Civic Intelligence

Central Rural Electric Cooperative Inc

990 • Fiscal year 2013 • EIN 73-0177775

Jan 01, 2013 to Dec 31, 2013 • Filed on Sep 04, 2014

PO Box 180974076

(800) 375-2884

Siviq Scores

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

Liabilities / Assets

50th percentile

0.59x

Higher debt load relative to assets than 50% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Liabilities / Revenue

58th percentile

1.42x

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

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Net Margin

2nd percentile

-3.2%

Higher net margin than 2% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Top Officer Pay

69th percentile

$320,638

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Asset Growth

100th percentile

33%

Faster asset growth than 100% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Assets

Up

$133,626,621

Up $32,850,483 (+33%) from 2012

Net Assets

Up

$55,046,099

Up $2,409,714 (+4.6%) from 2012

Liabilities

Up

$78,580,522

Up $30,440,769 (+63%) from 2012

Revenue

$55,402,163

No earlier filing loaded for comparison.

Expenses

Up

$57,175,679

Up $7,710,928 (+16%) from 2012

Net Income

-$1,773,516

No earlier filing loaded for comparison.

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: $93,125,650Liabilities 2010: $43,561,482Net Assets 2010: $49,564,1682010Assets 2011: $98,610,294Liabilities 2011: $47,137,749Net Assets 2011: $51,472,5452011Assets 2012: $100,776,138Liabilities 2012: $48,139,753Net Assets 2012: $52,636,3852012Assets 2013: $133,626,621Liabilities 2013: $78,580,522Net Assets 2013: $55,046,0992013Assets 2014: $145,013,467Liabilities 2014: $86,804,858Net Assets 2014: $58,208,6092014Assets 2015: $154,139,797Liabilities 2015: $94,796,972Net Assets 2015: $59,342,8252015Assets 2016: $162,543,553Liabilities 2016: $100,890,513Net Assets 2016: $61,653,0402016Assets 2017: $164,071,808Liabilities 2017: $99,652,995Net Assets 2017: $64,418,8132017Assets 2018: $156,959,183Liabilities 2018: $80,052,878Net Assets 2018: $76,906,3052018Assets 2019: $160,483,561Liabilities 2019: $80,032,516Net Assets 2019: $80,451,0452019Assets 2020: $169,524,618Liabilities 2020: $86,451,394Net Assets 2020: $83,073,2242020Assets 2021: $193,484,177Liabilities 2021: $109,807,085Net Assets 2021: $83,677,0922021Assets 2022: $254,793,736Liabilities 2022: $170,411,661Net Assets 2022: $84,382,0752022Assets 2023: $303,773,578Liabilities 2023: $217,304,142Net Assets 2023: $86,469,4362023Assets 2024: $322,670,138Liabilities 2024: $227,898,458Net Assets 2024: $94,771,6802024

Highlighted filing

2013

Assets$133,626,621
Liabilities$78,580,522
Net Assets$55,046,099

Operations Trend

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

$100M$50M$0-$50MExpenses 2010: $46,070,9542010Expenses 2011: $50,244,4902011Expenses 2012: $49,464,7512012Revenue 2013: $55,402,163Expenses 2013: $57,175,679Net Income 2013: -$1,773,5162013Revenue 2014: $65,242,995Expenses 2014: $67,803,038Net Income 2014: -$2,560,0432014Revenue 2015: $64,630,466Expenses 2015: $66,412,249Net Income 2015: -$1,781,7832015Revenue 2016: $61,902,894Expenses 2016: $63,977,914Net Income 2016: -$2,075,0202016Revenue 2017: $58,668,055Expenses 2017: $60,898,892Net Income 2017: -$2,230,8372017Revenue 2018: $65,860,038Expenses 2018: $65,860,038Net Income 2018: $02018Revenue 2019: $61,899,916Expenses 2019: $61,899,916Net Income 2019: $02019Revenue 2020: $58,964,992Expenses 2020: $58,964,992Net Income 2020: $02020Revenue 2021: $61,684,585Expenses 2021: $63,257,914Net Income 2021: -$1,573,3292021Revenue 2022: $69,614,536Expenses 2022: $72,568,227Net Income 2022: -$2,953,6912022Revenue 2023: $77,622,846Expenses 2023: $81,552,591Net Income 2023: -$3,929,7452023Revenue 2024: $88,491,132Expenses 2024: $89,046,704Net Income 2024: -$555,5722024

Highlighted filing

2013

Revenue$55,402,163
Expenses$57,175,679
Net Income-$1,773,516
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Sep 4, 2014
Return Version
2013v3.1
Gross Receipts
$55,566,385
Mission and Program Overview

Mission

To provide electricity to members on a cooperative basis.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$70,994,629$78,690,618▲ $7,695,989
Rtn Earn Endowment Incm Other Fnds$46,195,508$48,319,678▲ $2,124,170
Cash and Non-Interest-Bearing Accounts$5,188,662$23,606,779▲ $18,418,117
Investments Other Securities$18,926,150$21,403,547▲ $2,477,397
Accounts Receivable$5,547,412$7,146,270▲ $1,598,858
Pd in Cap Srpls Land Bldg Eqp Fund$5,746,407$6,018,801▲ $272,394
Prepaid Expenses and Deferred Charges$110,084$2,758,469▲ $2,648,385
Cap Stk Tr Prin Current Funds$694,470$707,620▲ $13,150
Inventories for Sale or Use$9,201$20,938▲ $11,737
Total Assets$100,776,138$133,626,621▲ $32,850,483
Liabilities
Mortgage Notes Payable Secured by Investment Property$34,036,873$39,240,448▲ $5,203,575
Other Liabilities$9,374,372$32,290,004▲ $22,915,632
Accounts Payable and Accrued Expenses$4,728,508$7,050,070▲ $2,321,562
Total Liabilities$48,139,753$78,580,522▲ $30,440,769
Net Assets / Fund Balance
Total Net Assets Fund Balance$52,636,385$55,046,099▲ $2,409,714
Total Liabilities and Net Assets / Fund Balance$100,776,138$133,626,621▲ $32,850,483

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$74,986,067$43,144,255$118,130,322
Buildings$3,361,619$3,012,726$6,374,345
Land$342,932-$342,932
Closely Held Equity Interests$21,403,547--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
David SwankCEOFT$243,828$76,810$320,638
Patricia L NanceCFOFT$121,728$51,138$172,866
Gary L MccuneTrustee/chaiPT$43,200-$43,200
Mark PittmanTrusteePT$28,000-$28,000
Raymond W NettlesTRUSTEE\VICEPT$24,800-$24,800
Stu PrestonTrusteePT$24,000-$24,000
Clyde a HabbenTrusteePT$22,400-$22,400
Len E TontzTrusteePT$21,200-$21,200
Bill W DavisTRUSTEE\SECRPT$20,400-$20,400
Richard a StultsTrusteePT$20,400-$20,400
Carol a DvorakTrusteePT$18,250-$18,250

Highest Paid Contractors

ContractorServicesLocationCompensation
Electrical Line Services INCElectrical-$3,028,283
Alexander Construction Co INCConstruction-$871,803
Arkansas Electric Coop INCRight Of Way-$869,357
Bloom Power Line LLCPower Line-$863,812
Arkansas Electric Coop INCConstruction-$847,617
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$54,513,697
Investment Income
$707,488
Other Revenue
$180,978
Change in Net Assets
$-1,773,516

Audited Revenue Reconciliation

Revenue per Audited Statements
$55,396,868
Revenue Not Reported on Financial Statements
$5,295
Revenue Not Reported on Form 990
$1,778,812
Other Revenue Adjustments
$5,295
Total Revenue per Audited Statements
$57,175,680
Total Revenue per Form 990
$55,402,163
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$53,089,015
Salaries, Compensation, and Employee Benefits$716,154
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$4,012,379
Benefits to Members---$3,370,510
Other Expenses---$2,342,884
All Other Expenses---$1,144,959
Interest---$882,887
Current Officers, Directors, Trustees, and Key Employees---$716,154
Total Functional Expenses$0$0$0$57,175,679

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$57,175,679
Expenses per Audited Statements$53,805,169
Total Expenses per Audited Statements$53,805,169
Expenses Not Reported on Financial Statements$3,370,510
Other Expense Adjustments$3,370,510
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
Deferred Credits$21,516,997
Oil Load Revenue Deferral Plan$5,320,000
Provision for Post-retirement Benef.$3,169,249
Consumer Advances for Construction$1,349,782
Consumer Deposits$933,976
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, Page 6, Part VI, Line 6

MEMBERS

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

YES

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

YES

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

Reviewed by management prior to submission to the board for approval.

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

Organization periodically reviews the policy with employees and the board.

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

Organization utilizes industry information and consultants as necessary to determine compensation.

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

Organization utilizes industry information and consultants as necessary to determine compensation.

Form 990, Page 6, Part VI, Line 19

UPON REQUEST.

Filing and Contact Details

Filer

EIN
73-0177775
Phone
8003752884

Signing Officer

Name
David Swank
Title
CEO
Phone
8003752884
Signed
2014-09-04
Discuss with paid preparer
Yes

Organization Details

Formed
1938
Legal Domicile
Ok
Voting Board Members
9
Independent Board Members
9
Employees
168

Preparer

Preparer
Sean B Dunahay CPA
Phone
9187498337
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Accrual basis capital credits 1,778,812 mysource -5,295 patronage dividends - allocated 3,370,510

Form 990, Part XI, Line 9

Increase in memberships 13,150 increase in other equities 436,065 decrease - capital credits retired 1,118,242 decr - accumulated other comprehensive income 163,671 decr - transfers to other equities 128,099

Form 990, Page 12, Part XII, Line 3B

Audit will be performed by september 2014

Financial Statement Notes

Schedule D, Page 3, Part X

The cooperative is exempt from income taxes under section 501 (c) (12) of the internal revenue code and, accordingly, no provision has been made for income taxes. Management has considered whether the company has any uncertain tax position, embedded or otherwise, that would materially impact the financial statements. Management believes no such material uncertainties exist, therefore, no provision is provided. The tax years prior to 2009 generally are not subject to examination by the u.s. Federal and most state tax authorities.

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

Accrual basis capital credits 1,778,812

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

MYSOURCE 5,295

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

Patronage dividends - allocated 3,370,510

Raw XML AppendixShowing 400 of 545 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/CloselyHeldEquityInterestsGrp/BookValueAmt021403547
IRS990ScheduleD/CloselyHeldEquityInterestsGrp/MethodValuationCd0C
IRS990ScheduleD/EquipmentGrp/BookValueAmt074986067
IRS990ScheduleD/EquipmentGrp/DepreciationAmt043144255
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0118130322
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt03370510
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0342932
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt15320000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt23169249
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt31349782
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt4933976
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DEFERRED CREDITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1OIL LOAD REVENUE DEFERRAL PLAN
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2PROVISION FOR POST-RETIREMENT BENEF.
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3CONSUMER ADVANCES FOR CONSTRUCTION
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4CONSUMER DEPOSITS
IRS990ScheduleD/OtherRevenueAmt01778812
IRS990ScheduleD/OtherRevenuesNotIncludedAmt05295
IRS990ScheduleD/RevenueNotReportedAmt01778812
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt05295
IRS990ScheduleD/RevenueSubtotalAmt055396868
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501 (C) (12) OF THE INTERNAL REVENUE CODE AND, ACCORDINGLY, NO PROVISION HAS BEEN MADE FOR INCOME TAXES. MANAGEMENT HAS CONSIDERED WHETHER THE COMPANY HAS ANY UNCERTAIN TAX POSITION, EMBEDDED OR OTHERWISE, THAT WOULD MATERIALLY IMPACT THE FINANCIAL STATEMENTS. MANAGEMENT BELIEVES NO SUCH MATERIAL UNCERTAINTIES EXIST, THEREFORE, NO PROVISION IS PROVIDED. THE TAX YEARS PRIOR TO 2009 GENERALLY ARE NOT SUBJECT TO EXAMINATION BY THE U.S. FEDERAL AND MOST STATE TAX AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1ACCRUAL BASIS CAPITAL CREDITS 1,778,812
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2MYSOURCE 5,295
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3PATRONAGE DIVIDENDS - ALLOCATED 3,370,510
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XII, LINE 4B
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IRS990ScheduleD/TotalBookValueSecuritiesAmt021403547
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IRS990ScheduleD/TotalLiabilityAmt032290004
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt115497
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DAVID SWANK
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1PATRICIA L NANCE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1CFO
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IRS990ScheduleJ/SeverancePaymentInd0false
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1YES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2YES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3REVIEWED BY MANAGEMENT PRIOR TO SUBMISSION TO THE BOARD FOR APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ORGANIZATION PERIODICALLY REVIEWS THE POLICY WITH EMPLOYEES AND THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ORGANIZATION UTILIZES INDUSTRY INFORMATION AND CONSULTANTS AS NECESSARY TO DETERMINE COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6ORGANIZATION UTILIZES INDUSTRY INFORMATION AND CONSULTANTS AS NECESSARY TO DETERMINE COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8ACCRUAL BASIS CAPITAL CREDITS 1,778,812 MYSOURCE -5,295 PATRONAGE DIVIDENDS - ALLOCATED 3,370,510
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9INCREASE IN MEMBERSHIPS 13,150 INCREASE IN OTHER EQUITIES 436,065 DECREASE - CAPITAL CREDITS RETIRED 1,118,242 DECR - ACCUMULATED OTHER COMPREHENSIVE INCOME 163,671 DECR - TRANSFERS TO OTHER EQUITIES 128,099
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10AUDIT WILL BE PERFORMED BY SEPTEMBER 2014
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART XI, LINE 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART XI, LINE 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10FORM 990, PAGE 12, PART XII, LINE 3B
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IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine10MY SOURCE LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine11POWER SUPPORT

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$323$228$94.8$88.5$89.0$0.56
2023Detailed filing. Detailed filing data is available for this year.$304$217$86.5$77.6$81.6$3.93
2022Detailed filing. Detailed filing data is available for this year.$255$170$84.4$69.6$72.6$2.95
2021Detailed filing. Detailed filing data is available for this year.$193$110$83.7$61.7$63.3$1.57
2020Detailed filing. Detailed filing data is available for this year.$170$86.5$83.1$59.0$59.0$0.00
2019Detailed filing. Detailed filing data is available for this year.$160$80.0$80.5$61.9$61.9$0.00
2018Detailed filing. Detailed filing data is available for this year.$157$80.1$76.9$65.9$65.9$0.00
2017Detailed filing. Detailed filing data is available for this year.$164$99.7$64.4$58.7$60.9$2.23
2016Detailed filing. Detailed filing data is available for this year.$163$101$61.7$61.9$64.0$2.08
2015Detailed filing. Detailed filing data is available for this year.$154$94.8$59.3$64.6$66.4$1.78
2014Detailed filing. Detailed filing data is available for this year.$145$86.8$58.2$65.2$67.8$2.56
2013Detailed filing. Detailed filing data is available for this year.$134$78.6$55.0$55.4$57.2$1.77
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$101$48.1$52.6$49.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$98.6$47.1$51.5$50.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$93.1$43.6$49.6$46.1