼ $1,393,407
Investments Program Related$61,463,413$65,570,634▲ $4,107,221
Savings and Temporary Cash Investments$25,218,287$18,882,393▼ $6,335,894
Accounts Receivable$11,464,464$11,002,704▼ $461,760
Cash and Non-Interest-Bearing Accounts$2,024,146$4,193,731▲ $2,169,585
Cap Stk Tr Prin Current Funds$2,248,440$2,317,690▲ $69,250
Inventories for Sale or Use$833,706$825,337▼ $8,369
Other Notes and Loans Receivable, Net$19,934$343,599▲ $323,665
Prepaid Expenses and Deferred Charges$192,807$217,886▲ $25,079
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-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$-4,859,912$-6,413,588▼ $1,553,676
Total Assets$177,492,279$175,358,298▼ $2,133,981
Other Assets Total$4,139,492$3,579,391▼ $560,101
Liabilities
Mortgage Notes Payable Secured by Investment Property$60,543,931$54,144,813▼ $6,399,118
Accounts Payable and Accrued Expenses$9,392,700$9,152,383▼ $240,317
Other Liabilities$5,650,791$5,407,572▼ $243,219
Total Liabilities$75,587,422$68,704,768▼ $6,882,654
Net Assets / Fund Balance
Total Net Assets Fund Balance$101,904,857$106,653,530▲ $4,748,673
Total Liabilities and Net Assets / Fund Balance$177,492,279$175,358,298▼ $2,133,981

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$70,742,623$88,670,968$159,413,591
Compensation and Service Providers
Top Officer Pay37th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Tim SharpPresident & CEOFT$238,050$42,222$280,272
Nicky RapierCheif Info OfficerFT$145,684$26,657$172,341
Brad ClementsLinemanFT$136,371$25,586$161,957
Rick HoopsLinemanFT$125,597$25,193$150,790
Isaac TuckerLinemanFT$124,069$25,068$149,137
James ThornsberryLinemanFT$128,118$12,668$140,786
Mechonda O'BrienVP Finance & CFOFT$104,476$29,002$133,478
Gayle TroutmanTreasurerPT$21,400-$21,400
Linda WestSecretaryPT$19,787-$19,787
Albert CahoeVice ChairmanPT$19,648-$19,648
Jimmie LongmireChairmanPT$19,248-$19,248
Darrell TingleDirectorPT$18,400-$18,400
Garry MannDirectorPT$17,600-$17,600
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$107,816,372
Investment Income
$1,184,283
Other Revenue
$5,364,770
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$114,365,425
Total Revenue per Audited Statements
$114,365,425
Total Revenue per Form 990
$114,365,425
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$96,862,073
Salaries, Compensation, and Employee Benefits$8,876,707
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members$8,626,645--$8,626,645
Depreciation Depletion$6,343,271--$6,343,271
Other Salaries and Wages$4,522,974--$4,522,974
Interest$2,603,202--$2,603,202
Pension Plan Contributions$2,208,493--$2,208,493
Other Expenses$1,929,508--$1,929,508
Other Employee Benefits$1,231,205--$1,231,205
Current Officers, Directors, Trustees, and Key Employees$458,609--$458,609
Payroll Taxes$455,426--$455,426
Fees for Services Legal$109,123--$109,123
Conferences and Meetings$51,964--$51,964
Fees for Services Accounting$12,650--$12,650
All Other Expenses$-6,514,997--$-6,514,997
Total Functional Expenses$114,365,425$0$0$114,365,425

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$114,365,425
Total Expenses per Audited Statements$114,365,425
Total Expenses per Form 990$114,365,425
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
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$2,977,530
Accrued expenses$1,071,291
Accumulated postretirement benefits$896,565
Consumer advances for construction$462,186
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
2019-04-10
Discuss with paid preparer
Yes

Organization Details

Formed
1936
Legal Domicile
Ky
Voting Board Members
6
Independent Board Members
6
Employees
76

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

“Accumulated comprehensive income = -$1553676”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Margins allocated to members = $8626645”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Memberships issued = $69250”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Other equities = $311001”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Refunds of capital credits = -$2704547”

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/TitleTxt1Director
IRS990/Form990PartVIISectionAGrp/TitleTxt2Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt6President & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt7VP Finance & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt8Cheif Info Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt9Lineman
IRS990/Form990PartVIISectionAGrp/TitleTxt10Lineman
IRS990/Form990PartVIISectionAGrp/TitleTxt11Lineman
IRS990/Form990PartVIISectionAGrp/TitleTxt12Lineman
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IRS990/MissionDesc0Distribution sales of electricity on a patronage basis to an average of approximately 51,600 consumers monthly.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt054144813
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetUnrelatedBusTxblIncmAmt0217156
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IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
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IRS990/OtherExpensesGrp/Desc2Distribution - operations
IRS990/OtherExpensesGrp/Desc3Distribution - maintenance
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IRS990/OtherExpensesGrp/ProgramServicesAmt13426930
IRS990/OtherExpensesGrp/ProgramServicesAmt23049003
IRS990/OtherExpensesGrp/ProgramServicesAmt31929508
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IRS990/OtherExpensesGrp/TotalAmt13426930
IRS990/OtherExpensesGrp/TotalAmt23049003
IRS990/OtherExpensesGrp/TotalAmt31929508
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IRS990/OtherLiabilitiesGrp/EOYAmt05407572
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IRS990/OtherRevenueMiscGrp/BusinessCd2221000
IRS990/OtherRevenueMiscGrp/Desc0Capital credits allocated
IRS990/OtherRevenueMiscGrp/Desc1G&T capital credits
IRS990/OtherRevenueMiscGrp/Desc2Joint use pole rentals
IRS990/OtherRevenueMiscGrp/ExclusionAmt0644160
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0242449
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt14122400
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0242449
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt14122400
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2644160
IRS990/OtherRevenueTotalAmt05364770
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt04522974
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IRS990/OtherSourcesGrossIncomeAmt02051810
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt019934
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0343599
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/ProgramServicesAmt0455426
IRS990/PayrollTaxesGrp/TotalAmt0455426
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt0-4859912
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt0-6413588
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt02208493
IRS990/PensionPlanContributionsGrp/TotalAmt02208493
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0192807
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0217886
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0221000
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IRS990/ProgramServiceRevenueGrp/Desc0Electric merchandise
IRS990/ProgramServiceRevenueGrp/Desc1Electric service
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1107522455
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0293917
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1107522455
IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/PYInvestmentIncomeAmt0847181
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt090458744
IRS990/PYOtherRevenueAmt03588631
IRS990/PYProgramServiceRevenueAmt099860371
IRS990/PYSalariesCompEmpBnftPaidAmt08553359
IRS990/PYTotalExpensesAmt0104296183
IRS990/PYTotalRevenueAmt0104296183
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
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IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0true
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0110749428
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt018882393
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt088670968
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2462186
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Consumer deposits
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IRS990ScheduleD/TotalBookValueProgramRltdAmt065570634
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IRS990ScheduleD/TotalLiabilityAmt05407572
IRS990ScheduleD/TotalRevenuePerForm990Amt0114365425
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IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1145684
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2125597
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt3238050
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt025586
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt225193
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt342222
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Brad Clements

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$175,358,298
Liabilities
$68,704,768
Net assets
$106,653,530
Revenue
$114,365,425
Expenses
$114,365,425
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