Civic Intelligence

Oklahoma Electric Cooperative

990 • Fiscal year 2013 • EIN 73-0382745

Jan 01, 2013 to Dec 31, 2013 • Filed on May 14, 2014

Organization Profilewww.okcoop.org

View Organization Page

PO Box 1208Suite73070

(405) 321-2024

Siviq Scores

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

Liabilities / Assets

73rd percentile

0.68x

Higher debt load relative to assets than 73% of similar nonprofits.

2013 filings • $250M-$1B nonprofits • Source year 2013

Liabilities / Revenue

70th percentile

1.37x

Higher debt load relative to revenue than 70% of similar nonprofits.

2013 filings • $250M-$1B nonprofits • Source year 2013

Net Margin

55th percentile

8.6%

Higher net margin than 55% of similar nonprofits.

2013 filings • $250M-$1B nonprofits • Source year 2013

Top Officer Pay

29th percentile

$334,704

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2013 filings • $250M-$1B nonprofits • Source year 2013

Asset Growth

62nd percentile

8.2%

Faster asset growth than 62% of similar nonprofits.

2013 filings • $250M-$1B 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

Balance Sheet
Liabilities / Assets73rd percentile

Assets

Up

$260,606,851

Up $19,727,344 (+8.2%) from 2012

Net Assets

Up

$83,413,631

Up $7,362,366 (+9.7%) from 2012

Liabilities

Up

$177,193,220

Up $12,364,978 (+7.5%) from 2012

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin55th percentile

Revenue

$129,145,204

No earlier filing loaded for comparison.

Expenses

Up

$118,011,508

Up $7,588,808 (+6.9%) from 2012

Net Income

$11,133,696

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth62nd percentile

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

$400M$300M$200M$100M$0Assets 2010: $214,027,198Liabilities 2010: $144,251,139Net Assets 2010: $69,776,0592010Assets 2011: $229,483,730Liabilities 2011: $157,667,305Net Assets 2011: $71,816,4252011Assets 2012: $240,879,507Liabilities 2012: $164,828,242Net Assets 2012: $76,051,2652012Assets 2013: $260,606,851Liabilities 2013: $177,193,220Net Assets 2013: $83,413,6312013Assets 2014: $279,532,231Liabilities 2014: $186,880,635Net Assets 2014: $92,651,5962014Assets 2015: $283,811,296Liabilities 2015: $184,781,113Net Assets 2015: $99,030,1832015Assets 2016: $290,062,651Liabilities 2016: $189,094,086Net Assets 2016: $100,968,5652016Assets 2017: $299,949,786Liabilities 2017: $194,009,032Net Assets 2017: $105,940,7542017Assets 2018: $321,581,032Liabilities 2018: $210,603,059Net Assets 2018: $110,977,9732018Assets 2019: $0Liabilities 2019: $0Net Assets 2019: $02019

Highlighted filing

2013

Assets$260,606,851
Liabilities$177,193,220
Net Assets$83,413,631
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$150M$100M$50M$0-$50MExpenses 2010: $104,196,7432010Expenses 2011: $111,166,4742011Expenses 2012: $110,422,7002012Revenue 2013: $129,145,204Expenses 2013: $118,011,508Net Income 2013: $11,133,6962013Revenue 2014: $142,226,287Expenses 2014: $129,471,970Net Income 2014: $12,754,3172014Revenue 2015: $130,350,419Expenses 2015: $119,605,997Net Income 2015: $10,744,4222015Revenue 2016: $126,858,098Expenses 2016: $120,378,994Net Income 2016: $6,479,1042016Revenue 2017: $128,030,173Expenses 2017: $121,239,456Net Income 2017: $6,790,7172017Revenue 2018: $135,073,897Expenses 2018: $135,188,620Net Income 2018: -$114,7232018Revenue 2019: $0Expenses 2019: $0Net Income 2019: $02019

Highlighted filing

2013

Revenue$129,145,204
Expenses$118,011,508
Net Income$11,133,696
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 14, 2014
Return Version
2013v3.1
Gross Receipts
$129,145,204
Mission and Program Overview

Mission

To provide electricity to its members

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$172,132,289$178,137,398▲ $6,005,109
Rtn Earn Endowment Incm Other Fnds$70,433,605$77,454,557▲ $7,020,952
Investments Program Related$37,432,913$41,273,666▲ $3,840,753
Prepaid Expenses and Deferred Charges$15,973,883$19,925,728▲ $3,951,845
Accounts Receivable$12,248,701$13,789,755▲ $1,541,054
Pd in Cap Srpls Land Bldg Eqp Fund$5,422,130$5,761,809▲ $339,679
Cash and Non-Interest-Bearing Accounts$2,637,611$2,743,845▲ $106,234
Savings and Temporary Cash Investments$0$1,000,000▲ $1,000,000
Inventories for Sale or Use$368,307$464,813▲ $96,506
Cap Stk Tr Prin Current Funds$195,530$197,265▲ $1,735
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$240,879,507$260,606,851▲ $19,727,344
Other Assets Total$85,803$3,271,646▲ $3,185,843
Liabilities
Mortgage Notes Payable Secured by Investment Property$142,469,421$151,252,725▲ $8,783,304
Accounts Payable and Accrued Expenses$11,360,103$13,768,139▲ $2,408,036
Other Liabilities$10,998,718$12,172,356▲ $1,173,638
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$164,828,242$177,193,220▲ $12,364,978
Net Assets / Fund Balance
Total Net Assets Fund Balance$76,051,265$83,413,631▲ $7,362,366
Total Liabilities and Net Assets / Fund Balance$240,879,507$260,606,851▲ $19,727,344

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$158,148,785$74,706,474$232,855,259
Buildings$14,488,410$1,864,844$16,353,254
Other Land Buildings$3,664,497-$3,664,497
Land$1,835,706-$1,835,706
Investment Program Related Org$6,158,287--
Compensation and Service Providers
Top Officer Pay29th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Max a MeekCEO/general ManagerFT$198,593$136,111$334,704
Charles W BartonChief Financial OfficerFT$157,775$120,997$278,772
James LongManager of Loss ControlFT$113,006$134,663$247,669
Patrick C GraceVP EngineeringFT$157,296$88,781$246,077
Randal K SimmonsVP OperationsFT$159,842$48,060$207,902
Jacke D FerrellManager of Member ServicesFT$114,977$80,659$195,636
Jonna BuckVP AdministrationFT$120,188$69,688$189,876
John W JensenDirectorPT$52,794-$52,794
Herman R UsryDirectorPT$46,876-$46,876
Russell W GrissomPresidentPT$45,019-$45,019
Ronnie D GroverDirectorPT$41,752-$41,752
Percy K MoreuDirectorPT$33,540-$33,540
James F MartinAssistant Secretarty-treasurerPT$28,268-$28,268
Verle a BarnesSecretary-treasurer-$25,374-$25,374
Michael R ArgoDirectorPT$19,599-$19,599
Frank K WilsonVice President-$19,564-$19,564
Roy DunningFormer Trustee-$10,872-$10,872
Floyd BrittianFormer Trustee-$10,812-$10,812

Highest Paid Contractors

ContractorServicesLocationCompensation
Asplundh Tree ExpertTree Trimming-$3,583,690
Electrical Line ServiceElectrical Services-$1,849,504
Meyer BrothersConstruction Service-$1,313,170
Pab Personnel AgencyEmployment Services-$824,346
Edko Vegetation ManagersTree Service-$498,746
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$124,356,240
Investment Income
$306,564
Other Revenue
$4,482,400
Change in Net Assets
$11,133,696

Audited Revenue Reconciliation

Revenue per Audited Statements
$129,145,204
Total Revenue per Audited Statements
$129,145,204
Total Revenue per Form 990
$129,145,204
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$117,234,122
Salaries, Compensation, and Employee Benefits$777,386
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$8,711,480
Interest---$8,130,602
All Other Expenses---$5,437,703
Other Expenses---$3,703,208
Current Officers, Directors, Trustees, and Key Employees---$613,476
Comp Disqual Persons---$163,910
Total Functional Expenses$0$0$0$118,011,508

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$118,011,508
Total Expenses per Audited Statements$118,011,508
Total Expenses per Form 990$118,011,508
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Tracy L MowdySon-in-law of Max MeekEmploymentNo$96,893
Charles Travis BartonSon of Charles BartonEmploymentNo$67,017

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Conversion Fee Liability$11,341,983
Deferred Credits$762,450
Accrued Expenses$67,923
Postretirement Benefits$0
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
Yes
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
No
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, Part VI, Line 6 and Line 7A & B

“THE ORGANIZATION'S MEMBERS PURCHASE ELECTRIC ENERGY FROM THE COOPERATIVE. EACH MEMBER IS ENTITLED TO ONE VOTE. CHANGES TO THE ARTICLES OF INCORPORATION AND BYLAWS REQUIRE A MAJORITY VOTE BY THE MEMBERS. IN ADDITION, THE MEMBERS ANNUALLY HOLD A MEETING TO ELECT TRUSTEES, AND TO TRANSACT SUCH OTHER BUSINESS THAT MAY COME BEFORE THE MEETING. UPON DISSOLUTION OF THE COOPERATIVE, AFTER ALL DEBTS AND LIABILITIES HAVE BEEN PAID AND ALL CAPITAL FURNISHED THROUGH PATRONAGE HAS BEEN RETIRED, THE REMAINING PROPERTY AND ASSETS OF THE COOPERATIVE SHALL BE DISTRIBUTED AMONG THE MEMBERS AND FORMER MEMBERS IN PROPORTION TO THEIR PATRONAGE. Members of the cooperative may vote on items of business at annual and district meetings provided a quorum is present.”

Form 990, Part VI, Line 11

“The form 990 is prepared and reviewed by an outside accounting firm. The form 990 will be sent via first class mail or email to the board of trustees for review.”

Form 990, Part VI, Line 12C

“A conflict of interest policy is required to be completed by all board members annually.”

Form 990, Part VI, Line 15

“At the March Board of Trustee meeting, the trustees completed the CEO's annual evaulation and determined the amount of compensation. The meeting was documented in the Board of Trustee's minutes.”

Form 990, 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

EIN
73-0382745
In Care Of
% OKLAHOMA ELECTRIC COOPERATIV
Phone
4053212024

Signing Officer

Name
Max A Meek
Title
CEO
Phone
4053212024
Signed
2014-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Max A Meek
Formed
1937
Legal Domicile
Ok
Voting Board Members
9
Independent Board Members
9
Employees
126
Volunteers
0

Preparer

Phone
9185842900
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“PATRONAGE CAPITAL REFUNDS (3,773,065) OTHER 1,735 Total (3,771,330)”

Financial Statement Notes

Part X, Line 2

“Management has evaluated their income tax positions under the guidance included in ASC 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt14VP ADMINISTRATION
IRS990/Form990PartVIISectionAGrp/TitleTxt15MANAGER OF LOSS CONTROL
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Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$260,606,851
Liabilities
$177,193,220
Net assets
$83,413,631
Revenue
$129,145,204
Expenses
$118,011,508
Net income
$11,133,696
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2019Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2018Detailed filing. Detailed filing data is available for this year.$322$211$111$135$135$0.11
2017Detailed filing. Detailed filing data is available for this year.$300$194$106$128$121$6.79
2016Detailed filing. Detailed filing data is available for this year.$290$189$101$127$120$6.48
2015Detailed filing. Detailed filing data is available for this year.$284$185$99.0$130$120$10.7
2014Detailed filing. Detailed filing data is available for this year.$280$187$92.7$142$129$12.8
2013Detailed filing. Detailed filing data is available for this year.$261$177$83.4$129$118$11.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$241$165$76.1$110
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$229$158$71.8$111
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$214$144$69.8$104