Civic Intelligence

Franklin Electric Cooperative

990 • Fiscal year 2021 • EIN 63-0253927

Jul 01, 2020 to Jun 30, 2021 • Filed on Dec 10, 2021

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

58th percentile

0.53x

Higher debt load relative to assets than 58% of similar nonprofits.

2021 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2021

Liabilities / Revenue

96th percentile

3.06x

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

2021 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2021

Net Margin

89th percentile

14%

Higher net margin than 89% of similar nonprofits.

2021 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2021

Top Officer Pay

11th percentile

$158,120

Higher top officer pay than 11% of similar nonprofits.

Top officer pay equals 1.7% of source-year revenue.

2021 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2021

Asset Growth

31st percentile

1.4%

Faster asset growth than 31% of similar nonprofits.

2021 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2020 to 2021

Revenue Growth

80th percentile

9.5%

Faster revenue growth than 80% of similar nonprofits.

2021 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets58th percentile

Assets

Up

$52,441,660

Up $741,050 (+1.4%) from 2020

Net Assets

Up

$24,412,759

Up $1,581,852 (+6.9%) from 2020

Liabilities

Down

$28,028,901

Down $840,802 (-2.9%) from 2020

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin89th percentile

Revenue

Up

$9,163,216

Up $793,980 (+9.5%) from 2020

Expenses

Up

$7,839,225

Up $271,236 (+3.6%) from 2020

Net Income

Up

$1,323,991

Up $522,744 (+65%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth31st 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

2021

Assets$52,441,660
Liabilities$28,028,901
Net Assets$24,412,759
Open 2021 Filing

Operations Trend

Revenue Growth80th 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

2021

Revenue$9,163,216
Expenses$7,839,225
Net Income$1,323,991
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Dec 10, 2021
Return Version
2020v4.0
Gross Receipts
$9,163,216
Mission and Program Overview

Mission

Rural electricity distribution

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$45,100,554$45,193,514▲ $92,960
Rtn Earn Endowment Incm Other Fnds$22,797,742$24,379,434▲ $1,581,692
Accounts Receivable$1,730,738$2,070,980▲ $340,242
Cash and Non-Interest-Bearing Accounts$1,683,084$1,898,958▲ $215,874
Investments Other Securities$1,489,322$1,513,980▲ $24,658
Savings and Temporary Cash Investments$856,650$1,216,066▲ $359,416
Prepaid Expenses and Deferred Charges$727,033$413,556▼ $313,477
Inventories for Sale or Use$113,229$134,606▲ $21,377
Cap Stk Tr Prin Current Funds$33,165$33,325▲ $160
Total Assets$51,700,610$52,441,660▲ $741,050
Liabilities
Mortgage Notes Payable Secured by Investment Property$18,269,685$16,660,769▼ $1,608,916
Accounts Payable and Accrued Expenses$4,774,619$5,724,435▲ $949,816
Other Liabilities$5,825,399$5,643,697▼ $181,702
Total Liabilities$28,869,703$28,028,901▼ $840,802
Net Assets / Fund Balance
Total Net Assets Fund Balance$22,830,907$24,412,759▲ $1,581,852
Total Liabilities and Net Assets / Fund Balance$51,700,610$52,441,660▲ $741,050

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$45,193,514$20,551,404$65,744,918
Compensation and Service Providers
Top Officer Pay11th 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-$8,946$8,946
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-$8,400$8,400
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$9,060,735
Investment Income
$102,481
Other Revenue
$0
Change in Net Assets
$1,323,991

Audited Revenue Reconciliation

Revenue per Audited Statements
$9,163,216
Total Revenue per Audited Statements
$9,163,216
Total Revenue per Form 990
$9,163,216
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,585,398
Salaries, Compensation, and Employee Benefits$253,827
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$2,364,213
Interest---$839,055
Other Expenses---$563,685
Other Salaries and Wages---$253,827
Total Functional Expenses$0$0$0$7,839,225

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,839,225
Total Expenses per Audited Statements$7,839,225
Total Expenses per Form 990$7,839,225
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$5,472,384
Conservation - Tva$171,313
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
2021-12-10

Organization Details

Principal Officer
Mark Stockton
Formed
1945
Legal Domicile
Al
Voting Board Members
9
Independent Board Members
9
Employees
24

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 257,701 changes in investment of members 160 total 257,861”

Raw XML Appendix343 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/RevenueSubtotalAmt09163216
IRS990ScheduleD/TotalBookValueLandBuildingsAmt045193514
IRS990ScheduleD/TotalExpensesPerForm990Amt07839225
IRS990ScheduleD/TotalLiabilityAmt05643697
IRS990ScheduleD/TotalRevenuePerForm990Amt09163216
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt09163216
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt07839225
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 257,701 CHANGES IN INVESTMENT OF MEMBERS 160 TOTAL 257,861
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/TotalAssetsBOYAmt051700610
IRS990/TotalAssetsEOYAmt052441660
IRS990/TotalAssetsGrp/BOYAmt051700610
IRS990/TotalAssetsGrp/EOYAmt052441660
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalEmployeeCnt024
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt07839225
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt028869703
IRS990/TotalLiabilitiesEOYAmt028028901
IRS990/TotalLiabilitiesGrp/BOYAmt028869703
IRS990/TotalLiabilitiesGrp/EOYAmt028028901
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt022830907
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt024412759
IRS990/TotalProgramServiceExpensesAmt07839225
IRS990/TotalProgramServiceRevenueAmt09060735
IRS990/TotalReportableCompFromOrgAmt0236408
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt09163216
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt09163216
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt051700610
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt052441660
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/SignatureDt02021-12-10
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/PreparationDt02021-12-21
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN R STRICKLAND
ReturnHeader/ReturnTs02022-01-13T14:42:01-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MARK
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0STOCKTON
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$52,441,660
Liabilities
$28,028,901
Net assets
$24,412,759
Revenue
$9,163,216
Expenses
$7,839,225
Net income
$1,323,991
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