Civic Intelligence

Oklahoma Electric Cooperative

990 • Fiscal year 2014 • EIN 73-0382745

Jan 01, 2014 to Dec 31, 2014 • Filed on May 03, 2015

Organization Profilewww.okcoop.org

View Organization Page

PO Box 1208SuiteNorman, OK 73070

(405) 321-2024

Siviq Scores

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

Liabilities / Assets

65th percentile

0.67x

Higher debt load relative to assets than 65% of similar nonprofits.

2014 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2014

Liabilities / Revenue

58th percentile

1.31x

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

2014 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2014

Net Margin

98th percentile

9.0%

Higher net margin than 98% of similar nonprofits.

2014 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2014

Top Officer Pay

24th percentile

$351,761

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

2014 filings • $250M-$1B nonprofits • Source year 2014

Asset Growth

84th percentile

7.3%

Faster asset growth than 84% of similar nonprofits.

2014 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Revenue Growth

70th percentile

10%

Faster revenue growth than 70% of similar nonprofits.

2014 filings • $250M-$1B nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets65th percentile

Assets

Up

$279,532,231

Up $18,925,380 (+7.3%) from 2013

Net Assets

Up

$92,651,596

Up $9,237,965 (+11%) from 2013

Liabilities

Up

$186,880,635

Up $9,687,415 (+5.5%) from 2013

Revenue And Expenses
Liabilities / Revenue58th percentileNet Margin98th percentile

Revenue

Up

$142,226,287

Up $13,081,083 (+10%) from 2013

Expenses

Up

$129,471,970

Up $11,460,462 (+9.7%) from 2013

Net Income

Up

$12,754,317

Up $1,620,621 (+15%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth84th 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

2014

Assets$279,532,231
Liabilities$186,880,635
Net Assets$92,651,596
Open 2014 Filing

Operations Trend

Revenue Growth70th percentile

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

2014

Revenue$142,226,287
Expenses$129,471,970
Net Income$12,754,317
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 3, 2015
Return Version
2014v5.0
Gross Receipts
$142,226,287
Mission and Program Overview

Mission

To provide electricity to its members

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$178,137,398$184,439,829▲ $6,302,431
Rtn Earn Endowment Incm Other Fnds$77,454,557$85,822,147▲ $8,367,590
Investments Program Related$41,273,666$47,800,283▲ $6,526,617
Prepaid Expenses and Deferred Charges$19,925,728$20,424,745▲ $499,017
Accounts Receivable$13,789,755$10,290,013▼ $3,499,742
Pd in Cap Srpls Land Bldg Eqp Fund$5,761,809$6,627,054▲ $865,245
Savings and Temporary Cash Investments$1,000,000$3,746,702▲ $2,746,702
Cash and Non-Interest-Bearing Accounts$2,743,845$2,778,013▲ $34,168
Inventories for Sale or Use$464,813$456,880▼ $7,933
Cap Stk Tr Prin Current Funds$197,265$202,395▲ $5,130
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$260,606,851$279,532,231▲ $18,925,380
Other Assets Total$3,271,646$9,595,766▲ $6,324,120
Liabilities
Mortgage Notes Payable Secured by Investment Property$151,252,725$154,048,482▲ $2,795,757
Other Liabilities$12,172,356$18,661,234▲ $6,488,878
Accounts Payable and Accrued Expenses$13,768,139$14,170,919▲ $402,780
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$177,193,220$186,880,635▲ $9,687,415
Net Assets / Fund Balance
Total Net Assets Fund Balance$83,413,631$92,651,596▲ $9,237,965
Total Liabilities and Net Assets / Fund Balance$260,606,851$279,532,231▲ $18,925,380

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$164,155,485$80,119,806$244,275,291
Buildings$14,074,760$2,284,994$16,359,754
Other Land Buildings$4,373,878-$4,373,878
Land$1,835,706-$1,835,706
Investment Program Related Org$6,106,939--
Compensation and Service Providers
Top Officer Pay24th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Max a MeekCEO/general ManagerFT$209,857$141,904$351,761
Randal K SimmonsVP OperationsFT$171,499$87,875$259,374
Patrick C GraceVP EngineeringFT$175,350$74,691$250,041
Jeffrey S StuartManager of ConstructionFT$114,690$127,729$242,419
James LongManager of Loss ControlFT$119,180$122,414$241,594
Jonna BuckVP AdministrationFT$133,745$82,596$216,341
Michael E BuckManager of MaintenanceFT$127,312$76,890$204,202
John SpencerVP MeteringFT$123,124$80,734$203,858
Percy K MoreuDirectorPT$30,439$99,373$129,812
John W JensenAssist. Secretary-treasurerPT$55,952-$55,952
Russell W GrissomDirectorPT$41,580-$41,580
Herman R UsryPresidentPT$38,903-$38,903
Ronnie D GroverDirectorPT$31,406-$31,406
Verle a BarnesVice President-$23,031-$23,031
James F MartinSecretary-treasurer-$21,732-$21,732
Michael R ArgoDirectorPT$19,366-$19,366
Frank K WilsonDirector-$15,246-$15,246

Highest Paid Contractors

ContractorServicesLocationCompensation
Asplundh Tree ExpertTree TrimmingPO BOX 890367, Dallas, TX 75389$3,923,042
Meyer BrothersConstruction Service1964 NW 12TH AVE, Norman, OK 73072$1,883,657
Electrical Line ServiceElectrical Services14200 S TULSA DRIVE, Oklahoma City, OK 73170$1,021,063
Midwestern Electrical ContractorsElectrical Services3320 SE 156TH AVE, Norman, OK 73026$972,814
Edko Vegetation ManagersTree ServicePO BOX 7241, Shreveport, LA 71137$669,111
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$135,097,035
Investment Income
$248,529
Other Revenue
$6,880,723
Change in Net Assets
$12,754,317

Audited Revenue Reconciliation

Revenue per Audited Statements
$142,226,287
Total Revenue per Audited Statements
$142,226,287
Total Revenue per Form 990
$142,226,287
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$128,653,826
Salaries, Compensation, and Employee Benefits$818,144
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$9,153,654
Interest---$7,476,912
All Other Expenses---$4,928,395
Other Expenses---$4,000,794
Current Officers, Directors, Trustees, and Key Employees---$818,144
Total Functional Expenses$0$0$0$129,471,970

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$129,471,970
Total Expenses per Audited Statements$129,471,970
Total Expenses per Form 990$129,471,970
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$111,247

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$10,531,876
Postretirement Benefits$7,477,563
Deferred Credits$451,071
Accrued Expenses$200,724
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
Filing and Contact Details

Filer

Filer Name
Oklahoma Electric Cooperative
EIN
73-0382745
In Care Of
% OKLAHOMA ELECTRIC COOPERATIV
Phone
4053212024
Address
PO BOX 1208, Suite, NORMAN, OK 73070

Signing Officer

Name
Jonna Buck
Title
Officer
Phone
4053212024
Signed
2015-05-03
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
133
Volunteers
0

Preparer

Firm
Bkd Llp
Address
6120 S Yale 1400, Tulsa, OK 74136-4223
Preparer
Anne M Adams
Phone
4053212024
Supplemental Narrative

Additional Explanations

1

“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.”

2

“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.”

3

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

4

“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.”

5

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

6

“PATRONAGE CAPITAL REFUNDS (3,521,482) OTHER 5130 Total (3,516,352)”

Financial Statement Notes

1

“The cooperative has been granted exemption from federal income taxes by the internal revenue service. The state of oklahoma has recognized this exemption for state income taxes. The cooperative files income tax returns in the federal and state jurisdictions. The cooperative is no longer subject to federal and state income tax examinations by tax authorities for years before 2011.”

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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/PersonNm13JOHN SPENCER
IRS990/Form990PartVIISectionAGrp/PersonNm14JAMES LONG
IRS990/Form990PartVIISectionAGrp/PersonNm15Michael E Buck
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IRS990/Form990PartVIISectionAGrp/TitleTxt0ASSIST. SECRETARY-TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt6SECRETARY-TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt7PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9CEO/GENERAL MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt10VP ENGINEERING
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP ADMINISTRATION
IRS990/Form990PartVIISectionAGrp/TitleTxt12VP OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP METERING
IRS990/Form990PartVIISectionAGrp/TitleTxt14MANAGER OF LOSS CONTROL
IRS990/Form990PartVIISectionAGrp/TitleTxt15MANAGER OF MAINTENANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt16MANAGER OF CONSTRUCTION
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IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO PROVIDE ELECTRICITY TO ITS MEMBERS
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt0154048482
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IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
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IRS990/OtherExpensesGrp/Desc2Consumer Accounts Expense
IRS990/OtherExpensesGrp/Desc3Franchise Tax
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IRS990/OtherExpensesGrp/TotalAmt115208091
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$279,532,231
Liabilities
$186,880,635
Net assets
$92,651,596
Revenue
$142,226,287
Expenses
$129,471,970
Net income
$12,754,317
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