Civic Intelligence

Dixie Electric Cooperative

990 • Fiscal year 2014 • EIN 63-0059155

Jan 01, 2014 to Dec 31, 2014 • Filed on May 21, 2015

9100 Atlanta HighwayMontgomery, AL 36117

(334) 288-1163

Siviq Scores

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

Liabilities / Assets

51st percentile

0.58x

Higher debt load relative to assets than 51% of similar nonprofits.

2014 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2014

Liabilities / Revenue

45th percentile

1.19x

Higher debt load relative to revenue than 45% of similar nonprofits.

2014 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2014

Net Margin

79th percentile

4.5%

Higher net margin than 79% of similar nonprofits.

2014 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2014

Top Officer Pay

59th percentile

$295,390

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2014 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2014

Asset Growth

95th percentile

13%

Faster asset growth than 95% of similar nonprofits.

2014 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2013 to 2014

Revenue Growth

63rd percentile

5.5%

Faster revenue growth than 63% of similar nonprofits.

2014 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2013 to 2014

Assets

Up

$126,759,525

Up $14,476,405 (+13%) from 2013

Net Assets

Up

$53,285,879

Up $2,824,183 (+5.6%) from 2013

Liabilities

Up

$73,473,646

Up $11,652,222 (+19%) from 2013

Revenue

Up

$61,865,258

Up $3,212,435 (+5.5%) from 2013

Expenses

Up

$59,054,625

Up $4,845,524 (+8.9%) from 2013

Net Income

Down

$2,810,633

Down $1,633,089 (-37%) from 2013

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2010: $98,479,979Liabilities 2010: $60,165,191Net Assets 2010: $38,314,7882010Assets 2011: $100,891,932Liabilities 2011: $58,421,761Net Assets 2011: $42,470,1712011Assets 2012: $102,178,706Liabilities 2012: $56,334,722Net Assets 2012: $45,843,9842012Assets 2013: $112,283,120Liabilities 2013: $61,821,424Net Assets 2013: $50,461,6962013Assets 2014: $126,759,525Liabilities 2014: $73,473,646Net Assets 2014: $53,285,8792014Assets 2015: $129,100,047Liabilities 2015: $72,541,490Net Assets 2015: $56,558,5572015Assets 2016: $136,045,219Liabilities 2016: $75,897,524Net Assets 2016: $60,147,6952016Assets 2017: $139,487,887Liabilities 2017: $77,468,634Net Assets 2017: $62,019,2532017Assets 2018: $144,355,521Liabilities 2018: $80,584,587Net Assets 2018: $63,770,9342018Assets 2019: $145,582,396Liabilities 2019: $81,001,102Net Assets 2019: $64,581,2942019Assets 2020: $156,570,135Liabilities 2020: $90,756,455Net Assets 2020: $65,813,6802020Assets 2021: $156,438,458Liabilities 2021: $90,171,311Net Assets 2021: $66,267,1472021Assets 2022: $157,673,539Liabilities 2022: $89,476,251Net Assets 2022: $68,197,2882022Assets 2023: $171,024,876Liabilities 2023: $98,912,049Net Assets 2023: $72,112,8272023Assets 2024: $175,433,879Liabilities 2024: $95,930,468Net Assets 2024: $79,503,4112024

Highlighted filing

2014

Assets$126,759,525
Liabilities$73,473,646
Net Assets$53,285,879

Operations Trend

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

$100M$50M$0Expenses 2010: $54,783,1072010Expenses 2011: $54,144,3072011Expenses 2012: $52,978,9532012Revenue 2013: $58,652,823Expenses 2013: $54,209,101Net Income 2013: $4,443,7222013Revenue 2014: $61,865,258Expenses 2014: $59,054,625Net Income 2014: $2,810,6332014Revenue 2015: $61,091,357Expenses 2015: $57,917,247Net Income 2015: $3,174,1102015Revenue 2016: $62,045,792Expenses 2016: $58,946,418Net Income 2016: $3,099,3742016Revenue 2017: $61,047,114Expenses 2017: $59,036,509Net Income 2017: $2,010,6052017Revenue 2018: $63,370,508Expenses 2018: $62,240,007Net Income 2018: $1,130,5012018Revenue 2019: $64,393,158Expenses 2019: $64,004,061Net Income 2019: $389,0972019Revenue 2020: $62,695,106Expenses 2020: $61,606,519Net Income 2020: $1,088,5872020Revenue 2021: $66,291,723Expenses 2021: $64,561,423Net Income 2021: $1,730,3002021Revenue 2022: $75,421,397Expenses 2022: $73,943,824Net Income 2022: $1,477,5732022Revenue 2023: $80,816,986Expenses 2023: $77,045,769Net Income 2023: $3,771,2172023Revenue 2024: $88,254,655Expenses 2024: $83,084,831Net Income 2024: $5,169,8242024

Highlighted filing

2014

Revenue$61,865,258
Expenses$59,054,625
Net Income$2,810,633
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 21, 2015
Return Version
2014v5.0
Gross Receipts
$61,865,258
Mission and Program Overview

Mission

Dixie electric cooperative is committed to safely providing its member- owners with economical and reliable electric power and related services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$84,340,563$91,095,078▲ $6,754,515
Rtn Earn Endowment Incm Other Fnds$50,461,696$53,285,879▲ $2,824,183
Investments Program Related$18,096,115$19,219,429▲ $1,123,314
Accounts Receivable$4,845,799$4,117,852▼ $727,947
Investments Other Securities$1,856,309$2,325,604▲ $469,295
Inventories for Sale or Use$1,020,822$1,122,098▲ $101,276
Cash and Non-Interest-Bearing Accounts$1,003,862$445,560▼ $558,302
Prepaid Expenses and Deferred Charges$206,587$351,296▲ $144,709
Other Notes and Loans Receivable, Net$28,205$28,180▼ $25
Total Assets$112,283,120$126,759,525▲ $14,476,405
Other Assets Total$884,858$8,054,428▲ $7,169,570
Liabilities
Mortgage Notes Payable Secured by Investment Property$46,894,848$57,989,888▲ $11,095,040
Other Liabilities$7,416,460$8,105,242▲ $688,782
Accounts Payable and Accrued Expenses$7,510,116$7,378,516▼ $131,600
Total Liabilities$61,821,424$73,473,646▲ $11,652,222
Net Assets / Fund Balance
Total Net Assets Fund Balance$50,461,696$53,285,879▲ $2,824,183
Total Liabilities and Net Assets / Fund Balance$112,283,120$126,759,525▲ $14,476,405

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$402--
Other Land Buildings$91,095,078$25,173,044-
Other Assets Org$1,365--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Gary HarrisonCFOFT$231,417$63,973$295,390
Gary HarrisonCEO/general Manager-$221,077$74,313$295,390
Brandon JohnsonMgr-marketinFT$143,956$44,151$188,107
Brandon JohnsonMgr-engineering & Op-$137,143$50,964$188,107
Brent MoffettDistrict forPT$121,668$35,046$156,714
Brent MoffettMgr-external Affairs-$112,460$44,254$156,714
Mike BarlowMgr-engineerFT$116,835$39,180$156,015
Mike BarlowCFO-$111,689$44,326$156,015
Ernie FaulknerMgr-h.r. & aFT$133,947$22,020$155,967
Ernie FaulknerMgr-marketing/econ D-$117,481$38,486$155,967
Martha SingletonMgr-externalFT$132,754$22,000$154,754
Martha SingletonMgr-h.r. & Admin-$123,154$31,600$154,754
Larry Capps-FT$112,855$20,568$133,423
Tom JamesVice PresidePT$11,800$8,036$19,836
Aaron EllisTrusteePT$8,800$10,729$19,529
John P LivingsPresidentPT$10,000$9,397$19,397
Andrew CallawaySecretary/trPT$7,400$11,544$18,944
Irvin WellsTrusteePT$7,600$10,342$17,942
Albert J PerryTrustee-$3,600$13,548$17,148
James SikesCEO/general-$4,000$10,887$14,887
Parker Gray MountTrustee-$4,600$9,337$13,937

Board Members and Trustees

NameTitle
Ron StallworthTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Bailey Harris Construction INCBldg Contractor1552 BAILEY HARRIS DRIVE, Auburn, AL 36830$5,319,211
T&d Solutions LLCUtil ContractorPO BOX 11948, Alexandria, LA 71315$516,320
Southeastern Data CorpComp. Support100 ASHFORD CENTER NORTH SUITE 500, Atlanta, GA 30338$435,693
Asplundh Tree Experts CoRow CuttingPO BOX 532729, Atlanta, GA 30353$379,889
Harris Security SystemsSecurity SysPO BOX 1182, Ozark, AL 36361$131,117
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$59,714,294
Investment Income
$1,447,593
Other Revenue
$703,371
Change in Net Assets
$2,810,633

Audited Revenue Reconciliation

Revenue per Audited Statements
$61,865,258
Total Revenue per Audited Statements
$61,865,258
Total Revenue per Form 990
$61,865,258
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$57,406,772
Salaries, Compensation, and Employee Benefits$1,051,231
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$4,594,308--$4,594,308
Depreciation Depletion$3,059,205--$3,059,205
Interest$2,367,641--$2,367,641
Other Expenses$2,271,714--$2,271,714
Other Salaries and Wages$645,179--$645,179
Benefits to Members$596,622--$596,622
Current Officers, Directors, Trustees, and Key Employees$406,052--$406,052
Total Functional Expenses$59,054,625$0$0$59,054,625

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$59,054,625
Expenses per Audited Statements$58,458,003
Total Expenses per Audited Statements$58,458,003
Expenses Not Reported on Financial Statements$596,622
Other Expense Adjustments$596,622
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Cooperative Utility Services LLCOfficerMaxwell BaseNo-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Postretirement Benefits$4,327,212
Consumer Deposits$3,251,246
Deferred Credits$526,784
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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, Page 6, Part VI, Line 6

Member owned cooperative.

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

Board of directors are elected by members.

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

Bylaw changes and election of board of directors.

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

The board is given a copy of the return and a review is conducted at the cooperative board meeting before filing.

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

Officer, directors or trustees, and key employees are required to notify management or the board as potential conflicts arise. The corporation reviews all payments and each supervisor determines if a potential conflict should be considered.

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

The corporation used an independent consultant who helped establish the compensation program, which is based upon external market data for all positions at the cooperative. This external market data consists of the compensation program of our national organization which is national rural electric cooperative association. The compensation program of nreca is updated annually and consists of national, regional, and state data. Our national organization includes more than 900 member cooperatives and serves 42 million people in 47 states. Also used in our compensation program was our statewide organization's wage and salary survey which is updated on an annual basis. Our statewide organization is alabama rural electric association of cooperatives, which is a member-owned federation of 22 electric distribution cooperatives.

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

The corporation used an independent consultant who helped establish the compensation program, which is based upon external market data for all positions at the cooperative. This external market data consists of the compensation program of our national organization which is national rural electric cooperative association. The compensation program of nreca is updated annually and consists of national, regional, and state data. Our national organization includes more than 900 member cooperatives and serves 42 million people in 47 states. Also used in our compensation program was our statewide organization's wage and salary survey which is updated on an annual basis. Our statewide organization is alabama rural electric association of cooperatives, which is a member-owned federation of 22 electric distribution cooperatives.

Form 990, Page 6, Part VI, Line 19

Documents are available for inspection in montgomery, al upon request.

Form 990, Part VII

(seciton a and part ix, lines 5, 7, & 24) portions of these compensation and benefit expenses are reimbursed by cooperative utility services, llc based on the portion of time spent by the respective individuals in managing and operating those entities. (part viii, line 11b) cooperative utility services, llc is owned by two electric cooperatives; for the purpose of obtaining a government contract for electric facility maintenance. Central alabama electric cooperative owns 50% interest in the organization.

Filing and Contact Details

Filer

Filer Name
Dixie Electric Cooperative
EIN
63-0059155
Phone
3342881163
Address
9100 ATLANTA HIGHWAY, MONTGOMERY, AL 36117

Signing Officer

Name
Mike Barlow
Title
CFO
Phone
3342881163
Signed
2015-05-21
Discuss with paid preparer
Yes

Organization Details

Voting Board Members
9
Independent Board Members
9
Employees
90

Preparer

Firm
Gruenloh & Associates Pc
Address
PO BOX 895, ROBERTSDALE, AL 36567
Preparer
Wayne a Gruenloh
Phone
2519471040
Supplemental Narrative

Additional Explanations

Form 990

Part ix, line 4 - retirement of capital credits disclosed represent the retirement of patronage capital allocated in prior years which were paid to members in the current year.

Form 990, Page 2, Part III, Line 4D

Allocation of trustee and key employee salary expenses.

Form 990, Part XI, Line 9

Retirement of captial credits paid 596,622

Form 990, Part XI, Line 9

Memberships 800 accumulated other comprehensive income 15,034 retirement of capital credits 596,622 other margins & equities 2,284

Financial Statement Notes

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

Retirement of captial credits paid 596,622

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IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2PATRONAGE CAPITAL - GRESCO
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3PATRONAGE CAPITAL - CFC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc4PATRONAGE CAPITAL - FEDERATED INSUR.
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc5PATRONAGE CAPITAL - SEDC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc6PATRONAGE CAPITAL - UNITED UTILITY
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc7OTHER INVESTMENTS - CFC (MCS)
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc8OTHER INVESTMENT IN ASSOCIATED ORG
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$175$95.9$79.5$88.3$83.1$5.17
2023Detailed filing. Detailed filing data is available for this year.$171$98.9$72.1$80.8$77.0$3.77
2022Detailed filing. Detailed filing data is available for this year.$158$89.5$68.2$75.4$73.9$1.48
2021Detailed filing. Detailed filing data is available for this year.$156$90.2$66.3$66.3$64.6$1.73
2020Detailed filing. Detailed filing data is available for this year.$157$90.8$65.8$62.7$61.6$1.09
2019Detailed filing. Detailed filing data is available for this year.$146$81.0$64.6$64.4$64.0$0.39
2018Detailed filing. Detailed filing data is available for this year.$144$80.6$63.8$63.4$62.2$1.13
2017Detailed filing. Detailed filing data is available for this year.$139$77.5$62.0$61.0$59.0$2.01
2016Detailed filing. Detailed filing data is available for this year.$136$75.9$60.1$62.0$58.9$3.10
2015Detailed filing. Detailed filing data is available for this year.$129$72.5$56.6$61.1$57.9$3.17
2014Detailed filing. Detailed filing data is available for this year.$127$73.5$53.3$61.9$59.1$2.81
2013Detailed filing. Detailed filing data is available for this year.$112$61.8$50.5$58.7$54.2$4.44
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$102$56.3$45.8$53.0
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$101$58.4$42.5$54.1
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$98.5$60.2$38.3$54.8