Civic Intelligence

Central Rural Electric Cooperative Inc

990 • Fiscal year 2017 • EIN 73-0177775

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 07, 2018

Organization ProfileWWW.MYCENTRAL.COOP
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

0.61x

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

2017 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

74th percentile

1.70x

Higher debt load relative to revenue than 74% of similar nonprofits.

2017 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2017

Net Margin

2nd percentile

-3.8%

Higher net margin than 2% of similar nonprofits.

2017 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

80th percentile

$398,321

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2017 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2017

Asset Growth

25th percentile

0.9%

Faster asset growth than 25% of similar nonprofits.

2017 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

8th percentile

-5.2%

Faster revenue growth than 8% of similar nonprofits.

2017 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets68th percentile

Assets

Up

$164,071,808

Up $1,528,255 (+0.9%) from 2016

Net Assets

Up

$64,418,813

Up $2,765,773 (+4.5%) from 2016

Liabilities

Down

$99,652,995

Down $1,237,518 (-1.2%) from 2016

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin2nd percentile

Revenue

Down

$58,668,055

Down $3,234,839 (-5.2%) from 2016

Expenses

Down

$60,898,892

Down $3,079,022 (-4.8%) from 2016

Net Income

Down

-$2,230,837

Down $155,817 (-7.5%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth25th percentile

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

2017

Assets$164,071,808
Liabilities$99,652,995
Net Assets$64,418,813
Open 2017 Filing

Operations Trend

Revenue Growth8th percentile

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

2017

Revenue$58,668,055
Expenses$60,898,892
Net Income-$2,230,837
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 7, 2018
Return Version
2017v2.3
Gross Receipts
$59,205,916
Mission and Program Overview

Mission

To provide electricity to members on a cooperative basis.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$110,412,583$111,298,938▲ $886,355
Rtn Earn Endowment Incm Other Fnds$55,898,747$57,872,012▲ $1,973,265
Investments Other Securities$26,801,578$29,228,447▲ $2,426,869
Cash and Non-Interest-Bearing Accounts$15,691,246$14,828,422▼ $862,824
Accounts Receivable$7,447,491$6,866,591▼ $580,900
Pd in Cap Srpls Land Bldg Eqp Fund$5,006,403$5,778,611▲ $772,208
Prepaid Expenses and Deferred Charges$1,889,745$1,848,500▼ $41,245
Cap Stk Tr Prin Current Funds$747,890$768,190▲ $20,300
Other Notes and Loans Receivable, Net$300,000--
Inventories for Sale or Use$910$910→ $0
Total Assets$162,543,553$164,071,808▲ $1,528,255
Liabilities
Mortgage Notes Payable Secured by Investment Property$56,730,090$55,796,549▼ $933,541
Other Liabilities$38,131,479$38,896,647▲ $765,168
Accounts Payable and Accrued Expenses$6,028,944$4,959,799▼ $1,069,145
Total Liabilities$100,890,513$99,652,995▼ $1,237,518
Net Assets / Fund Balance
Total Net Assets Fund Balance$61,653,040$64,418,813▲ $2,765,773
Total Liabilities and Net Assets / Fund Balance$162,543,553$164,071,808▲ $1,528,255

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$93,685,541$52,722,906$146,408,447
Buildings$16,433,451$3,969,984$20,403,435
Land$1,179,946-$1,179,946
Closely Held Equity Interests$29,228,447--
Compensation and Service Providers
Top Officer Pay80th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
David SwankCEOFT$260,905$137,416$398,321
Todd HiemerCorporate EnFT$130,764$51,451$182,215
Todd HiemerCorporate Engineer-$129,065$53,150$182,215
Michelle PerzeeCOOFT$120,143$41,499$161,642
Debra WilsonInfo Sys COOFT$100,917$53,931$154,848
Debra WilsonInfo Sys Coordinator-$98,265$56,583$154,848
Yuvaraj KondaswamySystem PlanFT$108,685$33,472$142,157
Dale VeitDirector of TechnFT$104,512$36,183$140,695
Craig McbrainExec. VP ofFT$66,706$17,264$83,970
Stephanie RossanderVP of FinancFT$40,911$10,540$51,451
Mark L PittmanTrustee/presPT$42,500-$42,500
Gary L MccuneTrusteePT$32,500-$32,500
Len E TontzTrusteePT$26,000-$26,000
Stuart H PrestonTrusteePT$23,750-$23,750
Raymond W NettlesTrusteePT$23,000-$23,000
Carol L DvorakTrustee/sec/PT$22,000-$22,000
Clyde a HabbenTrusteePT$21,000-$21,000
Bill W DavisTrustee/vicePT$20,000-$20,000

Highest Paid Contractors

ContractorServicesLocationCompensation
Arkansas Electric Coop INCConstruction1 COOPERATIVE WAY, Little Rock, AR 72209$1,570,569
Riggs Tree Service INCTree Trimming63651 E 290RD, Grove, OK 74344$1,168,565
Terra Utility Construction LLCConstruction1324 S FRETZ AVE SUITE 124, Edmond, OK 73003$338,691
Interworks INCConstruction1425 S SANGRE RD, Stillwater, OK 74074$219,351
Osmose Utilities Services INCUtilitiesPO BOX 8000560, Buffalo, NY 14267$203,118
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$57,744,189
Investment Income
$1,056,514
Other Revenue
$-132,648
Change in Net Assets
$-2,230,837

Audited Revenue Reconciliation

Revenue per Audited Statements
$58,668,055
Revenue Not Reported on Form 990
$2,230,838
Total Revenue per Audited Statements
$60,898,893
Total Revenue per Form 990
$58,668,055
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$56,239,537
Salaries, Compensation, and Employee Benefits$1,088,349
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$5,750,351
Benefits to Members---$3,571,006
Interest---$1,566,719
Other Expenses---$1,204,129
All Other Expenses---$1,073,789
Current Officers, Directors, Trustees, and Key Employees---$906,134
Other Salaries and Wages---$182,215
Total Functional Expenses$0$0$0$60,898,892

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$60,898,892
Expenses per Audited Statements$57,327,886
Total Expenses per Audited Statements$57,327,886
Expenses Not Reported on Financial Statements$3,571,006
Other Expense Adjustments$3,571,006
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$18,814,338
Oil Load Revenue Deferral Plan$12,962,517
Provision for Post-retirement Benef.$5,464,628
Consumer Advances for Construction$983,731
Consumer Deposits$671,433
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
David Swank
Title
CEO
Phone
4055334116
Signed
2018-11-07
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
124

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 20,500 increase in other equities 746,570 patronage dividend allocation 3,571,006 change from accrual to cash basis cap credits 2,230,838 inc - accumulated other comprehensive income 25,639 2 decrease - capital credits retired -1,378,742 decr - transfers to other equities -219,203 total 4,996,610”

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.”

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

“Change from accrual to cash basis cap credits 2,230,838”

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

“Patronage dividends - allocated 3,571,006”

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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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IRS990/Form990PartVIISectionAGrp/TitleTxt1VP OF FINANC
IRS990/Form990PartVIISectionAGrp/TitleTxt2COO
IRS990/Form990PartVIISectionAGrp/TitleTxt3EXEC. VP OF
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IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE/VICE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE/SEC/
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE/PRES
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12CORPORATE EN
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIR OF TECHN
IRS990/Form990PartVIISectionAGrp/TitleTxt14INFO SYS COO
IRS990/Form990PartVIISectionAGrp/TitleTxt15SYSTEM PLAN
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1OIL LOAD REVENUE DEFERRAL PLAN
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2PROVISION FOR POST-RETIREMENT BENEF.
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4CONSUMER DEPOSITS
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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.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1CHANGE FROM ACCRUAL TO CASH BASIS CAP CREDITS 2,230,838
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2PATRONAGE DIVIDENDS - ALLOCATED 3,571,006
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
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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$164,071,808
Liabilities
$99,652,995
Net assets
$64,418,813
Revenue
$58,668,055
Expenses
$60,898,892
Net income
-$2,230,837
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