Civic Intelligence

Central Rural Electric Cooperative Inc

990 • Fiscal year 2015 • EIN 73-0177775

Jan 01, 2015 to Dec 31, 2015 • Filed on Sep 08, 2016

PO Box 1809Stillwater, OK 74076

(800) 375-2884

Siviq Scores

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

Liabilities / Assets

68th percentile

0.62x

Higher debt load relative to assets than 68% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Liabilities / Revenue

59th percentile

1.47x

Higher debt load relative to revenue than 59% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Net Margin

3rd percentile

-2.8%

Higher net margin than 3% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Top Officer Pay

81st percentile

$389,927

Higher top officer pay than 81% of similar nonprofits.

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

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Asset Growth

82nd percentile

6.3%

Faster asset growth than 82% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Revenue Growth

50th percentile

-0.9%

Faster revenue growth than 50% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Assets

Up

$154,139,797

Up $9,126,330 (+6.3%) from 2014

Net Assets

Up

$59,342,825

Up $1,134,216 (+1.9%) from 2014

Liabilities

Up

$94,796,972

Up $7,992,114 (+9.2%) from 2014

Revenue

Down

$64,630,466

Down $612,529 (-0.9%) from 2014

Expenses

Down

$66,412,249

Down $1,390,789 (-2.1%) from 2014

Net Income

Up

-$1,781,783

Up $778,260 (+30%) from 2014

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

2015

Assets$154,139,797
Liabilities$94,796,972
Net Assets$59,342,825

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

2015

Revenue$64,630,466
Expenses$66,412,249
Net Income-$1,781,783
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Sep 8, 2016
Return Version
2015v2.1
Gross Receipts
$64,860,609
Mission and Program Overview

Mission

To provide electricity to members on a cooperative basis.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$89,213,527$103,128,172▲ $13,914,645
Rtn Earn Endowment Incm Other Fnds$51,087,132$53,762,659▲ $2,675,527
Investments Other Securities$23,419,685$24,837,170▲ $1,417,485
Cash and Non-Interest-Bearing Accounts$21,232,020$16,552,396▼ $4,679,624
Accounts Receivable$8,116,619$6,877,556▼ $1,239,063
Pd in Cap Srpls Land Bldg Eqp Fund$6,400,287$4,847,846▼ $1,552,441
Prepaid Expenses and Deferred Charges$2,428,074$2,293,593▼ $134,481
Cap Stk Tr Prin Current Funds$721,190$732,320▲ $11,130
Other Notes and Loans Receivable, Net$600,000$450,000▼ $150,000
Inventories for Sale or Use$3,542$910▼ $2,632
Total Assets$145,013,467$154,139,797▲ $9,126,330
Liabilities
Mortgage Notes Payable Secured by Investment Property$36,569,674$43,531,496▲ $6,961,822
Other Liabilities$39,496,208$40,634,305▲ $1,138,097
Accounts Payable and Accrued Expenses$10,738,976$10,631,171▼ $107,805
Total Liabilities$86,804,858$94,796,972▲ $7,992,114
Net Assets / Fund Balance
Total Net Assets Fund Balance$58,208,609$59,342,825▲ $1,134,216
Total Liabilities and Net Assets / Fund Balance$145,013,467$154,139,797▲ $9,126,330

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$91,030,467$44,903,517$135,933,984
Buildings$11,192,264$3,595,306$14,787,570
Land$905,441-$905,441
Closely Held Equity Interests$24,837,170--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
David SwankCEOFT$290,061$99,866$389,927
Debra WilsonInfo Sys COOFT$101,434$56,165$157,599
Debra WilsonInfo Sys Coordinator-$100,377$57,222$157,599
Todd HiemerCorporate EnFT$116,047$30,047$146,094
Jillianne TebowCOOFT$106,995$30,834$137,829
Randall JarvisVP Corp DeveFT$111,054$26,205$137,259
Yuvaraj KondaswamySystem PlanFT$100,408$31,349$131,757
Karen HendrenCFOFT$117,220$12,506$129,726
Stephanie RossanderVP of FinancFT$77,681$32,470$110,151
Mark L PittmanTrustee/presPT$33,850-$33,850
Gary L MccuneTrusteePT$33,200-$33,200
Len E TontzTrusteePT$27,600-$27,600
Stuart H PrestonTrusteePT$26,850-$26,850
Raymond W NettlesTrusteePT$22,700-$22,700
Bill W DavisTrustee/vicePT$22,200-$22,200
Carol L DvorakTrustee/sec/PT$21,700-$21,700
Clyde a HabbenTrusteePT$18,600-$18,600

Highest Paid Contractors

ContractorServicesLocationCompensation
Arkansas Electric Coop INCRight Of Way1 COOPERATIVE WAY, Little Rock, AR 72209$7,905,954
Arkansas Electric Coop INCConstruction1 COOPERATIVE WAY, Little Rock, AR 72209$4,452,071
Win-sons Poleline ConstructionConstruction6100 S CROSSROADS BLVD, Oklahoma City, OK 73149$734,887
Riggs Tree Service INCTree Trimming63651 E 290RD, Grove, OK 74344$617,034
Arkansas Electric Coop INCRight Of Way1 COOPERATIVE WAY, Little Rock, AR 72209$584,832
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$63,600,939
Investment Income
$944,977
Other Revenue
$84,550
Change in Net Assets
$-1,781,783

Audited Revenue Reconciliation

Revenue per Audited Statements
$64,630,466
Revenue Not Reported on Form 990
$1,739,787
Total Revenue per Audited Statements
$66,370,253
Total Revenue per Form 990
$64,630,466
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$60,483,796
Salaries, Compensation, and Employee Benefits$1,547,042
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$4,705,851
Benefits to Members---$4,381,411
Other Expenses---$1,401,037
All Other Expenses---$1,166,579
Interest---$1,041,873
Other Salaries and Wages---$710,538
Current Officers, Directors, Trustees, and Key Employees---$706,778
Comp Disqual Persons---$129,726
Total Functional Expenses$0$0$0$66,412,249

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$66,412,249
Expenses per Audited Statements$62,030,838
Total Expenses per Audited Statements$62,030,838
Expenses Not Reported on Financial Statements$4,381,411
Other Expense Adjustments$4,381,411
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$20,868,395
Oil Load Revenue Deferral Plan$12,962,517
Provision for Post-retirement Benef.$5,130,933
Consumer Advances for Construction$976,113
Consumer Deposits$575,347
Mysource$121,000
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
Yes
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

Filer Name
Central Rural Electric Cooperative
EIN
73-0177775
Phone
8003752884
Address
PO BOX 1809, STILLWATER, OK 74076

Signing Officer

Name
Mark L Pittman
Title
Trustee/president
Phone
4055334116
Signed
2016-09-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark L Pittman
Formed
1938
Legal Domicile
Ok
Voting Board Members
8
Independent Board Members
8
Employees
110

Preparer

Firm
Briscoe Burke & Grigsby Llp
Address
4120 EAST 51ST STREET SUITE 100, TULSA, OK 74135-3633
Preparer
Sean B Dunahay CPA
Phone
9187498337
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Increase in memberships 11,130 increase in other equities 512,282 patronage dividend allocation 4,381,411 retained earnings difference 18,605 change from accrual to cash basis cap credits 1,739,787 decrease - capital credits retired -1,546,284 decr - accumulated other comprehensive income -2,064,724 decr - transfers to other equities -136,208 total 2,915,999

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 positions, embedded or otherwise, that would materially impact the consolidated financial statements. Management believes no such material uncertainties exist, therefore, no provision is provided. The tax years prior to 2012 generally are not subject to examination by the u.s. Federal and most state tax authorities.

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

Change from accrual to cash basis cap credits 1,739,787

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

Patronage dividends - allocated 4,381,411

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IRS990/Form990PartVIISectionAGrp/TitleTxt0TRUSTEE/PRES
IRS990/Form990PartVIISectionAGrp/TitleTxt1TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE/VICE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE/SEC/
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt9VP OF FINANC
IRS990/Form990PartVIISectionAGrp/TitleTxt10CORPORATE EN
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP CORP DEVE
IRS990/Form990PartVIISectionAGrp/TitleTxt12COO
IRS990/Form990PartVIISectionAGrp/TitleTxt13INFO SYS COO
IRS990/Form990PartVIISectionAGrp/TitleTxt14SYSTEM PLAN
IRS990/Form990PartVIISectionAGrp/TitleTxt15CFO
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IRS990/MissionDesc0TO PROVIDE ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetIncomeOrLossGrp/UnrelatedBusinessRevenueAmt0-44501
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt043112
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IRS990/NetUnrelatedBusTxblIncmAmt0-44501
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IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt02915999
IRS990/OtherExpensesGrp/Desc0COST OF POWER
IRS990/OtherExpensesGrp/Desc1DISTRIBUTION
IRS990/OtherExpensesGrp/Desc2GENERAL & ADMIN.
IRS990/OtherExpensesGrp/Desc3TAXES
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IRS990/OtherExpensesGrp/TotalAmt23472491
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IRS990/OtherRevenueMiscGrp/Desc0NON OPERATING RENTAL
IRS990/OtherRevenueMiscGrp/Desc1NON-OPERATING REVENUE-AEC
IRS990/OtherRevenueMiscGrp/Desc2NON-OPERATING REVENUE
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IRS990/PrincipalOfficerNm0MARK L PITTMAN
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt044903517
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt4575347
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt5121000
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/OtherLiabilitiesOrgGrp/Desc5MYSOURCE
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IRS990ScheduleD/RevenueNotReportedAmt01739787
IRS990ScheduleD/RevenueSubtotalAmt064630466
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 POSITIONS, EMBEDDED OR OTHERWISE, THAT WOULD MATERIALLY IMPACT THE CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT BELIEVES NO SUCH MATERIAL UNCERTAINTIES EXIST, THEREFORE, NO PROVISION IS PROVIDED. THE TAX YEARS PRIOR TO 2012 GENERALLY ARE NOT SUBJECT TO EXAMINATION BY THE U.S. FEDERAL AND MOST STATE TAX AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1CHANGE FROM ACCRUAL TO CASH BASIS CAP CREDITS 1,739,787
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2PATRONAGE DIVIDENDS - ALLOCATED 4,381,411
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 XII, LINE 4B
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0103128172
IRS990ScheduleD/TotalBookValueSecuritiesAmt024837170
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IRS990ScheduleD/TotalLiabilityAmt040634305
IRS990ScheduleD/TotalRevenuePerForm990Amt064630466
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt062030838
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1100377
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2117220
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt076709
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt144835
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt019687

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