Civic Intelligence

Cullman Electric Cooperative

990 • Fiscal year 2021 • EIN 63-0052772

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 15, 2021

PO Box 1168Cullman, AL 35056-1168

(256) 737-3200

Siviq Scores

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

Liabilities / Assets

31st percentile

0.47x

Higher debt load relative to assets than 31% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

20th percentile

0.90x

Higher debt load relative to revenue than 20% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Net Margin

74th percentile

4.2%

Higher net margin than 74% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

32nd percentile

$309,629

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Asset Growth

78th percentile

8.3%

Faster asset growth than 78% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Revenue Growth

28th percentile

1.6%

Faster revenue growth than 28% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Assets

Up

$231,310,688

Up $17,786,017 (+8.3%) from 2020

Net Assets

Up

$123,662,546

Up $4,783,336 (+4.0%) from 2020

Liabilities

Up

$107,648,142

Up $13,002,681 (+14%) from 2020

Revenue

Up

$119,158,465

Up $1,853,027 (+1.6%) from 2020

Expenses

Down

$114,213,338

Down $466,668 (-0.4%) from 2020

Net Income

Up

$4,945,127

Up $2,319,695 (+88%) from 2020

Historical Trend

Balance Sheet Trend

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

$400M$300M$200M$100M$0Assets 2010: $157,071,235Liabilities 2010: $90,081,622Net Assets 2010: $66,989,6132010Assets 2011: $171,855,087Liabilities 2011: $92,807,256Net Assets 2011: $79,047,8312011Assets 2012: $174,780,854Liabilities 2012: $90,428,939Net Assets 2012: $84,351,9152012Assets 2013: $182,929,740Liabilities 2013: $93,069,662Net Assets 2013: $89,860,0782013Assets 2014: $187,140,632Liabilities 2014: $95,277,821Net Assets 2014: $91,862,8112014Assets 2015: $188,007,449Liabilities 2015: $91,947,712Net Assets 2015: $96,059,7372015Assets 2016: $193,555,570Liabilities 2016: $93,150,628Net Assets 2016: $100,404,9422016Assets 2017: $202,022,718Liabilities 2017: $96,705,236Net Assets 2017: $105,317,4822017Assets 2018: $206,304,242Liabilities 2018: $96,207,556Net Assets 2018: $110,096,6862018Assets 2019: $212,014,988Liabilities 2019: $96,251,854Net Assets 2019: $115,763,1342019Assets 2020: $213,524,671Liabilities 2020: $94,645,461Net Assets 2020: $118,879,2102020Assets 2021: $231,310,688Liabilities 2021: $107,648,142Net Assets 2021: $123,662,5462021Assets 2022: $256,114,342Liabilities 2022: $127,013,880Net Assets 2022: $129,100,4622022Assets 2023: $276,811,469Liabilities 2023: $143,835,702Net Assets 2023: $132,975,7672023Assets 2024: $303,612,808Liabilities 2024: $164,823,306Net Assets 2024: $138,789,5022024Assets 2025: $340,062,839Liabilities 2025: $190,973,922Net Assets 2025: $149,088,9172025

Highlighted filing

2021

Assets$231,310,688
Liabilities$107,648,142
Net Assets$123,662,546

Operations Trend

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

$200M$150M$100M$50M$0Expenses 2010: $101,546,4882010Expenses 2011: $112,866,2492011Expenses 2012: $103,183,1532012Revenue 2013: $110,101,180Expenses 2013: $104,558,120Net Income 2013: $5,543,0602013Revenue 2014: $59,053,595Expenses 2014: $56,504,502Net Income 2014: $2,549,0932014Revenue 2015: $115,662,800Expenses 2015: $111,472,744Net Income 2015: $4,190,0562015Revenue 2016: $110,502,860Expenses 2016: $106,140,787Net Income 2016: $4,362,0732016Revenue 2017: $115,561,460Expenses 2017: $110,620,734Net Income 2017: $4,940,7262017Revenue 2018: $119,843,246Expenses 2018: $115,307,129Net Income 2018: $4,536,1172018Revenue 2019: $122,087,612Expenses 2019: $116,426,374Net Income 2019: $5,661,2382019Revenue 2020: $117,305,438Expenses 2020: $114,680,006Net Income 2020: $2,625,4322020Revenue 2021: $119,158,465Expenses 2021: $114,213,338Net Income 2021: $4,945,1272021Revenue 2022: $129,698,192Expenses 2022: $129,698,192Net Income 2022: $02022Revenue 2023: $145,062,218Expenses 2023: $145,062,218Net Income 2023: $02023Revenue 2024: $150,626,956Expenses 2024: $150,626,956Net Income 2024: $02024Revenue 2025: $167,943,353Expenses 2025: $167,943,353Net Income 2025: $02025

Highlighted filing

2021

Revenue$119,158,465
Expenses$114,213,338
Net Income$4,945,127
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 15, 2021
Return Version
2020v4.0
Gross Receipts
$119,158,465
Mission and Program Overview

Mission

Cullman electric cooperative's mission is to provide electric service to its members located in four north alabama counties while adhering to the following values: commitment, accountability, reliability and efficiency.

Cullman electric cooperative's mission is to provide electric service to its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$165,511,414$183,013,034▲ $17,501,620
Rtn Earn Endowment Incm Other Fnds$118,702,035$123,481,466▲ $4,779,431
Savings and Temporary Cash Investments$18,073,937$18,122,016▲ $48,079
Accounts Receivable$13,499,725$13,453,352▼ $46,373
Inventories for Sale or Use$2,958,671$6,610,860▲ $3,652,189
Investments Other Securities$2,946,377$2,980,162▲ $33,785
Other Notes and Loans Receivable, Net$4,022,243$2,917,646▼ $1,104,597
Prepaid Expenses and Deferred Charges$2,517,056$2,305,244▼ $211,812
Cash and Non-Interest-Bearing Accounts$3,736,060$1,609,291▼ $2,126,769
Cap Stk Tr Prin Current Funds$177,175$181,080▲ $3,905
Total Assets$213,524,671$231,310,688▲ $17,786,017
Other Assets Total$259,188$299,083▲ $39,895
Liabilities
Mortgage Notes Payable Secured by Investment Property$66,101,465$78,633,814▲ $12,532,349
Accounts Payable and Accrued Expenses$21,388,197$22,688,819▲ $1,300,622
Other Liabilities$7,155,799$6,325,509▼ $830,290
Total Liabilities$94,645,461$107,648,142▲ $13,002,681
Net Assets / Fund Balance
Total Net Assets Fund Balance$118,879,210$123,662,546▲ $4,783,336
Total Liabilities and Net Assets / Fund Balance$213,524,671$231,310,688▲ $17,786,017

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$165,330,960$86,617,991$251,948,951
Equipment$11,333,874$6,019,041$17,352,915
Buildings$5,451,508$4,739,385$10,190,893
Land$896,692-$896,692
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Tim CulpepperCEOFT$241,825$67,804$309,629
Jerry WeathersbyCFOFT$177,782$81,089$258,871
Terry GrahamManager, KeyFT$203,606$50,154$253,760
Terry GrahamManager, Key Account-$190,543$63,217$253,760
Kim ArndtManager of MFT$173,825$54,572$228,397
Kim ArndtManager of Member Se-$156,040$72,357$228,397
Patrick WeissendManager of PFT$140,462$60,114$200,576
Patrick WeissendManager of Purchasin-$138,663$61,913$200,576
Ernest GeisenLinemanFT$135,863$47,552$182,930
Aaron QuickLinemanFT$141,258$14,069$155,812
Robert Tidwell JrChairperson-$20,590-$20,590
David HembreeTrustee-$19,990-$19,990
Lynda CarterSecretary-$19,990-$19,990
James Fields JrVice Chairpe-$19,990-$19,990
Lisa WeeksTrustee-$19,990-$19,990
Chad AlexanderTreasurer-$19,990-$19,990
Daryl CalvertTrustee-$19,990-$19,990
Phillip GarrisonTrustee-$19,840-$19,840
Sheila SizemoreTrustee-$18,940-$18,940

Highest Paid Contractors

ContractorServicesLocationCompensation
Lee Electrical Construction INCOverhead ContraPO BOX 55, SUITE J-239, Aberdeen, NC 28315$3,239,637
Davey Tree Expert CoRight Of Way Cl1500 NORTH MANTUA STREET, Kent, OH 44240$2,770,477
Fiberrise Communications LLCFiber Consultan12060 COUNTY LINE ROAD, Madison, AL 35756$1,773,401
Evergreen Tree And Right Of Way ServRight Of Way Cl280 CARTBODY ROAD, Carrolton, GA 30116$1,005,827
Aubrey Silvey Enterprises INCSubstation ContPO BOX 890093, Charlotte, NC 28289$830,401
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$115,161,555
Investment Income
$190,300
Other Revenue
$3,806,610
Change in Net Assets
$4,945,127

Audited Revenue Reconciliation

Revenue per Audited Statements
$118,235,305
Revenue Not Reported on Financial Statements
$923,160
Revenue Not Reported on Form 990
$1,216,791
Other Revenue Adjustments
$923,160
Total Revenue per Audited Statements
$119,452,096
Total Revenue per Form 990
$119,158,465
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$107,010,969
Salaries, Compensation, and Employee Benefits$7,202,369
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$8,075,057--$8,075,057
Other Salaries and Wages$5,305,894--$5,305,894
Other Expenses$4,192,275--$4,192,275
Interest$2,402,934--$2,402,934
Office Expenses$2,094,370--$2,094,370
Other Employee Benefits$1,896,475--$1,896,475
Advertising$47,279--$47,279
All Other Expenses$1,763--$1,763
Total Functional Expenses$114,213,338$0$0$114,213,338

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$114,506,969
Total Expenses per Form 990$114,213,338
Expenses per Audited Statements$113,290,178
Expenses Not Reported on Form 990$1,216,791
Expenses Not Reported on Financial Statements$923,160
Other Expense Adjustments$923,160
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Advance for Conservation Loans$2,857,701
Member Deposits$2,661,807
Post Retirement Health Benefits$806,001
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 35% controlled entity
No
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

MEMBERS

Form 990, Page 6, Part VI, Line 7A

The members elect the board of trustees

Form 990, Page 6, Part VI, Line 11B

After the form 990 was prepared by the independent auditors, the chief financial officer and the controller perform the initial review. The cooperative's ceo reviews the report. The cooperative's governing board is provided a copy of the report and reviews the report at a regular board meeting.

Form 990, Page 6, Part VI, Line 12C

A copy of the conflict of interest policy and a questionnaire is provided annually to all trustees, applicable management team members and selected employees to be returned to the ceo or executive committee of the board of trustees.

Form 990, Page 6, Part VI, Line 15A

The board of trustees evaluates the performance of the ceo annually. During this time compensation is reviewed and the board, acting as the compensation committee, makes their recommendation.

Form 990, Page 6, Part VI, Line 19

Cullman electric cooperative's governing documents, conflict of interest policy, and financial statements are available upon request through the office of the chief financial officer.

Filing and Contact Details

Filer

Filer Name
Cullman Electric Cooperative
EIN
63-0052772
Phone
2567373200
Address
PO BOX 1168, CULLMAN, AL 35056-1168

Signing Officer

Name
Tim Culpepper
Title
CEO
Phone
2567373265
Signed
2021-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tim Culpepper
Formed
1936
Legal Domicile
Al
Voting Board Members
9
Independent Board Members
9
Employees
116

Preparer

Firm
Wear Howell Strickland Quinn &lawllc
Address
1323 STRATFORD RD SE, DECATUR, AL 35601-6029
Preparer
Lynn Reeves
Phone
2563538902
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Change in memberships 3,905 post-retirement benefits adjustment -165,696 total -161,791

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

Tva pandemic relief credit 1,216,791

Schedule D, Page 4, Part XI, Line 4B

Contract billing expenses netted with revenue 893,554 misc. Expenses 24,319 misc revenue 1,765 gross resale revenue 3,522

Schedule D, Page 4, Part XII, Line 2D

Tva pandemic relief credit 1,216,791

Schedule D, Page 4, Part XII, Line 4B

Contract billing expenses netted with revenue 893,554 misc. Expenses 24,319 misc revenue 1,765 gross resale revenue 3,522

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IRS990/OtherExpensesGrp/Desc2DISTRIBUTION-MAINTENANCE
IRS990/OtherExpensesGrp/Desc3TAXES
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2POST RETIREMENT HEALTH BENEFITS
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0TVA PANDEMIC RELIEF CREDIT 1,216,791
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1CONTRACT BILLING EXPENSES NETTED WITH REVENUE 893,554 MISC. EXPENSES 24,319 MISC REVENUE 1,765 GROSS RESALE REVENUE 3,522
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2TVA PANDEMIC RELIEF CREDIT 1,216,791
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3CONTRACT BILLING EXPENSES NETTED WITH REVENUE 893,554 MISC. EXPENSES 24,319 MISC REVENUE 1,765 GROSS RESALE REVENUE 3,522
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XII, LINE 4B
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IRS990ScheduleD/TotalExpensesPerForm990Amt0114213338

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$340$191$149$168$168$0.00
2024Detailed filing. Detailed filing data is available for this year.$304$165$139$151$151$0.00
2023Detailed filing. Detailed filing data is available for this year.$277$144$133$145$145$0.00
2022Detailed filing. Detailed filing data is available for this year.$256$127$129$130$130$0.00
2021Detailed filing. Detailed filing data is available for this year.$231$108$124$119$114$4.95
2020Detailed filing. Detailed filing data is available for this year.$214$94.6$119$117$115$2.63
2019Detailed filing. Detailed filing data is available for this year.$212$96.3$116$122$116$5.66
2018Detailed filing. Detailed filing data is available for this year.$206$96.2$110$120$115$4.54
2017Detailed filing. Detailed filing data is available for this year.$202$96.7$105$116$111$4.94
2016Detailed filing. Detailed filing data is available for this year.$194$93.2$100$111$106$4.36
2015Detailed filing. Detailed filing data is available for this year.$188$91.9$96.1$116$111$4.19
2014Summary only. Only limited summary data is available for this year.$187$95.3$91.9$59.1$56.5$2.55
2013Detailed filing. Detailed filing data is available for this year.$183$93.1$89.9$110$105$5.54
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$175$90.4$84.4$103
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$172$92.8$79.0$113
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$157$90.1$67.0$102