Civic Intelligence

Franklin Electric Cooperative

990 • Fiscal year 2020 • EIN 63-0253927

Jul 01, 2019 to Jun 30, 2020 • Filed on Dec 04, 2020

Organization ProfileN/A

View Organization Page

PO Box 10Russellville, AL 35653-0010

(256) 332-2730

Siviq Scores

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

Liabilities / Assets

64th percentile

0.56x

Higher debt load relative to assets than 64% of similar nonprofits.

2020 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2020

Liabilities / Revenue

96th percentile

3.45x

Higher debt load relative to revenue than 96% of similar nonprofits.

2020 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2020

Net Margin

89th percentile

9.6%

Higher net margin than 89% of similar nonprofits.

2020 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2020

Top Officer Pay

10th percentile

$158,120

Higher top officer pay than 10% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

2020 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2020

Asset Growth

11th percentile

-0.1%

Faster asset growth than 11% of similar nonprofits.

2020 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Revenue Growth

83rd percentile

4.8%

Faster revenue growth than 83% of similar nonprofits.

2020 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets64th percentile

Assets

Down

$51,700,610

Down $43,375 (-0.1%) from 2019

Net Assets

Up

$22,830,907

Up $805,276 (+3.7%) from 2019

Liabilities

Down

$28,869,703

Down $848,651 (-2.9%) from 2019

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin89th percentile

Revenue

Up

$8,369,236

Up $382,035 (+4.8%) from 2019

Expenses

Down

$7,567,989

Down $208,041 (-2.7%) from 2019

Net Income

Up

$801,247

Up $590,076 (+279%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth11th percentile

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

$60M$40M$20M$0Assets 2011: $48,057,594Liabilities 2011: $31,317,367Net Assets 2011: $16,740,2272011Assets 2012: $47,132,516Liabilities 2012: $29,557,099Net Assets 2012: $17,575,4172012Assets 2013: $48,120,899Liabilities 2013: $29,237,367Net Assets 2013: $18,883,5322013Assets 2014: $49,461,390Liabilities 2014: $28,795,639Net Assets 2014: $20,665,7512014Assets 2015: $50,258,140Liabilities 2015: $29,457,207Net Assets 2015: $20,800,9332015Assets 2016: $51,021,199Liabilities 2016: $30,690,076Net Assets 2016: $20,331,1232016Assets 2017: $50,164,298Liabilities 2017: $28,993,531Net Assets 2017: $21,170,7672017Assets 2018: $53,100,018Liabilities 2018: $30,357,822Net Assets 2018: $22,742,1962018Assets 2019: $51,743,985Liabilities 2019: $29,718,354Net Assets 2019: $22,025,6312019Assets 2020: $51,700,610Liabilities 2020: $28,869,703Net Assets 2020: $22,830,9072020Assets 2021: $52,441,660Liabilities 2021: $28,028,901Net Assets 2021: $24,412,7592021Assets 2022: $55,032,541Liabilities 2022: $28,941,472Net Assets 2022: $26,091,0692022Assets 2023: $54,446,867Liabilities 2023: $27,055,697Net Assets 2023: $27,391,1702023Assets 2024: $55,919,399Liabilities 2024: $26,403,575Net Assets 2024: $29,515,8242024Assets 2025: $58,710,186Liabilities 2025: $25,465,709Net Assets 2025: $33,244,4772025

Highlighted filing

2020

Assets$51,700,610
Liabilities$28,869,703
Net Assets$22,830,907
Open 2020 Filing

Operations Trend

Revenue Growth83rd percentile

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

$15M$10M$5.0M$0Expenses 2011: $6,944,5022011Revenue 2012: $7,697,169Expenses 2012: $6,861,518Net Income 2012: $835,6512012Revenue 2013: $7,891,715Expenses 2013: $6,583,375Net Income 2013: $1,308,3402013Revenue 2014: $8,305,232Expenses 2014: $6,522,848Net Income 2014: $1,782,3842014Revenue 2015: $7,622,080Expenses 2015: $6,868,231Net Income 2015: $753,8492015Revenue 2016: $7,616,944Expenses 2016: $7,094,536Net Income 2016: $522,4082016Revenue 2017: $8,117,979Expenses 2017: $7,456,651Net Income 2017: $661,3282017Revenue 2018: $8,115,906Expenses 2018: $7,169,777Net Income 2018: $946,1292018Revenue 2019: $7,987,201Expenses 2019: $7,776,030Net Income 2019: $211,1712019Revenue 2020: $8,369,236Expenses 2020: $7,567,989Net Income 2020: $801,2472020Revenue 2021: $9,163,216Expenses 2021: $7,839,225Net Income 2021: $1,323,9912021Revenue 2022: $9,493,610Expenses 2022: $8,704,785Net Income 2022: $788,8252022Revenue 2023: $9,985,158Expenses 2023: $9,426,652Net Income 2023: $558,5062023Revenue 2024: $10,500,578Expenses 2024: $8,763,007Net Income 2024: $1,737,5712024Revenue 2025: $10,872,042Expenses 2025: $7,958,618Net Income 2025: $2,913,4242025

Highlighted filing

2020

Revenue$8,369,236
Expenses$7,567,989
Net Income$801,247
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Dec 4, 2020
Return Version
2019v5.0
Gross Receipts
$8,369,236
Mission and Program Overview

Mission

Rural electricity distribution

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$45,345,903$45,100,554▼ $245,349
Rtn Earn Endowment Incm Other Fnds$21,992,496$22,797,742▲ $805,246
Accounts Receivable$2,481,914$1,730,738▼ $751,176
Cash and Non-Interest-Bearing Accounts$1,897,654$1,683,084▼ $214,570
Investments Other Securities$1,457,902$1,489,322▲ $31,420
Savings and Temporary Cash Investments$135,590$856,650▲ $721,060
Prepaid Expenses and Deferred Charges$281,165$727,033▲ $445,868
Inventories for Sale or Use$143,857$113,229▼ $30,628
Cap Stk Tr Prin Current Funds$33,135$33,165▲ $30
Total Assets$51,743,985$51,700,610▼ $43,375
Liabilities
Mortgage Notes Payable Secured by Investment Property$18,135,653$18,269,685▲ $134,032
Other Liabilities$5,714,537$5,825,399▲ $110,862
Accounts Payable and Accrued Expenses$5,868,164$4,774,619▼ $1,093,545
Total Liabilities$29,718,354$28,869,703▼ $848,651
Net Assets / Fund Balance
Total Net Assets Fund Balance$22,025,631$22,830,907▲ $805,276
Total Liabilities and Net Assets / Fund Balance$51,743,985$51,700,610▼ $43,375

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$45,100,554$19,315,918$64,416,472
Compensation and Service Providers
Top Officer Pay10th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Mark StocktonGeneral ManaFT$158,120$158,120
Mark StocktonGeneral Manager-$158,120$158,120
Bobby HooperTrustee-$8,963$8,963
Doyle TaylorTrustee-$8,947$8,947
Stanley HollandTrustee-$8,924$8,924
Jimmy MontgomeryTrustee-$8,902$8,902
John ShewbertTrustee-$8,843$8,843
Steve McguireTrustee-$8,510$8,510
Donna HesterTrustee-$8,400$8,400
James MckinneyTrustee-$8,400$8,400
Roger BoydTrustee-$6,000$6,000
Edward JonesTrustee-$1,200$1,200
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$8,263,159
Investment Income
$106,077
Other Revenue
$0
Change in Net Assets
$801,247

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,369,236
Total Revenue per Audited Statements
$8,369,236
Total Revenue per Form 990
$8,369,236
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,324,237
Salaries, Compensation, and Employee Benefits$243,752
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$2,345,380
Interest---$886,585
Other Salaries and Wages---$243,752
Other Expenses---$200,782
Total Functional Expenses$0$0$0$7,567,989

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,567,989
Total Expenses per Audited Statements$7,567,989
Total Expenses per Form 990$7,567,989
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
Accrued Post Retirement Benefits$5,581,012
Conservation - Tva$244,387
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“Everyone who receives service from the cooperative is a member of the cooperative.”

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

“The governing body is elected by the members of the cooperative.”

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

“The form 990 is reviewed by the general manager and accountant.”

Form 990, Page 6, Part VI, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Franklin Electric Cooperative
EIN
63-0253927
Phone
2563322730
Address
PO BOX 10, RUSSELLVILLE, AL 35653-0010

Signing Officer

Name
Mark Stockton
Title
General Manager
Phone
2563322730
Signed
2020-12-04

Organization Details

Principal Officer
Mark Stockton
Formed
1945
Legal Domicile
Al
Voting Board Members
9
Independent Board Members
9
Employees
26

Preparer

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

Additional Explanations

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

“Electric utility cooperative”

Form 990, Part XI, Line 9

“Changes in accumulated other comprehensive income 4,059 change in investment of members -30 total 4,029”

Raw XML Appendix348 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/BuildingsGrp/DepreciationAmt019315918
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt064416472
IRS990ScheduleD/ExpensesSubtotalAmt07567989
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt05581012
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1244387
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ACCRUED POST RETIREMENT BENEFITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1CONSERVATION - TVA
IRS990ScheduleD/RevenueSubtotalAmt08369236
IRS990ScheduleD/TotalBookValueLandBuildingsAmt045100554
IRS990ScheduleD/TotalExpensesPerForm990Amt07567989
IRS990ScheduleD/TotalLiabilityAmt05825399
IRS990ScheduleD/TotalRevenuePerForm990Amt08369236
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt08369236
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt07567989
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0158120
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MARK STOCKTON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0GENERAL MANAGER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0158120
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ELECTRIC UTILITY COOPERATIVE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EVERYONE WHO RECEIVES SERVICE FROM THE COOPERATIVE IS A MEMBER OF THE COOPERATIVE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GOVERNING BODY IS ELECTED BY THE MEMBERS OF THE COOPERATIVE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FORM 990 IS REVIEWED BY THE GENERAL MANAGER AND ACCOUNTANT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME 4,059 CHANGE IN INVESTMENT OF MEMBERS -30 TOTAL 4,029
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt051743985
IRS990/TotalAssetsEOYAmt051700610
IRS990/TotalAssetsGrp/BOYAmt051743985
IRS990/TotalAssetsGrp/EOYAmt051700610
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalEmployeeCnt026
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt07567989
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt029718354
IRS990/TotalLiabilitiesEOYAmt028869703
IRS990/TotalLiabilitiesGrp/BOYAmt029718354
IRS990/TotalLiabilitiesGrp/EOYAmt028869703
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt022025631
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt022830907
IRS990/TotalProgramServiceExpensesAmt07567989
IRS990/TotalProgramServiceRevenueAmt08263159
IRS990/TotalReportableCompFromOrgAmt0235209
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt08369236
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt08369236
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt051743985
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt051700610
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 10
IRS990/USAddress/CityNm0RUSSELLVILLE
IRS990/USAddress/StateAbbreviationCd0AL
IRS990/USAddress/ZIPCd035653
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MARK STOCKTON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0GENERAL MANAGER
ReturnHeader/BusinessOfficerGrp/PhoneNum02563322730
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-12-04
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FRANKLIN ELECTRIC COOPERATIVE
ReturnHeader/Filer/BusinessNameControlTxt0FRAN
ReturnHeader/Filer/EIN0630253927
ReturnHeader/Filer/PhoneNum02563322730
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 10
ReturnHeader/Filer/USAddress/CityNm0RUSSELLVILLE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0AL
ReturnHeader/Filer/USAddress/ZIPCd0356530010
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0630510739
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0WEAR HOWELL STRICKLAND QUINN &LAWLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01323 STRATFORD RD SE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0DECATUR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0AL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0356016029
ReturnHeader/PreparerPersonGrp/PhoneNum02563538902
ReturnHeader/PreparerPersonGrp/PreparationDt02020-12-10
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN R STRICKLAND
ReturnHeader/ReturnTs02021-01-04T11:23:20-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30
ReturnHeader/TaxYr02019

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$51,700,610
Liabilities
$28,869,703
Net assets
$22,830,907
Revenue
$8,369,236
Expenses
$7,567,989
Net income
$801,247
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$58.7$25.5$33.2$10.9$7.96$2.91
2024Detailed filing. Detailed filing data is available for this year.$55.9$26.4$29.5$10.5$8.76$1.74
2023Detailed filing. Detailed filing data is available for this year.$54.4$27.1$27.4$9.99$9.43$0.56
2022Detailed filing. Detailed filing data is available for this year.$55.0$28.9$26.1$9.49$8.70$0.79
2021Detailed filing. Detailed filing data is available for this year.$52.4$28.0$24.4$9.16$7.84$1.32
2020Detailed filing. Detailed filing data is available for this year.$51.7$28.9$22.8$8.37$7.57$0.80
2019Detailed filing. Detailed filing data is available for this year.$51.7$29.7$22.0$7.99$7.78$0.21
2018Detailed filing. Detailed filing data is available for this year.$53.1$30.4$22.7$8.12$7.17$0.95
2017Detailed filing. Detailed filing data is available for this year.$50.2$29.0$21.2$8.12$7.46$0.66
2016Detailed filing. Detailed filing data is available for this year.$51.0$30.7$20.3$7.62$7.09$0.52
2015Detailed filing. Detailed filing data is available for this year.$50.3$29.5$20.8$7.62$6.87$0.75
2014Detailed filing. Detailed filing data is available for this year.$49.5$28.8$20.7$8.31$6.52$1.78
2013Summary only. Only limited summary data is available for this year.$48.1$29.2$18.9$7.89$6.58$1.31
2012Summary only. Only limited summary data is available for this year.$47.1$29.6$17.6$7.70$6.86$0.84
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$48.1$31.3$16.7$6.94